I'm currently reading a book "7th Propery, Bitcoin and Monetary Revolution" and it discussed central banking failures in the US history and the reason they call it The Federal Reserve is because it would have been rejected if it was called a Central Bank when it was being established You know Cantillon effect, the money printers cannot help themselves from stealing from the masses, since ancient times. Rome did it with their constant clippings of coins, it's the reason empires collapsed, when it can no longer be supported Fix the money, fix the world Afghanistan is the place to drop bombs when they want to print money. Start a war, make people distracted, scare people, print money to fix made-up problems. Wouldn't be surprised if that's what Russia/Ukraine is all about, and perhaps the pandemic. Recall the explanation in the book "The Bitcoin Standard", wars happen because of collapse in fiat ponzi schemes Back to the Fed, Jerome and his irks make farting sounds and who knows, trillions of $ of value created in all assets, stock market, bond market, real estate, cryptos But if they miscalculated and instead sharted we get a recession or depression, pain and suffering for the masses Does it make a difference to Jerome and his buddies lives which one happens? Not a single bit, they fly private jets, live in their mansions, get hired by the Goldman Sachs or Blackrock or get paid millions of $ for speeches after they quit their Fed jobs thingies Yea, maybe if they are not sociopaths, they feel guilty or feel bad
I may add that to my to-read list. Looks like 4.8 out of 5-star review on Amazon. But, I have yet to read the bitcoin standard. So it may take a while, so much other shit I'm trying to get through before the end of the year here.
That pic right there encapsulates why I got into swing trading the equity indices in the first place. Because over the longer-term, that is exactly what they do. Up over time with draw downs along the way. By focusing only on a single day one can miss the opportunity around the corner, so just hold a bit longer. Since cryptos are so comparatively new, only time will tell if that same pattern will hold for them.
We have found time and time again that the big banks have been manipulating gold prices. So I have no doubts the same shit occurs with crypto. And I don't expect any fix for this. The sec, etc, has tried time and time again, and no matter how many times they take down the big manipulators, there is always another institution willing to back rogue traders to continue these manipulations. In the case of Amaranth Advisors, Brian Hunter did one of the most largest manipulations of the nat-gas market. But eventually he dug a hole big enough that he could not get out of. Boom!
I totally agree with Warren Buffet Cryptocurrency is made up monopoly money; just because some people invented a shiny new toy doesn't mean it's suitable for everyone to buy into it. Plus its bogus. https://www.cnbc.com/2018/08/07/the-profit-star-marcus-lemonis-on-bitcoin.html https://www.cnbc.com/2022/03/09/bil...-you-have-less-money-than-elon-watch-out.html Harumph harumph lol
In regard to Buffett's talk how he would love to purchase 5-year PUTs on Bitcoin. Did he not look up the history for BTC? A 5-year PUT has been a tremendous loss throughout its lifetime. Even if he could pick & chose with perfect market timing, the 5-year PUT (if there were such a thing) has been a tremendous loss.
Bottom line is that almost nobody really cares. There's no competitive use case for Cyptocurrency at this point when compared to standard payment and exchange methods. I'm included in that 16% figure (like many of my technically proficient friends). I have a couple of accounts at exchanges (which I have not touched for awhile). I've experimented with wallets. I've traded it a bit and made some money. But it's not really worth my time or energy; most people I have talked to feel the same. It's a speculative trading device for a few and technically interesting (in the abstract) for others. It would be interesting to know what percentage of that 16% figure regularly exchange or hold more than a minor amount of Crypto. Probably a pretty low amount.