Bitcoin had a jittery moment yesterday when the currency “crashed” from the then all-time high (ATH) of $7,300 to $6,800 in minutes.
The chart looked bad, and some were quick to claim the top had been reached, but bitcoin being bitcoin, it just dusted off, took a deep breath, then kept on in its upwards direction as if nothing happened.
Bubble, everyone is shouting. Especially the bankers, who for some reason think anyone cares what they think. Or better, think anyone would not do the exact opposite of whatever they think.
You see, the term bubble refers to, well, a bubble. Like the bubble boy. You’re insulated from the outside world and live in a lala land. While you do so, like the fish in the water, you don’t know you’re in a bubble.
So as long as they keep claiming we are in one, that might not be the case. When they start talking about the new normal or no more boom and bust – and mean it – then we might get a bit scared.
But if it was that easy, we’d be trillionaires enjoying the Maldives rather than writing here, so the opposite might be the case. In which instance, make sure to find a chair somewhere.
Because the crash will come, but whether this year, this decade, or even this century, is not for us to know. After all, according to the bankers, gold is a 2,000 year old bubble.
Unlike the fiat which they keep printing as they please bankrupting our countries around once every two decades like clockwork.
Speaking of bankers, some bitcoiners got bored of them and have replaced them with Blockstream, a for profit company that hires a number of very vocal small blocker bitcoin developers.
Everything that is wrong about anything is Blockstream’s fault, according to these bitcoiners, and they have memes to prove it:
It is a curious phenomena. Whenever price rises, in really any cryptocurrency we have observed, the memes suddenly come seemingly out of no where.
We love them. We won’t lie. Not necessarily because of whatever they say, but because it shows the artists are among us and because they create a festive atmosphere.
Something which, you’d think, should apply to that coolest currency, ethereum. Not least because their big Devcon conference is underway, but for some reason eth doesn’t seem to like autumn very much. The currency is soundly asleep.
What tales we’ll tell, when it wakes up, who is to know. For now, we can enjoy its non-existent volatility while focusing on the many eth based projects that keep on launching and its increasingly strengthening fundamentals.
Which reminds us a bit of bitcoin in 2014, but the stage is now much bigger, the actors more diverse, the play far more complicated.
Yet, all the protagonists appear to be feeding off each other in a mesmerizing dance that has significantly changed the landscape in an ever changing, constantly evolving, glorious story.
The miraculous year. The greatest show on earth. The big first decade anniversary is coming. Some projects will be hitting live production. Most start-ups will fail, some will rise to become monopolies, for the young ones to disrupt again.
In a never ending cycle of better, faster, stronger, higher, as man keeps on evolving.