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RE: Why Bitcoin Could Reach $23,000 Soon
Awww this picture brings back memories... funny how many times it's been posted in relation to BTC. In 2012. Couple times in 2013. In 2015. Summer 2017. Now.
See ya next year!
I know... when you post this graphic, you're supposed to say "Tulips! Tulips!"
You don't have to be a genius to say that cryptos are overvalued. But somehow people seem to think that saying so makes them a genius. Yes, son, cryptos are overvalued. Shush now, the adults are talking.
https://imgur.com/nEnQrWl
:)
Well this is why you never know when we will hit the top. The fact is you must not be lead by the image of the graph, but by the stages presented in it.
As long as bitcoin continues to command near-zero utility value, it will always be associated with irrational exuberance and bigger and bigger idiots rushing into a market they don't understand. @yourboy said it perfectly in another comment: "Idiots are a finite resource." The only question is whether we're running out now, or later.
Idiots are not a finite resource.
That's where he is wrong, the supply of idiots will never cease.
Humanity itself with its entire "economy" is a primate bubble, and it's going to go plop while this century trundles towards its end.