Just wanted to quickly add one more tidbit. The definition of a bubble is an overpriced, in market talk, equity or entity. The dot com bubble, for the most part was not a true bubble as, much like Bitcoin, the new 'start-ups' had nothing behind them. Not an asset, not a sound business plan not even a solid management team behind them.
My forte in the 90's/2000 was telecommunication start-ups. By a very high percentage rate most start-ups would draft a 'business plan' walk into a VC and receive both funding and a valuation based on that funding. The VC for the most part knew exactly what was going on. Seed the company, retain office space, burn as much as the seed money as you could to show the trade rags that you were building something. Create a buzz. Go for second round of funding thus increasing your valuation. The end game. An IPO with nothing or next to nothing tangible behind it. Does anyone remember Pet.com? I do, they had 4 employees and they were http coders to enhance their web site to induce the public to "oh's and ah's". I' be willing to bet that 99.9% of Bitcoin traders/investors of date have not yet once used the crypto in a transaction. Watch. It's going to get very ugly. I only wish there was a way to short it once it arrives at 15K again.
And yet we've not yet seen $BTC-X ($BITCOMP) used for anything except trading, the very definition of a bubble. However $XRP-X has clients, keeps a reserve of 55 Billion XRP in reserve to build out their infrastructure and bolster their portfolio. What does Bitcoin do? Trades with no tangible assets. How many P2B transactions do we see for bitcoin? ATM's? IMO Bitcoin is one of the most robust Ponzis I've seen in my life and I lived through and worked in the dot com bubble whereas all you had to do is walk into a VC's office to get $20MM in seeding.
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Why Bitcoin Is Not A 'Fraud' Or 'Bubble', But Something You Should Take Seriously
Just wanted to quickly add one more tidbit. The definition of a bubble is an overpriced, in market talk, equity or entity. The dot com bubble, for the most part was not a true bubble as, much like Bitcoin, the new 'start-ups' had nothing behind them. Not an asset, not a sound business plan not even a solid management team behind them.
My forte in the 90's/2000 was telecommunication start-ups. By a very high percentage rate most start-ups would draft a 'business plan' walk into a VC and receive both funding and a valuation based on that funding. The VC for the most part knew exactly what was going on. Seed the company, retain office space, burn as much as the seed money as you could to show the trade rags that you were building something. Create a buzz. Go for second round of funding thus increasing your valuation. The end game. An IPO with nothing or next to nothing tangible behind it. Does anyone remember Pet.com? I do, they had 4 employees and they were http coders to enhance their web site to induce the public to "oh's and ah's". I' be willing to bet that 99.9% of Bitcoin traders/investors of date have not yet once used the crypto in a transaction. Watch. It's going to get very ugly. I only wish there was a way to short it once it arrives at 15K again.
Why Bitcoin Is Not A 'Fraud' Or 'Bubble', But Something You Should Take Seriously
And yet we've not yet seen $BTC-X ($BITCOMP) used for anything except trading, the very definition of a bubble. However $XRP-X has clients, keeps a reserve of 55 Billion XRP in reserve to build out their infrastructure and bolster their portfolio. What does Bitcoin do? Trades with no tangible assets. How many P2B transactions do we see for bitcoin? ATM's? IMO Bitcoin is one of the most robust Ponzis I've seen in my life and I lived through and worked in the dot com bubble whereas all you had to do is walk into a VC's office to get $20MM in seeding.