First and foremost, the past two months I spent most of my evenings writing a book, one that many of you absolute fuckheads had requested over the past 10 years, and, thus far, have received ZERO reviews. Sure, several hundred have purchased the darn thing, and that’s all fine and good, but I want some reviews. You know damned well the book is good — because I wrote it. By the way, the paperback is out now with RARE art. It is doubtful that I will get around to writing part 3 of the series anytime soon, so enjoy the first two with my compliments in the meantime.
On the issue of Bitcoin, BTC is trading up 2,000 from last night’s lows, at $15,700. Total market cap for the crypto world is $420b, and I am definitely going to do create a market intelligence platform for cryptos, not because I love them, but because I feel they should be properly analyzed.
Here’s an absolutely old man from Germany, land of the Nazi, warning that BTC could pose a systemic risk to markets, should they crash, burn, and dissipate into nothing at all. Clearly, he doesn’t know that the future is now and that the blockchain is going to render his job absolutely obsolete. Nonetheless, there’s an important question to be asked now.
Given the run up, it’s only natural for a reversion to the mean, correct? Say cryptos ballon up yo $600 billion and then halve, would a loss of $300 billion in wealth, over a very short time period, be systemic?
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I’ll drop a review in a little bit, loved both parts. You still keep in touch with Giovanni?
Yes
I just don’t think it is yet systemic – when it hits the magic trillion then yes – crash or no crash it will have systemic impact. Black holes destroy all and Bitcoin/Crypto is the mother of all black holes with respect to money and banking.
Why else would the Dimon be bleating about it so often and so loudly?
Can’t stand people who clearly don’t understand the concept, who are older than 50, telling us how this isn’t going to last, or it’s a risk, or blah blah.
Dude clearly has a bias for poor dummies rolling into banks to keep paying 10% auto loans and such.
Probably the same guy who said this social media stuff is just another passing fad.
Screw you guy on TV. You’re just pissed because you can’t sucker people into walking into a Bank yet and paying a 10% up-charge to own some cryptos.
Once you do, I bet you’ll be back on tV saying this crypto stuff is awesome and very secure. You should rush to your local Bank to purchase some immediately!
Now you know why I banned people over the age of 471/2 here.
No, you did not ban everyone over 47 1/2 years of age.
Exactly. If I’m not mistaken, Le Fly actually moved the age up in that comment, thus joking… be very carefull of the ban hammer sir
Dear Sir marc david: Please protect yourself and your capital. This will not be a happy ending in general. And particulary bad for those under 47 1/2. Cheers.
If you only spent 1/2 as much time exercising your brain as you do your muscles, you’d be able to recognize a classic ‘pump and dump’ scheme. But since you dont, then you logically dont.
I sold some btc this afternoon and it took over an hour for the transaction to complete. Is this normal?
no.
Deutsche Bank fear = buy signal. I did a survey amongst friends, relatives, their co-workers, and my co-workers. NONE of them own any crypto. The systemic risk talk is nonsense. The real fear for both bankers and governments is that people will cease to “save” in fiats.
What concerns me about crypto is that while supplies of the better ones are fixed making them deflationary assets, the number of different crypto currencies that may be created is unlimited. With a little programming, any merchant could accept any of them for purchases.
Somebody told me that bitcoin prices were crazy. My reply:
“You haven’t seen crazy yet. Bitcoins are divisible to 100,000,000…each. There will never be more than 21 million bitcoins in existence. There are 7.6 billion people on Earth. If evenly distributed, everyone could own only 0.0028 bitcoins per person.
If total global liquid assets are worth, say, 200 trillion, then bitcoin valued at, say, $20,000 each and 21m total available, that represents a mere 0.21% of all assets. Let’s say that number gets up to 10% of total assets. Then, a single bitcoin would be worth $952,380…EACH.
Furthermore, the creator of bitcoin (most certainly Nick Szabo), mined 1 million of them before dropping out of the crypto scene. If the proposed asset allocation became reality, he would be, in effect, the world’s first Trillionaire. Currently a multi-billionaire, the guy hasn’t touched his bitcoin riches.”
Reportedly 4 million Bitcoin have been lost. So there will never be more than 17 million available, as far as I know.
