Mark's fallacy is immediately apparent in his own tweet. He literally destroys his own argument in his own words:
"When everyone is bragging about how easy they are making money=bubble"
Here he parrots some conventional cliches about investing, going back to the shoe-shine boy.
"When even shoeshine boys are giving you stock tips, it's time to sell." - Joseph F Kennedy, supposedly presciently predicting the stock market crash of 1929.
Using radical fallacy, he equates those of us active in the crypto-currency world with "everyone" who are apparently all "bragging".
I don't know about the rest of you, but when I look around on the street, I can't imagine that even 1 in 25 or maybe 1 in 50+ people have ever owned a cryptocurrency or, indeed, would even be capable of accomplishing the task if they set out to.
Apparently, Mark thinks experts on obscure technology that practically nobody (perhaps <.1%) of the population fully understands and is comfortable with, constitute the modern-day "shoeshine boys".
Yeah, nice one Mark - why don't you ask your shoeshine boy what a Trezor is, or what he thinks is likely to happen on August 1st, and get back to us?
Mark should indeed stick to what he knows - arguing with the even-more-entitled partners he has on Shark Tank.
PS - Mark is my favorite shark, so sorry to be so hard on ya. =)
I couldn't agree more with just about everything you wrote here. Well said! That point about not everyone owning it yet is exactly why it's not in a bubble yet. Outisde of the people I know on Steemit, I don't know a single person who owns even 1 Bitcoin, not one.
I tried to convince all my close friends on the merits of cryptocurrency in 2012, when I was ready to risk going most-of-the-way in. Most of them concluded my level of enthusiasm indicated insanity, and distanced themselves gradually from my circle. We're talking master's-degrees+ on average, intelligent people. They weren't even capable of considering the argument without assassinating a messenger with an established record of honesty and forward-thinking (to their experience).
We're still going to see crazy whip-saws in price though. Watch Mark Cuban do a victory lap on this tweet if BTC hits $1500 or less, even for a day.