Earlier today Mark Cuban tweeted some thoughts on Bitcoin.
Shortly after, Bitcoin took a massive dump:
Mark was being asked several questions regarding Bitcoin and blockchain technology in general.
This was his tweet about Bitcoin that started the tumble:
I respect Mark very much for being right on a number of different calls in the past.
A specific one I can recall was his wonderful call on Netflix. To this day, it has been a great call.
I also enjoy him very much on Shark Tank. He does a great job on there and for the most part offers decent deals to the participants.
However, regarding Bitcoin, I think he hasn't quite thought it all the way through.
I agree that Bitcoin could pull back at any time. It has pulled back roughly 178 times since 2013. I fully expect that trend to continue.
The real question when calling something a bubble is if you think it will never make new highs again. Otherwise any pullbacks and corrections are just volatility on it's way to higher highs that any long term investor should simply ignore.
If you think Bitcoin is a fad to be replaced by something else then ok, stick to your bubble call.
However, if blockchain technology is here to stay, like you mentioned in a later tweet I might add, then I think the odds of this being the highest price Bitcoin ever sees highly unlikely.
The tweet can be seen here:
If blockchain technology is the future, Bitcoin has a better chance than almost any other coin of realizing a big piece of that future.
Speed and scaling are certainly issues, but they are likely issues that can be solved.
If Mark is advocating to sell now so that you can get back in at a better price, well that is an option, but that is more trading than investing. There is no guarantee that there will be a better price or that you will actually get back in when that better price presents itself.
For those of us that are investing for the world changing technology, selling the rips and buying the dips is not what we are investing for.
It is very dangerous to throw around the bubble word Mr. Cuban. Make sure you quantify your time frame when doing so!
Saying something is due for a correction is very different than saying something is a bubble...
Stay informed my friends!
Sources:
http://www.cnbc.com/2017/06/06/mark-cuban-calls-bitcoin-a-bubble-price-falls.html
Image Sources:
https://papodehomem.com.br/quebrei-minha-empresa/
http://www.cnbc.com/2017/06/06/mark-cuban-calls-bitcoin-a-bubble-price-falls.html
Follow me: @jrcornel
That's why I'm in STEEM :).
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I get a kick out of old Mark Cuban... He is probably just mad because disco went out of style and that is the only dance he knew.
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OR that his Mark Cuban's wife knows about the child he fathered when he knocked up a not legal aged little Filipino girl from Maryland. Google it.
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It is amusing to me that a few of the billionaires who have spoken about blockchain respect it but when it comes to bitcoin they reject it. It is as if they are unwilling to accept the idea that currency as we know it is changing.
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Envy and bitterness.
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Mark Cuban has invested in Bitcoin, however he is far from a whale. LOL!
https://twitter.com/TRWNBC/status/872327342319861760
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Disclaimer: I am just a bot trying to be helpful.
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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.
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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.
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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.
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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
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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
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He already has more money than he knows what to do with. I am sure he is not envious of anything.
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I guess it takes a "special" kind of personality to amass the empire he has, but Mark Cuban comes across as an arrogant douchebag.
Based on his track record with the SEC, he's also apparently very adept at skating right up to the edge of the ice, and then having his lawyers explain why the edge of his ice is really 3 feet further than everyone else's.
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Somehow money makes you an icon and an
Expert? I can't stand him he is a total
Chuck! God do is his comments and an affect on the BTC market.
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Bitcoin has some potential problems and since it is an older coin it seems a bit more set in its ways. Some people might just want something newer and more open to innovation as we go forward.
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Yep, he seemed to contradict himself by saying that blockchain technology is our future going to be used in everything, then he says oh by the way Bitcoin is in a bubble...
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The elite understand that blockchain is the future, but they are afraid of public decentralized blockchains. They want private centralized blockchains, or else they become irrelevant... They will always bad-mouth bitcoin
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I said this below too, but the dot-com bubble was the future but at the wrong price. What is stopping that from happening again? Just because it is the future doesn't necessarily mean that the price is right.
