Quote from: MaTachi on April 09, 2013, 05:47:20 PM

Quote from: dancupid on April 09, 2013, 05:31:27 PM

Quote from: Stampbit on April 09, 2013, 05:21:27 PM

Quote from: psybits on April 09, 2013, 05:15:53 PM

Bitcoin is an amazing piece of technology - anyone can go dig up a tulip bulb this comparison is ridiculous

Tulips are an amazing piece of natural bioengineering, and anyone can go mine a coin. I think this comparison is comparable.

The market cap for tulips is currently higher than the market cap for bitcoins. Add daffodils, and roses and we are entering stratospheric prices.
And that's discounting the lily and the orchid as a minor players in this market.

You are comparing natural resources with a currency. And during the tulips mania the tulips obviously weren't bought for their physical properties, which explains the crash, because people realized that the tulips as products weren't worth the ridiculous price.

Quote

In Mackay's account, the panicked tulip speculators sought help from the government of the Netherlands, which responded by declaring that anyone who had bought contracts to purchase bulbs in the future could void their contract by payment of a 10 percent fee.

https://en.wikipedia.org/wiki/Tulip_mania

So .gov said you only had to guarantee 10% of the bid, then sellers raised asks 10x. The entire thing is more like a myth.