I have to admit it requires every ounce of restraint I can muster this morning in order to hold back some of what I would really like to say about what's going on currently in cryptocurrency land. However, my better judgement realizes that generational bull market moves (such as we have seen in cryptocurrencies in 2017) don't often end at the click of ones fingers, and in fact often go far beyond what anyone could have possibly imagined before finally burying 98% of the participants in said market.
I have a lot of thoughts this morning and I'm going to do my best to lay them out as concisely as possible. Last night I attended a "cryptocurrency workshop" - I didn't really know what I was getting into except that I was invited by a good friend who told me "this woman knows everything about cryptos." That's all I needed to hear.
Well as it turns out the "expert" bought James Altucher's "Crypto Master Course" and had proclaimed herself to be a cryptocurrency expert overnight as a result of this new found education from another self proclaimed cryptocurrency expert.
I soon realized that our expert knew about as much as I did about cryptocurrencies, however, she was armed with a dangerous amount of ignorance regarding markets and a breathtaking level of overconfidence. Here are some catch phrases which I managed to jot down while listening to her presentation (I am not making this up, she really said this stuff):
"You can't lose if you buy a coin under a penny."
"Buy any crypto on the top 100 list that is below $1.00"
"It's like Apple back in the early days except you've got 50 potential Apples."
"Ripple could be worth way more than $100."
"The spring is going to be a happy time for us."
The absurdity of the evening reached its height when one of the attendees asked our expert if Ripple could really hit $100. I attempted to offer that if Ripple reached $100 it would mean its total market cap would be in the several trillion dollar area in an attempt to add some common sense to the discussion. Our expert quickly chimed in that Ripple could not only easily reach $100, but it could rise far above $100!!
The world is drunk on crypto and everyone is passing around the bottle. It's ridiculous. Only in a largely unregulated sector with euphoric "we can't lose, we can only win" sentiment could we ever see such ridiculous Ponzi schemes as Bitconnect and USI Tech proliferate and prosper at such a breathtaking pace that even the Ponzi creators themselves are blown away by their own success.
This is going to end badly, very badly, very very badly. But it's probably not going to end just yet. I'm thinking we need to see this shit get really insane first, maybe something like $2 trillion in total crypto market capitalization, everyone is in, yes I mean everyone, even Trump. Then it will come crashing down and play out similarly to the Nasdaq bust of 2000-2001 (a few of the best cryptos will survive and eventually become permanently entrenched as part of the world while the rest will end up on deadcoins.com).
People are so drunk and blinded by greed that it doesn't matter how much they make on the way up, they will lose it all and then some on the way down. HODL bitches!!!
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