I’m not getting lectures anymore about the virtues of delving into Bitcoins following a direct assault of +100% inside of two short weeks. The asset is higher by more than 1,000% over the past annum, yet the community is as ebullient as ever — schooling yours truly on the wonders of investing in something so destined, so honed in on greatness, that the only impediment to achieving this success is my very own ignorance.
After numerous attempts of trying to tell these people that I’d be more apt to invest in Garbage Pale Kids’ collector cards than Bitcoin, one asset versus the other; it’s all the same to me anyway; but they do not want to hear any of that poppycock and cannot understand why an equity guy won’t open up a crypto account and start buying into something that has raged higher with the power of 10,000 savage animals over the past two years.
Let me be adamant when I say I shall never buy bitcoins, or even mildly entertain the suggestion, none so more as I have no interest in buying up lots of vacant housing in Trenton, NJ. It’s indecorous, beneath me, and I do not cavort with strange idlers who believe the keys to success are as simple as buying Bitcoin on your credit card and then watching the value balloon.
There is a hard reckoning coming, the type of crash that will make you soil yourselves. You deserve to lose money more than anyone I’ve ever met or seen in my entire life. Hubris, small pleb, always comes before the fall.
Now you’re falling.
Get in the funnel !!! #FIG
Garbage Pale Kids, Cabbage Patch Kids, Nintendo… all fads of a generation.
You can’t seriously compare currency to the fads of children in the 80 and 90’s?
Cryptocurrency is here to stay. Maybe Bitcoin isn’t it. But the idea and concept isn’t going away. Why would it?
The worst case is Banks form a consortium of sorts, all agree on their own crypto standard and the pleabs use that as crypto cash which just negates the purpose but achieves the same end result (like cash; not a credit or debit purchase but it’s controlled by Banks and you can pay your buddies via a QR code to their wallets for a small “fee”).
The volatility has moved elsewhere as it’s clear there’s none left in this market. Buy a Vanguard low expense ETF and see you in 35 years kid.
BTC is an asset, just like Garbage Pale Kids. It IS NOT a currency.
Personally I cannot figure out what it is. I don’t think any serious balance sheet would include it as an asset, and it is not a currency.
Bitcoin could be connected to the increasingly financially marginalized System D economy – that is rapidly growing – the shadow economy that in 2009 employed half the world’s workers and that by 2020 will employ two thirds of the world’s economy, according to the OECD. This economy is estimated to be worth 10 trillion dollars annually. Perhaps System D is beginning to emerge in the digital world.
This is illustrated by Bitcoin reportedly being priced at significant premiums (30 to 40%) in the most distressed locations of the planet, such as Zimbabwe, which contains a large System D shadow economy. In the US, the several million Mexican illegals are part of the System D economy. Bitcoin is an alternative for remittances back to the home country to avoid any threat of taxation (to pay for a border wall, for example.)
I just don’t think that the behaviour can yet be explained with traditional technical analysis tools.
A new creature has appeared on the landscape of the Noosphere. I still don’t see anything yet to stop its trajectory. There will be some big dips but the trajectory is in place.
I cannot find a balance sheet that lists it as anything other than an asset.
Hahaha, Bitconned.
Bitcoin has done this many times before. 50% or greater retrace, sideways, then resume upward trend. Stock market rules do not apply.
Crypto is not going away. You’re fighting progress.
Bitcoin Cash will be traded on Coinbase in January. That will be epic. Get in before then.
@CoinSpeak – Have you done a blog post on how to get into Bitcoin Cash and what it is? I barely have any “Bitcoin” and I feel like I used it like a PayPal transaction sort of.
So I don’t understand what the concept of “cash” is about in terms of Crypto.
Is there a link that will help me understand this? I see Coinbase is already offering some type of Cash wallet?
I see “Coinbase” is down, lolz
Would not surprise me if it was taken down in a DOS attack so that some whale could unload their coins
Marc,
Required reading for anyone considering cryptocurrency investments (speculators, ignore this link),
https://blog.chain.com/a-letter-to-jamie-dimon-de89d417cb80
Marc David,
Please read my comment in the following thread.
https://ibankcoin.com/en1gma/2017/11/26/bitcoin-10000/#sthash.TK8NTjsT.dpbs
Bitcoin Cash is a fork of Bitcoin and the name ‘Cash’ is just a name that was given to it, perhaps to symbolize how it is intended to be used some day. I guess they could have named it Bitcoin Bread, Bitcoin Moolah, or Bitcoin Dinero.
Fuck off. I’ve been fighting progress my whole life.
How’s that working out for you? Missing 1,000% gains in 2017 alone? Going well?
