Key Post Bitcoin is a clearly identifiable economic bubble

Leo said:
So what specific bags of air are you talking about?
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Out of courtesy, I generally try to answer questions put to me. I expect the same in return. Any chance you could answer directly the question I put before deflecting?
 
Duke of Marmalade said:
Wolfie argues that btc has now demonstrated that it has "inherent" value
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No I haven't.
Im arguing that bitcoin, as the BOHA (euphemism for something worthless, not to be taken literally - EFSW,NTBTL) that it is, that for this BOHA, this time is different!
Wouldn't you agree?
If not, can you be specific to which BOHA in the entire history of financial and economic history does this BOHA resemble.
In doing so you will assist Leo on his merry way.
 
WolfeTone said:
Out of courtesy, I generally try to answer questions put to me. I expect the same in return. Any chance you could answer directly the question I put before deflecting?
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I'm still trying to get you to answer the first question I put to you! I've asked 6 times so far in earlier posts, why can't you answer that?
 
Firefly said:
If not, what's behind the sudden increase in its price?
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Firefly said:
Speculation?

Has there been any reported sudden increase in the usage of BTC to actually buy stuff????
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Not that im aware of. Bags of hot air, as bitcoin is (EFSW,NTBTL) dont normally command increases in usage.
Nor are they subject to price surges and crashes as bitcoin is. What makes the BOHA different?
 
WolfeTone said:
Not that im aware of. Bags of hot air, as bitcoin is (EFSW,NTBTL) dont normally command increases in usage.
Nor are they subject to price surges and crashes as bitcoin is. What makes the BOHA different?
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A steady stream of suckers looking for other suckers. But who cares, at least we all agree bitcoin is a bag of hot air!
 
Leo said:
I'm still trying to get you to answer the first question I put to you! I've asked 6 times so far in earlier posts, why can't you answer that?
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Because im still waiting for the first question I put to be answered.
As I explained already, out of courtesy I tend to answer questions put to me, I expect the same in return.
Can you tell me what "bag of hot air" (euphemism for something worthless, not to be taken literally) in global financial and economic history, resembles in any way shape of form the price movement of bitcoin?
If you can't answer that, then you will discover that your question to me is redundant.
 
Firefly said:
That's assuming we're not witnessing a Dead Cat Bounce, of which history provides multiple examples. There are only so many suckers out there..
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True, it could be a dead cat bounce.
Or more precise, a dead cat bounce higher, and higher, and higher....this time is different, right? Even for dead cats bouncing.
 
WolfeTone said:
No I haven't.
Im arguing that bitcoin, as the BOHA (euphemism for something worthless, not to be taken literally - EFSW,NTBTL) that it is, that for this BOHA, this time is different!
Wouldn't you agree?
If not, can you be specific to which BOHA in the entire history of financial and economic history does this BOHA resemble.
In doing so you will assist Leo on his merry way.
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Okay, I re-read your argument. You do make a big point that the bounce back from €2,500 underpins its "inherent" value, your terminology. I agree that nothing has dramatically happened to the bitcoin proposition in the last 18 months, it is not like Anglo whose assets went form hero to zero in that space of time. Bitcoin is still the same old bitcoin to its believers albeit the proliferation of rival gods has accelerated. And you are probably right that we might now have an underpin to its "inherent" value as far as the true believers are concerned. All prices above that are then speculative froth.
For BOHA syndrome to truly take a grip and blow the faithful out of the way will need something of a gamechanger, like discovering that Satoshi was in fact Homer Simpson.
 
Duke of Marmalade said:
Oh great! Angels dancing on pins time again:p
I am a committed subscriber to the BOHA school, having learnt most of what I know about bitcoin on this site. I am also grateful to this site for encouraging me to short btc at 14,500 and subsequently close out at just over 8,000. But I stand ejected, I could never, ever have predicted this Lazarus type bounce back:eek:
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Hi Duke

Welcome back to this discussion. We really missed you.

Leo and I were manning the fort but we were being overwhelmed by the pin dancing.

I think you should use your ill-gotten gains to short BTC again.

Brendan
 
Just to help us on our way;

inherent
/ɪnˈhɪər(ə)nt,ɪnˈhɛr(ə)nt/

adjective
existing in something as a permanent, essential, or characteristic attribute.
synonyms: intrinsic, innate, immanent, built-in, inborn, ingrained, deep-rooted; More


Duke of Marmalade said:
I agree that nothing has dramatically happened to the bitcoin proposition in the last 18 months
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Yet the price fluctuation and volatility persists. Is there a BOHA (EFSW,NTBTL), for that is what it is, in the entire history of finance and economics that even remotely resembles the price action of bitcoin?
I haven't come across anything like it, have you?

We truly could be witnessing a re-defining of the terminology that is BOHA! This is truly an exciting time!! Don't you agree?

Unless of course, bitcoin is something other than a BOHA.
 
WolfeTone said:
Because im still waiting for the first question I put to be answered.
As I explained already, out of courtesy I tend to answer questions put to me, I expect the same in return.
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But I asked first. Courtesy would suggest you should answer my question first, why keep on ignoring it?
 
WolfeTone said:
But out of courtesy to you, the historical events I was referring to is the entire global financial and economic history.
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In post #242 you said:

WolfeTone said:
Not in the whole history of finance and economics has a bag of hot air acted this way. Once the price collapse starts, it doesn't stop until the game is over. But for this 'bag of hot air', this time is different.
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So again, what BOHA events were you referring to where 'Once the price collapse starts, it doesn't stop until the game is over.'

You tried to answer in post #247 with Tulips, Enron & Anglo as examples. These examples clearly do not fit your claim, can you provide examples that do?
 
Leo said:
In post #242 you said:



So again, what BOHA events were you referring to where 'Once the price collapse starts, it doesn't stop until the game is over.'

You tried to answer in post #247 with Tulips, Enron & Anglo as examples. These examples clearly do not fit your claim, can you provide examples that do?
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Clearly those examples do.
 
Andrew365 said:
After 14 pages.....the title of this thread is definitely not accurate. :p
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Hi Andrew

Feel free to suggest an alternative title?

But the background to the thread is that a few users said we should have a Bitcoin forum.
I was appalled at the suggestion that anyone would think this worthy of discussion on Askaboutmoney.
But in the end I agreed, and kicked it off with this thread to make sure that people realised that Bitcoin was a bubble and not a serious investment proposition.

Brendan
 
Leo said:
That was already addressed in post #248. None of those examples fit with the BOHA definition.
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I beg to differ.
Now that I have answered your question, notwithstanding that it is not the answer you wanted, agree with, etc, it is still an answer.

So, out of courtesy, you may try answer the question I posed, notwithstanding that I wont necessarily expect to agree with you.
 
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