> Put your money where your mouth is and short it then.
This is exactly what I’m talking about. The original spirit/purpose of Bitcoin has been completely taken over by financial engineering and speculation. And it’s such a shame.
Ok, so you have a sentiment that Bitcoin and crypto is more than it's price and speculations.
But you started talking about the price and bubbles, how does that further your goal of sharing this sentiment? You wrote about the price yourself? Or are you referring to the bubble of mindshare? "Bubble" usually refers to price, I might have misunderstood you?
If you're as sure of this as you are presenting yourself then why are you posting here instead of rushing over to LedgerX and opening an account so you can purchase puts from me?
People over-leveraging themselves to buy Bitcoin, which anyone with real experience has already moved on from for better designed crypto by the way, is a clear sign that right now we are at peak hype in this space.
This is me speaking as someone who read the white paper on Bitcoin in 2010, and then mined on my GPU for all of 2011-2012 to help build out the network. I have since moved on, as have other practitioners.
The only people that remain on Bitcoin are retail speculators, governments with seized assets, and financial institutions. It’s not a healthy makeup, and extraordinarily toxic to the greater crypto community as a whole in my honest opinion.
A combination of Mississipi bubble [1] and The Great Depression. Here we have a conversion of debt into suspicious equity and at the same time leveraging to invest (i.e. buying with the money you don't have). Both usually end in bankruptcies, financial ruins, suicides, homicides...
