CRYPTO-CURRENCIES

I’m told my name and photo has popped up once again on a website endorsing crypto-currency speculation. The fact that promoters resort to fraudulent puffery says everything about the absence of merit of this non-commodity.

The underlying value of crypto-currencies is nil. History is full of such speculative manias and I’ve witnessed many over my life. On my observation their appeal lies mainly, with males under 40, ambitious for wealth but not too bright. Initial success induces a religious-like faith that they’ve discovered the Holy Grail.

If you seek riches then either create something new and worthwhile, or adopt the more common path of building a better mousetrap. In other words, study an existing activity and look for ways to do it better. Doing what everyone else is doing is illogical as otherwise everyone would be rich and they’re not.

Another tip which will never be followed is to throw away your cell-phone and substitute observation and thinking, both non-existent with speculative behavior in particular.

The current crypto-currency speculative mania is classic tulip territory and like every such mania before it, will end in tears, fraud prosecutions and much litigation about being mis-led. Indeed, those two near-the-end give-away signs are now occurring fairly regularly.

Crypto-currency speculation relies solely on the bigger fool principle, that is buying into a speculative mania on the rationale that other half-wits will come in behind you and force the price up. While there’s no shortage of halfwits, the problem with them fueling this mania is they tend to be penniless for fairly obvious reasons.

9 Comments

Throwing away your cellphone may be little excessive in this day and age but divesting yourself of social media,facebook,tick tock ,twitter and the like will free up wasted time to engage in observation and thinking and as long as you can begin implementation and execution of your ideas without the input of the group think of so called experts and influencers you may find yourself on the money and good luck with that

Ponzi / Pyramid.
Get in quick. Get out quick.

Quantitative Easing : Shift the pain to some other poor sucker further down the chain, but thats alright….
“everybody else is doing it “.

Good luck punters.

… better to put your money in tulips , Bob …. at the very least , if the bubble bursts , you can eat the little buggers …

Sounds like the local housing market.

Maybe thats the biggest ponzi scheme of all?

By definition, 50% of the population is below average intelligence. There is your source of investors.

If one has studied the true gems of history. William of Ockham and Ockmams razor must spring to mind. Final conclusion…. you could not possibly be born equal; but you were born free. The journey and the outcome is entirely your own decision.

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Bitcoin monday | No MinisterOctober 25, 2021 at 11:49 am

[…] least in the sense of the 1637 Tulip Mania. I see that Bob Jones was hot on this the other day, although it should be noted that he’s attacking the speculation on the currency, rather than […]

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