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I agree with that, and I would have agreed more had he said the altcoin market is in a bubble. I just don't agree that Bitcoin itself is currently in a bubble.
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Yeah, that's fine to not agree that Bitcoin is in a bubble, but I think that there is enough ambiguity that we can give Mark Cuban some slack, haha
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Haha I guess we can, especially since sometimes when I talk about Bitcoin I am really talking about blockchain technology in general and Bitcoin, all rolled into one. ;)
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I think he did it on purpose, so he can buy some more of it lol.
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He was most likely saying Bitcoin is in a bubble because it was round the same number for almost a week. Not saying that I agree with him.
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Well, I think if it is in a "bubble" it will be a small one. Maybe with a small pullback around $3200 settling around $3000 before heading up again.
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Does this have to be a contradiction? If I understand this right, Bitcoin is the first application of blockchain technology in form of decentralized currency but they are not the same thing. Today we know, that underlying tech (blockchain) can be (and already is) much more than "just currency". Therefore to me he is saying something like: "Paper bills are our future (LOL). But Dollar paper bills are in a bubble [compared to other currencies]".
In any case, I am not sure what is a "bubble" definition in crypto market. Given how volatile are even the most stable currencies, they would all qualify for "bubble" assets in real word of up-to-2% fluctuations. So I could be throwing darts into crypto-currencies list and and with each hit I could map a smaller or larger bubble burst within past 3 months. The thing is, that basically all of these "bubble bursts" recover.
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Its not that it is rejected. Though it is clear there is mass speculation which tends to inflate prices past its core use. Which lead to the wild swings as news and conditions vary. Such as the recent SegWit agreement which already has detractors. If this deal does not go through at the agreed date, expect it to take a swing down as speculators dump ship to buy at a better price.
Also keep in mind, the pioneers often blaze the path for younger and more fit innovators to bring it to the next level. In our age of rapid change, it is no guarantee BitCoin will have its dominance in a few years. Although if you keep your investments in the game with the rising stars, diversified, this industry is just getting started. Best of sucess and good news.
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Could it be because they are tied with fiat form ever since and not will to adapt change. I mean every currencies would have problems and new one will solve them, but it does not mean it will loose value. But Mark Cuban need some in-depth class on Blockchain, just scratching the surface.
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Or they don't like it. Because you can not influence blockchain with money, political influence, local wars, or by buying a bank. :)))))) This playground's rules are not corruptible with money....and even if they do not admit it, many billionaires make a lot of money like that on the fiat market. :)))). I will not admit saying this :))) -temporary insanity--- or temporary alcohol abuse :))))
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Do you want the REAL info on MARK CUBAN?
FACTS
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Agreed. There will be surges and corrections as the uptake of Bitcoin among the masses continues.
At the moment, it hasn't really got into the public consciousness but there is talk of ETFs and wider Bitcoin adoption by businesses so there's a long future ahead with plenty of 'steps'.
Bitcoin is the proven crypto, it's been around the longest and as a consequence the most 'battle hardened'.
If it fails..ALL cryptos fail and I can't see technology like this failing en masse.
Just because he's had a few correct calls, doesn't mean he's right about everything :-)
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I'm curious why you think this is true. I could imagine Bitcoin being taken over by something like Ethereum.
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I think a failure in Bitcoin will cause loss of faith in Blockchain technology as an 'immutable, decentralized record keeping system'. Pretty much the foundation on which every other crypto is based. Right now, there is an intimate link between the crypto market and what Bitcoin does as any gains made in cryptos is cashed out/stored via Bitcoin. It seems to be the default coin..almost like crypto gold. Ethereum may well take over in market cap but as a store of wealth, I think Bitcoin will reign supreme. Ethereum will run applications on it which are currency agnostic, whose to say that most of the apps run on it won't be Bitcoin based? :-)
If Bitcoin tanks for some reason, I think this loss of faith will be significant but probably recoverable. Now we have a taste of what's possible this technological concept won't be given up on so easily.
Look at the hard fork Ethereum went through, you might have been forgiven for thinking when that happened that would be the end of that but look at them now, now both Ethereum Classic and Ethereum are thriving.
