Cryptocurrencies are the tulip mania of the 21st century

Re:Cryptocurrencies are the tulip mania of the 21st century by sboselli on Tuesday September 19, 2017 @11:39AM (#15285598)

I consider this clickbait at this point. This is the exact same thing that has been said during every single boom in Bitcoin's history. You may like Bitcoin or not, but the concepts of cryptocurrencies and the technical development that the blockchain represents are here to stay. They are being adopted left and right by the banking sector all around the world.

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Re:Cryptocurrencies are the tulip mania of the 21st century by mannykannot on Tuesday September 19, 2017 @11:55AM (#15285744)

And tulips are still being bought and sold. Bubbles tend to have a life of their own, regardless of the MacGuffin they are organized around.

https://en.wikipedia.org/wiki/MacGuffin

I don't know about cryptocurrencies in general, but ICOs seem to me to be mostly foam.

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Re:Cryptocurrencies are the tulip mania of the 21st century by dnautics on Tuesday September 19, 2017 @12:51PM (#15286331)

Bubbles also tend to be driven by leveraged investment. See kindleberger.

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Re:Cryptocurrencies are the tulip mania of the 21st century by loceng on Tuesday September 19, 2017 @01:28PM (#15286707)

"... the concepts of cryptocurrencies and the technical development that the blockchain represents are here to stay. They are being adopted left and right by the banking sector all around the world."

Fully agree - I don't agree however with how the most popular (which is the reason they're popular)a and how they are incentivized to transfer wealth unreasonably, wealth transferred weighted to the earlier you're an adopter. It's a global, decentralized Ponzi-like scheme. The banking sector are 'adopting' them as any large institution has a budget to try to understand something. All Fortune 1000 companies have money to play around and they'll need to be prepared for blockchain - however don't confuse that with a vote specifically for Bitcoin or Ethereum's Ether.

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Re:Cryptocurrencies are the tulip mania of the 21st century by Spellman on Tuesday September 19, 2017 @01:13PM (#15286550)

Saying cryptocurrencies have technical/economic value and that they are in a bubble of inflated value can both be true.

I've seen it likened to the Dot com bubble. Sure several groundbreaking titans of the Internet were founded during that time. They are valued as major players in the world economy. But there were many more that were inflated and the sector as a whole was inflated.

Now, if you're a savvy enough investor to be able to pick the eventual winners during a bubble, you'll come out great even after the crash. But if not, then you're just gambling. And the house will eventually win.

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Re:Cryptocurrencies are the tulip mania of the 21st century by ringaroundthetx on Tuesday September 19, 2017 @01:35PM (#15286779)

it keeps crashing upwards!

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