AggiEE said:Sid Farkas said:
it doesnt make sense to argue bitcoin has value simply because a whole bunch of smart people wrongly predicted the bubble would burst a long time ago...that fact may merely mean the collateral damage will be a whole lot worse when it finally does (at least the Dutch suckers back in the 15th century had physical tulip bulbs when their bubble burst)
srsly - have fun and get rich trading it...just dont get left holding the bag when the **** hits the fan. because it will.
Always a good idea to question who has a financial incentive. Michael Burry has stated a few things that should give anyone serious pause of placing substantial holdings into this:
- The amount of Crypto Shilling across social media is just unfathomable. Perfectly legal to place a YouTube banner with "Bitcoin $1 million" and some guy holding tons of cash. Or the twitter shills that have laser eyed a movement around pumping bitcoin. Of course these shills have a financial incentive to peddle such fantastical proclamations and doomsday scenarios and how Bitcoin is the savior for all financial ills created by the Fed.
- The amount of financial leverage used to buy more Crypto isn't transparent. And as Michael Burry has stated, if you don't know how much leverage is in crypto, you don't know anything about crypto.
- The pandemic has allowed for increased speculation across the board in risky assets, not just Crypto and Bitcoin. This is true for SPACs, Meme stocks, etc. As the fed keeps interest rates depressed, and work from home continued to allow unprecedented amounts of savings, these have been hugely funneled into highly speculative assets like Bitcoin. What happens when things get back to normal and interest rates start rising?
All this being said, there's a reason why Michael Burry won't short it, and that's because speculative manias can last a long time and they are impossible to time. You can know that you are in a bubble and yet be wrong on the timing and lose your shirt.
Very common sense video discussing other speculative manias/bubbles such as Bitcoin. These are nothing new of course, and they end very poorly for long-term investors that get caught up in the fervor and hype.
Give burry 6 months and he will soon he singing the highest oraises of bitcoin much like Nouriel has recently [the other big short guy].
But You'll find some other boner to quote as you continue on your own path seeking authorities to tell you "I promise normal is coming back."
#BTC
— Mr. Anderson (@TrueCrypto28) October 16, 2021
The price these 🤡 called for the death of #BTC:
Peter Schiff $17
Nouriel Roubini $58
Emin Gün Sirer $214
Warren Buffett $634
Paul Krugman $717
Jamie Dimon $811
Ben Bernanke $5,577
Michael Burry $34k
Who chooses to fight greatest performing assest of all time? pic.twitter.com/dKj3p1aXwV
Poor cramer...
How it started: How it's going: pic.twitter.com/4esv6KMv92
— shaquille o'atmeal (@crypt0e) October 20, 2021
***
Coming soon:
AE Ventures - sooner than soon
*Psychedelic Retreats
*Physical and mental exercises
*Addiction services
Step 3: property found
Step 4: set date
Step 5: plan agenda for participants, food, logistics etc, integration and counseling post-experience
Step 6: long-term planning
I am amped.
Coming soon:
AE Ventures - sooner than soon
*Psychedelic Retreats
*Physical and mental exercises
*Addiction services
Step 3: property found
Step 4: set date
Step 5: plan agenda for participants, food, logistics etc, integration and counseling post-experience
Step 6: long-term planning
I am amped.
