Said Grant Hummer, who runs the San Francisco Ethereum Meetup, quoted in "Everyone Is Getting Hilariously Rich and You’re Not" (NYT).
His room is simple: a bed, a futon, a TV on a mostly empty media console, three keyboard cleaning sprays and a half dozen canisters of Lysol wipes. His T-shirt read, ‘The Lizard of Wall Street,’ with a picture of a lizard in a suit, dollar-sign necklaces around its neck. He carries with him a coin that reads, “memento mori,” to remind himself he can die any day. He sees the [cryptocurrency] boom as part of a global apocalypse.I guess this is the T-shirt:
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Other people are not going to give you free money, is a good rule for investing.
Tulips.
"And maybe I’m going to lose it,” she said. "Maybe I’m going to keep cleaning houses. But something is telling me I can trust this generation. My instinct is telling me this is the future."
Where can a buy the call option on her having to keep cleaning houses?
Notice how everything is still denominated in dollars.
Denial is more than a river in Egypt.
It's also a pyramid.
Great if you get in early and can play with "house money" while drawing it out.
But what happens when nobody wants in and everyone wants out at the same time?
Here's a fun one from this week in cryptocurrencies: mining Bitcoin has become an arbitrage in electricity...Bitcoin mining epicenter found in rural Wenatchee, WA.
Bitcoin mining generates heat, and if you happen to need heat, it's free. Watt for watt, it all ends up as the same amount of heat.
Assuming resistive heating is the alternative.
Betting on the global apocalypse is longer odds than betting 50 years in advance of the time of your own death. Who is going to honor your bitcoin after the apocalypse. I'm hoarding tuck containers full of ammo, canned food, doritos, and weed - the currencies that will reign. I bet you won't be able to buy a can of corn with a hard disk full of bitcoin.
No currency needs stability more than bitcoin. The others are not much better, but in this regard bitcoin is no different.
Last one out's a rotten egg!
"When I meet people in the normal world now, I get bored. It’s just a different level of consciousness."
That's the cocky attitude I had back during the last stock bubble before the recession when we were making thousands per day. I once made $60K in a single day just sitting at my desk watching the market. I was preparing to quit my six figure job and just become a daytrader, like a lot of other idiots. Thank god it crashed before I quit my job. That stupidity would have ruined me overnight. I eventually lost all my gains not believing it was actually over, but once back at break even, I bailed and have not been back since, which was also a mistake.
"Bitcoin mining generates heat, and if you happen to need heat, it's free. Watt for watt, it all ends up as the same amount of heat.
Assuming resistive heating is the alternative."
@rhhardin, Please share your IQ test results with us. What s-hole countries were your ancestors from? Why can't we have more immigrants from Sweden? Why did your relatives immigrate to the United States?
The dot com era was the late nineties so while some of them were alive none of these young whippersnappers have experienced a market bubble.
I remember the first time I shrugged when a bookkeeping fuckup cost me half a million dollars. The bookkeeper got what for, and the old heave ho, but it comes with the territory. It's always over taxes, of course. Bet none of these guys pay any! I am envious now!
I would love to see an IQ cage match between those two! One of them wouldn't know he lost though!
Why doesn't Meadhouse jump on this Bitcoin train? Ann could become the William Devane of Bitcoin. (Gold is so pre-Boomer.) Gotta be more upside than an Amazon link. There's Bitcoin, the investment. Bitcoin, the mining activity (in your spare time, from your own home!) Hell the accessories alone could fund some Aussie beach-front property. "When Black Friday comes..."
Bitcoin laundering, who got rich in the gold rush? The guys selling the shovels, racist bastards that they were, probably called a spade a spade too.
Lyle Smith said..
Tulips.
Simple and on target.
In an Internet age, panics of long duration are easily generated merely by speculation of what might be, never mind what actually is. The great .22 drought of the mid-20teens is a perfect, though almost entirely unexamined, example of this. It’s never been easier to broadcast rumor so naturally it’s never been easier to broadcast panic. Fascinating to watch, perhaps rewarding for the early risk-takers, but for most not the way to build lasting wealth.
I almost got into a fistfight with my brother in law over Bitcoin at Christmas dinner. He is a true believer. I simply stated that I had seen my share of bubbles during my lifetime. Gold and dot-com stocks were mentioned. Bitcoin is simply the latest and greatest. Along with Tesla stock IMHO.
He responded by citing the tulip bubble, which in his drunken stated somehow served as proof the Bitcoin is the real deal.
He carries with him a coin that reads, “memento mori,” to remind himself he can die any day.
I got a targeted ad for one of those silly coins. Here's the link:
https://prints.dailystoic.com/products/memento-mori
I have several problems. First, although "memento mori" is a very stoic motto, the actual words are from the medieval christians. It's a devotional motto -- the point is that you're supposed to live a virtuous life and scorn the pleasures of the world. I don't think crypto hedge funds qualify, even if Hummer's living quarters are very comparable to a monk's cell:
His room is simple: a bed, a futon, a TV on a mostly empty media console, three keyboard cleaning sprays and a half dozen canisters of Lysol wipes.
Second, the actual conditions under which "memento mori" was popular was the aftermath of the Black Death, and I don't think it's possible to get into that headspace today. Think of Brueghel's "The Triumph of Death" triptych, painted in 1562:
https://en.wikipedia.org/wiki/The_Triumph_of_Death
High resolution pic:
https://upload.wikimedia.org/wikipedia/commons/1/10/Thetriumphofdeath.jpg
Think how long it takes to paint that as an oil painting. Think of how much planning it takes to make sure that the skeletons are doing inventively horrible things in every sector of the painting, and all of the horrible little details you have to think up to make each little sector convincing when the eye falls on it. This is someone who has seriously contemplated the idea that the world might end and everyone he loves might die of a disgusting and painful illness as a just punishment by a wrathful god.
In today's world, I think "memento mori" is a dead metaphor. The things that made it a live metaphor for medieval christians have thankfully receded for the time being.
For those who don't understand blockchain, here is an easy introduction that shows its limitations: https://goo.gl/Szkz74
"@rhhardin, Please share your IQ test results with us."
That probably wouldn't aid in whatever point you're trying to make.
Along with Tesla stock IMHO.
Musk actually agrees that TESLA stock is over valued.
I think "memento mori" is a dead metaphor.
"Sic transit gloria mundi" might be more apt.
That probably wouldn’t aid in whatever point you're trying to make.
The United States has always needed fewer engineers and more activists for justice. It’s common sense. Obviously anybody who hates Trump has a higher IQ. than some guy who only scratches on graph paper.
Musk actually agrees that TESLA stock is over valued.
I'm sure he'll keep issuing shares as long as people are willing to buy at that price, though.
Bonfire the Vanities has a great discussion on the concept of "Master of the Universe" and how successful trading makes the trader think they are smarter and more powerful than they really are. Trading fuels hubris.
I almost bought a million bitcoin back when it would have cost me about $700. I bought a million Iraqi Dinar instead. Oh well.
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