Bitcoin, Beanie Babies, and Financial Bubble Comparisons
The value of Bitcoin is compared to the Beanie Baby craze of the 1990s, suggesting the digital currency is a speculative bubble. Discussion focuses on the "hold strong" sentiment found on Reddit subreddits and the technical "walls" or "floors" traders use to describe price movements. The transition from a niche tech interest to a mainstream phenomenon is identified as a precursor to a potential crash.
bitcoin· beanie babies· reddit· financial crisis· market crash
00:00 Oh my god! You dog, you. We're old friends She's sexy Adam Curry John C. Dvorak It's Thursday April 11th 2013 time for your Gitmo Nation Media Assassination episode 503 This is no agenda Polishing up my anti-social personality disorder here at the Travis Heights hideout in Austin, Texas. Capital of the drone star state in the morning everybody I'm Adam Curry and without further ado from Northern Silicon Valley I am John C DeVore It's crackpotting buzzkill! Yeah, no further ado. What's Bitcoin doing for you? What a fantastic thing to see! Look it is not like I didn't agree that we both agree that bitcoin is the beanie baby of the financial crisis
00:52 In fact, I tweeted that just to remind everybody that is what you said. What you asserted Yes and that's what makes me think we have a crash coming because the Beanie Baby phenomenon was the same thing Worthless crap means nothing That traded as though it had great value I love on Reddit they have a subreddit And there is like Hold strong everybody It's really funny This is where we got a wall. We got a wall at 100 my god way Yeah, these or it was probably a floor at 100 no No They they call it a wall they called the walls yeah, yes the Bitcoin falling down straight down It's not a wall The bitcoin community calls it a wall don't be in denial man this is a natural correction by the way this was the same group that
01:45 I mean, many of them weren't really old enough but it was essentially a bunch of tech nuts that helped start the Beanie Baby thing. It was indeed...it was geeky nerds wasn't it? Lot of them and then of course then it went mainstream, and that's when the thing really skyrocketed Yeah Then it became like which I mean they would Right for this technically to be the same way It would have to get picked up by the public And then just become worth thousands of dollars and then crashed at zero But you know what's interesting about the so if you haven't if you have no idea. What's going on? Do I have a report well oh hold on a second my goodness news reporter trying to explain Bitcoin
