Bitcoin Tumbles To $5k Handle But “By No Means A Funeral For Crypto”

Bitcoin down 70% in six months, but Litecoin says “hold my beer” – down 77% in six months and 20% since Friday morning. But Ripple says to Litecoin you “hold my beer” – down 85% in six months.  I’m told by the “experts” on TBP to BTFD. These are can’t miss investments. They’ve crunched the numbers and they can’t miss. It’s a new paradigm. They are going to change the world – the 8chans and Q agree. Cryptos will set you free – of your life savings. It sure makes me long for the good old Dot.com days.

Image result for pets.com sock puppet

Via ZeroHedge

Crytpocurrencies have taken another ugly leg lower overnight – on no new news-driven catalyst – extending the losses from Japan’s FSA crackdown and sending Bitcoin back below $6,000 for the first time since Feb 6th.

https://www.zerohedge.com/sites/default/files/inline-images/2018-06-24_7-53-16.jpg?itok=lVArqtxl

This is the lowest intraday print for Bitcoin since Nov 2017 (breaking the lows of 2018)…

https://www.zerohedge.com/sites/default/files/inline-images/2018-06-24_7-52-15.jpg?itok=KEIRpN__

But Bitcoin is actually the best performer since Japan’s FSA headlines while Bitcoin Cash and Litecoin are down 20% since Friday morning…

https://www.zerohedge.com/sites/default/files/inline-images/2018-06-24_7-55-20.jpg?itok=skr-UA_X

But while it is clear that many are throwing in the towel on the crypto space, CoinTelegraph’s Helen Partz reports that the current bear market is not a funeral for Bitcoin “whatsoever,” CEO of BKCM LLC investment firm Brian Kelly said on CNBC’s Fast Money segment June 22.

To back up his statement, Kelly provided three key factors.

First, he pointed out that the market sentiment is “approaching lows,” implying that a trend reversal is likely to follow.

Kelly called attention to the fact that Bitcoin is still trading at the same level as back in November 2017, whereas a year ago its value was 60 percent lower – around $2,500.

Next, Kelly mentioned the recent news that Japan’s Financial Services Agency has sent out business improvement orders to 6 domestic exchanges. He pointed out that while in the short run it’s going to be “a little tough,” in the long run it will help make the exchanges more “robust.”

Third, Kelly brought up the announcement by Mt. Gox to reimburse its customers and begin civil rehabilitation proceedings, following the $473 million hack in late 2013 and the resulting bankruptcy. Mt. Gox was considered to be the largest hack in the history of crypto, until this year’s $534 million Coincheck hack.

On June 5, Cointelegraph reported that Bitcoin has been declared “dead” for the 300th time, according to the 99Bitcoins “obituary list.” By press time, the cryptocurrency has “died” 315 times, with 69 “deaths” taking place this year alone.

https://www.zerohedge.com/sites/default/files/inline-images/725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy85MDQ5Y2YxMWQwM2E5Njc5Y2QwNDlmNzU4YWIxNDUzMi5qcGc%3D.jpg?itok=YRhBNZFy

image courtesy of CoinTelegraph

Additionally, CoinTelegraph  notes that Charles Hoskinson, co-founder of altcoin Cardano (ADA), tweeted June 20 that the entry of Wall Street into the crypto sector will bring in “tens of trillions of dollars:”

Cardano, which is currently ranked 8th on Coinmarketcap, has a market cap of around $3.5 billion. Charles Hoskinson was also one of the founding members of Ethereum (ETH), crypto startup Invictus Innovations, and crypto tech company IOHK.

When asked by a commentator what exactly the crypto community is building, Hoskinson answered “an entirely new world:”

The intersection of cryptocurrency and Wall Street has been welcomed by those who also see a potential influx in capital. In mid-May, cryptocurrency wallet and exchange Coinbase released a new suite of products designed to attract institutional investors by relieving security and regulatory compliance concerns. Speaking about the product release, the VP of Coinbase referred to “$10 billion” of Wall Street money that now had the potential to enter the market.

The “trillion” value has also been bandied around before, as Dan Morehead, CEO of $1 billion crypto hedge fund Pantera Capital said in April that a $40 trillion crypto market is possible, in part due to Wall Street’s increasing interest in clearing crypto trades.

