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The one thing they aren't accounting for is that there really hasn't been anything like bitcoin. In most bubbles, eventually the whales start selling which trig

The one thing they aren't accounting for is that there really hasn't been anything like bitcoin. In most bubbles, eventually the whales start selling which triggers an avalanche, however bitcoin is distributed enough that this might not happen. Too many different people are interested in it doing well now. E.g. rich people in 3rd world countries, boy are they pumped for bitcoin. I've mentioned it before, and I was kinda laughed at but I legit believe that certain economic truth need to be reevaluated for software and crypto. You know how at tech companies, the economics are different from other companies? I can imagine the same being the case for crypto.

dynofuz 9y ago
recently posted 1000 people who own 40% of the BTC market https://news.ycombinator.com/item?id=15877838 https://news.ycombinator.com/item?id=15877838
- adamnemecek 9y ago
  The real question is how active are these people.
  - lawlessone 9y ago
    Do many gyms accept bitcoin as payment?
- Xixi 9y ago
  It's 1000 wallets, not people: there can be a lot of people behind a single wallet (exchange cold wallets, for instance).
basedninja 9y ago
Curious what you mean by "tech company economics are different". Thanks
- adamnemecek 9y ago
  All your cost is upfront in R&D, manufacturing an additional copy of your product is free. There's more.
krrrh 9y ago
> You know how at tech companies, the economics are different from other companies? People saying stuff like this is exactly what presaged the collapse of the “new economy” bubble in the late 90s.
jandrese 9y ago
Every crash is preceded by people saying "It's different this time". Edit: Fixed autocorrect goofery
- adamnemecek 9y ago
  But then that one time is actually different.
- csallen 9y ago
  Every crash is preceded by people saying everything, because there are billions of people in the world and it's easy to find any opinion. Thus, the mere presence (or lack thereof) of any particular opinion is not a useful barometer of what's actually happening.
- ohquu 9y ago
  Preceded.

dynofuz 9y ago

recently posted 1000 people who own 40% of the BTC market https://news.ycombinator.com/item?id=15877838 https://news.ycombinator.com/item?id=15877838

adamnemecek 9y ago
The real question is how active are these people.
- lawlessone 9y ago
  Do many gyms accept bitcoin as payment?
Xixi 9y ago
It's 1000 wallets, not people: there can be a lot of people behind a single wallet (exchange cold wallets, for instance).

basedninja 9y ago

Curious what you mean by "tech company economics are different". Thanks

adamnemecek 9y ago
All your cost is upfront in R&D, manufacturing an additional copy of your product is free. There's more.

krrrh 9y ago

> You know how at tech companies, the economics are different from other companies? People saying stuff like this is exactly what presaged the collapse of the “new economy” bubble in the late 90s.

jandrese 9y ago

Every crash is preceded by people saying "It's different this time". Edit: Fixed autocorrect goofery

adamnemecek 9y ago
But then that one time is actually different.
csallen 9y ago
Every crash is preceded by people saying everything, because there are billions of people in the world and it's easy to find any opinion. Thus, the mere presence (or lack thereof) of any particular opinion is not a useful barometer of what's actually happening.
ohquu 9y ago
Preceded.