by John Galt
January 17, 2018 22:40 ET
Today on Bubblevision Channel One, aka, CNBC, a nasty debate about the cryptocurrencies erupted on the television screen:
Interestingly enough, the part where the CNBC huckster, er, panelist told the guest to “piss off” was edited out of their own version of the video. Thankfully, the internet is forever until social media and search engines edit it out:
Wow. The technical aspects of Bitcoin or any other cryptocurrency is a joke, as Rich Ross illustrated. This video conflict is nothing more than a live television explosion of what has been happening on the internet for months now on various econ and financial news sites.
There is not enough data, not enough openly available bid/ask data, to construct a logical chart which bears accurate predictability for the future of the crypto instruments, much less verify they are legal or nothing more than another tulipmania. And just like another market which was manipulated by some wealthy interests, this time is truly different as they can remain anonymous:
Take what I say from someone who won a lot in the silver bull market of 1979-1981 and then blew it all on large chested blondes and fast cars (hey, I was in college at the time). I learned a lot from a seventy something year old coin dealer in late 1979 who said that when silver broke $30 an ounce, it would be time to set your selling price. I listened and bailed with my silver investment in the $39-$41 window making a nice profit and learning a lesson that I forgot until I lost a fortune during the “it will never go to zero” .com bust. One other lesson he taught me:
Bull Markets never last forever and usually end in divorce, tears, and bankruptcy.
Fast forward to the Cryptocarnage we are witnessing now. In the late 1970’s and early 1980, everyone said “it will never crash as precious metals are the only currency to hedge against a dollar collapse and freedom” as well as the same being said about gold of course. The same justifications are being used by the quasi-religious zealots for cryptos now, as they were for gold and silver then. And just like Bitcoin, silver was being manipulated by big money players like the Hunt Brothers which made everyone think that a “new, new” economic paradigm was being created when in reality it was plain old corruption, market manipulation, and greed.
Everyone who thinks that this is newest, latest or greatest also still thought in 2009 that if the banking system collapsed they could easily access their gold in a vault in Perth, Australia some 12,000 miles away or from the COMEX on demand (snicker).
Folks, this movie about a new currency is nothing new, just a bad remake from the 1970’s. If helps my friends who think that “cryptocurrency” is any different or better than paper gold, I provide you with the following as a closing thought:
Now, you too can see what it looked like in March of 1980 on a 15 inch black and white TV; enjoy the idea, but remember the tears are still wet and your bank will reflect your losses, just like the hysteria of 1979-1981 when another generation thought the economic world was coming to an end and the dollar as the world reserve currency would be replaced by “real money” to create a new economic order.