Finally we note that while Bitcoin is down 70% from its record highs in Dec 2017, it is still up 136% YoY…

https://www.zerohedge.com/sites/default/files/inline-images/2018-06-24_8-11-22.jpg?itok=ak67qda0

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76 Comments
Iska Waran
Iska Waran
June 24, 2018 1:15 pm

I don’t understand the “hold my beer” thing, but don’t explain it, since I don’t really give a fuck. Cryptos seem like a pyramid scheme- good for a few at the start, bad for most. If you’re looking for the stooge, it’s you.

razzle
razzle
  Iska Waran
June 24, 2018 8:24 pm

It’s a racist slur… but I’d still let EC hold my beer.

Fleabaggs
Fleabaggs
June 24, 2018 2:06 pm

Bob..
That sharp tongued wit is why I look forward to your articles.
As a friend and former bond trader can you give some free advise on my very substantial tulip bulb holdings. I was considering moving sideways into a Crypto bond fund on the advice of a guy from 8chan and wanted a second opinion.

Martin brundlefly
Martin brundlefly
June 24, 2018 3:08 pm

Watch the value of absolute air drop, on no news at all. Intangibler than stocks, more arbitrary than gold.

Have you noticed that much of what we place value in, has no real value at all? From pro athletes, to diamonds. Bitcoin to treasurey bills.

ottomatik
ottomatik
June 24, 2018 3:11 pm

And your trust in conventional banking is solid?

Ottomatik
Ottomatik
  Administrator
June 24, 2018 6:43 pm

No, I am nothing of the sort, just curious why you have an obvious aversion to any of the coins, especially when compared to our current monetary system. I find much that is preferable, and am putting some limited funds into projects I would like to see succeed.
I have always been into gold and silver, still am.
Incidentally I have an aversion to some of the coins, especially those of the finpedooligarch variety, such as Tether and EOS, further any of non-decentralized tokens are shit coins in my book.
But fuck, as all here are keenly aware, our system is circling the drain, what is going to be next? I am 100% open to suggestions on what’s it gonna be.
I see plenty of advantages to crypto.
Also, as an avid gold bug I have watched the sector since the beginning, talkin shit about it the whole time, I am not sitting on the sidelines any more, I will deploy limited resources into the teams I wish to prevail, in support of monetary decentralization, otherwise I am just another shit talking captive in a bankrupt paradigm.
Monero is actively being used as a currency, right now as we speak, granted on the Dark Net, for god knows what, but arguing over weather its legit is pointless now, the electronic privacy afforded by Monero and others is here to stay. Still I dont want any.
I prefer Zcash and especially ZenCash a coin born here in Boulder CO, alot of tech and to my knowledge solid privacy. I can see no reason at all why I would prefer the FED over ZenCash, or any of my neighbors for that matter.
All of the online gold retailers now take crypto and send you gold.
The Burning Platform takes crypto.
If we all take some time, pick the coins most ideologically insync with our values and start using them, what could stop us?
Fuck the Banks, after that last butt fucking I witnessed in 08/09, I am ready to try something else, cuz, Fuck Them.

General
General
June 24, 2018 4:16 pm

My first choice is gold, silver, and platinum.

That being said, cryptos work great for transferring funds without needing banks. Especially across borders.

Fleabaggs
Fleabaggs
June 24, 2018 4:19 pm

On a more serious note since nobody liked my tulip joke. Here are a few concerns I have with any crypto money.
1. It seems we are expecting no interruptions at all to the world wide web, especially in today’s environment. If banks and bank card terminals everywhere would have difficulty how is something created by and managed by computers any safer?
2. How is something “Mined” or created by some alleged production of digital info of dubious value and then recorded somewhere in the digital celestial galaxy equal or superior to a bird in hand like PM’s?
3. Why or how are they any less susceptible to Govt. freezes or outright seizures?
4. How are they immune to eventual counterfeiting?
5. Finally, how would one flee the country or even the region in a serious crisis carrying cryptos on a thumbnail drive? In a crisis I’m certain gold would be worth 2,000 an ounce or 32,000 a pound. 10 pounds in a backpack could get you a long way I would think.

Anonymous
Anonymous
  Fleabaggs
June 24, 2018 4:41 pm

Take a lesson from the Jews that were smart and got out of Germany when they saw the Nazi’s coming to power and anticipated their future there.

