Nassim Taleb annihilates Shitcoin

This is worth your time. Just in case you’re tempted by the greatest and stoopidest ponzi scheme in history: This discussion applies quantitative finance methods and economic arguments to cryptocurrencies in general and bitcoin in particular —as there are about 10, 000 cryptocurrencies, we focus (unless otherwise specified) on the most discussed crypto of those


Trump 100% right about Bitcoin scam

More Bitcoin voodoo today. What does it say when Donald Trump becomes the voice of reason? Watch the latest video at He went on to say that it ought to be “highly regulated”. Outlawed is my preference. It’s nothing more than a worthless private currency swindle made on the principles of regulatory arbitrage. Meanwhile,


Bitcoin sound and fury signifying nothing

JPM on BTC sound and fury signifying nothing. Think tulips: Despite tremendous volatility in Cryptocurrencies this week, movements in global markets have been even tamer than this year’s other corrections in January due to meme-stock trading or in February due to a high-vol sell-off in US Rates. A basket of the three largest Cryptos (Bitcoin,


Sell bitcoin and gold

Societe Generale with the note. BTC is a ponzi scheme and should always be sold. Sell gold because US real interest rates are about to bottom as inflation falls: The recent rise in equity indices and commodity prices indicates great progress in putting the COVID-19 crisis behind us. Meanwhile, the vaccine rollout is fuelling expectations


New gold bull market or bear market rally?

Gold has rebounded strongly in recent weeks as the generalised inflation panic has built up a head of steam. It has been particularly helped by the peculiar combination of high US inflation and a weakening DXY, trigger by the recent US jobs report which hinted at stagflation. This has led to a slump in real


Elon Musk may have just saved Bitcoin

Oh, really? Tesla & Bitcoin — Elon Musk (@elonmusk) May 12, 2021 Cripes, who could have seen that coming? The world’s pin-up boy for renewable transformation backing out of the world’s most environmentally destructive ponzi-scheme. The funny part about it is, Elon Musk has just increased BTC’s chances of survival, and thus marginally decreased


Gold entering bear market. Bitcoin to the moon!

UBS has summed up my view on gold pretty well: We forecast a further weakening of gold (USD 1,600/oz end-2021) and recommend investors manage their gold positions more actively. Investors who hold gold strategically and don’t want to protect against near-term downside can pick up an additional yield by systematically selling the upside potential. Our


Gold price stuffed?

Recent weeks have seen the big gold correction ease off into a little bounce. In these strange days we also need to account for Bitcoin which has likewise flamed out and struggled: The driver of the correction has been higher US real interest rates, a bottoming US dollar and a tearaway Bitcoin which has stolen


RIP gold. Killed by Bitcoin

Some interesting tweets from various financial mavericks overnight on the ongoing gold versus Bitcoin debate. Pater Schiff versus Mark Cuban: Congratulations to those who bought Bitcoin early, pumped up the price, and who’ve been dumping into the hype. You succeeded in getting Wall Street to buy into the mania. When I first learned about #Bitcoin


JPM on why Bitcoin will go to $146k, halve, or both

JPM: The virus crisis, by boosting money supply as well as demand for an “alternative” currency, has supported both gold and bitcoin over the past year. The older cohort preferred gold, while the younger cohorts preferred Bitcoin as an “alternative” currency. Both gold and bitcoin investment vehicles have experienced strong inflows over the past year,


Bitcoin has killed gold (for now)

In a crazy world, the rational is irrational and the irrational rational. That is how I would describe the state of play in the gold versus Bitcoin debate with the latest installment coming from Doubleline doyen Jeffrey Gundlach: I am a long term dollar bear and gold bull but have been neutral on both for


Gold stocks take off as results jump

It’s been a frustrating few months for gold investment. Following the big COVID-19 spike, a falling USD and real interest rates have been unable to sustain the rally, even though these are prime conditions for doing so. DXY: Gold versus TIPS: Doubtless, gold got overvalued. But its recent underperformance is either a signal that the


Silver market fleeces Reddit patsies

Via Societe General: The recent Reddit silver rally was triggered by a post in a Reddit forum thread called WallStreetBets calling for “the biggest short squeeze in the world”. At the time of writing, silver prices have retreated and paused after the initial resulting surge. This note is not intended to offer a prediction of


Bitcoin versus gold versus money

Via GaveKal: “Money is the bubble that never pops”, says angel investor and bitcoin enthusiast, Naval Ravikant. If a “bubble” is defined as a self-reinforcing belief that an asset will retain market value that far exceeds its expected usefulness in consumption, production or generating income, then this is the right way to think about money—and


Bitcoin squeezing out other cryptos as it zooms higher

The number of memes around financial assets – and their cryptozoological Frankenstein cousins – continues to mount as the world’s central bankers unleash as many acronymic “easing” programs they can to arrest the COVID economic depression. HODL was the classic one for Bitcoin, as it crushed under the weight of its first bubble in late


ANZ: Stay long gold

Via ANZ: prospects of an imminent coronavirus vaccine, the likelihood of a strong global recovery and a rally in risk assets continues to improve …  could take some shine off from gold’s haven appeal, we don’t think it will scuttle gold’s current rise. in the bull market of 2002–07, when the S&P 500 index rallied


Inside Janet Yellen’s head is an enormous dove

From a recent speech by Janet Yellen, incoming US Treasury Secretary: Extreme economic events have often challenged existing views of how the economy works and exposed shortcomings in the collective knowledge of economists. To give two well-known examples, both the Great Depression and the stagflation of the 1970s motivated new ways of thinking about economic


What’s killed gold?

This one has really baked my noodle recently: Especially as BTC, “digital gold”,  goes nuts: This became especially weird in the last few days as Janet Yellen was nominated for Treasury Secretary, indicating a rising risk of integration between the Treasury and Fed, a clear gold positive. Yellen says she is not persuaded by MMT


Bitcoin heads for infinity

Bitcoin continues to outperform gold in recent price action: However, it still hasn’t broken its recent range: Will it? Today’s BofA fundie survey shows some rising acceptance of BTC: Anything is possible at this juncture. There is no reason why BTC is yoked to gold that I can see. It isn’t a safe haven. It


Goldman: Gold to $2300

Gold is the currency of last resort Finally, markets are also growing increasingly concerned about a possible return of inflation now that the initial deflationary shock from the pandemic has passed. Beyond the already massive debt build-ups around the world, we see risks of politically-driven inflationary policies to address rising social needs. Such policies would


Is Bitcoin blowing away gold?

Lot’s of excitement over this: As I have noted many times, BTC and gold share an investment narrative insofar as both are seen as hedges against USD debasement. Some have recently been plumping for BTC to overtake gold. Has it? The answer is no and, for what’s it’s worth, I don’t think it will. BTC


More BTFD gold

This time RBC: For some time we have been calling out not just the 2020 US presidential election itself as a potential source of uncertainty for gold, but rather that potentially volatile aftermath and uncertainty following it could prove a source of volatility and/or upwards price momentum for gold in our view. In fact, in


Digital currencies to end USD reserve?

Via Doubleline: If launched, central bank digital currencies (CBDCs), as I have recently warned, will put at risk the independence of monetary policy and what little is left of fiscal discipline within their borders of circulation.1 Central banks are not stopping at the replacement of money as we have known it. In conjunction with their developmental


BTFD gold

Via Sprott: The current pullback in the precious metals sector is a buying opportunity. Since trading at a closing high of $2,064 an ounce on August 6, gold bullion has declined 8.34% as of this writing. Gold mining shares have followed suit, declining 9.26% since the August high. It is possible that gold and related