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
22,011 Blog Posts

CRYPTOS ROUTED *

If there was ever an asset class or classes deserving of annihilation — it is the NFT and crypto space. The decentralized nature of BTC, which is fully reported and taxable to the IRS, is a joke. The idea of paying exorbitant gas fees to buy a fucking picture on the “blockchain” is of course ludicrous. My gains in Ethereum were only enjoyed because I bought the blood — utter catastrophe of an asset class down in the $100s at the time of purchase. The idea of buying it at $4,000 and expecting large outsized returns is absurd.

Having said that, the plebs who bought the top are being washed out and all of the clowns who dedicated their lives to buying and selling on Openseas are now zeroed the fuck out — following an apocalyptic decline in Jpegs.

We are in a bear market for all stocks except those who sell stuff in the grocery or companies who do more than $75 billion in annual revenues. Bitcoin, although fantasized as something separate from the risk structure, has proven to be just another spoke in the wheel — nothing special and nothing immune to the pangs of misery afflicting investors now. It’s too mainstream, filled with abject morons — the dumbest asset class of all — replete with Zoomer and Millennial retards who regard their crypto investments as extensions of their penis instead of some plan or scheme to get rich over long periods of time. The extent of their “research” is as follows: “NEVER GONNA SELL. XYZ IS GONNA MOON. GONNA APE INTO IT BECAUSE THE LOGO IS AWESOME.”

There’s only so much stupidity the world can endure and I view the sinister declines in cryptos to be a most welcomed correction. Perhaps after the dust settles and losses heaved over and spilled out into the general economy we could buy the dip and buy fanciful pictures of decrepit apes at discounted prices for little to nothing in gas fees and be equanimous in our stratagems as we upload into the metaverse.

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14 comments

  1. roguewave

    I agree with most. But it ain’t over til it’s over.
    “BTC at $40,000, ETH at $4,000 and expecting large outsized returns is absurd.”

    From here 100x – absurd, no time soon; 10x – not insane, 5x somewhat reasonable
    Smaller names can do waaay better.

    I’m still looking for a blow off top in crypto. This is just a bump it the road.

    Yes, plenty of idiotic plebs to go around – like they’re not also in the stocked markets?
    “NEVER GONNA SELL. yep
    XYZ IS GONNA MOON. uh hu
    GONNA APE INTO IT BECAUSE THE LOGO IS AWESOME.” yea

    Money’s running. It’s got to go somewhere; and it will. Only so much can go into Wholefoods / Amazon.

    All of crypto is not just another spoke in the wheel. The fact that it crashed, is meaningless. Many things crashed. Doesn’t mean it’s all worthless. Temporarily overpriced? What isn’t?
    All stocks, all people, all crypto – similar but not the same.

    Govs, monopolies hate crypto. It’s a cage match. Both cannot win. Neither can be the sole world champion. So many industries are rotten to the core and ripe to be gutted. It’ll take years. ‘Defense’, pharma, banking, insurance, medicine, law, government, prisons, broadcasting, ‘news’, …

    Crypto says: I’m Your Huckleberry. WETF that means
    https://www.youtube.com/watch?v=R8OWNspU_yE
    play for blood, remember

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  2. irma vep

    Julie London. You’re good.

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  3. itsgold

    haha

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  4. Mr. Cain Thaler

    If rates go north of 5%, probably 9/10ths of the DeFi space will cease to exist. The staking concept blows up under any scenario that isn’t deflation with low interest rates.

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    • richardweiner

      You remind me of a nigger with a big purple AIDS cock walking around spewing AIDS jizz on passerbys and then acting like people should be thankful for getting a face full of your splooge.

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    • roguewave

      If rates are permitted to rise to market levels and free markets are allowed to operate; crypto has little value.
      But if rates go to 5% how will that interest on debt be paid?
      What are the chances they will allow rates to rise?

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  5. DaJuice

    Wrong ser, jpegs are still doing quite well, especially on ETH, many still appeciating despite the drop in the underlying.

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  6. liske

    Call me a fool then, I’m more often found cranking some RATM and rather like the narrative. Fuck the Fed & their FIAT.

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  7. trumpmeister

    Calling the bottom in cryptos here since Fly is talking shit about the asset class.

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  8. iflyjetzzz

    Cryptos are nowhere near the bottom. Yet. The bottom is zero. This is just a modern day version of Dutch Tulips.
    Cryptos are going to get crushed by the margin calls that are going to start as they decline in value.
    And as far as the underlying assets, there is nothing. All value was expended in the manufacture of cryptos, whereas fiats have the taxing authority of the sovereign issuer to fall back on.
    I called cryptos the latest version of Dutch Tulips, but they’re far worse than that. At least with Tulip bulbs, there was a flower. In the case of cryptos, one is left with vapor.

    Seeing all of the celebs who have been doing crypto commercials, I’m reminded of Whoopi Goldberg doing Flooz commercials before the dotcom crash.

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