They, at least the wealthier ones, got into diamonds and were able to leave and go abroad to safety with small fortunes (sometimes large ones) easily hidden by sewing them into the hems and linings of their clothing where they were virtually undetectable (as long as they were careful not to look wealthy looking and arouse suspicion about what they might have with them). (FWIW, that’s how they came to dominate the diamond markets. Diamonds require quite a bit of expertise to deal in them.)

Gold is easily detected by the metal detectors at any checkpoint you might have to cross where guards are looking for weapons and such.

I don’t know what the modern day equivalent of the stealth of diamonds would be for the average person, but gold probably isn’t it if you’re fleeing internationally or maybe even on an interstate flight during calamitous times.

Fleabaggs
Fleabaggs
  Anonymous
June 24, 2018 5:34 pm

Anano..
Sorry. The Jews were into african diamonds and diamonds in general long before aldofo was even born.

Ottomatik
Ottomatik
  Fleabaggs
June 24, 2018 7:21 pm

Flea-
1.If the internet goes down its all fuct.
2. It will never be as sure as something in your hand, but hand exchanges are limited basically to barter, face to face, the modern world is far past that limited method of exchange. Electronic exchange is clearly here to stay.
3. Certain cryptos have encrypted wallets, the government or any other entity would not even know what wallets you have and the keys to the wallet are fail safe at this time, to my knowledge, if you lose them, its gone, forever.
4. The blockchains are mostly opensource living ledgers that are spread all across earth existing on many computers simultaneously, to counterfeit, it would require Quantum computing to crack the 256 bit encryption and enough horsepower to change the data on millions of computers simultaneously.
5. Cryptos would be ideal for this, you do not need a thumbdrive as both the wallets and the cryptos both live on the internet, you could use paper, thumbdrive , memory or unlimited other ways to access your wallet from any internet site anywhere.
Many of the newer cryptos are unveiling new tech or developing existing tech, such as programmable coins, Ether and many others can actually be programmed using a C++ version called solidity. Escrow conditions could be programmed into the coins on either side of the deal for example, in addition to limitless other uses.
The money can be programmed, think about that.
Loki coin can have txt messages attached to the transaction that share in the 256 bit encryption, private communication combined with private holdings and private transactions.

Fleabaggs
Fleabaggs
  Ottomatik
June 24, 2018 8:13 pm

Otto..
Thank you for a sincere response to serious questions.
I have no objections to crypto in the here and now as money or speculation. If it had been around after the dotcom implosion I would have used them to recover my late wife’s
Retirement fund her broker had vaporized when we met. I used leveraged real estate and PM’s instead which were also manipulated like crazy but I had no intention of leaving it in the futures market or anything else anyone in govt. or banking can take. Her kids have it in hand. Because of that I have no faith in crypto as a store of wealth.

Mike Moore
Mike Moore
  Fleabaggs
June 24, 2018 11:17 pm

Just a bit of corrective information (which I pointed out to an advertised coin dealer over 40 years ago): all weights of precious metals are normally given in Troy ounces, of which there are 12 to the pound–not 16. I don’t know why the Troy ounce is larger (someone on this site can surely explain it) but you need to be certain which kind of ounces you’re dealing with, whether buying or selling. I’m not trying to be a smartass, but I’ve seen this bit of confusion too many times over the years to let it pass on TBP, my absolute go-to site for human and humane conversation……long time lurker, very occasional contributor..God bless you all! This was intended for Fleabaggs’ post on the 24th at 4:19.

Fleabaggs
Fleabaggs
  Mike Moore
June 25, 2018 12:51 am

Mike..
Nice piece of info. Was just using a pound to make a point but I’m glad you cleared that up. I don’t mind being corrected bad math.

james the deplorable wanderer
james the deplorable wanderer
  Mike Moore
June 28, 2018 6:27 pm

[1 pound [troy] = 0.822 857 142 86 pound]
The troy pound is 12 troy ounces. The avoidupois pound (normal) is 16 avoirdupois ounces.
[1 ounce = 28.349 523 125 gram] (avdp ounce)
[1 ounce [troy] = 31.103 476 8 gram] (troy ounce)
Measured against something outside both systems, troy ounces hold more grams than avoirdupois ounces. Does that help?

EL Coyote
EL Coyote
June 24, 2018 4:45 pm

I was almost convinced on the Q thing, the Holohoax thing, the immigration thing and the Hot Tub Trump Time Machine thing but cryptos? Shades of Timothy Leary, can crypto kooks really claim to have a PhD in cryptos if they dedicate >6 hours per day on StormyCoin and GolfTime ICOs? What numbers have the they crunched?