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Stick to watching others play basketball and polishing their trophies, Mark. :)
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Haha, hey he has more than my Phoenix Suns do!
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No. the players won those. :)
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Yea but I mean he put all those pieces together. It is pretty difficult to win an NBA championship. Especially in a league where the players have so much power to create super teams etc...
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Magnets ;) Basketball is the most rigged of all Pro sports. Cuban is a mascot.
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Crypto's are a whole other ball-game , eh, i mean assetclass ;-)
Mark will probably use this opportunity to buy the f***ing dip!
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Mark's fallacy is immediately apparent in his own tweet. He literally destroys his own argument in his own words:
"When everyone is bragging about how easy they are making money=bubble"
Here he parrots some conventional cliches about investing, going back to the shoe-shine boy.
"When even shoeshine boys are giving you stock tips, it's time to sell." - Joseph F Kennedy, supposedly presciently predicting the stock market crash of 1929.
Using radical fallacy, he equates those of us active in the crypto-currency world with "everyone" who are apparently all "bragging".
I don't know about the rest of you, but when I look around on the street, I can't imagine that even 1 in 25 or maybe 1 in 50+ people have ever owned a cryptocurrency or, indeed, would even be capable of accomplishing the task if they set out to.
Apparently, Mark thinks experts on obscure technology that practically nobody (perhaps <.1%) of the population fully understands and is comfortable with, constitute the modern-day "shoeshine boys".
Yeah, nice one Mark - why don't you ask your shoeshine boy what a Trezor is, or what he thinks is likely to happen on August 1st, and get back to us?
Mark should indeed stick to what he knows - arguing with the even-more-entitled partners he has on Shark Tank.
PS - Mark is my favorite shark, so sorry to be so hard on ya. =)
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I couldn't agree more with just about everything you wrote here. Well said! That point about not everyone owning it yet is exactly why it's not in a bubble yet. Outisde of the people I know on Steemit, I don't know a single person who owns even 1 Bitcoin, not one.
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I tried to convince all my close friends on the merits of cryptocurrency in 2012, when I was ready to risk going most-of-the-way in. Most of them concluded my level of enthusiasm indicated insanity, and distanced themselves gradually from my circle. We're talking master's-degrees+ on average, intelligent people. They weren't even capable of considering the argument without assassinating a messenger with an established record of honesty and forward-thinking (to their experience).
We're still going to see crazy whip-saws in price though. Watch Mark Cuban do a victory lap on this tweet if BTC hits $1500 or less, even for a day.
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great post......
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upvote & restem
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Thank you!
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your'e welcome @jrcornel
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that pic reminds me of
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How does anyone know anything ha! This has never really happened before to this extent. The people getting on board now may see the price rise another $1000 then drop back to what it is now. Long term diverse holdings are the solution to everything ha!
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One can say Bitcoin is in a bubble and still expect it to make new highs. It's harder to say when the bull phase will turn to bear however.
Just look at the past of Bitcoin for more info.
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yea, but his tweet did stop the rise for a bit, otherwise bitcoin would be $3000 already.
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Maybe that tweet got attention of short sellers. Even if the bubble pops or bull trend ends now, new highs are likely to be made with next bull cycle.
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I love your post! Good job! Please follow me @martinst
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I'm now following you guys,. hope you guys do the same for me.
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Guys like Cuban are not going to understand Bitcoin till it is already gone through the roof. They are not usually in on the ground floor of something like cryptocurrency.
Imagine if someone took a blockchain based cryptocurrency onto Shark Tank. Cuban would definitely be out, I can guarantee it.
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He is contradicting himself: blockchain is the future but bitcoin will not last???
maybe he doesn't know that bitcoin is blockchain technology...
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I am sure there were some who dumped based on this statement, that correction was pretty normal. There have been many corrections similar. Anytime it grows fast there will be adjustments.
Since i dont use other social media, i didnt see this tweet and appreciate you sharing it.
