28 Comments
Jun 13, 2022Liked by Quoth the Raven

Crypto is for fools. One day soon we will have one digital asset and it will be Gov. backed and controlled.

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Controlled... that sounds great

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I thought MSTR would be the first to go, looks like they are in for a splatter now.

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Chris' point about the impending political reaction, led by pandering bloviators who will gladly stroke their constituent bagholders and fools in return for a punch on their meal ticket, will not be favorable to free markets. Loved this line: I can hear them now: “Putin crashed the bitcoin market!” How apt. Make a note -- it's coming.

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And Binance just "paused" BTC withdraws to USD this morning. Not a good sign.

This could be the "1929 crash" of cryptos...

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It already is. I postulated last year that schytecoin was a trap to soak up all that sloshy liquidity injected into the markets directly to retail via 'Stimmy Checks' because the millennial, "digitally-hip" generation of greater fools took a ton of that Stimmy Fiat and poured it into schytecoin. I still wonder if my thesis is the actual mechanics of their demise.

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I prefer to say I'm a rational Bitcoin Maximalist, which means I'm not very popular in my own cult. That said, 'Engines That Move Markets' (A. Nairn) tells us this has happened before. The difference in the 2022 is the speed and visibility of information and the action it inspires. All of the remoras that attach to a developing technology get to a point where they have to die because they 'suck'. As far as Bitcoin fundamentals; they are still sound, and that's where the intrinsic value argument is (what 'backs' the digital information in your calculator? Casio? Hewlett Packard? The US Fed. Gov.?).

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I’m no BTC maximalist but I have some. My basis is $18k. I think that it will be the cleanest shirt near the shitcoin basket. 21 million, same as it ever was. 3-4 billion unbanked people whose currencies go to 0 with regularity. BTC will be a survivor.

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No joking. No sarcasm. I think you are wrong, but I hope you're right. Like any other organized crime syndicate, they'll let you get away with a lot, but they aren't going to let you mess with their money or challenge their power. I think you are going to lose all your money, but I'm rooting for you.

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Blockchain is great until it’s not! Crypto is the ‘new new thing’ and of course has proven again why speculating in assets with no intrinsic value because their “going to go up” is a fools errand.

I had a friend call me in Jan/Feb when Bitcoin was trading in the $50k’s asking if I thought it was worth buying. I knew that was the best ‘sell’ signal I had heard. When unsophisticated investors and taxi drivers start giving you investing advice you know it’s a bubble. I did tell my friend not to buy Bitcoin. I pray he took my advice.

In all these bubbles, pure greed is what drives the sentiment. I don’t have a lot of feeling for people that make uninformed and rash investments because something is going to the moon. I made the same mistakes in my 20’s and learned that it is a fools errand! I’m glad I learned my lesson when I was young.

BTW I can’t understand why regulators haven’t been regulating the Bitcoin Industry. Asleep at the wheel again!

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You really think government is the solution? How about people start using their brains again.

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Sold a stack of BTC on Saturday in my IRA. Bought back this morning with >10% gain in coins. Staying patient. DXY will start cracking Forex. Bitcoin not crypto.

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Long 200k DOGE at .05285 this morning

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Obviously you were impressed by the fundamentals.

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Fundamentals are for Boomers...

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I'm going to screen print that and make a t-shirt out of it. That's awesome.

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Yes, and blind speculation is for Gen X/Yers who have never seen a real crash.

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Hey Charlie, complacent Tuna get spearfished….

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What do you call people long on Doge? Future burger flippers.

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Kudos for calling the Microstrategy downfall early, Chris. Makes you wonder where the next cross party risk storm will pop off? That’s a lot of cheddar going up in smoke.

Was driving my truck behind a Tesla with a license plate extolling the virtues of his bitcoin purchases. As I passed him, it looked like the poor fella hadn’t had a decent shit in a few days. Died laughing.

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Great analysis, I have really enjoyed watching you and Peter Schiff eviscerate Mashinsky and seeing your predictions come true in real time.

There's needs to be more than a few metaphorical heads on spikes for people to regain trust in crypto, and the financial system in general.

Hopefully the climax of the Fourth Turning won't get too ugly, but we seriously need a clearing out of these corrupt, conflicted, captured, self-interested elites - the sooner we do that, the sooner we can start over.

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"once it starts affecting Paul Pelosi and various Fed members’ portfolios of call options and SPY futures, it gets elevated to a matter of national security." -- Ain't that the truth?!?!?!

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Just sit down and relax along the sidelines

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"Hell, crypto might even give the Fed and the government the scapegoat they need to blame the market selloff on. I can hear them now: “Putin crashed the bitcoin market!”

Bingo.

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"stablecoins"

yup

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WTF do I know. I am a pure bitcoin spectator. “Are you not entertained”…..

Tulips seemed like a great investment, people make $$$.

The only thing most were left with as investment was a tulip bulb, to be watered by tears.

There is always some new thing, which is always going to the moon, which always burns up on re-entry.

Same as it ever was….

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Crypto does much better in a Fed easing environment, just like most risk assets. This again proves it is a risk asset and not a store of value. Nothing wrong with being a risk asset as they present better trading opportunity than do safe-haven assets. Moral of the story is Bulls make money and Bears make money, but HODLers get slaughtered.

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A good chunk of the hodlers are millennials, which means that they do not read past the abstract of a paper, if of course they can actually read.

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