I almost long for the days of sensible articles from YoBo’s StormFront days.

BTW, where is I-S?

Ottomatik
Ottomatik
  EL Coyote
June 24, 2018 7:22 pm

That is a good ?

BL
BL
  EL Coyote
June 25, 2018 1:10 am

EC- I too have wondered where I/S may be. There was something said about Sawtooth so I’m guessing he is in the great untamed wilderness somewhere. He has endured a lot of loss in the past year and he was in need of a rest I think.

Ottomatik
Ottomatik
  EL Coyote
June 25, 2018 2:19 pm

What is going to make this time any different from all the previous times I listened to the “bitcoin is dead” pronouncements.
It’s not like this is the first time we have been through this, noticeably, it happened with gusto at 100$ and its subsequent crash to 2$.
Again at 1000$.
All the same “I told you so’s” with all the same tulip/ponzi arguments, all the same bathing in self righteous light of being right.
All slithering away and laying low when Bitcoin ascended to previously unimaginable heights, only to return to gloat when crashing, again and again.
So, what makes this time different? I have yet to hear any commentor address this, or even get near the fringes of this time is different.
I think I’ll play, seems a great time to build a position, thanks for your concern on my financial well being if that is what goal is.

bigfootmm
bigfootmm
June 24, 2018 5:38 pm

Since 1990 the dollar has lost about half of its purchasing power.
Since 1970 the dollar has lost about 80% of its purchasing power.
https://www.buyupside.com/calculators/purchasepowerjan08.htm

But Chicken Littles could care less about verities. They want the drama of now! The sky is falling now! Look out, look out, something dreadful comes our way!

Well, I guess TBP Chicken Littles are a little different. They enjoy the idea of the sky falling if the sky is not over their heads but over some fool’s head. Just desserts. Schadenfreude. Nor do they care that their own wealth is creeping ever quicker toward the cliff where creeping changes into sudden death. Nah, they don’t worry about the dollar. They buy gold and silver. But wait! Those markets are owned by TPTB and have been manipulated for, god knows how long, 150 years for silver some say.

Yet when something brand, spanking new comes along based on fifty years of technology advances, the Chicken Littles at TBP run around, scream and shout: “Down with the money-saving devices!”

What do you suppose the negativity gets them? Bursting pride that they were too smart to buy cryptos even when they were 90% cheaper because, wait for it, they fucking KNEW it was a scam? Yep, they knew. Meanwhile those who actually looked into the alternatives hedged their bets, because these folks didn’t fucking KNOW. Instead they made a bet, but not a blind one. No, a bet based on principles of honest money that could make sense to a world of ordinary people seeking to preserve what they have earned instead of having it confiscated by the elite in a hundred different ways, inflation being the most insidious and disgusting. Cryptos would stop that, but the Chicken Littles were having none of that. Instead of helping, they detract. For what you might ask? I dunno. Ask them.

llpoh
llpoh
  Administrator
June 24, 2018 9:11 pm

Amazing how folks do not see this shit as anything other than a speculation. The value of bitcoin and its ilk is in the end zero. Tulips, baby!

Wip
Wip
  Administrator
June 24, 2018 10:18 pm

Aaaaaand it’s gone.

bigfootmm
bigfootmm
  Administrator
June 24, 2018 10:55 pm

I guess you don’t know that tulips are a wasting asset. You might not know that at the time of the tulip mania people were en masse trying to escape the eroding value of their florins for the typical reason that of a hugely expanding money supply. And there were competing coins following Gresham’s Law which as I’m sure you know tells us that bad money drives out good money. Tell me then, Admin, how accurate is your depiction of Bitcoins on tulips? Another exaggeration, another lie, what?

llpoh
llpoh
  bigfootmm
June 24, 2018 11:15 pm

Big – you are indeed a moron. Bitcoins are disappearing left, right and center. Or didn’t you know that? The supply will continually dwindle down as they are lost, and they cannot be replaced.

bigfootmm
bigfootmm
  llpoh
June 25, 2018 3:35 am

What in the world are you talking about? Yes, maybe 30% of the original coins are lost but that was a long time ago when the coins were buying pizzas and who cared to care for them all that much. People were giving them away for the fun of it.

That is certainly not happening now when the coins are going for $6k+. Wouldn’t you be a little more careful of them and not lose them until they were all gone. Just nuts.

