It's interesting to see it play out along-side all the "hypothesese" (or whatever the plural of hypothesis is).. I'm curious to see how it all ends up. At the very least, it's a low risk high-reward scenario if people choose to stick in it and buy in when it's low.
Ah dude, I think you missed the most important sentence here:
At my friends Thanksgiving that we crashed a couple of weeks ago, I got talking to her Dad who is in Finance but nearly retired, upon learning I was in IT mentioned Bitcoin and Tulipmania in the same breath. So. much. sigh.
Sounds like he is retiring just in time, before all he has learned goes topsy-turvey. This is my third crypto bear market and each time tulips have been one of the main sources of FUDs. The big difference is that you can grow as many tulips as you like; while there will only be 21 million BTC/BCH ( not counting the countless wallets that have been lost).
It doesn't change the fact that you can spool up a new bitcoin fork with a different amount of units. It's artificial scarcity, just like controlled housing markets and everything else that's going on today. It doesn't make a whole lot of sense, on the face of it.
Personally the tulip defence doesn't cut it with me. Forks can dilute, yet coin holders get increased amount of coins in the process and unless the coin has a genuinely different approach than what it forked from it is unlikely to have the needed network to survive the dreaded 51% attack. We have seen that recently with the ABC/SV fight for the BCH ticker dominance. We shall see, in due time, if your friend's Dad is a dinosaur of finance or not.
It's my friend's dad... but honestly, yeah... I think he'll retire just in time to be honest. He's done well for himself... but I'm sure the next decade is going to be very, very different.
Change is coming -- and my money is on that it's coming in a direction that most people (including crypto early adopters) don't see coming.
Every time I see someone write "HODL", it strikes me as "hoarding" which is aligned with scarcity. Given the fact that this is an accounting system that we, as a community, are creating -- it seems to be reasonable to any scarcity is "built in" or "artificial", as a means of letting people accumulate "wealth" from some weird, intangible, "non-existent" value... Pulling something from nothing...
Most of what I read is old-school thinking applied to new technologies while avoiding new economic theories, and it doesn't make any sense (at least not to me -- but again -- I've been drinking for a few hours now).
Hahaha, you know what they say 'drinkin' makes the best thinkin'
I completely agree... the good thing about crypto is that it's helped us re-look at the things we took for granted as 'just the way they've always been done' and asking if it's the way it should have been done.
The people aren't going to stand for the 1%s taking everything, and I see various countries electing of authoritarian governments as the first step in the change... and when that inevitably doesn't work, the whole system will need to change.
Bitcoin probably won't be the answer, but at least the people on this platform will have their eyes open for change.
You're totally right though... how many people in the crypto space just want to replace the current 1%s with themselves, and how many actually want to change the architecture of the world?
Wow doesn't he know that Bitcoin has spiked like this multiple times? How many times did Tulipmania happen?