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733,706 Cliptocurrency Accounts Fly to Bitcon Heaven in 24 Hours
Bob Moriarty
Archives
May 24, 2021

I did an interview recently with the lovely Michelle Holiday before the latest fireworks from the Cliptocurrencies. Michelle wanted to make a valid point that people have made a lot of money investing in what I believe are electronic Beanie Babies. Of course my response was that we hear from the people who have made money in the scam but not from those who lost money. In my view there are a lot more of those.

In any interview I do, what people respond to with the most negativity is me talking about how much money is going to be lost in a bubble of an asset of zero redeeming qualities other than FOMO.

The cliptocurrencies aren’t limited. In December of 2017 when I called that top back then there were about 1,300 of the creatures. Today there are 5,379 as I write. Limited? I doubt that. I may have turned old but I didn’t turn stupid. And we hear that they are anonymous. Yea, right. Tell that to the IRS who are busy collecting the names of everyone who do a transfer of over $10,000. That is going to bury the IRS in papers with tens of thousands of required forms submitted every day. And that you can buy your drugs without anyone knowing. Yea, sure.

There is the ever-popular FOMO. It’s not the very best reason to invest in anything. It’s the worst. That and Elon Musk ran the price of Dogecon up to $.725 two weeks ago. Now it stands at $.335. It had a market cap of over $90 billion. Do remember that Dogecon began as a joke. Actually it pretty much ended as a joke as well.

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