November 17, 2024 | The King of Bullshit Money

Bitcoin:  The shysters who sold me bitoin KNEW it would come back. That’s because they made such a ‘generous’ offer to make all the losers whole. Sure, the payoff was in bullshot coin that would need a huge recovery in BTC just to become convertible into less-bullshit coin.  BUt they hung in there.  And the rubes all have forgotten how the boutique crupto they held — there were  more than 2000 of them at the time — ould not be redeemed even for cow turs.

Bitcoin is the best bullshit money ever conceived.  The bullshit wealth effect it created even made an honest man of my colleague Alan Newman.  Not that he has gotten the faith, only that he respects the power of totally-bullshit money to add bullshit value, and very real liquidity, to the stock market. The liquidity is of course verr eal, but also capable of become non-exisrent in a trice, never mind overnight.

Buffett was kind in saying he was not a believer, but that many would make a great deal of money. He added that many  — most, if he were being completely honest — would be trapped in a worthless asset with no possibility of escape.

Manwhile, no difference between bitcoin at $100,000 oir $500,000.  There would only be bigger winners. There are no bitoin losers when it is going up, because it is not a vehicle the can be shorted. Not much sympathy for speclators who lose money being short in bitcoin.  And only gee-gosh awe from the morons who interprest/invent the news. None has bother to ask why bitcoin should be worth anything, much less attempt to elucidate the fine shades of logic that make BTC worth $10, as opposed to $100,000.

Rick Ackerman November 17th, 2024

Posted In: Rick's Picks

Next: The Trump Inflation Problem »