Friday, February 02, 2018

Only 80-100 billion to go?

When bitcoin was down by half there were a raft of articles saying - don't worry - bitcoin is only one Microsoft, not even a whole Apple, and only two Warren Buffets. And I've been waiting to mock them. Because I can assure you if Apple or Warren Buffet lost half of their value people would be losing their minds.

Honestly, I don't know what Bitcoin's market cap is. I once thought it was roughly 200 billion, but some say 200 billion has already been wiped out. This is now at a point where it will spill over into the regular market. People are billions poorer. And it just sucks because Silicon Valley has found another way to rip people off. That is who Silicon Valley is right now. The greatest con artists on earth.  They literally convinced people to buy fake money with their real money. There has never been a greater vaporware product than bitcoin. At least this lunacy will soon be over and hopefully money can start flowing back into real products.


  1. Still, if you'd stuck your money in it on 20 March 2017 and pulled it out today with zero intervention in the intervening time, you'd have multiplied your money by 9x ...

    It definitely performs like a highly aggressive mutual fund backed by some of the world's most ignorant investors.

    The only sensible advice I've seen is this: don't put any money in Bitcoin unless you can afford to lose all of it, because nobody knows what's going to happen.


  2. Yeah, but for every stock or "whatever" that does that - there are a hundred that don't. Hindsight is always 20/20 and people only remember the successes. It very easily could have done the opposite..

    I'm guessing there are a ton of people who are gambling this stock who don't have the money to lose.. There are literally a hundred bitcoin conferences in the Bay Area.

    The real question is - is it better to have been a bitcoin millionaire for a month? Or to have never been a bitcoin millionaire at all?