Llpoh
Llpoh
  llpoh
June 25, 2018 3:52 am

Big moron – it is happening all the time. They are lost constantly. You are a real dumbo. Yo mama dropped you on your head once too often.

bigfootmm
bigfootmm
  llpoh
June 24, 2018 11:08 pm

Are you married, llpoh? Did you speculate?

Another reference to tulips. Man.

llpoh
llpoh
  bigfootmm
June 24, 2018 11:18 pm

Bigmoron – tulips are the universal reference for bubbles. Bitcoin is going down to zero. It has no intrinsic value. It is not backed by anything. It is TOAST. But hey, buy the dip.

bigfootmm
bigfootmm
  Administrator
June 24, 2018 10:43 pm

“Just the facts” Admin? How strange is it that after writing an over-the-top sarcastic post that you then can claim you are just reporting the facts? Are you stupid or do you just like to lie? I’m thinking the stupid part comes from your biases and you don’t know your ass from a hole in the ground. As for the lying, well, your claim that it just the facts that you are reporting here has to lead the reader to the suspicion at least that you think you are too smart to be caught in your lies, which then makes you a fatuous creature hiding behind a tree with its ass hanging out and thinking no one can see you for what you are.

llpoh
llpoh
  bigfootmm
June 24, 2018 11:19 pm

Hahahaha! Admin is gonna fillet your low-IQ ass.

EL Coyote
EL Coyote
  llpoh
June 25, 2018 12:22 am

As per my habit, I gave bigmouth fair warning. The noobs that listen, do well. Folks like Iravani, Beth, etc. don’t last long. Bigmouth, like those two I mentioned, told me to go fuck myself. It’s funny how idiots out themselves. I should start a pool betting on who’s going to last here.

A bad start leads to a bad finish. Pastor Pangloss

bigfootmm
bigfootmm
  EL Coyote
June 25, 2018 12:47 am

You actually think I am worried about leaving this place?

Llpoh
Llpoh
  bigfootmm
June 25, 2018 3:33 am

We are worried you won’t.

diogenes
diogenes
  Administrator
June 25, 2018 8:35 am

Boom Boom Boom!

The Moran
The Moran
  Administrator
June 25, 2018 4:36 pm

To aim to be a “big dog” on this site or any other is so fucking ridiculous and adolescent it is almost indescribable. There are more asses on this site than one would see beneath the bleachers at a football game. Pretentious asses, all thinking and, more important, feeling your perspectives are chief in the world. But the assaults come, don’t they, so you have to group together and reassure yourselves of your righteous place in the hierarchy of your own making. Then there is always the talk here about smarts and morans and idiots. Endless talk about how smart each of you is. You can’t see how dumb that makes you look.

The glee that arises here at the misfortunes of others is another key to your “big dog” ridiculousness. Such big men you are, so big you have little empathy for anyone outside your clique if even inside it. You think you are hard men with no illusions while losing sight of what real men are capable of which is to be protective through inner and outer strength. You seem weak to me with all your “big dog” talk and your “I’m so smart and you are so stupid it burns bullshit.” Goddamn, what shit birds you are.

One thing, though, that we can both be assured of is that in the fullness of time one of us will be on the mark and one of us will be made to review his biases that prevented him from seeing the obvious. Well, maybe not. If it is you who is wrong I’d actually expect you to proclaim it was all a “lucky break” and no one could have predicted the ascendance of cryptocurrencies. That will keep you in “big dog” status around here. Lord love a duck but maybe Forrest Gump was modeled after you? Forrest experienced everything, was everywhere when the most important things were going on, and yet at the end he was exactly the same as at the beginning. He changed not one iota as a result of his experiences. Is that you, Big Dog?

Fleabaggs
Fleabaggs
  bigfootmm
June 24, 2018 8:18 pm

Footsie..
Nice little wimpersnivel but you made no attempt to give reasons why we are wrong. I suggest you copy a grown-up like Ottomatic.

bigfootmm
bigfootmm
  Fleabaggs
June 24, 2018 11:05 pm

Flea, I was going to answer your questions, but I thought to myself, this guy hasn’t the wherewithal to go do some of the simplest research to find out a little about the subject. I mean if nothing else, YouTube alone has thousands of instructional videos on cryptos. You could listen to lecture by Andreas Antonopoulos, for example:

Too much trouble? You’d rather have someone personalize it for you because you haven’t the time or inclination to learn? But you do want to make yourself known as a detractor. I get it.

llpoh
llpoh
  bigfootmm
June 24, 2018 11:25 pm

I prefer to listen to Warren Buffett and Charley Munger on these things.

