Friday, 2 February 2018

The New Paradigm

Funny how this:

is starting to look like this:


Steven_L said...

Funny how the peak was exactly 18 years on from the peak of the dotcom bubble too. I reckon bitcoin is so easily manipulated by the big players that the price is an irrelevance. It's the net inflow of new 'fiat' (or money as you and I would call it) that matters most.

I reckon people are having trouble actually liquidating BTC too. Recently an unknown Indian bloke with one mutual facebook friend (my only FB friend that posts about BTC and crypto) added me. I accepted out of curiosity and almost immediately he was posting and trying to sell 10 BTC otc for slightly below 'market value'.

I'm totally struggling to understand why this 'blockchain' or 'decentralised ledger' tech isn't just the Emperors' new clothes too. But you'd be as well trying to convert Muslims to Catholicism as debating the merits of 'blockchain' with its adherents.

jack ketch said...

I know next to nothing about economics but quite a bit about religion and Bitcoin is as much a faith as any you'd care to name. In the Old Testament you will find passage after passage saying ' your crops will treble in value in as many moons providing you keep the faith' or something like that expressed in 500BC terms. Unfortunately such passages are always followed by a rider..."you piss off The Lord Your GOD, and your stock options will be so much toilet paper".

Of course all currency is to some degree an illusion, even gold but when illusion becomes a religion, when illusion becomes delusion then a prophet of the profit will know to invest in 7 fat cows while he can.

(yes more late-night temazepam and codeine fuelled nonsense the clever ones-ie who actually know something about £- here can safely ignore)

Mark Wadsworth said...

Nice one!