Crypto mania, or maybe Tulip mania? Are we on a repeat cycle?
I was looking at the previous length of Crypto mania from 3 years ago, we are just a little bit past it now. Should be due for a crash anytime now. These prices are way overinflated past the fundamentals. This will be the 3rd time this has happens , 2013/2014 (MTGOX BTC was up to around 1,200 and crashed down to around 200), 2018 BTC 20k and then later down to like 3k, 2021 50k and down to ??
This time around it's different!!! Yeah right... This is my 3rd rodeo that saw drastic crashing. The people buying in now at 50k are hoping for 200k+. The people selling now are like ok i bought in at 20k last time time to recoup. It is quite a viscous cycle.
And none of this is based on fundamentals. Bitcoin didn't and most cryptos didn't achieve anything significant lately. The bitcoin devs continue to be owned by AXA Venture for 55 million in 2016 ->
So what gives? Mania and FOMO cycle is back baby! It seems to be shortening between cycles. 2013/2014 -> 2018 -> 2020/2021.
You can hedge against it by selling 50/50 if you want(not financial advice). NO matter what happens you can buy on the way down or sell on the way up.
EDIT:
Adding to this post
Investing in BTC isn't due to fundamentals, it's herd mentality. BTC has been owned by Big Banks and Bilderberg(elite society that rules the world) since 2016. I forgot to add this link to my post, seen here https://www.axa.com/en/magazine/axa-strategic-ventures-blockchain
And I did another post 2 years ago that I reposted recently if you wanna learn the truth behind BTC being banker controlled.
BTC didn't have any fundamental change that make the product more sound or better. Ever since BlockStream started BLOCKING THE STREAM by refusing to raise 1MB to 4 or 8 for example, things haven't been about fundamentals. Fundamentals can be found on Bitcoin Cash and other cryptos who are innovating and inventing things. BTC's BlockStream blocked the stream and built side chains in order for them to profit from users using them. BlockStream's Liquid is a service that is only needed because they won't raise it past 1MB blocks. They have you instead go to their service where you pay them to use it https://blockstream.com/liquid/
Fees aren't that expensive currently, but all they need to do is raise it to 2MB or 4MB and their entire business model kills itself. They won't do it, despite many other coins having way higher MB blocks and doing fine provably for years. BTC started out noble and it won't end noble.
Tulip mania was only a myth, zero evidence. Fundamentals? Wait, I was confusing your obvious frustration at the market for intelligence.
Carry on hating, I mean thoughtfully disseminating your "expertise" (a la your nemesis @lucylin, lol who has quite the expertise in electrical infrastructure and it's resilience, among the many hats he dawns)
In fact I have a hard time holding my crashing downvote every time I read a "tulip mania". Where are those tulips?
Tulips never toped their one-time ATH.
Or one can prove this wrong?
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Don't be so harsh on the tulips. They only filled their pockets to go all-in in Bitcoin after a long breath. A very long breath.
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Large corporations investing in BTC is not fundamental enough for you apparently :)
Yes this is another cycle and in bull phase, is it the same as in the past ? Absolutely not.
But there will be a correction indeed, because it’s like all cycles.
Anytime soon ? Hmm probably not, corps are just starting to enter the game and will drive the price higher.
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Investing in BTC isn't due to fundamentals, it's herd mentality. BTC has been owned by Big Banks and Bilderberg(elite society that rules the world) since 2016. I forgot to add this link to my post, seen here https://www.axa.com/en/magazine/axa-strategic-ventures-blockchain
And I did another post 2 years ago that I reposted recently if you wanna learn the truth behind BTC being banker controlled.
BTC didn't have any fundamental change that make the product more sound or better. Ever since BlockStream started BLOCKING THE STREAM by refusing to raise 1MB to 4 or 8 for example, things haven't been about fundamentals. Fundamentals can be found on Bitcoin Cash and other cryptos who are innovating and inventing things. BTC's BlockStream blocked the stream and built side chains in order for them to profit from users using them. BlockStream's Liquid is a service that is only needed because they won't raise it past 1MB blocks. They have you instead go to their service where you pay them to use it https://blockstream.com/liquid/
Fees aren't that expensive currently, but all they need to do is raise it to 2MB or 4MB and their entire business model kills itself. They won't do it, despite many other coins having way higher MB blocks and doing fine provably for years. BTC started out noble and it won't end noble.
Good luck in trusting this.
I'd better play my own agenda:
Up to ~480k (2021), and then a dramatic bloody crash to ~50k (in 2023)
A 430k crash (480>>50) is no joke. -90% down! Are you ready for this ???
To catch the new "bottom" of ~50k in 2023 will be way way harder, than it is today.
Seems, some people never learn...
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Do you really think 480k is inside? Sure, I wouldn't have expected the 20k in 2017 either. But those are just crazy numbers, if we're being honest. I would be extremely satisfied with a target between 100k and 250k and then buy myself a winter jacket for the next 4 years from the profit ;)
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Proof Of Work is ultimately a dead end due to the ease of attack on the network, DPOS is a bit more resistant but look at how easy it was for Justin Sun to take over Steem.
If some government wanted to tank Bitcoin right now they could, they could print billions or trillions of USD and just buy miners and 51% attack it. CHINA/USA are playing with infinite printable money here. Long term POW's fundamentals say it should go to 0, especially given super computers will be able to easily get passwords.
With your last caveat you bury your stance regarding all and any effort to secure anything cryptographically as in a figurative hole, because how can any security thwart a zuperkomputer.
Let's say that you entertain exactly the same response that happened in regards to the Steem takeover, as a baseline of "character" for the response to your challenges regarding a hostile takeover with 51% attack, in that they fork? What happens when instead of witless and diminutive prejudices of you hold regarding the bitcoin community and their capacity to overcome these obvious "challenges" you approach bitcoin's "security" with at least a modicum of competence to overcome challenges? You can preach all day long about zuperkomputer mad zkils but it only indicates how little you considered the matter, as a cypher broken only makes for a better cipher and if essentially there is no strong enough cipher for your zuperkomputer good luck trying to unload that, No Hive for you JunSunBagaScum
Yes it's tulip mania alright...but you won't hear that on Hive...
And you especially won't hear it on Leo.
Just go back to Steemit and see what was being said at the same phase of the cycle back then
Same shit, different boom
What happened to all those Lambos?
Oh I know, it's always lambos when them mania is at it's peak. Then when crypto winter lasted for 3 years there was constant Technical Analysis of when the next break out happening next week that never came. Technical Analysis on crypto has been bullshit since the beginning.
I'm a kiwi and all my trading is based on sheep herding!
For real...
finally someone who isn't outright bull beyond belief... not to doubt the trend but it seems literally everyone is a perma bull now, which makes me really cautious!
Also one of the rare times I read about some BTC criticism. I never believed btc is the savior so many people deem it to be... refreshing article dude, thanks
Sure thing, I have been here since 2012 and have seen all of the legitimate Bitcoin devs kicked out, Gavin being the main one.