Jeff Danziger for November 14, 2022

in Florida they’ll sell you an island it’s under water, that also doesn’t exist

Like a deed to the Brooklyn Bridge…

A wise money manager – Peter Lynch said “don’t invest in anything you don’t understand”. I certainly don’t understand crypto currencies – do you?

Crypto currency has value because of the belief that it has value. Once that belief is gone, so is the value.

Some said the same about U.S. currency when we went off the gold standard. At least the “full faith and credence of the United States” is a lot easier to believe in.

Sadly, a friend of mine started investing in Crypto and took some profit and bought a new car. He had to sell it last week to cover bills. He went a little overboard with the investing with all the excitement generated. I keep mine in mutual funds. Still a gamble but diversification keeps it a little bit safer and generally I stay ahead of the game.

Every Ponzi scheme eventually collapses.

People are howling to get govt/FDIC protection on crypto, which was conceived specifically to NOT be subject to regulation.

Seemed to me from the start that it was a fancy dressed up lottery ticket. At least the odds of taking out any large payback were the same.

Few of those who were deep in the black got out with a nice profit. Reminds me of the Enron employees who held on “still believing”. Saw an interview with an Enron employee and her postal worker husband after Ken Lay and co-conspirators locked any sales and it crashed.

Prior to being prevented from selling the account was over $1M and he had begged her to sell. She refused because there “was more to come”. After money is lost we then call it greed. Too bad he could not have taken a compromise position and persuaded her to cash in half. Same with those in crypto.

I read an ‘explanation’ of crypto and I could NOT figure out the origination of the value everyone was saying was going to rise astronomically.

It seemed like it came down to: “There’s rocks all the way down!”

Don’t put your money into electrons….

“tulipmania,” How soon they all forget…at least tulips could held and admired.

Typical American “Get rich quick and easy” scam. It is amazing how they fall for it every time. P.T. Barnum was right, there is one born every minute. I know he did not actually say it but most people think he did, so I will use it as such.

Get rich with crypto! All you need to start your own is a server and a sucker!

Put all my spare $$ in canned food. You know Spam is quite tasty, with enough mustard.

Why won’t anyone buy my nothing for more than I paid for it?

I want to characterize crypto as making something out of nothing, which humans can’t do. And yet…here we are.

Suckers. Play stupid games, win stupid prizes.