by John Galt
November 3, 2018 05:30 ET
On June 13th via ZeroHedge Raoul Paul summed up a shocking reality that most of us realized over many, many, many lost dollars ago:
When I started to write this article, it was way, way back in June, but more important matters distracted from my penmanship.
Thus why revisiting this draft and publishing it is crucial today.
I like the idea of cryptocurrency; however I do not like the concept as currently constructed at this time because it is an invitation to fraud, government intervention and/or confiscation, and disaster for the “investors” who perceive quite incorrectly that the creators of all of these crypto byte monies have their best interests at heart.
To illustrate the insanity of the cryptocurrency industry, here are 3 charts courtesy of Investing.com to remind people what tulips smell like:
IF you invested $1,000 in Bitcoin on October 1, 2017, uh, ouch? Unless of course you found a buyer above $10,000 then congrats. Next up:
At least one year later you are relatively flat. If you can find a buyer in Ethereum for your holdings.
Then we have my all time favorite which defines the marketplace, Ripple:
The bottom line?
Nice toys, fun to play with, but just like a Hot Wheel on a roller coaster, you’re going to die or put your eye out kid. Cryptocurrencies are the ULTIMATE fiat currency and until they have wide acceptance, easy processing, and liquid markets, they can not be trusted. Hence, if you’re profitable I would suggest you get out. If not? Enjoy the ride to zero because it hurts far more than any derision I or anyone else could provide.