Quote from: orions.belt19 on December 18, 2017, 04:49:54 AM

Quote from: baradfo on December 18, 2017, 03:07:55 AM

Quote from: cloud69 on December 18, 2017, 03:02:03 AM

I used to have different views on bitcoin, but I now honestly think that we're in a huge bubble. So much stupid people investing just for the sake of money itself. Once bitcoin stops growing in price... *pop*

I agree that Bitcoin is hyped at the moment and the price reflects that. There will be a correction soon and the noobs will see what that's like. Bitcoin will go down in relation to fiat currency and people need to get out of the mindset that Bitcoin is a commodity that should be valued against their local fiat. Bitcoin is a currency unto itself and once that's realized then the price against a fiat currency will become irrelevant as it should be. Every currency in history has these swings in the nascent stages, once the mindset matures of the people using it then it will show its true potential.

The noob investors will most likely panic once a correction happens or even when the price dips even just a little. I have noticed that most people don't know that the bitcoin price frequently goes up and down and is very volatile. In fact, not most people understand bitcoin at all yet they choose to buy and invest on it. People are already convinced that it is a bubble yet know nothing about it's market capacity and other features about bitcoin, therefore failing to see it's true potential. The high price has simply attracted them.

I agree that the high price vs. fiat is what is attracting people in the mainstream to Bitcoin currently. And yes, the majority don't know anything about Bitcoin. They still see it as a commodity that their government has told them that it is. Once the noobs realize that it is a currency unto itself then they will realize the full potential of Bitcoin.