I just returned from watching the film, "Tulip Fever" which utilizes the tulip bulb frenzy that occurred in places like Amsterdam in the 1600s as a backdrop for a story that involves greed, passion, lust, and infidelity. For those of you who may not know, tulip bulbs were all the rage in Europe in the 1600s due to their rarity. Futures markets were created in which people often paid several months wages for tulip bulbs that would rise in value each week.
While watching the film, I couldn't help but think about the parallels between tulip fever and cryptocurrency mania. While virtual currencies such as bitcoin have been around since 2009, the real excitement surrounding the tokens occurred this year between March and August (up until the Chinese ban on ICOs and the rumors that continue to prevail regarding the Chinese government possibly banning the sale/purchase of cryptocurrencies in general).
The European government caused the end of tulip fever/mania by banning the trading of tulip bulbs back in the 1637. We all want to believe that bitcoin, ethereum, litecoin, OMG, NEO, etc... are completely decentralized, but they, too, could become worthless if more governments choose to ban the exchanges that we've become reliant upon for profiting off the value of these virtual currencies.
Please share your thoughts in the comments section below.
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That's well said, Mike4Crypto
Followed you, @mike4crypto
Do we have our own Tulip Fever? too?
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Thank you, @nigelmarkdias. I followed you back.
Only time will tell, but since crypto has been around for more than 8 years already, I think things are different. This is especially true since companies like Overstock, Microsoft and Experia now accept cryptocurrencies as payment. I think we're still in the early days. The best is yet to come.
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Thanks for sharing... Love it.
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This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
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I agree, governments have the ability to end, or at least severely set back cryptocurrencies. Its a risk to be aware of, and a reason you should only invest money you can afford to lose. I really want them to succeed, but realize they could fail
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