Max Keiser must be losing his strudels. It appears his preferred currency is undergoing a bit of volatility, as evidenced by its daily range.
Low: $105
High: $266
Last: $139
Internet news man, Max Keiser, has been very outspoken in his support for the BitCoin. He’s even went so far as to tell people to convert their fiat currencies into it, despite the fact that it has been a vehicle for speculation and not a store of value.
Let’s see what Max has been up to on Twitter.
Here are his top 7 reasons to not panic about today’s 45% decline in the bitcoin.
Incidentally, a few hours before the crash, lil’ ole Max was recommending the bitcoin, with two fists pumped into thr sky. His price target was…well see for yourself.
Normally I’d refrain from calling someone out on bad calls; but this one was painfully obvious. It had all of the hallmarks of a classic bubble, on the cusp of popping. It’s one thing to hold onto legacy positions that enjoy a large profit cushion. It’s entirely different telling people to buy into the pyramid scheme at the very top of the pyramid.
Bitcoin was $40 last month. I think it’s fair to assume $265 was the top of the pyramid.
Enjoy the other side of the mountain, Mr. Keiser.
UPDATE: BitCoin bulls are blaming today’s crash on a DDOS attack on one of the pristine exchanges. Pray tell me, isn’t that a pillar of the inherent risk of owning an internet currency?
UPDATE II: The internet people under the stairs, who’ve been long Bitcoin, share their misery.
If you enjoy the content at iBankCoin, please follow us on Twitter
We told you so.
https://www.youtube.com/watch?v=KZKi9Q_4MnQ
Asshat award.
Asshat is too distinguished for him.
Max Keiser is the weirdest looking space alien on tv
For Mr. Keiser’s dinner!
I’m guessing this wasn’t the big (and final) crash. Enough fools haven’t learned a lesson. I think it will move back up again to loftier levels and then crash even harder. Then it will be dead forever.
if you must fight the (losing) battle against the central banks, buy precious metals
agreed
Just like his call a couple years ago on “Buy Silver Crash JP Morgan”.. Silver hit 50 but did not crash JP Morgan
How could I get short of gold in terms of Bitcoin?
Maybe Dennis Gartman can help me out. Dennis?
If you drop a bitcoin on your foot it doesn’t hurt.
About 3 weeks ago I suddenly started receiving emails from friends about bit coin. Suddenly everyone was talking about it. 2 days ago a friend phoned and said he doubled his money just after two weeks. I looked at the chart and it was clearly parabolic. I told him its a bubble. Also how do you buy so etching with no technicals?
Was all the classic symptoms of a bubble. Still if you bought 1000 bucks worth in 2007 you’d be a millionaire now if you had the greed to ride it a few years and the fear to sell on the parabola.
You’re still wrong about some stuff. Ok, you were right about the crash, but a DDoS attack is not a risk of owning bitcoin – it is a risk of expecting USD back at a certain price from a certain exchange. Bitcoins are generated and tracked in a very distributed manner that is technically extremely difficult to compromise. The risk is not in the currency, but in the exchange. The exact same effect would happen if a digital attack were to occur on the stock market or anything else.
Using your logic, if the risk is the exchange, then ddos attacks need to be priced into liquidity risks.
Goldman Sachs downgrades the precious metals sector, I’m a buyer in the near term even though my partner, Mr. Partridge, may disagree. What a move in XONE today, sheesh, I sold in the low $34s and thought we’d get a bigger pullback. No chasing here. What a great bull though and the ride has been sweet for sure.
As mentioned here a few weeks back, I bought FFIV at $87 and change and then it tanked to $70-ish – bought more at $72 range. Do you remember how this stock went parabolic in October per the PPT seasonality chart? FFIV reports April 24 (according to finviz.com) – four downgrades last week – the worst is priced in and after earnings (for those who haven’t bought yet) this stock is a buy. Tell me if I am wrong. comments welcome. Also, had a stiff Manhattan tonight so I’m a bit fuzzy!
Manhattan is a good drink
FFIV is like a boomer with an actual retirement plan or a ghetto child that will get a job after 200k in college debt or lack of gun violence where guns are illegal or climate change being at all. It is not worth the risk.
When a country’s currency does that, some politician usually gets executed shortly thereafter. Just saying…
On the topic of bubbles and unconventional investments, does anyone have an opinion on social impact bonds?
21 million bitcoins is the max allowed by the algo used to make them. Over $4 trillion in total currency value in the world. I have a feeling this is gonna be a violent lurching upward.
*unless somebody creates a more novel electronic currency
Fly’s definition of a bubble: I’m not making money in it.
Oh no! $105! The world is ending. Oh wait, it was $5 a year ago
Theres a cock and balls pattern forming on the chart.
On behalf of myself and the 7 other “Lioness” women of last nights 6:30pm WOD…this is pretty much the best post ever! 0
Don’t worry guys, it’s just an OUTSIDE BAR DAY!! lol
Preserve functioning ,splendid work!
I feel other sorts of homepage enthusiasts will need to give consideration to this amazing web page as a model. Notably clean and convenient design, not to mention superior information! You are a specialist here in this amazing topic area 🙂