As quoted by btcchina, the rate reached 6989 rmb, with an increase of 53. Many people worry about the surging market and the soaring price discomfort, believing that bitcoin might be another tulip mania.
A bubble happens when the value of an asset pops, or drops quickly after a rapid increase of value. One of the most popular bubbles the world has seen (arguably the standard to which all bubbles are held to) was dutch tulip mania in the 1600s. What is tulip mania? In the 1600s, people in the netherlands were experiencing the dutch golden age, mainly due to its growing international commerce and trading operations.
One of the biggest differences between tulips and bitcoins is the potential to act as a store of value. The tulips had a limited lifespan, and it was almost impossible to tell the exact variety or appearance the flower would have just by looking at the bulb alone.
6 bitcoins have no intrinsic value and prices are speculative.
This chart shows a comparison of price developments during the tulip mania in 1637 and the current bitcoin bonanza of 2017.
but the great dutch tulipmania collapsed in a heap and never returned. The bitcoin phenomenon is plainly different as it keeps coming back for more, between tulip-like doses of excess.