It appears we are in a Bitcoin Bubble according to JP Morgan Chase chief executive Jamie Dimon.
Apparently, it's worse than Tulip Mania.
The Tulip Mania bubble is very famous. At some time in history (17th century), the Dutch went nuts for tulips and the price shot up to extreme levels.
It is said that some tulips sold for over 10x a skilled craftsman salary.
When the people collectively realized this was nuts, the price plunged and the bubble popped.
But Bitcoin is worse, so I'm told by a guy who's industry is under threat if cryptocurrencies succeed. I think that's funny.
If only they were this good at warning us of a housing bubble.
The total cryptocurrency market cap is 140 billion dollars. Bitcoin is 65 billion. That is less than the European Central Bank print every month to keep the economy going.
The debt of the US just went through 20 trillion (20.000 billion). Just to put it in some more perspective.
I'll think I'll keep my crypto for a while longer!
Have a great day.
Bitcoin SwC Poker, download and use affiliate code: Blazin8888
► Watch on DTube
► Watch Source (IPFS)
Nice and interesting post. I think cryptocurrencies can look everything from undervalued to tulip-mania style according to how you look at things. Money are really just a medium of exchange, but most people are brainwashed for far too long to understand this. Also, nobody I know except some close friends know what the fractional reserve banking is. The fiat monetary system itself it a bubble. I do believe that blockchain technology is going to revolutionise the monetary system, but how this will affect the price of digital assets, I do not know. I remember watching this video with Peter Thiel that the X value an entity creates is independent of the value it captures Y% of X.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
When I have time, I'll watch this. Looks interesting. Thanks!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Really glad you touched on this topic. For an asset to be considered in a bubble it's price must have inflated to much greater levels than the fundamental value of the asset where the average person can no longer afford it. As we know, it's ludicrous to say BTC is in a bubble b/c it can be purchased in a fractional nature. The term "bubble" is the one of the favorite terms the financial sector likes to throw around to create FUD in any markets nowadays.
The crypto market is so small, (along with the Gold and Silver markets) that's it's quite easy to manipulate by spinning a narrative to create fear and uncertainty. One thing BTC has going for it write now is that it can't be shorted by paper derivatives, but the the financial sector is working to fix that in the future by creating derivatives exchanges where this will be possible.
You hit the nail on the head about cypto being a major threat to the banking sector, in my opinion it's their greatest threat they've ever faced. The mainstream acceptance of crypto which would inevitably promote peer to peer exchanging of funds would cost them hundreds of billions annually in fees, and if a crypto lending system would ever be developed, derailing their fractional reserve banking system, it would make them obsolete.
It will be quite interesting to see how hard the banks push back against crypto in the coming years as more and more people discover the many positives crypto currencies can bring to their lives. Great topic and have a great day brother!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes, I also think we are far away from a bubble if you can even call it that. I wish you a fantastic day as well, and thanks again for an awesome comment.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
nice post @exyle, no doubt many govt and bankers want to destroy bitcoins bcoz it is one of the biggest threats for them, but it's upto peoples now how they can see bitcoin, i think bitcoin is fantastic, bitcoin really destroy the involvement of any third party and peoples now buy many things online with bitcoins and many peoples have their savings in bitcoins, so these developments makes bankers and govt. crazy and they just want to stop the growth of cryptos, but i like to say that trying to ban cryptos is just like trying to ban rain, impossible. Thanks for sharing
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for uploading on YouTube too because dtube doesn't work for me! It seems like something suspicious might be going on, possibly big bankers trying to suppress the price so that they can buy in at a lower point?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It works ok for me now, but I heard it's not working for everyone right now, hence I use a SD youtube backup :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Sup bro ? Still waiting for your installment on part 3 of your previous post.
That aside, the fact that bitcoin is compared to the tulip mania by someone who's main source of income comes from the centralized monetary system is laughable.
The tulip mania is driven primarily by speculation with little use save for a little bit of aesthetics purposes. Bitcoin on the other hand; may not be completely devoid of speculations but it is afterall the branding of the blockchain technology where application is only limited to our creativity.
