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We are in a speculative mania right now across all markets and I’ve believed for several months that the renewed popularity of Bitcoin is just an offshoot of th

by dkrich 5y ago

We are in a speculative mania right now across all markets and I’ve believed for several months that the renewed popularity of Bitcoin is just an offshoot of that speculation. The appetite to buy any old thing is extreme.

hiq 5y ago
I've been wondering about that a lot. The last big crisis was 2007 / 2008[0]. Bitcoin had an initial release in 2009 according to Wikipedia, and has performed well in a bull market. I'm almost morbidly curious to see what will happen when the next crisis hits.
- dkrich 5y ago
  It seems like markets are always cyclical. After the dot com crash nobody would touch a stock that didn’t have profits. Now 20 years later people shit on those who only buy “value” stocks as old and out of touch and insist that we’re in a new world where valuations don’t matter. The hard part isn’t predicting a crash it’s trying time when it will happen.
  - llaolleh 5y ago
    This. If you look at the financials of all companies listing their stock almost all of them have really bad financials.
    - ignoramous 5y ago
      Curious what you mean by bad financials? Coinbase, IIRC, is on track to do more than a $1B in profits for the year ending 2022 with a user base of 50M which is likely to grow even more as crypto breaks into larger markets since the interest in it has only been growing. Of course, the usual caveats apply, but the crypto economy is getting too big too fast for it to disappear overnight.
      - dkrich 5y ago
        Can’t speak for OP but I was referring to the overall landscape- the arks, Tesla’s, and even Bitcoin itself. People are buying these simply because they’ve been going up by orders of magnitude in a very short time. When hoards of people are flocking to investments because they’ve been going up and applying fundamentals after the fact, you’ve got yourself a bubble. Yesterday the complete mania around Bitcoin and the opportunity for Coinbase was palpable, particularly among those I follow who couldn’t have cared less about crypto six months ago.
        llaolleh 5y ago
        This is spot on. Other than Coinbase(which is very risky), the overall financial statements of companies going public don't have great revenue growth and almost no shareholder's equity.
throwaway6734 5y ago
I've felt that the rise of meme stocks is a direct result of bitcoins meteoric rise in 2017/18(?).

by dkrich 5y ago

hiq 5y ago

I've been wondering about that a lot. The last big crisis was 2007 / 2008[0]. Bitcoin had an initial release in 2009 according to Wikipedia, and has performed well in a bull market. I'm almost morbidly curious to see what will happen when the next crisis hits.

dkrich 5y ago
It seems like markets are always cyclical. After the dot com crash nobody would touch a stock that didn’t have profits. Now 20 years later people shit on those who only buy “value” stocks as old and out of touch and insist that we’re in a new world where valuations don’t matter. The hard part isn’t predicting a crash it’s trying time when it will happen.
- llaolleh 5y ago
  This. If you look at the financials of all companies listing their stock almost all of them have really bad financials.
  - ignoramous 5y ago
    Curious what you mean by bad financials? Coinbase, IIRC, is on track to do more than a $1B in profits for the year ending 2022 with a user base of 50M which is likely to grow even more as crypto breaks into larger markets since the interest in it has only been growing. Of course, the usual caveats apply, but the crypto economy is getting too big too fast for it to disappear overnight.
    - dkrich 5y ago
      Can’t speak for OP but I was referring to the overall landscape- the arks, Tesla’s, and even Bitcoin itself. People are buying these simply because they’ve been going up by orders of magnitude in a very short time. When hoards of people are flocking to investments because they’ve been going up and applying fundamentals after the fact, you’ve got yourself a bubble. Yesterday the complete mania around Bitcoin and the opportunity for Coinbase was palpable, particularly among those I follow who couldn’t have cared less about crypto six months ago.
      - llaolleh 5y ago
        This is spot on. Other than Coinbase(which is very risky), the overall financial statements of companies going public don't have great revenue growth and almost no shareholder's equity.

throwaway6734 5y ago

I've felt that the rise of meme stocks is a direct result of bitcoins meteoric rise in 2017/18(?).