96% of "economists" say Bitcoin is a bubble. I laugh.
I was elated to see an article in the Wall Street Journal today saying that 96% of economists surveyed believe Bitcoin is a bubble. I can't wait until they have to buy in later at a much higher price.
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Scenario: You build a house worth $250,000 and sell it to someone for $1. That person keeps the house for a year and then sells it to someone else for $1,000 (+100,000% gain). That person keeps the house for a year and then sells it to another person for $50,000 (+5,000,000% gain from 1st sale, +5,000% gain from 2nd sale). That person keeps the house for a year and sells it to another person for $250,000 (+25,000,000% gain from 1st sale, +25,000% gain from the 2nd sale, 400% gain from 3rd sale).
The question is, is the house that was really worth $250,000 from the beginning, which is currently selling for exactly that ($250,000), in a bubble just because it raised +25,000,000% in 3 years? The answer is NO... Now apply that to Bitcoin...
A bubble only begins to happen once the actual value of the object is surpassed (NOT the initial value change/gain...). Everyone screaming Bitcoin bubble has massive blinders on, but whatever, their loss...
It depends on who you ask - if you ask financial pundits and economists alike, most of them tend to bash the crypto space. However, if you listen to technical gurus and visionaries, they are all in favor of the crypto space.
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So tired of people mentioning the tulip mania and equating it to Bitcoin. I appreciate people like Mike Maloney though who is somewhat skeptical of Bitcoin but very reasonable about it.
i think after bitcoin reaches its full potential..... people will start shifting to low cap alt coins and i think they will go fr currencies like dash zcash other than developer platform currencies making these currencies gud long term investments... better switch b4 dis happen