When Bitcoin is at 30k, then we can talk about bubbles.

There is only a big ol' bubble of FUD! :)

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Of course. Its current price growth is spurred by previous price growth, not actual use. Its use cannot grow since its blocks are full and its fees are prohibitively high. Bitcoin maximalists have resorted to the preposterous argument of Bitcoin as a digital store of value when, by definition, that's not how stores of value work. You can't just proclaim yourself one, it's built on a history of purchasing power stability. People buying Bitcoin now have this contradictory thought in their head: "I'm going to buy this digital store of value, and it's going to make me rich." The reason for the purchase is a weak rationalization, the expectation of further price increases necessitates a bubble. Textbook irrational exuberance.

Whether an asset is in a bubble or not is a matter of perspective. Only time knows the answer. Many altcoins are in a bubble just as many dot com companies were in the 90's internet bubble. Some had no value, others like Amazon were just in their infancy in a future world. Buy me some of that bubble! Some crypto currencies may be in a bubble, but Bitcoin being the standard bearer of crypto currencies, buy me some of that bubble. I look forward to the future.

great content as always boxmining

Very interesting points! I think there is still more room for bitcoin  to move tho, maybe 15k by the end of the year. Anyways, check out my previous analysis where I predicted bacon will hit 12.5k!
https://steemit.com/bitcoin/@cryptofrombed/bitcoin-hits-11-200-what-s-next

Great video man! Was on the edge of my seat hoping you were going to mention Vertcoin and Ark when you talked about altcoins, but alas! I understand you're sticking with the top 10.

Short-term bubble yes. It had no proper correction when it hit recent bottom of $1800 after reaching $5K. There can be correction to $5K, how long it will sustain this $11.2K. Also, technically, there are other coins that has better utilities and fundamentals, they need some love form BTC investors/

Bitcoin is a bubbel ... ETH is the future :D

Very positive post Michael, thanks for this nice summary! I looked at the historic bubbles for some facts and figures. Check it out here: https://steemit.com/bitcoin/@digitalisbetter/how-big-is-the-bitcoin-bubble-you-need-to-know-this

I really do not understand why people are currently talking about bubbles when mentioning bitcoin.

let me explain why I personally think that bitcoin is actually no bubble (yet):

First of all lets define a bubble: From my knowledge a bubble in the financial economy is a situation in which the market price is many times over the intrinsic value.

Let's talk about the value of bitcoin:
bitcoin has currently a market value of round about 200 billion $. 
Although the technology behind it is so revolutionary that it has the potential to enable global financial infrastructure to all the people in the world that currently have no access to it due to unstable economies, hyperinflated currencies or government restrictions, its value is still lower than the value from companies like Apple, Amazon, Microsoft etc.

Moreover, the majority of people living in the western world do not have the intrinsic need to use bitcoin in order to survive...literally!
Let's take Venezuela for example. The use and mining of Bitcoin is officially prohibited within the country, "regulated" by the government that hyperinflated its own local currency. However people actually don't give a f*** and mine and use bitcoin and prove successfully that it is censorship resistant. As electric power is extremely subsidized and almost free, people are able to mine bitcoin worth about 500$ monthly and survive in its own country.

This is only one of the many examples what bitcoin does to underdeveloped and highly unstable economies, it actually saves its people from poverty.

Now let's talk about its current price. As I am writing this, bitcoin is currently at round about 11,400 $ and just fell 300$, most probably due to cashouts from people who just got US-Dollar Millionaires. No problem so far as we have seen this drops several times within the last months. 
The last two times the "bubble" appeared to burst, bitcoin fell 20-30% of its value within one day but recovered within one week followed by several new all time highs on its way up.

Now I will make something really clear what many people do not want to see or understand:

Bitcoins respectively current price is based on Supply & Demand, so actual individuals buying & selling bitcoins in order to cashout or to invest in it.
Moreover, the supply & demand of bitcoin also increased as Blockchain is the ultimate buzzword in today's global business industry since this year.

Another fact that tells me bitcoin is seriously challenging today's banking infrastructure, is that even private- and central bank executives seriously publicate "news" about how bitcoin is a fraud, a bubble, or only used from criminal activities. Andreas Antonopolous always talks about the 5 stages of grief, which totally fit in today's picture when financial institutions talk about bitcoin.

Getting back to the initial topic I would say at the current stage of economical use of bitcoin it would be a bubble at a market capitalization of "trillions". However, when we reach this capitalization we should definitely look back at its stage of economical usage.

I personally think that at this certain time, several currently underbanked regions have adapted the digital currency to a full extent and consequently prove that cryptography actually works in terms of real money.

For who is interested: I started investing in bitcoin just this year in July, I have heard from it the very first time in 2015 but I was totally uninformed and didn't know much about it. This changed this year and I think it is still early enough to be party of this journey that will change a lot of lifes within the next decade and especially those of our kids.

