Monday, May 10, 2021

Full casino.

Last week a guy I know told me he turned 4 grand into 150 grand with Dogecoin. 

Of course I told him this was the most dangerous market I'd ever seen. I'm like - "it's based on nothing - right?"

He says - yeah. But money is money.

I tell him to keep his stops tight. But I know he doesn't have any stops. These people are just flat out gambling. Because if you had four grand to invest, why would you put it in Dogecoin rather than something that wouldn't vaporize tomorrow.


  1. Right now the Dow is over 34 thousand dollars, an unbelievable number. 'Help Wanted' signs all over the place and the feds are still paying people not to work. The cost of an eight foot 2x4 is unbelievable.
    Odd times these days, maybe it's not so difficult to think of people making bank on pretend money...

  2. Weeeeeelll. They haven't really made it until it's in their bank accounts. And gamblers are gamblers.

    I think everyone better have their running shoes on. Everything for sure is blowing up. Two year old graphics cards are going for more than a 1000 bucks.

    The laws of supply and demand are not working. There is no way this kind of inflation can be absorbed.

  3. We just had to replace the graphics card on my computer. Thankfully the 4yr old card was still an upgrade for me. It cost twice what it would have last year too. Ugh.

    My husband said hell with it and put $100 on Dogecoin. Its his fun budget, so no harm if it disappears. He's made a few $, at least in theory. We'll see where it goes I guess!

  4. Capital of Texas RefugeeFriday, May 14, 2021 5:10:00 PM

    I wouldn't give Mister Dogecoin Fast Gains any grief about what he's done though.

    The truth is most Americans with their houses, their second houses, their stonks, and so on aren't really investors.

    Market valuations are and have been wacky because most of the players are actually speculators, especially the wannabe-safe variety that want to play the stonks via ETFs.

    "They haven't really made it until it's in their bank accounts."

    They still haven't made it even then, at least if they're Americans.

    Ever checked the loss limits for FDIC and NCUA?

    Ever checked to see what kinds of non-reportable assets you can hold?

    Ever tried to rent a private vault in the US that isn't tied to a bank?

    Yeah, good luck with that last one, you're better off outsourcing that to other countries.

    The one thing you can count on with the Federal Reserve fractional banking system is the totality of it in terms of making sure that US-based capital can't escape it.

    "The laws of supply and demand are not working."

    No shit ... did you expect they would after a massive infusion of cash that would inevitably be spent on consumer goods?

    Why should anyone of certain social classes work when they can get on the Greenbacks For Free program that pays them better than their old jobs?

    We still have chips at least, although there are plenty of manufacturers here that don't.

    No, Ford, you can't have ours.

    We decided to panic early and avoid the rush.

    One of the "extraordinary delusions and madness of crowds" things of this past half century has been the worship of just-in-time inventory management systems.

    JIT, TMS, MRP2, PRINCE, it's all just a way to get out of the warehouse business.

    That warehouse business looks pretty good these days.

    So does the private vault business ... where permitted by law.

  5. "I wouldn't give Mister Dogecoin Fast Gains any grief about what he's done though."

    Why would I do that? I'm a capitalist. If he actually sold (I will find out next time) I am pretty proud of him. And doubly proud that he was aware enough to think about Uncle Sam because his first question was - If I put it all back in the market do I still have to pay taxes.

    I love the thrill of the game. And I've been nihilist too. But this is a very dangerous market and I don't think those "speculators" as you put it are quite aware of how dangerous. They are in full greed mode and are making very risky choices. If he managed to thread that needle. Good on him. It's probably more money he makes in a year.

    Elon is going to make it so the whole crypto sector gets increased attention. That and the pipeline hack. Since those people paid out, this is going to happen more and the Feds are eventually going to get their grubby hands all up inside of Crypto.

    Maybe Elon knew this and that's why he is not accept BTC for cars anymore.