iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
18,474 Blog Posts

I BOUGHT TWO MORE BITCOIN PROXY PLAYS

I’m up 21% on my MARA position since this morning. You small little fuckers can’t hold my balls, let alone attempt to out crypto me. Building on my newly found success in Bitcoin proxy plays, I stepped in here and bought GROW and XNET with my short sales proceeds realized earlier today.

Fly from 1 month ago would’ve slapped the shit out of today’s Fly for buying said stocks. Then again, Fly from 1 month ago was a god damned loser — moping about the internets, mad at invisibl RARE PEPE’s.

I bought both GROW and XNET because I liked their charts.

Yeah, indeed.

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30 comments

  1. metalleg

    Anyone ever tell you that you have a flair for writing?

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  2. sarcrilege

    This is so retarded. All of you have gone mad here. VOC bubble look out. Little crypto bubble just shit its diaper.

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    • ironturd

      “Bitcoin has all the same attributes of gold in that it’s scarce, there’s a finite supply, it’s fungible, it’s highly divisible, it can’t be counterfeit,” he says, “but it has one real improvement over gold, which is its utility.” Gold is good for jewelry and use in some industrial production processes, but as the price increases, it becomes less useful for both those uses, he says, “whereas Bitcoin, on the other hand, actually becomes more useful. It becomes more useful as a [money transfer] rail and as a ledger [of financial transactions].”

      Today, the total value of gold rounds up to about $7 trillion, while the market cap of Bitcoin the day I spoke to Silbert was about $5 billion (it’s $6.5 billion as of press time). If, in periods of economic dislocation, people put their money into Bitcoin the way they’ve historically done with gold and Treasuries, the price of Bitcoin could rise, surmises Silbert: “If you look at what happened during the Greece crisis [when the price of Bitcoin rose past $300], the Bitcoin price went up, and I think there is reason to believe that Bitcoin — as a store of value, as a speculative investment — would perform well in periods of dislocation or distress.” If so, he presents a hypothetical: If just 5% of the $7 trillion in gold moved into Bitcoin, that would boost its value by $350 billion. “So that would be a 70x increase in the price of Bitcoin if just 5% of gold, which, again, is just one use case, moves into Bitcoin.”

      Lee of BTCC says the best way to think about Bitcoin’s value is per capita. And again, that puts it in a favorable light against gold. Right now, Bitcoin worth less than $1 per person worldwide, whereas gold, which Lee calls “a so-called disregarded asset class that no one wants to talk about, the dirty four-letter word G-O-L-D” is about $1,000 per person. But, he estimates that perhaps over the next few decades, Bitcoin’s value could skyrocket to $1,000 per person or higher, giving it a market cap of more than $7 trillion — almost 1,100 times what it is today.”

      https://www.forbes.com/sites/laurashin/2015/12/11/should-you-invest-in-bitcoin-10-arguments-in-favor-as-of-december-2015/#2b0f4c9f2df2

      The world doesn’t do things just because you think it should be that way.

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  3. halfbloodpope

    You are my hero except for lack of golf game. Someday you will learn to golf instead of nap.

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  4. lapens

    Love it…

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  5. stocksnblondes

    Not sure how to interpret Fly jumping onto the crypto bandwagon…feels sort of like my aunt calling me back in November “99 to tell me she just bought internet stocks. They all tanked for good the following month…

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    • tonka

      I’ve been reading this exact phrase nearly daily for at least a year.

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    • stocksnblondes

      Well, its the 1st time I’ve said it…and I’ve been long BTC/cryptos for most of the year.

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    • bushwacker2

      An ironic sequel to this would have to be if his next book was titled, “How I Lost a Fucking Fortune in Bitcoin Proxies, While Bitcoin Sprinted to the Moon”.

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  6. numbersgame

    “The days of my swashbuckling are rounding near an end. This sort of sordid trading is for ape-faced degenerates. I’m much happier basing my investments off grander theories, one’s using mathematical formulas and data that I can chew on.”
    – Fly, Mon Dec 11, 2017 12:22pm EST

    “I BOUGHT TWO MORE BITCOIN PROXY PLAYS”
    – Fly, 3 hours later

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  7. one-eighty

    The huge runup in bitcoin makes no sense. There is nothing there.

    It is useless as a medium of exchange. It takes hours to clear and each coin is hundreds of gigs in length. Why own any if you can’t even use them?

    The only crypto-coin that will survive is one that clears instantly so you can actually buy stuff with it, and one that keeps a stable value.

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  8. yourlame

    $MARA tanking after hours … FLY is now desperate gambler buying any shit, PIKER

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  9. yourlame

    bitcoin top is in… how do I know you ask ? THE FLY is a buyer today, jumping in with all the losers who have no idea what they are buying, mark it down the FLY top ticked it, amazing market timing.

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  10. bob smith

    For a real belly laugh, check out MARA financials.

    https://finance.yahoo.com/quote/MARA/key-statistics?p=MARA

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  11. J Adabese (your pen pal)
    J Adabese (your pen pal)

    Fly,
    It took you just three hours to overcome scolding yourself for recent discretionary ventures to jump on the bit coin proxy names. Love it.

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    • ironturd

      That’s called being humbled by the markets. Fly’s got a blogger here who has been making crypto calls for over a year. Instead Fly went full Trump full Anti-crypto. Time well spent.

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  12. J Adabese (your pen pal)
    J Adabese (your pen pal)

    $MARA to $30 by end of week.

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  13. jonnybegood2

    feels like we are in the final inning of bitcoin, at least before a major correction. i got in rare earth metals in about the 4th inning years ago and sold in the 9th. Feels about the same right now for crypto. Made some money off the weed pennies too. A much more interesting topic would be what people think the Next bubble will be. Fly had this question up years ago and there were some great responses. At that there was biotech. Range trading IPOs on their public offering day. Palladium. The next bubble?

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    • bushwacker2

      Given the internet, the population of the world, and the fact that just about anyone with computer access or a smartphone can set up a bitcoin wallet, I’d say the bubble is just getting started. It’s like stocks—-the mainstream public has to sucked in (“adoption “) before we get a crash.

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