Munger said: “”To me, it’s just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.” Buffett called it rat poison.

Those two know a thing or two about investments.

But, hey, buy the dip!!

bigfootmm
bigfootmm
  llpoh
June 25, 2018 12:46 am

llpoh, thanks for the tip on buying the dip.

As for Warren and Tonto, I should let you know out of the goodness of my heart that these two are has-beens. BRK.A has lost money just about every month this year and is in a great looking downtrend even as the market blasts higher. One reason might be is that Warren has been buying businesses not within his competence. He used to only buy capital efficient businesses. Those are businesses that don’t require much additional capital to keep on operating. Like Coke and Seas. He stayed away from tech. He used his insurance money float to the best advantage. Now he buys airlines (3), GM, and IBM. I guess you don’t know that he has been a big supporter of Hillary? That he has gotten sweet deals from the gov’t no one else could ever have gotten? Yeah, he’s just Uncle Warren, down to earth, folksy, wise, and a total fucking cuck.

Llpoh
Llpoh
  bigfootmm
June 25, 2018 3:46 am

Bigmouth – I quit reading when you wrote Berkshire has lost money. Umm, no. It makes money. All the time. Maybe you meant the share price dropped. If so, Buffett still does not lose money as he NEVER sells.

The Moran
The Moran
  Llpoh
June 25, 2018 4:33 am

Some notes for you llpoh, the idolator:

So you didn’t care that Buffet was a huge supporter of Hillary and in 2008 got several sweet deals for being a friend of the gov’t?

Big Blue is almost gone from Berkshire’s portfolio

Berkshire had been gradually unloading its IBM (NYSE:IBM) stake for some time. Buffett admittedly misjudged IBM and has said that he revalued the company lower than he initially did.

Well, IBM rallied a bit during the fourth quarter of 2017, and apparently that was enough to send Berkshire heading for the exits. During the quarter, Berkshire unloaded 94% of its remaining IBM stake, and now owns just 0.2% of Big Blue worth $314 million.

In addition to IBM, which was its most notable reduction, Berkshire also reduced a few other positions:

The company sold 6 million shares of Wells Fargo

Berkshire’s stake in American Airlines was slightly reduced by 1 million shares.

Berkshire unloaded 10 million shares of General Motors, which reduced its stake by 16%.
Its Sanofi investment was also decreased, but by a negligible amount — at just over 27,000 shares.

Llpoh
Llpoh
  Llpoh
June 25, 2018 5:34 am

Moron – guess you do not understand the difference between HE never sells and Berkshire never sells. My understanding is that HE never sells his shares. If he never sells BH, then these fluctuations in price are not losses to him. You only lose, or gain, when such is chrystallized.,

Re the Clinton stuff, Trump had the same situation. Business is business.

Fleabaggs
Fleabaggs
  bigfootmm
June 24, 2018 11:27 pm

Footsie..
I brought up tulips in jest.
You make assumptions about me admin and looey that only a mind reading genius wallowing in the swamp of “nobody appreciates my all knowing brilliance” could make.
A tulip by any name is a tulip just the same.
At first I thought you were just a misinformed crypto fan.

bigfootmm
bigfootmm
  Fleabaggs
June 25, 2018 12:50 am

Flea, tell me how you know I am uniformed about cryptos.

Fleabaggs
Fleabaggs
  bigfootmm
June 25, 2018 1:09 am

Footsie..
Misinformed is the word I used. I’m sure you’re very well informed about the formation and storage of all things Crypto.
To avoid misunderstandings, I think you have been misinformed about the ruthless nature of world finance. In spite of the 30’s depression we have been in a state of Fiat financed growth for a very long time and when it pops all forms of non tangible wealth including crypto will get run over by the train that most people think is a light at the end of the tunnel.

The Moran
The Moran
  Fleabaggs
June 25, 2018 4:25 am

“misinformed about the ruthless nature of world finance.”