This comment really got longer than I thought, so tomorrow I will put some more thoughts into it and make an own article about it.
Stay tuned or follow my feed to get notified.

Just once again, this is only my personal opinion.

Best Regards

Chris

Interesting!

https://youtu.be/PZm6iaaS2SQ

Interesting topic it also roamed in my class at school and classmates started to talk about it without even knowing much about the whole structure. With the $10.000 mark down, the attention increased a lot indeed and more and more people seem to be interested which is nice I guess. :)

RSI levels are too damn high to take a safe long position on Bitcoin right now (although there is still room for the price to go up to a RSI level around 95. A major correction, likely going to 7000 euros (sorry, I am not working with dollars) or even to 6500 euros will probably happen soon. The price will find strong supports at those levels and only when it breaks through 6500 there will be a real mess. I am expecting the price to return to a bullish movement from those support levels though. ![](https://steemitimages.com/DQmcKAVRv5QcS6HrQpEzRPrfr2nYeMWzRc6SgNSXqF1eF97/image.png)

Interesting...we must be careful

Bitcoin has seen many videos with you no other bids match, you have spoken very beautifully and what is beautiful

Every single market turns into a bubble...markets work on human emotion which is irrational.

hey, truly think that the icos are the bubbles , but as for bitcoin you may never know.

Of course it's a bubble, with that ancient tech.
But not every bubble has to pop, we could continue like this for a very long time.

Just to clear the air, I have a vested interest in a ridiculously HIGH BTC Price. 

I have substantial cloud hashpower and the higher the BTC price, more FIAT DIGITS I make. 

With this in mind, I am sniffing out a major, catestrophic collapse of the entire crypto market in due time. 

The amount of fake, counterfeit currency units entering the exchanges is going to make headlines and create havoc. 

Just letting you all know THAT YOU FUCKING HEARD IT HERE FIRST!!!

The total mined bitcoin according to blockchain total mined are 16,713,925  that means already half bitcoin are mined  2018  is the year for bitcoin we are expecting bitcoin to be at least $ 40,000 or more which is possible.  The high it will  go the better it will become.

IMHO, I don't think the cryptocurrency market is a bubble, at least just yet. The so-called 'dumb money' might be entering the market right now because of the news coverage regarding USD10,000, but any ensuing crash will not last more than 2 weeks.

But bitcoin might stall if the scalability issues don't get fixed & I don't see the lightning network as a good or elegant solution. 

In the next few months, users will experience many waves where the mempool is clogged, the fees go up & confirmation time takes many days, and they will get fed up. 

So if the bitcoin price goes down in some semi-permanent fashion then it will be because the crypto market share is eaten up by the other coins. 

It could be because of ethereum, bitcoin cash, litecoin etc.

Bitcoin has momentum going strong.  I wouldn't be surprised to see a trading correction but not a bust.  Too much big money coming in for games not to be played.

Thanks for sharing your view! Also see my post: https://steemit.com/bitcoin/@remkostar/bitcoin-rightly-compared-to-a-bubble

Good post.
Bitcoin is a topic for discussions for a couple of years yet.
I would like to say that this is justified. But - the current fee, delays ... It's killing me.
I switched to other cryptocurrencies. Fast and comfortable. But nobody talks about them yet, heard about SmartCash? It's worth it. For me it's better then bitcoin. And for many.

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It might be in a bubble. However, the question is if the bubble will burst and if so, why? Let's assume there's a reason for the bubble to burst, some banker saying something in the news or some fake news about many governments trying to ban it. That may trigger a selloff and during a selloff some people  will panic sell.

Now luckily there's some self regulated mechanism in place that will prevent the consequences from becoming too bad which is:

* Tax: selling crypto for fiat means you have to pay tax in most countries, are you ready to panic sell knowing that the price might just go up again and when you buy back you'll have less crypto than before you sold?
* Exchange limitations: exchanges doesn't have infinity amount of money or even high server capacity to handle a massive selloff. Just look at Coinbase and how it crashes every time people start to panic sell, if you can't panic sell your coins you are forced to hodl.
* Hodlers: crypto enthusiasts with beliefs and large amount of crypto who refuse to sell at loss, these are the people who brings stability to crypto.
* Correct news: basically, all "manipulation" works in both directions, people will criticize fake news, provide evidence, calm down the newbies etc..

So to summarize, yes it may be in a bubble but there's nothing indicating that the bubble will burst. This year has been full of bad news with some impact on the price but that hasn't stopped the price from going up 1000% over the year.

good for @steemit

The Wall Street Journal is not enamored with Bitcoin... yet.
https://steemit.com/cryptocurrency/@xsid/wall-street-journal-decries-bitcoin-saying-no-one-uses-it