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"View BTC is as a contagious disease. It will spread, spread & its price will rally until saturation, that is ~every sucker stupid enough to buy the story is invested. When all suckers are in, the prevailing belief will make it an 'obvious' investment. That's maximal fragility." (January 17)
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"Almost nothing in financial history has been more fragile than bitcoin." (July 3)
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"Bitcoin has been a magnet for imbeciles." (He was blasting critics who accused him of being too rigid in his views about bitcoin, even though he shifted from being excited about its potential to deciding it was worthless in 2020.) (July 30)
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"Bitcoin may interest some for speculative purposes but anyone who claims that #bitcoin is a hedge against anything, financial or otherwise, is a certified fraud." (September 20)
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"1- Bitcoin is no hedge for adversity 2- Bitcoin is no hedge for inflation 3- Bitcoin is no hedge for deflation 4- Bitcoin is no currency 5- Bitcoin is nothing." (December 4)
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"It is an awkward, clunky & already obsolete product of low interest rates. It should collapse with inflation." (December 28)
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"If after this morning you still think that #BTC is a hedge against world events, or represents 'diversification', you must stay out of finance, & take up some other hobby s.a. stamp collecting, bird watching or something less harmful to yourself & others." (November 26)
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"I am not 'bearish' on #BTC. It is a tulip-bubble (without the aesthetics & disguized as a "currency"), hence it is as irrational to buy it as it is to SHORT it, perhaps even more. Gabish?" (October 21)
Critical support for dunking on the planet burning funny money.
without the aesthetics
This is the worst part. At least with tulips you could get a pretty -if overpriced- flower. Here? nothing you can enjoy -or hate- with your senses. As an aesthetics-freak it offends me.
The tulip bubble was actually trading tulip futures so you might not have even got a pretty flower.
Hexbear post of a reddit post cross posting a reddit post of an article based on tweets
Even the bitcoin people have backed off the "it's an inflation hedge" narrative. They're now pushing it as the foundation for Web 3.0 and metaverse shit. So it's not going away and they're not going to learn any lessons. They're going to keep going on with it because enough actual wealthy people were duped into buying in at the top and they need the value to hit $100k or more. How they get there is turning it into a functional part of something else, legitimizing its use, and basically turning it into an institution.
How dare you, these tulip bulbs I bought will only ever appreciate in value. It is NOT a bubble!
