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RE: Bitcoin was NOT in a bubble – the 2017 rise and the 2018 consolidation (Chaos Monitaur–34)
Yeah, I say bitcoin wasnt a bubble. Fomo took over and nobody wanted to miss out and it rose the price hella. Then after the fomo and felm ( fear of losing money) everyone got out it went back to how it was, but people are still worried/cautious because of the lost they took.
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Good points. I myself have seen bitcoin go thru at least 3 bubbles, and each time, the subsequent dip / crash was inevitable ... at least in hindsight.
However, I'm not sure if those booms and busts were caused solely by FOMO and FELM. Over the past years, I've met many people who have FOMO, but that has not caused the price to rise.
I believe one of the underlying causes of the fluctuations is how the market reflects the essential value of bitcoin. For 10 years now, it has grown in value / price, simply because it has not yet reached its true value, and is continuing to move towards its true value.
To assume that such a movement will be in a straight line is simply naive. Like anything, they will fluctuate. Fiat currencies have been in a downtrend for decades, but for some reason, the US dollar is currently in a mini-boom. But we all know where it's headed. Downwards.
As Bitcoin, Steem, and other cryptocurrencies move towards their actual value, their prices will fluctuate, sometimes wildly. But we all know where they are headed. Upwards ... I believe.
Hi @majes.tytyty
I strongly believe that mentioned FOMO was obviously caused by mass media, which talked about crypto and bitcoin all the time and brought fresh blood into the market. wouldn't you agree?
We were all played by mass media.
Cheers
Piotr
I'm not sure if that is so. One reason is that I rarely follow any news in the mass media. ☺ Also, the bitcoin price has experienced several spikes, even when it was less than #10. Surely, back in those days, the spikes were not the result of a media focus or media exaggeration.
Most likely, the 2017 spike was partly owing to the fact that bitcoin is becoming better known. And, of course, once it surpassed $10,000, the media started covering it more and more. That may have played a part in the spike, but I believe it was a secondary cause.
Woah very well said. Ty for replying that to me.
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I'm not sure if that is so. One reason is that I rarely follow any news in the mass media. ☺ Also, the bitcoin price has experienced several spikes, even when it was less than #10. Surely, back in those days, the spikes were not the result of a media focus or media exaggeration.
Most likely, the 2017 spike was partly owing to the fact that bitcoin is becoming better known. And, of course, once it surpassed $10,000, the media started covering it more and more. That may have played a part in the spike, but I believe it was a secondary cause.
Good comment @midgeteg.
FOMO was obviously caused by mass media, which talked about crypto and bitcoin all the time and brought fresh blood into the market. wouldn't you agree?
I believe that we need at least a year for all those memories to be replaced again with greed (and more fresh blood, which didn't burn themselfs yet).
Yours
Piotr
Thanks @crypto.piotr
I agree with what you said.
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Hi @midgeteg
Thanks for replying to my previous comment. I always appreciate people who engage back.
Yours
Piotr