"Millennials, like generations before them, just got a painful lesson about speculation." and yet the first tweet is from McAfee... I know life has been hard to him but that is one very aged Millennial.<p>Just add this bad article to the 300+ Bitcoin Obituaries, and the even more writings that try to point out the hard lesson learned by us idiot Millennials.<p>A reminder that some Millennials are almost 40 now, we were the first generation to grow up with the internet, and we lived through things like the dot com bubble and the 2008 housing crisis. What could we possibly know about technology and money? What could we possibly desire to see possible change and improvement in?
The Bitcoin hype cycle is driven by the mass media. Like this article, they pile on when BTC/USD exchange rate falls through the floor.<p>During the period of stability that follows, they're nowhere to be found.<p>After things have already turned around, they jostle with each other in an attempt to explain it all to Joe Sixpack.<p>What the article fails to mention is that each "pop" has left the exchange rate higher than the previous top.<p>Missed opportunity to investigate an emerging asset class with no direct analogy to anything preceding it, periodic manias or not.
The thing that really bothers me the most about crypto trading is all the wanna-be day-trader bros who fundamentally misunderstand what they are actually buying and selling.<p>"Open source distributed transaction ledger" sails right over their heads but if I said I hand out a new dirtcoin to whoever moves the most dirt around my yard each day and here are some exchanges carrying dirtcoin I'm met with an avalanche of Wall Street jargon about how dirtcoin is the best investment anyone can ever make.
I knew we were at peak in Dec 2017 when a fellow tourist in Mexico proclaimed his iPhone was stolen, apparently along with his BTC wallet, and he no longer had funds to continue the vacation.
I would love an analysis on who is moving the market today. In the last month there have been three occurrences where the price of BTC jumped 10% in a single moment (followed by equal sell-offs hours/days later).<p>Stranger still, all coins seem highly correlated. BTC goes up, all coins go up.<p>I realize this behavior is not new and the market has been highly correlated since the beginning, ...but why?
Either McAfee was being facetious in that tweet, or he was smoking something good.<p>It's one thing to believe that Bitcoin is the future, it's another to believe that "Bubbles are mathematically impossible in this new paradigm. So are corrections and all else."
What we won't tell you is that many investors have realised that the price will fall freely if the supply can't be limited in demand drops. And they are now seeking to gain control over as much of the circulating supply as possible.
Bubbles only pop once. Bitcoin has spiked and crashed multiple times and it isn't unreasonable to expect it to do so again.<p>Eventually, we might see the terminology change from "bubble" to "spike." It's already happening... Albeit slowly [0]. Can anyone think of a better term?<p>[0] <a href="https://trends.google.com/trends/explore?date=all&q=%22bitcoin%20bubble%22,%22bitcoin%20spike%22" rel="nofollow">https://trends.google.com/trends/explore?date=all&q=%22bitco...</a>
Like the dot com bubble, and here we are today bigger, better and stronger. Think in terms of a public trading vehicle that enables anyone to raise capital in a global marketplace. Either real value gets translated to that vehicle or it does not.