A crypto cynic's primer on cryptocurrency


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


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.



I’ll bet that the smart money in Holland in the 1630s said the same thing.


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.


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.—