Here is your chance!
For me, I'm running away.
Easy come, easy go.
Cue the tiny violin gif
For a “hedge against inflation” bitcoin is not performing as advertised.
Maybe it will at some point, but this isn’t confidence inspiring.
Look at the 2 year Treasury right now. The market will bomb tomorrow and then the fed and whales will try to buy back to stabilize, but by July this becomes impossible.
Get what you can now
Blue cities will go wild and violence is already breaking out. Martial law will be out late Sept as the inflation continues and Nov midterms will be “postponed” i.e. cancelled.
Bitcoin and cryptos were sucking the life out of the gold market. A very smart guy agreed with me on this.
So maybe this crypto plunge will be good for gold. Though, selling off all yr stocks and putting them in Treasuries money market fund (aka cash) makes sense too.
Peak crypto dumbassery was NFTs. That market imploded 2-3 weeks ago.
6 months back I read about a struggling musician who made $140,000 selling off some of his tunes as NFTs. I am glad he got while the getting wuz good.
I read somewhere that Bitcoin was trading for 9 cents back in 2009.
So, a $90.00 investment in 2009 would have been worth $69,000,000 in November 2021.
It’s fun to be a Monday morning quarterback....and depressing.
I’ll have to buy more.
Currently I have the least amt. of $$ in the "M" in years............
The original purpose of Bitcoin was to safely pay for minor purchases, such as say magazine articles.
I never saw a need to buy Bitcoin to make a tiny price purchase.
One night driving home from work and listening to Glenn Beck I heard him moaning about the way Bitcoin was so volatile, falling in the market in huge freefalls.
I hope he got out.
Buying because the prices are at a record high is stupid.
BTC futures just went into the $23K range. When they hit 20K, that company that bought tens of millions of dollars of Bitcoins will have the mother of all margin calls and will probably be forced to sell, plunging the price below 20K.
Everyone cashing out to buy beans, bullets and band-aids.
Sorry boys, I paid my tuition to Howard Ruff.
BTC futures now 21,475.
https://www.npr.org/2022/06/17/1105343423/cryptocurrencies-winter-crash-bitcoin-celcius
I have a generic rule, and that is when the newsies are all screaming blood, mayhem, murder and the total collapse of a sector, that is the time to buy. I have an order in to buy BTC at 13,267 and Ether at 829 ( avoiding round numbers, just something I do), but I am wondering if I might start to nibble a bit if we drop below 20K again. When NPR covers it, we are close to the bottom
I believe in the concept of digital currency and BTC (and Ethereum) are viable models of “money” in that they meet the requirements... one of which is NOT the idiotic assertion that a currency have “intrinsic value.” If you are listening to someone who asserts this necessity (usually a gold bug.. nothing bad about that.... I am a certified gold bug) then walk away. That person is a moron. There is no such thing as “intrinsic value” and those who say that bitcoin is inherently “worth nothing” are frankly too stupid to come in out of the rain.
ALL currency is intrinsically “worth nothing” given the right circumstances. Implied value is the only thing that matters, and utility, security, and adaptability are the keys in digital currencies to why one would imply value. The massive volatility and crazy speculative excesses we have seen (and will continue to see, in my opinion) in digital currencies are NOT due to the nature of bitcoin, but due to the insane money printing of the ULTIMATE ponzi scheme, the US dollar (and its bastard step children, the paper currencies of the developed and developing nations). If you are a nervous nellie, then stick to “secure” investments..... if you can find one, lol.
I will state it again categorically, if you are placing your confidence and your hard earned and meticulously accumulated wealth in a web of assets whose “security” depends on the stability, dependability, and long term solidity of the US Dollar, your eyes are going to pop out when you see how quickly that mirage comes unwound. Again, there has never been a bigger ponzi scheme in history than the dollar. It makes tulip bulbs look like a passbook savings account by comparison. At the minimum buy a little gold and silver, a little bit of farmable land, a little digital and a few consumables for storage (they will call it “hoarding”... screw em).
I don’t pretend to know when this will go down. I look for the signs, but I have on the lookout for the market to triumph over the fed for over a decade now, and have been “wrong” on the timing. I might continue to be off on timing, so I am not committing the whole nut to some speculative sector. I am saying that the evaporation of “wealth” that is coming is going to make people both gasp and weep. I am sure of that.
Good luck