"There is none so blind as those who won't listen"
At a recent piece of Coin Geek titled"The BTC bubble will pop shortly," the journalist Patrick Thompson writes:"the electronic money market bubble has been coming to a finish; some consider that the markets have just one pump left prior to a significant decline, but the end is near"
The end is close.
But wait, have not we heard this all before? Yes, countless times. Jesus allegedly rose from the dead after, but the guy from Nazareth has nothing on bitcoin.
You see, bitcoin isn't a bubble, it is a pin. It is the reply to this question of how we, the people, fight financial mismanagement and fiduciary neglect.
Then again, it's a bubble. I call this Bitcoin Paradox. Allow me to clarify.
In November, as an instance, Ruffer, the British-based juggernaut, announced it had spent over $700 million in bitcoin.
With over $7.8 trillion under control, the BlackRock transfer might just help elevate bitcoin into another level.
Not only because bitcoin is a monetary bubble but as it's an epistemic one.
Epistemic bubbles demand people accessing information at a significantly biased way, greedily accepting exactly what they wish to listen to, and dismissing anything distasteful, however precise the signs could be.
In brief, people of epistemic bubbles are just interested in obtaining information that reinforce existing customs. After gas problems are solved, Ethereum has the capability to revive Bitcoin. It is younger, fresher and owns enormous potential, maybe more possible than Bitcoin can ever hope to own. Some notable Satoshi devotees, or Satoshees, refuse to take this reality.
The people we surround ourselves tend to be like-minded, therefore our planet becomes filtered and appears to affirm everything we think. This, then, induces us to increase our confidence in our own beliefs every time the others around us state arrangement. ... However, it should not."
After all, we're in the middle of bitcoin mania, a profoundly emotional phenomenon. Symptoms could consist of unreasonable heights of euphoria, volatile moods (thereby representing the crypto marketplace ), hyperactivity (again, representing the crypto marketplace ) and delusions (sometimes reflecting the crypto marketplace ).
Jesus (yes, yet another Jesus mention ) talked about the risks of false prophets. Although he commented upon crypto, one supposes he'd warn against lost confidence.
If unsure, simply ask Mel Gibson.
A king, however strong, should remain aware of one simple truth -- many others are constantly vying for his chair. As George R.R. Martin composed ,"The Iron Throne will visit the guy who has the power to grab it."
This"guy" seems to be Ethereum. Obviously, a lot of Satoshee will scoff at this statement. But in contrast to popular view, ignorance isn't bliss. Competition is different. A logical bitcoiner will eliminate himself out of the bubble, at least briefly, and inspect the circumstance.
There's every chance that Ethereum and Bitcoin can co-exist at a crypto-infused Shangri-La. Then again, there is an opportunity -- a slender one, but nevertheless an opportunity -- which Ethereum will dethrone Bitcoin. Failure to take this possibility could end up being deadly. Epistemic ignorance never finishes nicely.