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As an investor in crypto I understand what Mark is saying, remember that this is just his opinion and what he thinks, he never states it as a fact. And it is really common sense in the finance market that "When everyone is greedy be fearful." So be careful and have a plan before you go blindy into crypto, nobody can say for sure what the future holds.
That being said I am sure that crypto currency based on the block chain is the future. However it is hard to say which of them will be a winner. Personally i like Ethereum which is not really currency even if everyone treats it like bitcoin 2.0. My tip: Study for yourself both sides of the coin, do not only look at one side of the case, do not fall into the trap that is Confirmation bias
Currently working on a free book publised on Steemit about economy, lifestyle and health. Follow for 42 tips on how to gain leverage in life:
Millionaire Shortcuts: Money should just be a byproduct of your goals in life
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I say let's get Michael Bublé's opinion as a comparison.
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marc is right.its in a bubble.nobody is disputing the potential of block chain but this is runaway bubble just like in 2000.now nobody knows when the party ends.some of the companies will be much more than they r today like 100s of billions of dollar.I still dont know abt the winners and loosers....who would have though netscape will go out of business???
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The whole 'bubble' construct regarding crypto's (specifically de-centralized crypto's) is mind boggling to me. It's one thing to see the fraudulent housing market back in 05-06 as Michael Burry, Mark Baum, and others (see the Big Short, great movie) did, because there were markers that indicated the market was not where it should be. It was propped up by bad investments and loans only possible because of centralization. Bitcoin and other de-centralized crypto's don't have this issue. This is where I see most people missing the boat regarding the crypto bubble. Sure there are boom and busts in a pure free market, but not like what you see in a propped up fraudulent economy.
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Have you ever heard of the tulip mania?
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tulip mania was caused by other external forces, not just people wanting to buy tulips.
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Could a Bitcoin bubble not be similar? The price of Bitcoin is very much supply and demand in a similar way to the price of tulips was.
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shark?
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Cryptos will continue surpassing precious metals as they are WAY more appealing to the millenials and blending so perfectly with the new technologies.
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Bitcoin can be in a bubble without it being a fad that will be replaced by something else in the future...
When you say,
You basically are agreeing that Bitcoin could be in a bubble. But you also say,
which is not true. Just because the internet is huge doesn't mean the dotcom bubble in the late 90's wasn't a bubble, and just because housing prices go back up doesn't mean there never was a housing bubble.
Remember just because you are "investing for the [sic] world changing technology" doesn't mean we aren't in the midst of a massive bubble.
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True... to an extent. However, when people use the word bubble they tend to imply that the asset is in a massively overvalued state which is not likely to be reached again. Would saying Bitcoin is due for a pullback or a correction not be a more accurate statement?
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Perhaps, but this isn't how people used the word bubble during the dot-com bubble or the more recent housing bubble, and prices have gone back and were probably expected to back to what they were. Particularly the dot-com bubble I think is a relevant example because it is an example of a market that was valued correctly but a decade too early. We may be there with blockchain technology.
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Yes I think you are exactly right. If you look back at a couple of my recent posts you will see I have posted a lot of price cycle graphs. Price tends to follow a similar pattern. The question I guess we have to ask is what stage of the cycle are we currently in?
I would argue we are somewhere near the bear trap phase...
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By the "take off/first sell off" seeing mini ups and downs. "New Paradigm" is at least 10 million a bitcoin.
How many times could this chart repeat itself in one stock? We saw this chart the first time bitcoin went to $1 then $100 then $1000. Could this cycle keep repeating?
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Feels more like enthusiasm stage for me. The public is about to enter the picture in a big way and then greed and delusion will follow soon after. Top in at christmas maybe?
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Media Attn. is my guess. But I am not going near it. Good post. Not a Cuban fan. Posting a screencast on todays market action, I discuss a little on the $ and bitcoin amongst other things. Have a good one :)
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I completely agree with you. Mark Cuban was wrong about the blockchain and bitcoin seperation. I just pusblished about the blockchain and why it cannot exist without bitcoin.
https://steemit.com/bitcoin/@anony/blockchain-is-bitcoin
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Great news ride the dips!
