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Tulip mania lasted a few months. Bitcoin is 12 years old going strong. I think that this could settle the argument for good.
by spiorf 6y ago
Tulip mania lasted a few months. Bitcoin is 12 years old going strong. I think that this could settle the argument for good.
- Ologn 6y agoSo? I've sustained a bubble for 20 years - that an old, now ripped shirt I used to wear is worth $1000, because I would always be willing to pay $1000 for it if I did not own it. My ripped shirt - 20 years old going strong. I think that this could settle the ripped shirt argument for good. In 2013 (less than 8 years ago), the market cap of all Bitcoins was under one billion. The float was much smaller. Sergey Brin alone could have bought the entire market with less than 2% of his wealth. With the float small, the price could be propped up with a much smaller percentage than that. Now the market cap of Bitcoins is over one trillion. Which means the bubble is more than one thousand times harder to prop up. Quantitative easing - 12 years old going strong.
- dkjaudyeqooe 6y agoWe're not in the mania phase yet. Lots of things build in price over a long period before they go crazy.