Lesson On How to Look Like a Pompous Ass, Bitcoin Style

-edited

Please pay attention: Here's a valuable lesson on how to make yourself look like a pompous ass.

Let This Valuable Lesson Sink In

Now tell me again how anyone has an excuse to be poor?

Even if someone perfectly timed the bottom, just how many poor people had money to buy Bitcoins?

And if they had "balls" to borrow the money to speculate on Bitcoin, they would now only need the "balls" to HODL until it hit $1,000,000 or so.

Macro's Tweet is the epitome of Bitcoin arrogance.

Can't Take the Heat

Bitcoin Macro could not take the heat. So he banned 100 people or so for disagreeing with him.

Not to worry, he is going to do a separate post about it.

Gee, I can hardly wait. Yet, I can predict it in advance.

What Bitcoin Macro Will Say

To the Moon Baby

Bitcoin is going to $1,000,000 if not $20,000,000 or perhaps even infinity.

Math Lesson

A move from $3,333 to $100,000 would multiply the value by 30 times. So if one plunked down $1,000 they did not have, at an average price of $3,333 they would then have about $30,000. That not enough to retire on. It's not even much of a down payment on a house.

So we need either bigger assumptions or a bigger initial investment by the poor, of money they do not have and should not be speculating with. Nonetheless, let's put a target of $1,000,000 on Bitcoin.

A move from $3,333 to $1,000,000 would multiply the value by 300 times. So if one plunked down $1,000 they did not have, at an average price of $3,333 they would then have about $300,000.

Why stop there? Assume a $20,000,000 target and someone would have $6,000,000.

One Small Catch

All it takes is "guts" to not put food on the table, plop money on Bitcoin, then become a "true believer".

Bitcoin then has to get to $1,000,000 then to $20,000,000.

There's only one catch. One needs to be correct and wait until they are, no matter how long it takes.

That's all.

Highly Unlikely to Get That High

Ignore all the hype on hash rates or whatever. The moment Bitcoin threatens either central banks or governments it will be shut down.

And it's easy to do.

I discussed that setup in Trump Slams Bitcoin in Tweet Storm: What Does It Mean? Anything?

Curiously, just two days before Trump's crypto Tweet storm, I mentioned everything Trump stated on live national radio.

I also stated the charges would mostly be fictional, but it would not matter.

I rather doubt the threat is imminent but Trump reinforced my expectation as to what is highly likely to happen if Bitcoin gets high enough.

Bear in mind, Bitcoin is a free market construct. I do not object to it.

But telling the poor "there's no excuse to be poor" and they won't be if they have "balls" is more than a bit galling.

Mike "Mish" Shedlock

Comments (30)
No. 1-19
Bam_Man
Bam_Man

The "moral" is that everyone can, and should be, a successful speculator in whatever the "get-rich-quick-vehicle-du-jour" happens to be. A sure sign of a society in terminal decline.

Curious-Cat
Curious-Cat

If I owned bit coin, I'd say the same thing. If he can convince enough folks he is right, demand will go up and his prophecy will be fulfilled. By the way, I understand the most valuable tulips are the black ones.

shamrock
shamrock

Sounds pretty similar to people hawking gold and silver, or real estate flipping, or whatever.

Maximus_Minimus
Maximus_Minimus

By the same logic, if the FED could print a quadrillion $, everybody could become a millionaire, and nobody would have to work. Everybody could buy an island in the Caribbean (I heard one will be for sale). Blame the FED to enrich only the select ones.

Tengen
Tengen

Unfortunately this Bitcoin Macro guy is emblematic of what American culture has become. Be a jerk to get views, complain about being called out for it, then block anyone who disagrees with you. There are way too many people like this running around.

If the US is to have a non-dystopian future, we need to learn the basics of human empathy quickly. Taunting people who have less money than you (at the moment anyway, these "markets" are volatile) should be strongly discouraged. Maybe we should go full throttle and make fun of the sick or very elderly while we're at it?

MadeAccountJust4This
MadeAccountJust4This

You act like Bitcoin is strictly a United States matter. They [United States Legislature] can ban all they like; Bitcoin is global, and superior technology will always prevail.

You're dumb
You're dumb

Ooh someone else who doesnt understand what leverage is, and probably cant read a chart.

thimk
thimk

ok bitcoin offers some degree of anonymity. but i don't see how it is any different from a fidelity or otherwise brokerage account . oh and you might get hacked. small detail.

FoodRebel82
FoodRebel82

I see a theme... Rich person tells everyone how to get rich, but everyone gets offended instead of implementing said advice. I too am poor, but you are all way too sensitive. You can get offended, or get motivated. Guess which one makes you rich

Ebowalker
Ebowalker

Wonder what his advice was when it was at $19k?

thimk
thimk

funny bitcoin parody , reflects human nature (hodl)

RonJ
RonJ

"People had 4 months to buy Bitcoin in the $3k range.

Let that sink in!"

So? Hind sight is 20/20.

Back in the mid 2000's decade, someone wrote a book called "Next stop Dow 21,000." It stopped at 14,000 and fell to 6,500, a drop of over 50% from there.

What if some day a major government or more suddenly ban bitcoin.

Let that sink in.

No one knows if or when that might happen.

HubbaBuba2
HubbaBuba2

One presumes "balls" means some kind of prescient judgment. For an asset where a price discovery methodology (other than some kind of 'greater fool' construct) is all but absent really falls back on the real intelligence of the person commenting. Please, if he can, have him post a spreadsheet or something where we can model some kind of intrinsic value for this asset class. Good luck too.

Ahab
Ahab

You guys are so right ! Electricity is dangerous and crazy ! You can't even see it... only a fool would trust that techno crap ! I'll be sticking with good old fashioned whale oil. Now there's a product we can all agree will last forever !

FoodRebel82
FoodRebel82

Good, the dollar is no longer backed, so destined to crash. Whale Oil should be a great investment. Maybe keep that on the dl though.

FoodRebel82
FoodRebel82

Being real here though... Our future is dependent on how we choose to use cryptocurrencies. If you know economics, you know that the people have more power than they realize in deciding which currencies will become the norm. If we choose to adopt cryptocurrencies that are controlled by a central authority, we will be also giving that authority control of our money. If we choose uncontrolled, decentralized currencies, we might manage to protect our financial freedoms. Blockchain is changing the world. How it does this, is up to us.

MntGoat
MntGoat

It seems like any negative Tesla posts or bitcoin posts by Mish bring out this angry mob of perma bull Tesla or perma bull btc trolls to Mish's blog. They only seem to show up on tesla or btc posts.

Irondoor
Irondoor

One thing will really derail Bitcoin: Libra. And it will have the government's blessing and control.

ReadyKilowatt
ReadyKilowatt

I taught myself how to count cards. I thought I'd be able to make big bucks at the tables. After all, a blackjack will pay out 3:2!

Later after losing a few hundred dollars (and realizing that everyone at the table was also counting and sitting out the cold shoes), I realized the key to winning at the casino is to buy casino stocks. No where near the thrill in the short term, but in the long run a lot of fun.