Umm, I missed 10,000% gains in Garbage Pale Kids too. Why should I be concerned about missing out on something I have no interest in? Because it went up?
Pffff.
I’ll buy when you sell
“Stock market rules do not apply”
We have a winner for arrogant statement of the day!
Supply and demand ALWAYS apply.
Demand is up because 95% of bitcoin investors have no idea how to value anytihng, much less bitcoins. Anyone bullsih that thinks the deamnd is real and not speculation should be buying mining hardware, not coins.
I can’t wait until a bitocin ETF or ETN comes out. Look at the record. These Wallstreet Banks know what they are doing. Everytime a trend is ending, they issue ETFs and take the opposite side of the late-to-the-game investors.
I’m waiting for the 2x inverse bitcoin volatility ETF
See my numerous posts on this subject. I am not saying BTC is immune to market conditions and/or wild swings.
I’m saying Bitcoin is not a company. Look at it like:
Crypto = Internet
Bitcoin = Google
People fought the Internet for years. Now it’s so common we don’t know how to live without it.
Give your mind a chance to consider that possibility. Let go of your resistance to this happening. Even if it’s an outside chance, shouldn’t you take that chance given the possible returns?
This. If you have half a brain, I just do not understand why you wouldn’t take a chance and invest in crypto. I’m not saying invest 100%, but just something. Sticking your head in the sand is proper madness.
Meh…if I put a dollar in every investment that was supposed to change the world, I’d have very few dollars left. But I didn’t…so I have many dollars.
I feel like investing in blockchain is like getting excited about a revolution in accounting…something I have a very hard time getting excited about.
Plus I suck at momentum trading. Maybe if it becomes a distressed asset I’ll give it a look. That’d be more in my wheelhouse.
Shitty comparison.
BTC is not scalable. Google is.
How many transactions per second do you
think you can squeeze into BTC? You could raise the block size by
two orders of magnitude, and it still wouldn’t support the millions of transactions per second VISA can do today.
Back of the napkin math:
Bitcoin market cap = ~180 billion
Winkelvoss twins at one point held 1% of all bitcoins = ~1.8 billion
Facebook market cap = ~510 billion
Bitcoin value for Winkelvoss to initiate a hostile cash takeover of Facebook = ~$280,000
Therefore, if John McAfee gets out of this with his balls intact, Bitcoin would have to reach a value for the Winkelvoss twins to buy Facebook two times over.
If there will eventually be options on the bitcoin futures I can’t wait to trade diagonals on them. That’s about the only aspect of this whole trade that appeals to me. That will be some of the richest premium ever and impossible to price. Probably why I’m wishful thinking.
Bitcoins or Tulips? Check this, Fly:
https://www.google.ca/search?q=convoy+investments+bitcoin&client=ms-android-rogers-ca&prmd=niv&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjurbSQ0-TXAhUsxoMKHZfuDFMQ_AUIEygC&biw=412&bih=604&dpr=3.5#imgrc=2lc7tB9P_KUDCM:
I’m always late to the game. Anyone know where I can get some cheap tulips?
I have a short on from 11,080. On margin. MAARRGGIINN. Yes I know that leveraged trading is for degenerates but here I am.
Ffs man. For someone who has outright stated that they are bored to death with the rigged stock market, crypto was a gift from god to you Fly. It is new, exciting, fast, and doesn’t sleep – and best of all there is proper money to be made. Following you for almost 10 years now, I would have bet the house you’d be into this opportunity on a financial AND intellectual level. I was really hopeful that you’d enter the space and share some wisdom. I’m gutted at your attitude, I really am.
Lapens
But it makes no sense. The only utility for BTC is money laundering. While I believe that does have a value, what you are seeing now is merely froth and not something that should be bought, but faded very, very heavily.
Plus, I have no interest in investing in something that has no intrinsic value.
I completely agree with you about this run up in price. Utter fomo and I wouldn’t be surprised to see it drop 50% in line with previous corrections. However not all crypto has no intrinsic value. Eg., I’ve mentioned it before but check out PPT (populous). That is a real use case for blockchain right there. I also believe POWR has a future too. And full disclosure, I agree 95% of the coins are trash – BUT, why not throw $20k in on the off chance it does work out?
Please Fly – just check out PPT as a concept and let me know your thoughts. I just want you involved.
Lapens: think of it this way… If 95% of stock were “trash,” and you didn’t know which ones belonged in the 5% of “not trash,” why on earth would you put your money in any of them???
I don’t gamble on 5% odds no matter what the payout. If I did, I would just go to the racetrack and bet the trifecta, leveraged.
At any rate, I would like to see moar pics and videos of Randy Savage when blogging about cryptocurrecies. #justsaying