a serious bubble needs a certain amount of market saturation and cryptos simply aren't even close to capacity in this manner. large portions of the world do not know what cryptocurrency is, and other large populations aren't even online or owning cell phones. the potential is still unbelievable. we shouldn't be listening to this guy at all imho. he probably had an assistant explain blockchain to him 5 mins before the interview. please also consider it may be in his own (and other scared millionaires) personal interest to drive crypto prices down right now. everyone can see how sensitive the crypto market is to certain types of "News".
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Actually, a bubble can be created when as little as 50% of the public in general owns a particular asset. The real estate bubble is an example but home ownership may have been as high as 60%+ when "the top" was reached in early 2007 home prices. The bubble itself was the "price being paid." If price is driven to unsustainable levels in an asset that is owned by only 1% of the general population it is still a bubble. You will realize it "was" a bubble when the market adjusts out and it becomes "obvious" in most examples of past bubbles. Nobody can argue that a movement in price of 1000% is 2 years is not a bubble however. The "facts" from past history point to the distinct possibility that bitcoin (and since all cryptos will likely follow bitcoin's price path, those also) is a bubble. I base my comments on years of experience following how sentiment drives price...and how mistakes in price are made by the masses, big or small. Follow along if you'd like as I blog continuously about it here.
Do you think 50% of the general public owns a bitcoin? I can't name a single person I know outside of steemit that owns even 1 Bitcoin... not one.
I didn't say 50% of the general population of any country even knows about let alone owns bitcoin. I said a bubble can form with even 1% of the population in bitcoin if everyone who wants in is already in at "whatever price is neccessary to get in" is paid. Based on my "sentiment" indicators that is pretty much where you are at right now. Bitcoin is priced for perfection if measured by sentiment driven pricing models that predicted price movements of other assets in the past. Bitcoin is basically "off the charts" with investor enthusiasm so if you are looking for lower prices...your chances are better than good that your wish/hopes will be met. Here's hoping hope doesn't turn to fear. None of the advocates will help you. Those who paid $100/coin or less likely don't even give a shit about anyone who paid current prices.
sell now
they'll buy and hoard
and leave you drooling when it soars back up
higher than how much is actually costs now
what do you think ?
is it a bubble or a blowing bubble?
fingers crossed - a blowing bubble at least that one flies longer hahah
I did some volume/price studies on Bitcoin over the memorial day weekend. Volume spikes at every single low were buys. And every single volume buy led to a rally. I posted an example of just one such volume buy just to show how easy it is to spot when you are being played. "Actual" bitcoin rose off that low for the biggest % gain for the entire weekend. Here's teh current live bitcoin chart. The "manipulators" tried many times to "rescue" the drop. Every single one failed today. You had better learn how to determine what the players moving teh price are thinking. Or else you will get crushed. The best advice is to just not trade it...even tho it is very easy to trade it and make $$$ doing so. Look at the 12 hour chart and you will "clearly" see manipulation if you have ANY trading experience. if you don't see manipulation...don't give trading advice. Just a suggestion. Here's teh 12 hour "live" bitcoin view.
http://bitcointicker.co