it is also funny how the person who came out with such a comment is actually trying to implement a blockchain of their own.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Part 3 will come at some point don't worry :). I also think the guys comments are funny.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I actually don't trust the opinion of anyone who's industry is directly threatened by it. BTC is not like Tulipmania in that in actually has a good real world use. It can be used as a source of payment to others who accept it. Others use it as a store of wealth in countries that suffer from hyperinflation of their fiat currencies. Just these two things alone are a lot more than you could have done with Tulips in the past.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Gotta love how he trashed it and said that it could go to $100,000.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Even though some altcoins are bubbles , bitcoin and its blockchain technology is a great threats to bankers and governments , hence they wil surely attack it however we the people will stand firm and make it a success including steemi(pls see my post for some tips). Another good post and vlog from you my buddy, keep it up and more success
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks, man!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
welcome and more success to you bud
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
How can you say such bad things about a man who tries his best to protect us from losing money. This JP Morgan man is some kind of mother Theresa, who has nothing but our interests at heart. No, he more like some angel sent to us by God Himself to make sure we do not fall into these evil traps.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
lol :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think you're thinking of JG Wentworth
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
LOL
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
By holding a combination of precious metals, bitcoin and Steem, we can be personally insulated from the big banks and bankers. The evils of the fiat currencies and the debt based economic system will cause their product to rot through inflation... just like tulips.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Why all of a sudden bitcoin is been attacked from every side?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
So the weak hands will sell and the rich will continue collecting.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I also feel strange-bitcoin being attacked from every side all of sudden!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Wow yea why is bitcoin being attack from every side now?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It always depends, it is always a bubble and it is not at the same time. First of all we need to understand a great difference beetwen tulips and bitcoin. Tulips are assets which holds aesthetic value and bitcoin is not an asset it's currency. It makes a huge difference! Because currency has got value as long as people belive it's got value. If opportunities of trading goods in bitcoin increases the currency value increases.
Example: In it's first usage bitcoin was currency for black market so it holds capitalization of blackmarket.
If particular section of white market will start to use it it's value will increase to this market cap.
Example: Assume people on NYSE will only trade in bitcoin it's value will increase by the NYSE capitalization so by $20,245 bilions.
Of course to whis cap with got to add bitcoin investment value connected to people who are not trading but holds currency for profit but this value is incalculable.
Summarizing:
Price of bitcoin is a bubble in certain amount of time and in the other certain is not it estimation when is extremely hard to do and almost impossible.
I will write a more detailed post about it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It awesome to be part of this great revolution, this is why we should educate others and try to support this emerging new world as much as possible.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes @exyle, in Holland there was a story with tulips, they say in those days it was possible to buy a house for a few bulbs of a tulip. As for JP Morgan , they promised to dismiss traders for trading bitcoins and I think this is ridiculous, because you can trade at home. I think this is a game of whales on the eve of a good jump :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
fantastic post, i just like to say that china ban btc in 2013, and they regulate btc in 2017, china ban ICO in 2017 china should regulate ICO in 2021, i think the bankers and govt. want to buy btc at cheaper price like they do in 2013 and then in 2017 they regulate btc again and gain a huge profit from it, so peoples think that govt can ban btc, well in my opinion btc is viral thing now no one can stop once things gone viral.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's actually well put in perspective. The ECB indeed dumps every month the total marketcap of BTC into the banking system. And still almost no inflation, that's something they better look at. Hyperinflation is lurking around the corner! I'll keep em too!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
LOL!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
140 billion dollars... How much is it in tulips?) I like your opinion! I give you a tulip for this article)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi friend, thanks for the great information. The total crpto currency market is so vast?Yes business is a risk factors so to achieve success, you have to take risks. Wish you good luck, may you achieve your goals .Have a great time friend happy steeming.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
While crypto is not a bubble, the prices of some of them are definitely bubbles. 4.5K USD was a bubble for Bitcoin, it should stabilize at low 3k. At the same time, low prices of altcoins with respect to btc are also a bubble at the moment (though i think a bubble isn't the right analogy in this case)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You mean overvalued?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes exactly, overvalued and over hyped.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
As my thinking access to banks and credit cards is completely accessible to the bank at a bank account who have a billion people in the world. Any other person is rejected in the case of opening the flat.
To open a bank account or apply for a credit card, fill out the long form and sign the agreement that does not work on your behalf. Bitcoin is accessible and accessible to anyone without restriction.Just think you ever had to wait several days for a bank wire to clear? Although domestic settlements within the same jurisdiction has become more efficient, international trade between banks still has a time delay.
With Bitcoin, transactions are received instantly and it usually only takes an hour for proper confirmation. The current banking system is outdated and even if they could settle instantly they’d likely still hold on to your money to turn a profit on investments.
Long live the bitcoin
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice write up. This is just the early stage of crypto currency I don't think Bitcoin Bubble will be soon. New money enter the market every day. If the market drops its an opportunity to accumulate more.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Think having more then just Crypto as your hedge against the collapse of the dollar is important. Silver and Gold have stood the test of time and have industrial value outside of just being currency. Personally I like silver as it's easy to pick up small amounts without huge premiums over spot value, but either way make sure it's physical metals that you are holding.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I read your story and I believe you are right. However, I can't play all of your Vlog because every moment it stops and I have to wait half a minute or so before you talk again and after one or two sentences the whole process repeats itself. However, when you vlog in youtube, there is no problem!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I heard that before about Dtube. Good thing you found the youtube back link!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
lol i was kinda surprised to see the tagline but was satisfied by reading the whole sentence ..
