At present valuations, the wondrous world of cryptos, lighted by the fantastical array of ICOs, created and led by the grandest malefactors of this generation, are worth more than each of the following corporations: Oracle, Home Depot, AT&T, Pfizer, China Mobile, Chevron, Proctor and Gamble, Visa, Walmart, Bank of America, Wells Fargo and Visa. Very soon, the crypto market capitalization will surpass that of JP Morgan and Alibaba. While the aforementioned corporations provide good and services, the crypto world provides phantasm and wonderful tales of extraordinary wealth. By God, Bitcoins steam higher throughout the holiday seasons and into the New Year’s, then steam some more.
Presently, BTC is worth more than $9,300, pushing year to date gains to a somewhat genteel 900%. Perhaps this could serve as a mea culpa to the hordes of indecorous young men who’ve been troubled by my opposition to all of the great lunacy; I must admit immediately, I was quite wrong about the trajectory of this new form of ‘currency’ that is most certainly ‘here to stay’ that will continue to be supported by ordinary folk converting their dollars into Bitcoins at their corner stores, in one of the many Bitcoin ATMs that have blanketed the country.
Modern finance is all about transparency, of which that will be recorded on the blockchain forever. Each and every thing you will ever do shall be documented on said blockchain; but rest assured, governments will not peer into this world of opaque financial ongoings and will not request taxes to be paid on the gains realized inside of the digital world. The money is free and all of those who’ve made immense profits shall forever bathe in their genius, while ashing their cigars onto the heads of the non-believers, the stupid and the slow.
Central banks do not stand a chance against this new wave of financial freedom and will have no choice but to steer clear of the innovation. Once transactions can fully be cleared in Bitcoin, no one will have a need for dollars again and those who were early to the digital currency will be catapulted to the very heights of society and wealth.
Oh how I wished I believed and was able to buy BTC at 4 cents or 12 or $100 or $1,000 or $5,000 or $8,000.
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It’s not too late, Fly. You can get in before the meteoric rise to 50,000 next year as the hedge funds and other institutional investors pile into the market. You might even be able to catch the snap back correction after it hits 10,000 and a bunch of people take profits.
Are you kidding me? The Fly absolutely crushed the SPY by 50 motherfucking BIPS last week, what does he have to gain from eating a bag of crypto dicks? Nothing beats the high of beating the SPY by half a % point.
this is leaving big obvious tracks SELL! before it’s too late. (what could be more fun than taking money off a asian speculator).
Kinda looking more suspiciously pumped? Pump dump? Anyone? As I started saying a few months ago? It’s being pump(anddumped) dbags.
A currency going parabolic lol
Oh it’s just finding it’s fair value
laughloud
No offense but have you EVER made a correct market call?
According to my count, its a resounding NO.
The late to the party guy, Trying to look cool taking swings at party members
Btc is being moved bud. Intradays have consistently contained glaring level-hold subroutines. No action until parabolic tracing started 6 mos ago
You start to sound like Gartman.
Bigly
Yeah right, just like Gartman, minus all of the dripping sarcasm you GIGANTIC FAGGOT.
Duznt justify you trying to blog-bable out of a GIGANTIC wrong market call
Has it ever occurred to you that I view cryptos the same as people collecting Garbage Pale Kids’ cards and that I never actually truly gave a shit about what it did?
I never had nor will ever buy into this nonsense, so you can carry on with your collections making all sorts of gains, while I mock and ridicule from the sidelines.
I’m an equity man myself and do not delve into areas of investment that are foreign to me. If I were to do that, I might as well gamble in Vegas for a living.
There is something going on here.
I’ve waited all weekend for a headline that begins with the following…
“GET IN HERE CRYPTOFAGS…”
I’d be lying if I said I wasn’t a little disappointed.
That said, the greatest percentage gains form here on out will not be in Bitcoin although buying some on a dip might be a decent move.
I would rather follow Enigma and buy Bitcoin Cash which is less than 20% of the current Bitcoin price. Matter of fact, I already have.
Also, there are a number of alt-coins, some of which I’m in on, that will see 10-20x gains, or more, from here.
It’s still very early in Cryptonia.
INDEUD.
ALL will see 10-20x gains from here. You cryptofags are so smart. How do you keep doing it?
Please tell us all how undervalued BTC cash is and what the premise is. For those of us who missed out, we’d love to just get into one of these 20x gains so that we too could get a piece of BILLIONS being made on the internet.
Undervalued relative to what it will be in the future. No fundamentals to support that claim.
It’s easier to claim solid fundamentals on some of the alt coins that are startups of real businesses.
Which coin, if any, will replace the US dollar? I have no clue if any of them will be.
Like you, I’ve been through the dot com boom and bust and we have now entered the Bitted Coin boom. Bust will happen for many but not for a while.
Much bank to be made along the way.