Okay, Flea, how about considering this to see if I can assuage your opinion of me. If Deutsche Bank goes down with its $50 trillion in derivatives, an amount that dwarfs the number needed to cover up the problem in 2008, other banks are going to go down as well. Then a cascade of them will go down and the lights will go out all over the world. Your hard assets are not edible, so you better be stocking up on food and a means to get water before the time when no one has credit and no will ship anything without it.

The only thing between that scenario and survival of civilization as we know it are cryptocurrencies. If we can have them ready to substitute for fiat before Deutsche Bank goes under, and it looks like that is inevitable, we have a shot at staying alive.

Faith is what holds the world’s fiat currencies together. That faith is getting damn shaky what with all the talk about debt up the kazoo everywhere you look. We are at an inflection point with the yield curve right now where the longer term bonds show rates lower then the shorter term ones. That always means a recession is coming. One-hundred percent of the time when the curve has inverted in the past there has been a recession.

In a recession debt gets harder to service. Debt is already hard to service and is why it gets larger because debt is used to pay for interest, nothing goes to paying down the debt. A recession reveals right away who is swimming naked. Faith in the dollar is a mystery even now, but faith in it and all the others when debt really ramps up for all to see is a death blow. So you and the others will be right at last. Sound good?

Most of the vocal TBPers call me an idiot for championing cryptos and for other reasons as well. But notice how shallow are their arguments. They sling names and disparage what they don’t understand while thinking they are wise and can’t be conned. Too smart for that. They’ve seen it all before. Yet, notice how little what they have to say is substantiated. It’s all fuss and fury and no ideation, no imagination, no wisdom, nothing new, just blather to sound clever to one another.

Llpoh
Llpoh
  Fleabaggs
June 25, 2018 5:42 am

Moran – you toss that shit out there like it is true. Cryptos will save the world! Horseshit. This scenario has happened time and again. The world is still here. Fiat may well blow up. But it will be resurrected. Rinse. Repeat.

I think people need to make money the old fashioned way – earn it. Cryptos are nothing but the latest con bubble. And that always ends well, right, moron?<

EL Coyote
EL Coyote
  bigfootmm
June 25, 2018 1:14 am

Yeah, fleabo, your making some pretty big assumptions about bigmouth, are you some sort of mindreader? Me, I made no assumptions, I merely looked at his moranic statements and concluded that he’s a high functioning idiot.

Fleabaggs
Fleabaggs
  EL Coyote
June 25, 2018 2:02 am

El C..
I’m going with your version. Mine was too generous. You can’t misinform an idiot.

Llpoh
Llpoh
  EL Coyote
June 25, 2018 5:44 am

EC – you are giving Bigmouth way too much credit. He is no more than a low functioning idiot.

Anonymous
Anonymous
  EL Coyote
June 25, 2018 10:24 am

LLPOH, That’s my main weakness, the boss said that if I ever hurt somebody’s feelings, I’d be in apologizing the very next day.
https://youtu.be/72zv7Hcwgyw

22winmag - when you ask someone which floor they'd like, and they respond with "ladies lingerie"- they're referencing the AEROSMITH SONG!!!
22winmag - when you ask someone which floor they'd like, and they respond with "ladies lingerie"- they're referencing the AEROSMITH SONG!!!
June 24, 2018 7:28 pm

The little guy always get coin-jacked.

I’ll take gold and silver backed up by high velocity copper and lead.

BL
BL
June 25, 2018 12:08 am

Watch all the morans BTFD…………..hahahaha.

WWQD? Maybe he will have a Qpost tomorrow………..hahahaha.

$hitCoin…….when you absolutely , positively feel the need to be suckered.

llpoh
llpoh
  BL
June 25, 2018 12:34 am

BL – too funny! Wonder how those that bought at $20k are feeling about now?

diogenes
diogenes
  BL
June 25, 2018 3:35 pm

Wow what a great idea BL! Qew should start his own crypto-coin. All the dumbfuck Anons would buy into it along with their followers (D4C). What should the name of the crypto be?

BL
BL
June 25, 2018 12:41 am

Hey Llpoh, They shoulda listened to ya, big dogs know a ponzi when they see one. Their loss, sad.

The stupid, it burns white hot.

diogenes
diogenes
  BL
June 25, 2018 12:58 pm

Fucking tech heads who live in a virtual reality. Wait till real reality smacks them in the face. Oh technology is going to save us from all the evils of the world…BS.

Ottomatik
Ottomatik
June 25, 2018 2:21 pm

My post above accidentally became a reply…in summary:
Why is this time different?