nicely said buddy
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
haha, thanks!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Lol, these bankers are as funny as well as they are the root of all evil. Robbing people in plain sight and nobody gives a shit.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Right now bakers are realizing that bitcoin and crypto in general is a major threat to their niche. But for us it's a great time to buy more.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I just read this online. There is a suspicious part of me that always suspects people even him when they say things like this. The price dips and I just bet they have a bunch of people ready to buy it cheap then sell it high in a couple of weeks time!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
haha, me too :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
A bitcoin bubble... Perhaps he misspoke and wanted to say; a fiat bubble.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
:)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I showcased you as a good example of a good blogger in my post tonight here:
https://steemit.com/steemit/@intelliguy/steem-tips-how-to-get-paid-more-frequently-and-make-more-money-lesson-3-be-unique-and-interesting
Please read and see if you understand why I did that.. :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@exyle,
JP Morgan is a duech bag! He is insulting BTC and on other hand collecting it! A similar to a kind of thieve who is calling others as thieves!
Thank you very much for sharing this information with us!
Cheers~
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Cool video! I really enjoyed watching it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hey, nice to see you here. Thanks man!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I read the article too. Very funny. They try to protect their territory. No one wants to lose his business. LOL
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
woah! haven't seen your posts in my feed for ages.. glad to see them now
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I really wouldn't put much stock in what the chief of JP Morgan Chase has to say. Big banks are in danger of collapsing. They see the writing on the wall. They won't be needed in the future. Crypto is here to stay.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
JP Morgan has been charged many times in the past for his fraudulent activities.
Their statement about bitcoins is not very much justified. It is not just a bubble which will burst at any time.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I wouldn't have expected nothing less than bad-mouthing bitcoin from that CEO. I mean - if bitcoin reaches the critical mainstream mass - he will have to let quite a few employees go. So I guess he is just trying to save those and his job ..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Only those who can't understand would say Bitcoin is a bubble, scam or fraud.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I want to agree with you because I'm personally invested all in on bitcoin. But I think it really is a bubble man... If you study Ponzi schemes it's basically the same thing as bitcoin. Right now it's doing great because more and more newcomers are showing up to the party, but once everybody has their fill of bitcoin and the price stabilizes, what happens when all those early investors holding large amounts begin to cash out? There has to be a peak somewhere it can't go up forever, the question is how high will it go? That's a question nobody really wants to address, the inevitable ceiling of cryptocurrency. All that aside we still have to worry about government agencies who are "secretly" operated by big banks. I'm sure these people are plotting multiple take-down initiatives as I type this. They could implement regulations if they feel it won't incite riots, or they could just hack the system. Don't kid yourself if you think the government doesn't have the best hackers money can buy, or that threat of imprisonment can buy. Even McAfee has spoken about how vulnerable the blockchain is. I know everybody reading this probably wants to cuss me out and defend bitcoin... Look I'm not the enemy, I'm a realist. This whole thing is a hype train and the machine only works if newcomers continue to come. I just want to make 100k and gtfo before Uncle Sam whips his big ole dck out to fck us all.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Your comment is fair, man. And your plan too if you think it's a bubble. I hope you will get your 100K!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thanks@exyle, its people choice how they take bit coin and transaction comparability, govt. and banker can't overruled on bit coin as it spread on greater market and online shopping. govt. should take care about people about their demand and respective.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
it seems like everyone is now getting frustrated from the great success of bitcoin and it is showing now after china ban now this i think this will go on and on for sometime
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I will 2! ;)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think it's all funny, everything will be fine.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ha ha crazy banker .. dont even know what Bitcoin is and what Tulips are !!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Why all of a sudden bitcoin is been attacked from every side/////
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Even a broken clock can be right once in a while. Cryptocurrency as a concept is undoubtedly useful but is it ready for mainstream adoption? Really?
There are currently situations and countries where it solves big problems. But is it going to be adopted by mainstream economies? What would happen if it was? Would any of them be able to work with billions of transactions a day?
Is it worth the valuations ? Tulips were/ are useful to some extent too but the price people were paying for them was obviously out of proportion.
I see a lot of magical thinking going on around crypto, the basic premise seems useful but there is currently a large gap between the promises and reality it seems.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i like bitcoin ....nice post
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice to meet you, @holl.boll
Wow, this is somehow a dream come true after all these years envisioning it coming to our everyday world.
I votes you post plase vote my post thank you
Thanks a lot for sharing, great job as always,
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
amigo #resteemia at your service
he is completely a nut ;) just forget it. btc is a not a fraud like TM. nice article @exyle
ReSteemia
'UpVote ReSteem Comment'
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
great job
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Dude's looking after himself and his fortune as usual. Unfortunately for him, the scales of power have tipped.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Why all of a sudden bitcoin is been attacked from every side?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This is funny, but i can see bitcoin moving soon
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i seems to be good article..
follow me
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thanks for share
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
nice blog
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Understandable that people panick after the china ban :D
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for sharing! ⚘
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@exyle - Tulip mania was a big scam Sir. How BTC can be a scam. I think he is going crazy Sir. Love your work. Therefore, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit