Good article. Of course note that Bitcoin has been down 50 -60% on multiple occasions and come back thereafter. As an unreasonably long precious metals / miners investor I do also own about 1/3 as much BTC/ETH and both are down 50%/33% against my purchase price respectively. When I went in to them I accepted the 50% drawdown as a reality for speculations that have the ability to soar several hundred percent in a relatively short time.
There are too few people out there really focussing on why people have become so attached to crypto in the knowledge "it goes up and down like a whore's drawers", to use a crass but picturesque analogy from the old country. I don't think its just a get rich scheme for all. I do think its just another example of how the younger generation in particular are fighting back against what they see as a rigged financial system run by the boomers. However as those who have read Manias Panics and Crashes by Kindleberger already know, speculations are part of the human investment psyche, they have always been here and probably always will.
Well done David! I love the 'Tether tantrum', 'fable coins', 'like having the Argentinian peso backed by Zimbabwean dollars', 'Luna went into a total eclipse', 'Vague declarations like “a ton” fail to instill confidence in all but the most gullible', 'a shock right up there with gambling at Rick’s Café Américain in Casablanca', 'NFL—as in Not For long', and 'solid support… at zero'.
You are an excellent educator and entertainer all in one! Keep up the good work.
Well, one thing for sure, this one was definitely a 'Haymaker' that knocked some sense into me. I'll be moving my BTC and ETH off the exchange into a private hard wallet. Thanks David!
The haters will be out but I am 100% in agreement. There is much further for these things (I’m reluctant to call them assets) to fall, especially if the Fed actually does start QT. I wonder how low it needs to fall before all those lambos hit the market😂
Good article. Of course note that Bitcoin has been down 50 -60% on multiple occasions and come back thereafter. As an unreasonably long precious metals / miners investor I do also own about 1/3 as much BTC/ETH and both are down 50%/33% against my purchase price respectively. When I went in to them I accepted the 50% drawdown as a reality for speculations that have the ability to soar several hundred percent in a relatively short time.
There are too few people out there really focussing on why people have become so attached to crypto in the knowledge "it goes up and down like a whore's drawers", to use a crass but picturesque analogy from the old country. I don't think its just a get rich scheme for all. I do think its just another example of how the younger generation in particular are fighting back against what they see as a rigged financial system run by the boomers. However as those who have read Manias Panics and Crashes by Kindleberger already know, speculations are part of the human investment psyche, they have always been here and probably always will.
Just an excellent article full of valuable information mixed with great humor. A total pleasure to read!
Thanks, Deniss! We appreciate the kind words and you following Haymaker!
Well done David! I love the 'Tether tantrum', 'fable coins', 'like having the Argentinian peso backed by Zimbabwean dollars', 'Luna went into a total eclipse', 'Vague declarations like “a ton” fail to instill confidence in all but the most gullible', 'a shock right up there with gambling at Rick’s Café Américain in Casablanca', 'NFL—as in Not For long', and 'solid support… at zero'.
You are an excellent educator and entertainer all in one! Keep up the good work.
Kevin
Thanks, Kevin - much appreciated!
Well, one thing for sure, this one was definitely a 'Haymaker' that knocked some sense into me. I'll be moving my BTC and ETH off the exchange into a private hard wallet. Thanks David!
Thanks, Paul! Glad you enjoyed it.
"it was like having the Argentinian peso backed by Zimbabwean dollars" Classic and thank you, I will have to borrow that statement
Thanks, Rcarl - borrow away!
The haters will be out but I am 100% in agreement. There is much further for these things (I’m reluctant to call them assets) to fall, especially if the Fed actually does start QT. I wonder how low it needs to fall before all those lambos hit the market😂
Thanks, Andy! Haters always lurking around every corner..
Now that the cryptos are collapsing, do you think gold will regain favor as hedge?
Great article. Enjoyed your recent appearance on The Grant Williams podcast. Thank you
Thank you, Alan! Glad you're enjoying what we're putting out there.
What a read, proper super heavy weight grade. Well done xxx
Thank you, Bryan!
It was fun while it lasted… 😱 🥊
Spot on... and properly (IMO) biased with supporting evidence.
Thank you, Rex!