1) This looks like 99.9% of the bubbles of the past...
2) People have the same "bubble mentality" exhibited in all past bubbles (bullish to the point of growing horns -- denying the possibility the price can ever go down)...
3) The numbers reflect the same proportions as past bubbles...
4) It's not worth the risk to try to buy high and sell a little bit higher...
100% agreed. People are calling this "the singularity" even though bitcoin is having trouble with the volume at Satoshi Dice (and that's just one website). Now, Bitcoin still has value of course, but saying it's going to be the new world currency anytime soon is just ridiculous.
Other bubble signs include:
- people are
selling their houses to buy bitcoin
- it's all over the news
- it's an "investment" now, not a currency like it has been for the past two years. The same change in attitude towards bitcoin occurred in the 2011 bubble
- People are cashing out their retirement accounts and going "all in"
- all this is happening coincident with another financial bubble in stocks and junk bonds. The mania psychology between multiple sets of markets is no coincidence - it's all part of human herding behavior. The last time bitcoin peaked was in july 2011, coincident with the last major selloff in stocks and also the high of the small caps/large caps ratio (a measure of speculative fever). This time, again, it followed the lead of the stock market and will likely peak around the same time.
Once again I bet you will be proven wrong in the next 5-6 days concerning your claim that bitcoin likely wont go through $100.
Agreed here as well. According to Lucif's count, we have one more new high to come before the collapse.
Only for the whole process to repeat itself? If that is the case I, and I'm sure many other people, will be buying in
heavily come that time.