- Impact
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Not only the subject at hand but the stock market is at insane valuations and the CA real estate market is so high due to artificially low interest rates. Its a wild ride, coming soon.
http://www.zerohedge.com/news/2017-06-06/clint-eastwoods-advice-bitcoin-speculation
Tulips had become nothing more than a speculation– people would buy, hold for a short while, and then sell at a much higher price.
A lot of them started making unimaginable sums of money, crediting their newfound wealth to intelligence rather than dumb luck.
This is another classic sign of a bubble: when the average Joe starts making tons of money in a market (and often credits that fortune to his smarts).
I’m telling you all of this because Bitcoin just crossed the $2,800 threshold. Actually as I write this Bitcoin just passed $2,900. And by the time you receive this it may be north of $3,000.
Look, I am no detractor of cryptocurrency. Blockchain and cryptofinance are incredibly powerful tools. They are the future.
One day when people actually adopt cryptocurrency as a medium of exchange, there will be real fundamentals underpinning the price.
But right now this is just pure speculation showing all the classic signs of a bubble.
No one is buying Bitcoin for its originally intended purposes, i.e. to be a decentralized medium of exchange.
People are buying because they’re betting that the price will go up. Just like tulips.
But eventually tulip prices collapsed.
http://www.zerohedge.com/news/2017-06-06/clint-eastwoods-advice-bitcoin-speculation
Tulips had become nothing more than a speculation– people would buy, hold for a short while, and then sell at a much higher price.
A lot of them started making unimaginable sums of money, crediting their newfound wealth to intelligence rather than dumb luck.
This is another classic sign of a bubble: when the average Joe starts making tons of money in a market (and often credits that fortune to his smarts).
I’m telling you all of this because Bitcoin just crossed the $2,800 threshold. Actually as I write this Bitcoin just passed $2,900. And by the time you receive this it may be north of $3,000.
Look, I am no detractor of cryptocurrency. Blockchain and cryptofinance are incredibly powerful tools. They are the future.
One day when people actually adopt cryptocurrency as a medium of exchange, there will be real fundamentals underpinning the price.
But right now this is just pure speculation showing all the classic signs of a bubble.
No one is buying Bitcoin for its originally intended purposes, i.e. to be a decentralized medium of exchange.
People are buying because they’re betting that the price will go up. Just like tulips.
But eventually tulip prices collapsed.
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