Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

Re:Bitcoin (BTC) is up by +22% in a single day, valued at ov... by panarky on Wednesday December 06, 2017 @08:14PM (#15866736)

It's obvious to nearly everyone that this is the world's biggest pump-and-dump scam.

Sentiment on HN, Twitter and the financial press is nearly unanimously negative. Co-workers and family members are convinced this will end in tears for the foolish speculators.

But one thing bugs me about all this.

Historically, bubbles burst after long-time critics finally capitulate. Pyramids and Ponzis collapse when most people have bought in and there's nobody left to sell to.

Are there any examples of bubbles bursting when 98% of the population knew it was a bubble in advance?

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Re:Bitcoin (BTC) is up by +22% in a single day, valued at ov... by thisisit on Wednesday December 06, 2017 @08:25PM (#15866802)

People are also seeing their co-workers and families asking about how to "invest" in Bitcoins.

So the old story about Joe Kennedy and the shoe shine boy applies too? The saying " You know it's time to sell when shoeshine boys give you stock tips. This bull market is over."

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Re:Bitcoin (BTC) is up by +22% in a single day, valued at ov... by koonsolo on Thursday December 07, 2017 @04:29AM (#15868739)

Stocks are for the elite, Bitcoin is for the masses.

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Re:Bitcoin (BTC) is up by +22% in a single day, valued at ov... by IshKebab on Thursday December 07, 2017 @05:03AM (#15868866)

I'm pretty sure everyone knows that most bubbles are bubbles in advance. People don't invest because they think it won't crash, they invest because it is definitely going up and they hope they can cash out before it does.

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Re:Bitcoin (BTC) is up by +22% in a single day, valued at ov... by zazpowered on Wednesday December 06, 2017 @08:22PM (#15866789)

If 98% of the population think it's in a bubble then it's probably not in a bubble

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Re:Bitcoin (BTC) is up by +22% in a single day, valued at ov... by sergiotapia on Wednesday December 06, 2017 @11:02PM (#15867536)

I will archive this comment, and ping you back if you're still on hackernews in 2020. We'll see the value of bitcoin then, and how far along adoption has gone in marketplaces such as Amazon. :)

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Re:Bitcoin (BTC) is up by +22% in a single day, valued at ov... by zzxxddere333 on Wednesday December 06, 2017 @08:39PM (#15866885)

Should someone tell him?

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