https://tidbits.com/2022/04/20/understand-cryptocurrency-but…
It is 25 printed pages so finding a few key points to pull out wouldn’t do it justice. The key idea may be in its title.
Understand Cryptocurrency, but Don’t Invest in It
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It could be kind of like a Saul Stock. It does great for a while, but you need to be adept at getting out when the getting is good.
intercst
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I’ll bet that the smart money in Holland in the 1630s said the same thing.
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I have a young cousin who is posting relentlessly about his swing trades in crypto. He is mid 30’s and a CPA. He quit his lucrative job to stare at matrix style price charts, seeking any dip or rise in a malignantly swelling number of new offerings.
I’ve followed him in public as he posts. There are only a few different names that he has repeated. Either he is getting in and out of a particular play only once, or he is only broadcastings a few of his intents.
He hasn’t had a ‘job’ for over 18 months now and is insulted that anyone would consider any old-economy gig.
From his history, it seems that 20% is a reasonable threshold for price action.
He:
Buys ‘coins’ to lend
Buys ‘tokens’ to invest in games (splinterlands is one)
Exchanges tokens for some alternate ‘coin’ to convert into yet another ‘coin’.
I get the basics of speculation, but, I’m not so sure I understand how the fringe can be at all sustained.
Perhaps he’s a master of the greater fool theory.
—I’m a holder of Bitcoin and Ethereum.—