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Tulip mania[1] and crowd psychology[2]. It's not only Bitcoin. Every cryptocurrency is surging[3] for the exact same reason. [1]: https://en.wikipedia.org/wik
by pdog 9y ago
Tulip mania[1] and crowd psychology[2].
It's not only Bitcoin. Every cryptocurrency is surging[3] for the exact same reason.
[1]: https://en.wikipedia.org/wiki/Tulip_mania https://en.wikipedia.org/wiki/Tulip_mania
[2]: https://en.wikipedia.org/wiki/Crowd_psychology https://en.wikipedia.org/wiki/Crowd_psychology
[3]: https://coinmarketcap.com/ https://coinmarketcap.com/
- Rmilb 9y agoDon't forget about FOMO.
- ca98am79 9y agoIt isn't a bubble yet - I think we have years before that. A sign of this will be when your neighbors tell you to buy bitcoin - that it is the safest investment, and that you can't lose with cryptocurrencies.
- rootsudo 9y agoYep. If the shoe shine buy says to buy, you sell. http://archive.fortune.com/magazines/fortune/fortune_archive/1996/04/15/211503/index.htm http://archive.fortune.com/magazines/fortune/fortune_archive... "JOE KENNEDY, a famous rich guy in his day, exited the stock market in timely fashion after a shoeshine boy gave him some stock tips. He figured that when the shoeshine boys have tips, the market is too popular for its own good, a theory also advanced by Bernard Baruch, another vested interest who described the scene before the big Crash: "Taxi drivers told you what to buy. The shoeshine boy could give you a summary of the day's financial news as he worked with rag and polish. An old beggar who regularly patrolled the street in front of my office now gave me tips and, I suppose, spent the money I and others gave him in the market. My cook had a brokerage account and followed the ticker closely. Her paper profits were quickly blown away in the gale of 1929.""
- RichardHeart 9y agohttps://news.ycombinator.com/item?id=14400440 https://news.ycombinator.com/item?id=14400440 " Tulips, Myths, and Cryptocurrencie"