Post
Topic
Board Bitcoin Discussion
Re: Bitcoin was not a bubble
by
BubbleBoy
on 19/10/2011, 15:46:29 UTC
it could take less than another 6 mo for you to be eating your words. 

Bitcoin is not going anywhere because it's economically and technically flawed. That being said, a new bubble can very well re-emerge after the current one cools-off, successive bubbles are historically documented. The bubbly appeal is certainly still there: revolutionary, this time is different, game changer, paradigm shift etc.  Maybe we can see re-ignition in the pennies range, 0-20c, but that price will not be hit very soon, judging by the subjective interest I see a bull trap is long overdue.

However a second bubble with gentler slopes will not in any case comfort the owners of the 1 million or so coins sold in the 15 - 30$ range. Those are millions of dollars of wealth destroyed through mining overvalued bits, and millions of dollars into the pockets of a hand full of "early adopters" pushing the scheme.