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This is the age of blockchain and bitcoin....bye bye paper currencies....
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What about the possibility that Mark Cuban and other major figures like him like to crap on bitcoin because they are secretly investing in it and don't want the masses to think they are in it too? Just spitballing here. SteemOn, BlockChain for liiiifffe :P
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Mark is good at a lot of things.. but hes not good at everything.. Go Mavs!
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That's very true. He does not tolerate any alternative health practices and regularly smashes alternative health on shark tank.
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Doesn't he smoke cigars?
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Probably.
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make more money on internet with @bassemm
https://steemit.com/earn/@bassemm/get-paid-usd25-dollars-in-under-30-minutes-with-fusioncash
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Buffoon alert!
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The bad thing about future of coin it will cost more per transaction? So if someone wont's to buy 100$ of bitcoin from someone, transaction could be like 20$ extra? I don't know but I guess that is future, and if it's true, then maybe there will not be any cryptocurrency that is too much expensive because transaction will be to high, right?
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Nice news from you @jrcornel
Upvote & Resteem
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All the big names are wrong in some cases, take the Buffet case, he is sorry that he did not invest in Amazon, he was wrong. I think it is the same here. I talk about crypto every day with smart people, and most of the time i feel like i am a crazy gay talking about UFO. Crypto is very new for 99% of the planet.
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Really good article and explains a lot to me, I'm still new to all the bitcoin stuff and i have traded some in the past, but yeah i sold some and i still have some, i guess i will just leave it there for a while :) hehe thanks for sharing!
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Да Он просто - Тролль..!!)))
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I always enjoy your post! Good job.
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Haters gon hate.
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It's funny to see how one's guy opinion has such a huge effect on something with a $50 million dollar market cap. All be it, he's a billionaire, but still!
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Great post
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By your definition of a bubble the stock market has never been in one.
All traded assets are either in a bubble or falling, the question is are you at the start or end of a bubble.
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I dislike mark cuban.
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Bitcoin has been around, however most of the population hasn't heard of it or know what it is. More and more companies are accepting Bitcoin for payment.
To me a bubble would mean a saturated market and cryptocurrencys are just getting started!!
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Thing is, he's not wrong.
I know this is probably an unpopular opinion, but any finite good that has consistent long-term gains will correct or collapse at some point. It's almost inevitable.
The only question is when. Will Bitcoin crash tomorrow? Probably not. Will it crash next year? I don't know. Will we see another bump like we did 3 years ago? Probably, and people will go absolutely insane.
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Famous people's opinions always influenced those, who couldn't think for themselves.
Don't be surprised, that not all investors are confident in their assets. :)
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I bet you he said it just so he could buy more on the dip lol
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Nice article. Voted!
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Talk about an epic blunder....GTFO
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I don't know that guy but I enjoy reading this article.
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Its amusing that bitcoin, ethereum and others all have same issue and steem and bitshares BOTH solve them... ;)
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So many media stories and posts on Steemit recently suggesting the same bubble scenario. This is why it is so important to do your own research and make your own decisions and not be swayed by pumpers or dumpers. As you rightly posted recently, know what you own.
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I think it depends if you're in Bitcoin for the long/short term. Now would be a great time to sell if you've had Bitcoin for many years, then maybe sell. But if you've only just got into Bitcoin in the past few years and are comfortable on hold for many years to come then hold?
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haha totally agree @jrcornel!
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Cuban must have a lot of faith in the U.S. dollar then. In addition to blockchain technology, I think the run up in Bitcoin and other cryto's is because people are looking into alternatives to their losing currency. The U.S. dollar has been declining for months now. Gold and silver are on the move again. May be hard to fathom but its time to look into alternatives away from dollars.
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Cuban is the ultimate "hype" man. When he's invested in some assets he'll give it good buzz when he's not well he ignores in his world.
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Mark Cuban... He's the guy that predicted Hillary Clinton would become president! Cryptocurrency is a volatile market, NOT a bubble. You would think he would know that.