>there are a number of alt-coins, some of which I’m in on, that will see 10-20x gains
Look I’m in there too with Bitcoin, so I am not talking down something with no interest. But when folks start saying 10x gains on some junk CokeCoin or Cooking.com, that is 1999 NASDAQ all over again.
This party will end badly, does not mean there is cocaine to be enjoyed. Just be sure you come out of it with plenty of money to stay in the game.
Many folks kept buying or holding on the way down in 1999/2000 and basically saw a couple million, couple hundred grand go up in flames and actually got stuck paying more taxes than they had money to do so.
American cash IS ALWAYS KING.
There are no such things as joyous endings.
You’re starting to date yourself, sound old, not understanding that 20x gains in alt-coins is easy and common. The fact that you’re against 20x gains means they’re more apt to happen, old manfag.
I’m proud of my longevity and wisdom. 20x gains are there but anyone committing over 10% of your tradeable cash to crypto is foolish.
Go ahead folks bet the house on anything in this list
https://coinmarketcap.com/
Forget exodus. Make an algo to hack into wallets and “borrow” others BTC for instant resale.
I’d love to set up an exchange where we can merely ‘borrow’ BTC from these geniuses.
Ou, That’s the right way – owning an “exchange” which simply vanishes one brisk night. Would be a great way to make a few hundred mill. There were never any accounts. Or trades. Just layers and layers of intercontinental shell companies and dead ends.
that’s been already done
https://tinyurl.com/y7rqn767
I believe around 70% of cryptofags don’t really buy the whole “bitcoin will replace dollars” meme, they are just buying into the greater fool theory. The reason why they will be OK and make money for a while is – LACK OF SUPPLY. How will supply ever come in with no ability to short and the meme status of coins? I suppose the house hasn’t won yet because the house doesn’t have coins themselves, thus da parabola.
Agreed. Bitcoin is just like any other speculation that has attracted betters over time.
the ability to short is already here:
https://tinyurl.com/y7rqn767
So, prehand knowledge of tulip bubble history, but don’t play it on the upside, this time. Now, it’s time to short said 2nd reincarnation of tulip bubble? Okey dokey
People …on facebook… are talking about bitcoin. Please.
Aw hell, I didn’t know that. People on Facebook are talking about bitcoin? By all means short a so called tulip bubble right now.
It’s probably all the Sauds buying this crap. They have 800 billion on to move!
I remember when AMZN surpassed the market cap of the mighty Sears Roebuck and the talking heads made a huge deal about it.
FYI there are now more coinbase accounts than schwab accounts
FOMO is the most powerful drug of all
I must commend Le Fly on his admission of misjudging the bitcoin. The key to investment success is that when one is right, one should be right bigly; otherwise, what is the point of being correct in your assessment? ….and when one is wrong, one must only be wrong in a very smallish way. Unfortunately, many well-meaning chaps have been dreadfully wrong about bitcoin, in a very very bigly way, this missing out on the opportunity to buy their very own Caribbean island. Thankfully, I am not in that cohort.
I don’t think he was admitting misjudgment or had misjudgment. How do you know it’s not cb institutions targeting the fucking thing to blow it up. Regardless, it’s a really nice classic bubble formation. Being wrong about Bitcoin, would mean it’s been adopted as a firmly acceptable mainstream currency. K, not there yet
Lol it isn’t like this is a once in a lifetime opportunity to own said island. There are multiple stocks up 1000+% every month. There’s an asset bubble somewhere every year. Who cares if you miss this one cuz it’s somewhat more popular than the recent ones. Should I also be upset cuz I’m missing the bubble in contemporary visual art?
Talk shit about winning. Talk shit about how its gonna go down. Talk shit about how you don’t care. Either way we move on to the next one.
IDK, I like my (small) bitcoin holding… https://steemit.com/bitcoin/@steemitguide/2017-top-list-of-big-companies-that-accept-bitcoin-and-cryptocurrencies
How can something like this replace currenxy when nothing but overstock.com and a few others accept it? bloomberg has list. Until all companies and people start accepting it, which will never happen because it is too scarce then and only then can it be used as a real method of payment. Until it reaches all money supply of trillions it doesnt stand a chance. It cant happen unless people are willing to let it float to even value with all money supply and willing to wait 2 hours for a transaction to occur. By that time the system will be so bogged down it will take 2 days or more. Not ready. Never will be. Its just a crappy version of western union, pms and visa pretending to be a currency and investment vehicle all in one. what a hype.
I’ve argued both sides of this statement over the years.
It might be possible if Bitcoin futures have enough liquidity. Then businesses will be able to hedge their Bitcoin risk. Right now, if you know you’re gonna receive payment in 30 days, accepting it in Bitcoin is an astronomical risk.
Unfortunately we aren’t gonna see futures on 10,000+ cryptos, which is very bad for cryptos long term, but probably good for Bitcoin near term.
These are all easily solvable problems with a currency you can code. Whether it’s the current incarnation of bitcoin, some future version, or another cryptocurrency, it can easily be built to scale to any amount of transaction volume, and being accepted by both online and brick and mortar merchants is a trivial challenge.
