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Similar stories happened to Bennie Beans on ebay. Everyone jumped on the tilip mania hoping to make good buck skyrocketing the price of beannies and making owne
by joering2 8y ago
Similar stories happened to Bennie Beans on ebay. Everyone jumped on the tilip mania hoping to make good buck skyrocketing the price of beannies and making owner millionaire. Then it all crashed. You can still buy original beanies with very low serial number for less than $10, all the way from $4,000 people used to originally pay.
- erikpukinskis 8y agoArtificial scarcity can be a fickle mistress.
- cycrutchfield 8y agoWe talking about beanie babies or bitcoin here?
- icelancer 8y agoBTC is north of $8000. Probably could choose a better "tulip" to make fun of.
- GW150914 8y agoPeople said the same things about their $4000 BB’s, until they were worthless. That’s sort of the point of an intrinsically worthless object of speculation and artificial scarcity, it seems like it can’t lose, until it loses.
- stickfigure 8y agoThis is not at all a fair comparison. For one thing, the scarcity of bitcoin is not really all that artificial. You can't forge BTC and there's no central organization that can suddenly print more. The other thing is that bitcoin actually solves a need in the world - the ability to transfer wealth from one person to another anywhere in the world without intermediaries. Folks can argue about how necessary this is for the average person, but it's certainly something that beanie babies (or any other physical collectible good) cannot provide.
- cycrutchfield 8y ago>The other thing is that bitcoin actually solves a need in the world - the ability to transfer wealth from one person to another anywhere in the world without intermediaries. See, the only people for whom this is an actual “need” are crazy libertarians (questionable) and criminals (absolutely). Nobody else in the world considers this an unmet need. What good is a solution in search of a problem?
- stickfigure 8y agoNobody else in the world considers this an unmet need. Pretty much the entire population of Venezuela and Zimbabwe would beg to differ... and that's just recent history.
- icelancer 8y agoAnd most people here calling BTC a tulip don't have the balls to short it. Easy to say a lot of stuff with zero skin in the game.
- GW150914 8y agoOr those people understand that the market can remain irrational longer than you can remain solvent. That doesn’t change the inevitable result.
- cycrutchfield 8y agoAnd most people hyping BTC are bagholders who have a vested interest in shilling their useless product. How about you divest your cryptocurrencies before we believe anything you have to say about them?
- patient_zero 8y ago>BTC is north of $8000. currently. I hope for the sake of the investors that it stays so, but I have a feeling it will not. (This feeling is not at all informed by my bitterness at not buying in when 1BTC was 20 bucks.)
- cycrutchfield 8y agoI have some awesome tulips in my garden that I’ll sell you for $8000 a pop. I’ll call it my Initial Cultivar Offering. It has massive appreciation potential.
- cdelsolar 8y agodo millions of people think they're worth $8000 each?
- cycrutchfield 8y agoDo millions of suckers exist on Earth?
- drcross 8y agoLast week 604 BTC were traded using Localbitcoin Venezuela, a country where the typical monthly salary is far less than 5 US dollars. If that's not enough to convince you that Bitcoin has a good use-case, I don't know what will.
- cycrutchfield 8y agoDystopian hyperinflation. So basically it’s electronic gold. Congrats.
- icelancer 8y agoI doubt you do. I also doubt you are short BTC at 8000, or at any price.
- cycrutchfield 8y agoDo you want in on my Initial Cultivar Offering or not? It's gonna go to the moon!
- ilovetux 8y agohttps://en.m.wikipedia.org/wiki/Tulip_mania https://en.m.wikipedia.org/wiki/Tulip_mania