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People use the word Bubble a lot and don't explain why they think this is the case, besides saying prices went up a lot or to fast. Well the prices have been going up for years and if Blockchain technology is the next big thing then that is the reason why. Whether or not Bitcoin will remain the number one is yet to be seen as there are matters that need to be resolved but like @jrcornel points out Mark Cuban is contradicting himself in a way.
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@jrcornel
I think they get it but they don't want it to happen! If Bitcoin succeeds, its a sign that their system is failing! That's why they say the silly stuff they say!
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And for that reason, I'm out
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Hey buddy any pointers for my coin's news..
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Maybe he wanted to buy some, at discount price :)) shark tank "strategy"
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Cuban is a smart guy. I respect him but crypto is nuts. I honestly didn't see this new high either for Bitcoin. It is nuts!
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Your posts are all interesting, I really like
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I'm not a huge Cuban fan but I can't argue that this doesn't feel like a bubble. For those us of us who lived through the 90's tech stock bubble, this seems very familiar. There are countless altcoins issuing tokens with nothing more than a concept behind them, eerily similar to all the internet companies going public in the 90's with only a website idea and no business plan to monetize it. History does repeat occasionally, so everyone should do their own research and not risk more than they can lose.
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As most of the world isn't on crypto currency nor accessing blockchain I believe there is enormous growth for Bitcoin and Etherium type currencies, Japan has just "legalised "Bitcoin.The processing technology needs to get a bit better but that will come, the technology will become as accepted as Eftpos is here in a few years.
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Bubbles are observed over weeks, months and years not days. Jesus most of these crypto currencies are just complex Ponzi schemes back by other complex Ponzi scheme.
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Perhaps it's just Mark's perspective on how the internet is changing the market.
He's like the OG of making money off the internet. I mean he can thank his first breakthrough with selling broadcast.com at 5.7 billion to the World Wide Web. It was really all due to his advantage of creating such a new concept around the time internet first started booming that gave his website so much value.
Yet one big difference (other than bread-winning methods) between Mark Cuban getting money from the internet and other people nowadays that get money from the internet is that Cuban had physical, tangible currency in his hands right away.
Although I also disagree with him calling bitcoin a "bubble", I can see why he's a bit skeptical of the value of bitcoin. He's aware that making money off the internet is not as easy as it used to be, and that if he made a broadcast.com this day in age, it would not of been so successful. Most things have been done, and most success is very brief. Trends are changing everyday. He's said it himself on Shark Tank to an entrepreneur that gave thanks to his success to Facebook, "Facebook giveth, Facebook taketh away." Mark Cuban views on social media contributing to products/ideas popularity and value clearly shows that he sees the internet as a very flexible, unpredictable, uncertain platform. In his eyes, virtual money that he can't pull from a bank right away doesn't really sound all that great.
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2014 - I say no
2017 - I say yes
What changed for Mark Cuban on BTC?
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Funny I been bringing this guy up off and on all week. He really is just not a fan and trying to call the shots against crypto for attention. I don't think we are in a bubble, wrote a long blog the other day about that very topic and broke it down via some economic backgrounds that show we aren't even close to the depths possible to even give this a status of a bubble as of yet, could get there one day and I am sure a correction is bound to happen now and then but the amount of people involved isn't enough to stir a bubble situation. Personally I think we are gaining a foundation now a days and its scaring the super rich with ties to elites and the elites use guys like Cuban there to downplay the growth.
Either way great post, always look forward to your stuff here.
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I respect Mark Cuban as well. Although I think you misunderstood his comments a bit. By saying that bitcoin is in a bubble I don't think he suggested that someone should sell. What I mean by that is, think of the dot com bubble. Everyone was bying into technology at that time and making money until the bubble burst. Yes a lot of money was lost and many companies went bankrupt but not all of them. Look at the companies that made it through where they are right now. Bitcoin IS in a bubble like it or not. Nobody knows how high it will go before the bubble bursts. All I'm saying and probably what Mark Cuban was trying to say is, crypto currency definitely has a future. Make it yourself and don't buy you way into it because of the hype there is on the subject.
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