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> And in 2019, when you hear people complaining about Bitcoin and warning about it, what you are hearing are the voices of people in 1637 saying: you shouldn’t
by apo 7y ago
> And in 2019, when you hear people complaining about Bitcoin and warning about it, what you are hearing are the voices of people in 1637 saying: you shouldn’t be involved in this trade. You’re the wrong person, you don’t know enough.
Only this exact analogy is trotted out every time the Bitcoin exchange rate swings up or down very quickly. It's happened about a half dozen times now over the last 10 years.
You see this on the way up and down. The line comes mostly from people don't understand the underlying technology or economics.
Nor do those sage finger-waggers point out that the tulip mania was over within less than one year between 1636 and 1637.
Whatever Bitcoin is, it's not like Tulip Mania, nor is it much like anything that's come before.
- saalweachter 7y agoAre there still underlying economics?
- neffy 7y agoso you're claiming... "It's different this time" ?
- chrisco255 7y agoHe's claiming that Bitcoin is sophisticated technology and network effects not easily replicated. Dot com era was a bubble too but valuable companies and services survived through that crash. It's not enough to observe that there's been a run up in prices and a subsequent sell off. That happens all the time in all markets.
- geezerjay 7y ago> The line comes mostly from people don't understand the underlying technology or economics. Ah, only the ignorant and fools dare to criticize the magnificent world of crypto. It's an investment for the brightest and brilliant among us.