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Thursday, December 21, 2017

I don't understand Bitcoin

The Bitcoin frenzy of the past few weeks has been hard to fathom. A lot of people have compared it to famous bubbles of the past, such as the tulip bulb frenzy in the 1600's, or the insanity of 1999 and 2000.

But I can't even categorize it that way, since I don't understand it. As Janet Yellen said recently, since it's not government-issued, it has no backing, nobody has any responsibility to redeem it, and there's no military to protect it.

Nonetheless, like everyone else, I'm gnashing my teeth that I didn't invest in it earlier. (And, like everyone else, I'm sorta secretly hoping it collapses.)

But, in the meantime, I've decided to issue my own currency. I'm going to call it the "Craig." You have my word, it's officially Just Not Said-approved. I'm going to sell a hundred coins, at a million dollars apiece. I promise, I'll never sell any more than that.

You can use it to finance drug deals, spirit your wealth out of Zimbabwe, or pay off gambling debts.

Step right up, folks.


Anonymous said...

I don't understand bitcoins either. Why not use gold as a store of value instead ?
Some of my cash reserves is used to buy gold bullion coins. we keep about 7% of our assets in gold and silver. I started buying gold coins back in 1998 when 1oz kruggarands were about $300. Today they sell for about $1250. Started buying 10oz Silver bars in 2004 for about $100. They now sell for about $175

John Craig said...

Anon --
Smart move. Gold and silver are two things you can count on not to ever go completely out of fashion, and are good hedges against inflation though we've had little of that recently. Bitcoin, once it's subject to regulation, could easily crash, and as a matter of fact, this morning it's down quite a bit (12,885 as I write this), even though that's obviously still up huge from a few months ago.

Dave Moriarty said...

i am ready to swap some Moriartys for "Craigs" - hopefully the Craigs have a nice profile featured on the currency - i might suggest holding back on putting up a statue because 350 years from now somebody might take offense at the existence of your statue given you have a view on many things and a sense of humor

John Craig said...

Dave --
Thank you. But I hate to have to tell you that I'm not about to swap any Craigs -- which are going for a million -- for any Moriarty's, which are only going for half a million. Sorry.

As far as monuments go, I'm not in any danger of anyone erecting a statue to me anytime soon.

Anonymous said...

My uncle is into bitcoin (the one who talked about "the cabal", he also believes in Aliens and spirit channeling), he also does other cryptocurrencies.

Why? "The Cabal can't control it, it is our way to fight against them"

He's made 100k off it so far, and he promised to leave it to me in his inheritance.


John Craig said...

Ga --
That's a nice little windfall.

I've known guys like that, they're always talking about the mysterious "they" who control everything: the Trilateral Commission, the Freemasons, etc.

I believe in the Deep State, but that's not quite as mysterioso as it sounds, it's just a way of talking about permanent government employees who tend to lean Left and are always trying to bend the various arms of government in that direction.

Anonymous said...

My uncle has me moving cryptos around for him in Hong Kong because he believes they won't watch it as much here as in the USA, THEY (cue scary music) want to destroy it, I fear someone like Hilary will give a speech denouncing them and will try to plot to destroy them honestly, not out of conspiracy or for the dark forces whatever but for fun, to sow destruction for pleasure. I think her intentions are much plainer than my uncle does.

I just take his orders and move them, buy them, and stuff. He promises me more when I help him so I do. He sent me some crypto and ordered me to buy exactly on February 7th some currencies at a specific time, and they went up when he predicted and then told me other times to move them right before they started dropping.

I asked him if he has some weird insider info, and he says he follows some guy on twitter, and also says he has access to prediction algorithms, and also uses messages sent by the great guardian spirits against the darkness (what?), he also gave me instructions after the Ellen show talked about Bitcoin and it worked.

Maybe he is just good at trading.


John Craig said...

Ga --
Good for him if he's making money from Bitcoin and the other cryptos. When you say "move them," do you mean sell them? He does seem to have some sort of insight. Hope you're getting a cut there.

Anonymous said...

Sell at a precise time, buy at a precise time.
He just sorta knows when to do it. He is good at it, I don't think it's because of the forces of light sending him messages as he claims. But he seems almost psychic.
Yes he has promised a cut, so I'm gladly doing this for him.


John Craig said...
This comment has been removed by the author.