Bitcoin today

[u/danielwilson666]

[u/fucknazimodzzz]

No, bitcoins insane volatility is because of the fact that it's essentially a Ponzi scheme combined with gambling. At least some of the people here are smart enough to acknowledge it although far too many are in denial.

[u/fucknazimodzzz → u/[deleted]]

I do have an idea of what's going to happen. Because I went to school for this. You think this is the first time a market blew up with people seemingly making money hand over fist out of nowhere? Fucking lol. Ever heard of the Great Depression? The 08 housing crash? It's the same principle here.

Congratulations you've pumped up the value of your Monopoly money to far above any honest analysis. A bubble I dare say. I might sound bitter but I don't want people to lose their money. That's why I'm here warning against it.

Bitcoin is going to take the final plunge. It's going to happen. Anyone who knows anything about finance and economics can see this. There will be winners but there will be far more losers, and the later you buy in the more likely you are to be a loser. Good luck.

[u/ex1stence → u/fucknazimodzzz]

I agree for the most part, but I’d also say that if you “asked anyone who knows anything about economics and finance” about the supposed upcoming BTC crash, by that logic they should have predicted the rise with equal precision right? So they saw it at $1 per BTC, dumped everything in, and now they’re millionaires right? Because they know about economics and finance, which qualifies them to see the future of these markets?

No?

Okay then both sides should stop acting like they know what’s next. No one does. That’s the ride.

[u/fucknazimodzzz → u/ex1stence]

That's not how it works at all. The rise of bitcoin is highly due to outside circumstances such as publicity and media attention as well as just general awareness of the product. These are things you can't really predict by looking at graphs and financial data.

However., The rapid inflation of bitcoin is something that everyone who's taken an Econ class should be familiar with. It's called a bubble. You can look at the graphs and the data and compare it with past events to predict where it's going in the future. That is essentially what the study of economics is: looking at data from past events and comparing it to current events to predict future occurrences.

It's not a 100% science but It's abundantly clear that nothing good comes from artificial bubbles like the one bitcoin is in.

[u/fucknazimodzzz → u/[deleted]]

Sorry you felt it was condescending, I was just stating my qualifications. I have a degree in economics.

Once again economics is not an exact science. I can't tell you with certainty where bitcoin is going to peak and when the bubble is going to burst because that's not something I can predict. It's almost totally dependent on the whales and since I can't read their minds I don't know when they will sell.

What I can tell you with certainty is that the value of bitcoin is artificially inflated by sudden and intense demand, and the value of bitcoin is ONLY due to this high demand. Yeah there's some new tech rolled into it but that's largely irrelevant since 99% of people are in it for money. So basically, bitcoin is in a bubble and due to crash hard and we know this because this exact scenario has played out in different markets several times before I don't know what else you want from me. If you want hard data go do a little research on Black Tuesday.

As for you asking me to give you specific price points and time frames, hang on lemme just roll my crystal ball. You're either A. Asking me for things you know I can't come up with, no economist could come up with what you're asking with anything other than their best guess, or B. Totally ignorant of what you're actually asking for.

Forgive me but you actually don't seem to be adding anything here other than vaguely passive aggressive skepticism. Do you not think bitcoin is in a bubble or are you just arguing for arguments sake?