A reminder of Luna's total loss will "drag on" forever for Mike Novogratz. It should also serve as a crisp reminder to everyone else that blind conviction doesn't equate to investing acumen.
“One company raised $15 million without putting together any capital or holding any patents” - From ‘Engines that Move Markets by A. Nairn, p.95, concerning investment scams in the early telephone industry. Note that $15 million adjusted is $1 billion (+). Sounds familiar, doesn’t it. Chris, your list of ‘pompers’ is perfect; that list of names makes me question my commitment to the btc cause on a regular basis. Strategies that consist of continuously channeling Tom Cruise jumping up and down on Oprah’s couch are what sours me on these folks. Novagratz would have done better getting a “Brawndo” tattoo.
As always a laugh out loud observation on the mental illness that cryptoblindness. The digital version of a tulip (at least tulips exist). I am sure back in the day there were tulip versions of Saylor strutting their funky stuff. Financial theatre at its best…….
May 23, 2022·edited May 23, 2022Liked by Quoth the Raven
"And although bitcoin may still survive for the medium or longer term..."
It warms my heart that you at least give this much chance to #₿itcoin and think it has some merit. It is just unfortunate & cringeworthy that there are thousands of scams around one true innovation. Sooner the "crypto" collapses, the better.
It's easy to make fun of Saylor but this guy has only bought more #₿itcoin while never selling any even when #₿itcoin was at 69k. Think about it. Does he seem a scammer to you?
I feel that today people who have strong beliefs will not change their mind under most any conditions. Democrats will not admit they are wrong about inflation blaming everyone but themselves. Cathy Wood blames the Street for not understanding the investment in innovation theory she has. Crypto Currency investors who have made fortunes believe that shit coins will come back “like they always do”. It’s like the old saying” the worst thing that can happen to a gambler is to win big their first time out. They will chase that success until their ultimate demise.
A client of mine ask me about 6 months ago, “is there value in the gold coins I’m holding ?” Or “should I sell and put it all into crypto?” My response to him, do you think gold has value? “Yes”. Do you think crypto has value? “I don’t know”
I am no crypto currency expert. But after reading WSJ article today, the whole process seem a house of cards.
Stablecoins(Terrausd) are “the non volatile cousin of bitcoin” but Terra is (was) backed by bitcoin…backing a “stable” investment with an unstable investment seems ripe for problems. The word “faith” is also thrown around a lot in the crypto world. Faith in religion yes, unwavering faith in any investment vehicle is dangerous.
“You have to do your own research for yourself and you have to draw your own conclusions based on common sense”.
LOL. Tell that to the 200 million plus who totally failed in that regard, bought the narrative, and stood in line for the death jabs.
Not much common sense left anywhere that I can see. Limit down day still incoming.
On the other hand, if that guy gets another investment based tattoo Let us know so we can load up on puts
“One company raised $15 million without putting together any capital or holding any patents” - From ‘Engines that Move Markets by A. Nairn, p.95, concerning investment scams in the early telephone industry. Note that $15 million adjusted is $1 billion (+). Sounds familiar, doesn’t it. Chris, your list of ‘pompers’ is perfect; that list of names makes me question my commitment to the btc cause on a regular basis. Strategies that consist of continuously channeling Tom Cruise jumping up and down on Oprah’s couch are what sours me on these folks. Novagratz would have done better getting a “Brawndo” tattoo.
As always a laugh out loud observation on the mental illness that cryptoblindness. The digital version of a tulip (at least tulips exist). I am sure back in the day there were tulip versions of Saylor strutting their funky stuff. Financial theatre at its best…….
Until a physical army will defend any crypto, the virtual armies of believers can only hope and pray....and, trade.
I would recommend reading Lyn Alden’s recent piece, ‘Digital Alchemy: A Post-Mortem of the Crypto Crash’.
"And although bitcoin may still survive for the medium or longer term..."
It warms my heart that you at least give this much chance to #₿itcoin and think it has some merit. It is just unfortunate & cringeworthy that there are thousands of scams around one true innovation. Sooner the "crypto" collapses, the better.
It's easy to make fun of Saylor but this guy has only bought more #₿itcoin while never selling any even when #₿itcoin was at 69k. Think about it. Does he seem a scammer to you?
I feel that today people who have strong beliefs will not change their mind under most any conditions. Democrats will not admit they are wrong about inflation blaming everyone but themselves. Cathy Wood blames the Street for not understanding the investment in innovation theory she has. Crypto Currency investors who have made fortunes believe that shit coins will come back “like they always do”. It’s like the old saying” the worst thing that can happen to a gambler is to win big their first time out. They will chase that success until their ultimate demise.
A client of mine ask me about 6 months ago, “is there value in the gold coins I’m holding ?” Or “should I sell and put it all into crypto?” My response to him, do you think gold has value? “Yes”. Do you think crypto has value? “I don’t know”
He quickly answered his own question.
I am no crypto currency expert. But after reading WSJ article today, the whole process seem a house of cards.
Stablecoins(Terrausd) are “the non volatile cousin of bitcoin” but Terra is (was) backed by bitcoin…backing a “stable” investment with an unstable investment seems ripe for problems. The word “faith” is also thrown around a lot in the crypto world. Faith in religion yes, unwavering faith in any investment vehicle is dangerous.
Going long on tattoo removal services.
That Raoul tweet missed the top tick by eight days.