The Crypto Rally Has Taken on a Perverse Turn

It’s one thing to HODL and shoot for the moon — but an entirely different thing for it to happen.

Over the past 24 hrs I’ve traded in and out of DOGECOIN successfully about 5 times. My wife and son have traded it, all for “free money.” The coin has spiked from 7 cents to 24 cents and it’s all fun and games. I have traded in and out from 4 different coins today, all for extreme profit. Over the past two months I started buying MKR, AAVE, UNI, LINK and REP to go along with my monstrous ETH position. Go ahead and take a look at what those are doing — MKR up more than 50% the past day.

If this were the stock market I’d be screaming to sell. But to be honest, I really do not have a feeeeel for what cryptos will do next. This run is parabolic of course, but also enticing to plebs. At dinner this evening, in Charleston, I heard a group of young punks discussing their SHITCOIN portfolios. It is pervasive and global.

No one ever talks about why these coins are going up and what revenues these elaborate science projects are expected to make. The vast majority of people are amateur technical analysts, shit-buying shit coins based on shitty ideas — myself included. Over the past year my crypto account has risen by 1,200%. What started out as a joke and a complete experiment is now real and from time to time I begin to believe in the hype — because recency bias is a powerful tonic.

Nevertheless, I assure you this cannot last.

Aside from that, I made 173bps in the market today, left Savannah for Charleston and will be concluding my “fun filled” family vacation with my angsty uneasy children tomorrow, heading back to NC where I will continue to toil about and work hard to get Stocklabs to the people next week.