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
21,906 Blog Posts

CAPITULATION

It started off with bright sunny skies, horses peacefully grazing in the pasture with children picking flowers in the meadow — a pleasant view as you read your novel and sipped on your chardonnay. By lunch the sky began to cast and the subtle gray could be seen in the horizon, steadily but surely creeping towards you.

By afternoon, Peloton announced business was so fucking good they stopped manufacturing their product. Shares were cast heavily lower after a trading halt and the mood became grim — the skies blackened and the fucking horses became scared and stampeded through the meadows running over the children. The skies opened up and before you could see the sun disappear, lightening was striking down upon you — flashes of blue and white illuminated your fields — book set aflame and chardonnay ostensibly evaporated into particles.

The NASDAQ went from +230 to down -180bps and everyone involved lost big and everyone who shorted won big and everyone who tried to trade the ranges found themselves lost at sea. I bore witness to horrors, as my gains of +180bps vanished into thin air, with my chardonnay, closed down 150bps even after dumping 20% of my portfolio into DRIP. I had a plan and then I got punched in my face. Now I have to pray.

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15 comments

  1. Mr. Cain Thaler

    Oh hey, Neflix just announced that actually they aren’t growing at all really anymore.

    Oh man. Good thing they don’t have like a 46x PE ratio in a negative real rate environment or their shareholders could get really hurt here.

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  2. wolfdaddy

    We may be fucked, but that POS peloton isn’t the sign. No one who is actually fit uses that shit. Every fat ass in the world ordered one during lockdown and pulled demand. Now they are fucked. Nothing to see here

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  3. wolfdaddy

    For fuck that POS NFLX also

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  4. og

    NFLX down 20% AH. Holy shit. Might get that morning flush finally.

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  5. juice

    Poetic, bro. Positively Joyce-ian. 😛

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  6. awanka

    Raise the black flag, Mr. Fly.

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  7. Mr. Cain Thaler

    Just think…

    By this time next year, probably 95/100 crypto projects will be gone.

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    • roguewave

      If true, that would leave only about 1,000 projects remaining. plus a dozen or 2 CBDC’s (NOT crypto)

      I think not. I’m not saying there won’t be a crash or 3. Development is at a rabid pace and increasing exponentially. Good developers are not leaving crypto to join a bank.

      If you wanted to compete with Henry Ford you needed to build a factory with an assembly line and tweek it.

      To create an new crypto project you simply need to copy and paste an already successful project. There’s your factory. Rename it, modify it and you could be off to the races.
      PS
      “We think that stablecoins and CBDC’s will coexist in the future and there’ll be a number of different approaches to creating products based on that.”
      Cuy Sheffied – VISA

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      • Mr. Cain Thaler

        Crypto is meaningless if nobody uses it.

        You can clone these servers as much as you like but if nobody uses it it isn’t really crypto. It’s just 2 32-digit numbers you’re hoarding.

        It’s like there was a time when you needed some expensive ass equipment to print money but then you could buy a $50 ink jet and anyone could.

        Did the quantity of private issue currencies explode? For a bit they did actually but none lasted. No one would use them.

        There are too many crypto projects. Most have no real users. And thanks to staking and DeFi, as 10y yields keep rising the whole edifice gets washed away…

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  8. Mr. Cain Thaler

    I know it’s all the rage today but I don’t expect retail sales to collapse that much on net. We’ll see I suppose.

    Peloton is hardly a measure of the economy. Netflix was a big beneficiary of the pandemic which is ending and every jackass and his mother launched a streaming service.

    I’m hearing that orders on suppliers in manufacturing are racing right now. And wages are in a strong upcycle. These suggest to me the consumer might be okay overall.

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  9. bob smith

    Talk much? What makes you think your long and verbose soliloquies mean anything to the rest of us who aren’t as enamored with you as you apparently are?

    Seriously, stop talking so much. Your dog isn’t the only one who is waiting for you to stop it. Really…

    Thank you.

    Bob

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