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You must be new to this. Literally any change shows that bitcoin will win. Something bad for bitcoin? And it still can't stop it! Look at how resilient it is!

You must be new to this. Literally any change shows that bitcoin will win. Something bad for bitcoin? And it still can't stop it! Look at how resilient it is! Something good for bitcoin? TOLD YOU SO to the moon!

saalweachter 9y ago
All Bitcoin news results in new people saying "I should buy some Bitcoin", so it doesn't matter so much what the news is as long as it reaches new people who will think they're missing out. Not to use the B-word, but bubbles will continue to inflate as long as there are enough new people to put new money in.
- rocqua 9y ago
  Count on that greater fool that will later be willing to buy for an even more ridiculous price than you did!
  - jiggunjer 9y ago
    True for gold too, yet that bubble manages to be pretty stable over the decades.
    - saalweachter 9y ago
      I mean, it depends on your definition of "stable"? The yearly deltas in the price of gold between 2009 and 2015 are +31%, +8%, +9%, -28%, 0%, -12%. It's stable relative to, say, BitCoin, but if my salary changed that much I'd hardly call it "a stable income", and if my weight changed that much I'd definitely not call it "a stable weight".
      - hndamien 9y ago
        If there is a fool born every minute, and we have 10 minute blocks, then this can continue ad infinitum and therefore produce a great medium of exchange and store of value. It is like a better version of Hawala. If this is the case, then it would appear to be that the greater fools are the ones holding onto a depreciating currency.
      - tim333 9y ago
        If you look at the graph from Stocks For The Long Run it's been about the most constant thing in value over a 200 year time frame http://www.pacificinvestmentadvisory.com/graphics/stoxGraph.png http://www.pacificinvestmentadvisory.com/graphics/stoxGraph.... I daresay constant is not great. Goes up is better.
        saalweachter 9y ago
        That graph is kind of meaningless since gold was pegged to the dollar pre-1970s. Well, vice versa.
        tim333 9y ago
        To some extent though it illustrates that after 200 years the value of $1 of gold was something like $1 in real terms while the value of a paper dollar became 6 cents. Even if that only kicked in after the 1970.
    - tim333 9y ago
      It's not actually true for gold. The market is supported by non fools buying jewelry.
baddox 9y ago
I see the opposite phenomenon, where literally any change or news about any cryptocurrency shows how stupid and terrible cryptocurrencies are, at least as often and as intensely as the phenomenon you're describing. Price going up? PURE SPECULATION, DRUGS, AND MONEY LAUNDERING. Price going down? I TOLD YOU IT WAS A BUBBLE THAT WOULD CRASH. Price staying steady? JUST WAIT, IT'S A BUBBLE BEING HELD AT A PRICE ARTIFICIALLY, EVEN THOUGH I'LL NEVER MAKE A FALSIFIABLE PREDICTION ABOUT WHEN IT WILL CRASH.
- trielm100sqr 9y ago
  LOL that bubble guy again...
  - keratin 9y ago
    :-)

saalweachter 9y ago

All Bitcoin news results in new people saying "I should buy some Bitcoin", so it doesn't matter so much what the news is as long as it reaches new people who will think they're missing out. Not to use the B-word, but bubbles will continue to inflate as long as there are enough new people to put new money in.

rocqua 9y ago
Count on that greater fool that will later be willing to buy for an even more ridiculous price than you did!
- jiggunjer 9y ago
  True for gold too, yet that bubble manages to be pretty stable over the decades.
  - saalweachter 9y ago
    I mean, it depends on your definition of "stable"? The yearly deltas in the price of gold between 2009 and 2015 are +31%, +8%, +9%, -28%, 0%, -12%. It's stable relative to, say, BitCoin, but if my salary changed that much I'd hardly call it "a stable income", and if my weight changed that much I'd definitely not call it "a stable weight".
    - hndamien 9y ago
      If there is a fool born every minute, and we have 10 minute blocks, then this can continue ad infinitum and therefore produce a great medium of exchange and store of value. It is like a better version of Hawala. If this is the case, then it would appear to be that the greater fools are the ones holding onto a depreciating currency.
    - tim333 9y ago
      If you look at the graph from Stocks For The Long Run it's been about the most constant thing in value over a 200 year time frame http://www.pacificinvestmentadvisory.com/graphics/stoxGraph.png http://www.pacificinvestmentadvisory.com/graphics/stoxGraph.... I daresay constant is not great. Goes up is better.
      - saalweachter 9y ago
        That graph is kind of meaningless since gold was pegged to the dollar pre-1970s. Well, vice versa.
        tim333 9y ago
        To some extent though it illustrates that after 200 years the value of $1 of gold was something like $1 in real terms while the value of a paper dollar became 6 cents. Even if that only kicked in after the 1970.
  - tim333 9y ago
    It's not actually true for gold. The market is supported by non fools buying jewelry.

baddox 9y ago

I see the opposite phenomenon, where literally any change or news about any cryptocurrency shows how stupid and terrible cryptocurrencies are, at least as often and as intensely as the phenomenon you're describing. Price going up? PURE SPECULATION, DRUGS, AND MONEY LAUNDERING. Price going down? I TOLD YOU IT WAS A BUBBLE THAT WOULD CRASH. Price staying steady? JUST WAIT, IT'S A BUBBLE BEING HELD AT A PRICE ARTIFICIALLY, EVEN THOUGH I'LL NEVER MAKE A FALSIFIABLE PREDICTION ABOUT WHEN IT WILL CRASH.

trielm100sqr 9y ago
LOL that bubble guy again...
- keratin 9y ago
  :-)