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
19,102 Blog Posts

HODLing is For Absolute Retards

Last year this time the world was immersed in the glory of the bitcoin. Everyone I knew was tossing income into this great new investment vehicle, chiding me with their fat faces filled with glee because I stood firm in the belief that it was all a rotten scam and instead favored stocks. Back in my hometown of Brooklyn, the corner stores had dollar for bitcoin conversion machines at criminal mark ups. And people I met at cocktail parties all had an interest. One lad I met had recently left a plush job at Goldman Sachs in order to open up a mining operation in Bushwick, Brooklyn.

It was all a god damned hoax and that trick was made comical by the meme pushed hard by late comer idiots, “HODL”. They wanted to “Hold Onto Dear Life”, selling out of their stocks, bonds, even selling their homes, because Bitcoin was going to change the world and the way we did business.

The only thing that changed was the speed at which idiots lost money. From top to present value, losses stand at a staggering $600 billion.

What was the crypto space, now with the benefit of hindsight?

It was a honey pot designed to attract the rebels in our society, the men and women clad in burlap’d dinner jackets hoping the Federal Reserve would catch fire by an arsonist and the entire model of western finance burn to a deep, crisp, cinder. All of those people were lured into an investment vehicle and then said vehicle crashed into a wall made from stone, killing everyone — no survivors.

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  1. indie

    must be hard being a finance rebel. The same people hodling gold since 2009… Destroying themselves. Bunch of angry incels returning to live their mum’s basement, killing time making anti-semitic comments on gab. planing/hoping for armageddon… pathetic.

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  2. shy

    A reasonable strategy for an asset with such high hopes is to sell the asset in proportion to losses in the probability of that asset ascending to the moon.

    Based on my current position in Bitcoin, my implied to-the-moon probability for Bitcoin is 0%. This may be lower than the actual probability, but I reserve a margin for error.

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