Your “easy solution” also negates any potential buy thesis. Except that maybe a future of unlimited supply will start from a price higher than today’s price.
Wrong again. BTC are calculated out and divided to 8 decimal places. The smallest division of a bitcoin is 0.00000001 bitcoin and is called a Satoshi. If bitcoin expanded in value so much that it needed 9 or 10 decimal places, easily done.
XRP which already has the #4 market cap of all cryptos with only a $0.25 current value per XRP is designed to replace things like SWIFT for almost instant international payments, and is already being implemented by American Express and many banks around the world. It has a 100 billion XRP maximum supply, and can also be divided like bitcoin.
And with the way Ripple is implementing xRapid, many banks may use XRP without even knowing they are doing it.
Regardless of the the veracity of BTC, et al., the amount of real money flowing into this area is getting to the point world markets could suffer if/when it unwinds.
Bitcoin may look like a frothy, frenzied mania, but it is not. It is the future of money in the same way that email was the future of communication 30 years ago.
Many physicists have concluded that the universe is just information – coordinates, elementary properties and probability distributions. In the same way the Internet is nothing more than information, and the trading of information such as our metadata has become the value backbone of giants such as Google and Facebook. Cryptocurrencies represent another step along the path of recognition of this abstraction of value.
As more governments embrace the concept of cryptocurrency and specifically Bitcoin, I simply do not see anything (just yet) that can stop it’s rise. It would first require 150+ countries to ban it, followed eventually by several billion residents of those countries. Instead the opposite is clear, both of these groups are, in some cases begrudgingly, embracing it.
Limited supply – keeping a large part of BTC out of circulation, having millions of BTC lost and millions of BTC not mined yet on top of dumb money trying to get in on the action will give the impression of credibility to frenzied mania.
https://www.google.com/amp/s/www.forbes.com/sites/naeemaslam/2017/10/03/goldman-sachs-bitcoin-desk-would-attract-mega-funds/amp/
Not sure who you mean by “dumb money “
Not to be too philosophical here, but Bitcoin & blockchain are just another step on our evolutionary path. The three amigos, Darwin, Malthus and Galton, were not visionaries. They spewed philosophies of evolution, resource limits and eugenics long before the periodic table had been completed, before any understanding of matter, even before understanding of alloys, most of which appeared from the late 1800’s forward. Yet their ideas were adopted as great revelations by the British Aristocracy; therefore they were spread widely via the British Empire.
If we step outside this false paradigm, we instead consider more scientific approach to evolution proposed by the great Russian Geochemist Vernadsky – the evolution from the geosphere to the biosphere to the noosphere – all driven by increasing energy flux density. Today the human brain has a higher energy flux density than the Sun.
The noosphere is the realm of the human mind. It is why we are able to transmute matter and ephemeralize. The Internet is a step along this path – it is the noosphere writ large – something that Vernadsky, who died during the 1940s, would certainly recognize. And Bitcoin/Cryptocurrencies are becoming the money – that is the unit of value – of the noosphere.
Fly,
I never comment but I’ve learned a great deal from your insights whilst banking coin with you and your bloggers over the last decade. For that, I am much obliged and I would like to return the favor and introduce you to the future. Judging from the chatter amongst these halls, the average age of you old fucks has got to be no younger than 60. Meanwhile the greatest redistribution of wealth mankind has ever known is taking place right before your very own cataract filled, blurry ass visioned eyes, into the pockets of those you despise most: techie millennials. The folks who actually get it.
Now, pro tip: STFU about bitcoin’s price and realize that the true value lies in Blockchain.
Blockchain = the invention aka a Protocol (like the invention of the internet)
Bitcoin, Ethereum, Litecoin, etc. = the applications (like email, browsing, skype, etc.)
It saddens me to see your old ass still clinging to the past like all of these other talking heads on the streets of Wall. SMH…
Do yourself and your bloggers a favor. Read “The Internet of Money” by Andreas Antonopolous. This man is doing God’s work by explaining in layman’s terms to the masses what this crypto craze is really about.
yourself and your readers* a favor
Lol calm down bro…fly aint ever gonna see this buried comment.
As a techie millenial who has most of his assets tied up in a Canadian real estate bubble, I can assure you it doesn’t matter how you get there. I’m sure there are people who made millions trading wheat during the dot com bubble.
Lighten up. You could have changed your life if you bought Apple 30 years after they changed the world. Making money and seeing the future are two very different things.
First transaction of Bitcoin was to a man born in 1956 who died in 2014, I believe.
Yippy,
“I never comment but…”
You were doing so good and then… you blew it.
Before your first post in these halls, no one could ever tell if you were a brainless, unemployed idiot who spends most of the day posting pictures of himself on Facebook.
That was then…
The guys who got rich during the gold rush were the guys selling the shovels.
If you want a bumpy ride try HIVE Blockchain Technologies.
https://www.hiveblockchain.com/