It's interesting how regular people rush to buy cryptocurrencies when the valuation is at all-time-high. Then, in a month everybody will freak out that they can't buy a Lambo yet, even worse, they lost around 50% (based on past peaks).
Of course, I can't predict the future, so maybe it's the first time a peak will never end? :)
I was not trying to imply that BTC's price will never go higher than the current price.
I just find it interesting how regular people (including me, I'm not a big crypto enthusiast and I don't follow the prices and innovations in the field) are inclined to buy when they hear about the peak in the news and then expect that the price will continue to go up, then get frustrated when in about a month, the value of their acquired coins go down.
There is such a negative emotional reaction to both BTC and TSLA. Sometime over the last 10 years or so we've found ourselves really moving forward from the old guard of the 20th century and we have real new beginnings. It's not that "this time it's different" it's "the times are different".
Embrace it, buy a small amount of bitcoin, buy a small amount of tesla, be part of something big, if it pops it will not hurt you, if it continues to grow and evolve you will be part of it.
It’s not even negativity just incredulity. TSLA has a larger market cap than all other car companies combined. I’m tickled to see a new entrant in automotive succeed, but the frothiness around it is based less on fundamentals or realistic growth prospects and more on something approaching religious fervour. The sentiment about turning over the old guard has a very strong “new economy” 1999 feeling to it.
All the above applies to Bitcoin as well, which has largely failed at all the practical uses that were proposed to justify its early rise.
I'm old enough to remember 1999 too. I think there was a lot of economic fear in our industry then. Outsourcing was big and people predicted most software would be written in Asia. The dot-com stocks crashed. People called tech a bubble.
And if you were, like me, starting your career back then with Enron in the backdrop, it's easy to get pretty cynical. It's left many people, for nearly a decade now, expecting the next crash. But it takes optimism to make money I think.
I think tesla is frothy. I've sold some and bought other things with the gains. But I'm going to hold because I'm going to make a bet that the better tech and team wins.
The main reason I don't like TSLA is not that I think electric cars will go bust, but that the company does not have good leadership. The CEO just does not seem to have any common sense, openly taunting regulators on Twitter, racking up defamation lawsuits and SEC penalties, etc. There's a lot of startup era hype and showmanship projects that don't come out as promised.
As for crypto, I definitely see a future for it and plan to invest soon, but I will wait to see if it dips back down a little bit before buying at such a large high.
Considering a pending IPO, you would think this would be addressed by now. Far too often they are they are down; especially when big swings are happening in the crypto-currency market.
Crypto however has not. It has spent a comparatively tiny fraction of its time at ATH as one would expect for a speculative bubble. In fact, it spent the last 3 years way below its ATH.
You're comparing a speculative mania in fictional crime-bucks to a speculative mania in a car company worth more than Facebook while simultaneously selling just 4% as many cars as Toyota. Tesla's price to earnings ratio is 1500 meaning it would take until the year 3521 for it to earn back its market cap.
The fact you're even making this assessment tells me this isn't going to end well for anyone.
Heed my warning: The bubble pops when the last bear dies.
Readit News
Of course, I can't predict the future, so maybe it's the first time a peak will never end? :)
I just find it interesting how regular people (including me, I'm not a big crypto enthusiast and I don't follow the prices and innovations in the field) are inclined to buy when they hear about the peak in the news and then expect that the price will continue to go up, then get frustrated when in about a month, the value of their acquired coins go down.
I guess, hodl?
Embrace it, buy a small amount of bitcoin, buy a small amount of tesla, be part of something big, if it pops it will not hurt you, if it continues to grow and evolve you will be part of it.
All the above applies to Bitcoin as well, which has largely failed at all the practical uses that were proposed to justify its early rise.
And if you were, like me, starting your career back then with Enron in the backdrop, it's easy to get pretty cynical. It's left many people, for nearly a decade now, expecting the next crash. But it takes optimism to make money I think.
I think tesla is frothy. I've sold some and bought other things with the gains. But I'm going to hold because I'm going to make a bet that the better tech and team wins.
Unless it is a small group using it (less than a million) there is no way it is ever going to do transactions fast enough.
As for crypto, I definitely see a future for it and plan to invest soon, but I will wait to see if it dips back down a little bit before buying at such a large high.
Deleted Comment
What I don’t like is all the scams they have been used for.
edit: added status page
There's still the good old https://duckduckgo.com/?t=ffab&q=%21gtrends+buying+ethereum
The fact you're even making this assessment tells me this isn't going to end well for anyone.
Heed my warning: The bubble pops when the last bear dies.
Dead Comment
CPI, price inflation, is tracking at 2% as expected. Housing is actually down.
Stocks are up because some people have a bunch of extra cash and nothing to do during the day. These two are not connected.