Crypto is the dumbest bubble of all time

See the latest Australian dollar analysis here:

Macro Afternoon

Enjoy the latest twist in this “new asset class” of 100% horseshit.

Houses and Holes

Comments

  1. Are they pissed because their crypto asset just tanked or because they genuinely care about correcting a wrongdoing? Always back self interest.

    Either way they probably planted a bug in the SpaceX or Tesla code base causing catastrophic failure on command.

  2. The FNG.MEMBER

    Between the two recent massive ransomware attacks, the 100x leverage built on top of the historically epic tether fraud and the fact that it’s nothing but vapor…the “butts” are carrying a buttload of risk.
    Oh so Etherium is the new future of crypto? POS just got pushed back to 18 months…
    C#M Rocket surges 300% on Musk emoji tweet.

    It’s a circus, inside an asylum, inside a simulation…

  3. MathiasMEMBER

    I think Gun Powder is more likely to become a currency then Electronic Crypto.

    There’s no motivation on this earth that will make Boomers take a pay cut for tommorrows young.

    Democracy’s are so corrupt that I find it hard to see how it cant end in violence.

    Living your Life shouldnt be so damn complicated but apparently, it is.

    Im wondering if the next Federal Election in Australia will be the one that brings out the Terrorism.

  4. Land bubbles are the dumbest because we actually need land. We cut off our noses to spite our own faces when there is a land bubble. Crypto bubbles a dumb in their own way and are probably a comment on the times we live in more-so than those that are hoping to ride a rainbow to some form of economic security that society seems determined to deny them.

  5. A crypto bubble may be dumb but it has no effect on those not into it.

    Australia’s 20 year housing bubble is the greediest, laziest and most despicable bubble because of the opposite- it affects all those who are not in the position to buy (ie; those without mummies and daddies willing to throw massive amounts of money to them). Aside from a couple of wars, it is the biggest blight this country has ever seen, destroying not only lives but enslaving generations of Australians. It has smashed the aspirations of the young and ripped apart any egalitarianism that existed here.

    But crypto bubbles are bad…..please.

    • Spot on. Why do people get so worked up about a crypto bubble?

      Also, both Musk and Anonymous are just short term noise.

      • pfh007.comMEMBER

        They just prefer a different model of public money privatisation.

        The only people who consistently get their knickers in a twist about cryptos are those who refuse to accept the current public money model centred around deregulated debt peddler product lines is broken and beyond repair.

        You know the type.

        All excited about ZIRP, NIRP, QE and every other form of central banker desperation.

        Lots of fingers stuck in ears, heads in sand etc.

        All they seek is more double down rather than seek reform of the very thing driving the interest in private money.

        It is all very meh.

  6. Oh well, Musk shouldn’t have bought into into Bitcoin, then anything he said wouldn’t have mattered as much. Maybe he can do amends with a firmware upgrade so Tesla cars can mine bitcoin with the surplus energy they produce when they are braking. They could all be configured into a drone configuration and pump out BTC, the owners can get a cut of the profits. Help pay their new cars off.

      • BakuninMEMBER

        This is an appalling comment. Their US based diaspora want a way to send remittances to relatives back home.

        How do you define a “real country”?

        • Internet tough guy – user name QAnon ?

          The point is that the levee has broken – its a serious issue and if other countries follow suit it is a critical nexus.

  7. Lord DudleyMEMBER

    FIVE BUCKS FIVE BUCKS WEVE GONE CRAZY EVERYTHING IS FIVE BUCKS!1

    This is Australia right now.

  8. bleeterMEMBER

    interesting comment “100% horseshoe”. I see crypto as speculative yes, BTC as a store of value (much like gold for example) and other coins as potential alt finance applications….but 100% horseshoe” that’s pretty agricultural even for you, Dave

  9. Central Bank Digital Currencies (CBDC) are a real ‘thing’, and the use case is sound.

    (Cross border exchange – https://www.fsb.org/wp-content/uploads/P131020-1.pdf)

    That said, it’s an emerging market, full of charlatans, thieves, and misdirection.

    Underlying that, there are projects which will scale globally and provide real utility, most probably 98% won’t.

    I went through this with the DotCom bubble and it was a wild ride but mainly in Western retail money. This time the number is gigantic as the whole world can play.

    Yes, there will be significant casualties but digital currencies are not going away and Fiat is just as bad. Which do you have more faith in, that’s the Tooth Fairy test really!

    I’ll take a mix and hold onto a couple that could or won’t be an Amazon. Remind me of this post in ten years! 😉

    #GLTA

  10. These articles are going to age as well as all those writing off the internet in the 90’s.

    And you’ll get constantly reminded of them. Getting Bitcoin wrong is going to have reputational consequences.

    It’s not too late to figure out it.

    • Helpful hint: don’t obsess over all the crypto nonsense, just focus in on Bitcoin.