Author Topic: Is Cryptocurrency (Bitcoin) The Next Dot Com of the 21st Century?  (Read 156 times)

ilconsiglliere

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I have been watching bitcoin for years at this point. I wanted to buy some around 2013. Per an article I had read recently - if I had bought $100 it would be worth millions now. And I would not have to work :( . Again I missed the boat, this won't be the first time for me.

I could care less about the technical details of these crypto currencies. Let the computer dorks figure it out. But what I do care about is that it appears to me that Wall Street has found their next vehicle for a bubble. Think about it: we had the dot com in the 90s, than it popped. That was followed by the real estate gold rush, which as we know also popped. The stock market has been surging now for a long time since the govmt has basically been slopping unlimited currency at 0% interest to prop up the banks. They have to do something with all that money and buying raw materials, stocks and real estate is just not getting it done for them at the level they want. So that leads us to this.

Wall Street appears to be going whole hog into the cryptocurrency thing. Witness the media hype about it which reminds me of the dot com. Witness the lack of any underlying value (with this there is less than nothing - its literally fiat currency purely out of your imagination). Witness that all kinds of investment vehicles around the cryptocurrencies are appearing including IPOs, ETF, and all kinds of other financial instruments JUST LIKE THE DOT COM.

IMO we are in the beginning stages of this. Its not full blow yet but its heading that way. Companies are getting crazy valuations so it might be the time to invest some money in it if you are interested. The only thing is how do you know when its time to get out ;) ? Thats the real question.

Just food for thought...

https://techcrunch.com/2017/12/04/so-what-if-bitcoin-is-another-bubble-the-dot-com-bubble-gave-us-the-modern-internet/

http://www.independent.co.uk/news/business/news/bitcoin-bubble-investment-value-cryptocurrency-burst-digital-boom-currency-a8086256.html

The Gorn

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Re: Is Cryptocurrency (Bitcoin) The Next Dot Com of the 21st Century?
« Reply #1 on: December 22, 2017, 01:27:11 pm »
Yeah, the parallels are incredibly obvious. It's actually much worse than dot-coms, because at least there was a constructive purpose of sorts to online ordering of pet food at a loss per shipped unit. There's absolutely nothing to Bitcoin except mass hallucination that it has inherent value.
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ilconsiglliere

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Re: Is Cryptocurrency (Bitcoin) The Next Dot Com of the 21st Century?
« Reply #2 on: December 22, 2017, 01:34:57 pm »
Exactly its pure fiat currency out of your imagination. Its a banker's wet dream come true - a currency that is literally tied to nothing. There are no factories, no land, no employees, no raw materials - just computers with entries showing numbers.

https://www.youtube.com/watch?v=IVjCRWbvM4c


The Gorn

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Re: Is Cryptocurrency (Bitcoin) The Next Dot Com of the 21st Century?
« Reply #3 on: December 22, 2017, 01:38:53 pm »
So remember when people were naming newborns "Dot Com" and changing their legal names to dot-com?

Look for the first infant with the legal first name Blockchain.
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ilconsiglliere

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Re: Is Cryptocurrency (Bitcoin) The Next Dot Com of the 21st Century?
« Reply #4 on: December 22, 2017, 01:41:41 pm »
So remember when people were naming newborns "Dot Com" and changing their legal names to dot-com?

Look for the first infant with the legal first name Blockchain.

I can't wait.

unix

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Re: Is Cryptocurrency (Bitcoin) The Next Dot Com of the 21st Century?
« Reply #5 on: December 27, 2017, 03:15:09 pm »
Quote
if I had bought $100 it would be worth millions now.

Well, the other side of the coin (pun intended), for every person who bought $100 and was then worth millions, there are millions who lost $100 and never became anything. The latter is a lot less common than the former.
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