4000$ + per one BTC is pure insanity that will soon end badly for most "speculators".
There is nothing new under the sun. Go back to the tulips and many booms and busts after. Its happening with BTC now. And just like all the others it will end the same.
Predicting bubbles is nothing new under the sun. I remember 10 years ago when craft beer was a bubble. I also remember 5 years ago when a buddy of mine in finance told me "tech is a bubble because there are too many languages". Everyone is an expert, and everyone can say "tulip" as if it's meaningful.
A historically honest account characterizes tulip mania as "no more than a meaningless winter drinking game, played by a plague-ridden population that made use of the vibrant tulip market."
So, assuming you are making a parallel between bitcoin and the fictional "propaganda" narrative of tulip mania: that comparison falls apart quickly, since (1) bulbs have an exponential growth rate. (2) the 3 year crash did not feature boom + bust cycles with steadily increasing bottoms. (3) Bulbs are not permanent or fungible. (4) short selling bulbs was illegal. (5) bitcoin is not subject to a decree by dutch parliament that futures contracts must be options with the buyer allowed to back out for a 3.5% fee.
The way that bitcoin mirrors tulip mania is that it is subject to "propaganda" with an "anti-speculative agenda", and that both took place during a rapid increase in the fiat money supply.
http://www.smithsonianmag.com/history/there-never-was-real-t...
> BTC is pure insanity that will soon end badly for most "speculators"
> Its happening with BTC now
Join the long line of people that have been saying this for almost 5 years and have been so soooooooooo wrong
Frantic speculation in a narrow space with the market eventually crashing when speculative buyers are no longer willing to bid up?
To me bitcoin lost its appeal after transaction fees became high. The value is ok, since you can still use fractions of it, but current transaction fees and time to wait for confirmation makes it unsuitable for daily use. So in my mind bitcoin already failed what it supposed to provide.
You're overstating your case. They just haven't been proven right.
In such a young, poorly understood, and speculative, environment it seems reasonable to suspect a bubble. 5 years doesn't prove or disprove anything.