I am aware of the loss issue, but it is really quite impossible to say with any certainty precisely what that loss is, as you never know whether the keys are still out there somewhere. So, for the purpose of a theoretical construct, I used the full amount of of the design construct..
Thanks for the info pb! Smart contracts…
Smart contracts have instrinsic value and processing them for less has intrinsic value eth. Monero is completely under the radar. Bitcoin has been jacked up by the whole bitfinex / hack thing and is a massive money making investment. Just curious though on cyrpto transactions. Since its not exactly exchanging reserve notes under any jurisdiction and it is treated as an asset would one have to pay any taxes on it if no gain or loss occurs? For example i pay my doctor in bitcoins and he cashes them out the next year at the same price does he have to pay taxes on that revenue or not. Its really confusing.
Basically 1 in 10,000 people own bitcoin. Price bubbles don’t happen until the public gets fully involved and the asset becomes mainstream. Sorry, but we’re not in a bubble yet. All the talk about a bubble is being propagated by the ignorant news media along with those that do not understand that crypto currency like bitcoin are a natural evolution of money from centralized to decentralized, unsecure to secure, public to anonymous; fiat to limited supply. That said, 99% of crypto currencies are frauds and scams.
It has been said that half of all Bitcoin are in the hands of just 1000 people. This statistic should be tracked; my guess is it will decrease with time.
Black Friday 1869 occurred when a cartel attempted to corner the Gold market – a first step towards the long depression. Will this happen with Bitcoin? It this race for control a factor behind Bitcoin’s exponential price rise?
Except bitcoin is imaginary. Would that not make a depression an illusion?
Bitcoin is imaginary. You speak as though that were a weakness. What is a fiat, except an act of imagination? Federal reserve “notes” are backed by nothing. The US Federal Government can dilute them at will. They are supposedly insured by the FDIC, but only up to a certain amount. What happens if the FDIC – a corporation – is overwhelmed by insurance claims? Their claim is that they are a “symbol of confidence”. They are not lying about that.
1869? Moore’s law bitchez
If he was smart he would leave deutsche bankrupt ( Trumps favorite bank, next to Wells Fargo severe penalties mr vindictive chip on his shoulder revenge boy. Wells probably denied him a loan and nfl destroyed his league.) He would start the first crytpo bank and call it Vault.
Lol. Still time to short some db. Db is garbage heaped upon swaths of garbage.
I disagree that Black Friday in gold has anything to do with the initiation of the long depression. It was a symptom, not a cause. Indeed, the real kickoff was the railroad bond failure. But it could well have been caused by something else. Generational cycles of debt buildup followed by repudiation always have some invented “reason” as the cause, when in reality is is much more a correlation than anything else.
Does anybody know what causes a taxable event with cryptos? I know back in the day amazon had a huge advatntage.
I keep asking this. No legit answers
I have the same question.
The thing I also struggle with is understanding how on earth they will track crypto globally. E.g. BTC is a global currency and we can bounce it around x-number of exchanges/wallets, or even convert it x-number of times into different cryptocurrencies. On top of that, this is all super easy for anyone to do. How in hell are they going to track that?
Treasury/IRS is trying to regulate crypto by forcing bitcoin exchanges to report transactions over a certain size.
Interesting comments here, thanks to all.
Book review: In many ways, it was the 3rd Matrix movie that had anything to say of philosophical substance. In no uncertain terms, the battle was contra nihilism. Neo was presented as a Christ-like figure who died to save free will.
Sir, one day you will learn patience, I predict this. Perhaps people need not merely read your book, but think about it. You’ll get your reviews, eventually.
Bitcoin futures trading so far Sunday evening has been a snooze fest.
We are now starting stage 2 of the growth in crypto currencies. Institutional investors and hedge funds can get involved through the futures exchanges. The first stage was the insiders, early adopters and enthusiasts. Stage 3 (in which the bubble forms) is still in the future. The public knows about bitcoin but there is still sparse ownership. They haven’t even heard about Ethereum yet. Give it time. When Amazon accepts bitcoin, every retailer will have to follow suit. That will probably be the beginning of Stage 3.
Wow, what is the news? Alts crushed.