Russ...different subject...since you have big trade hat on..was META wrong as a short or wrong in timing? What is thinking here? On same subject, with labor and food costs rising, is not NYSE WEN the perfect franshise rest short you previously discussed?
At 5k in 2020 it looked interesting - but I did not have a structure in place to buy it. When Russian invaded Ukraine, bitcoin should have exploded higher (as energy prices moved higher, and sanctions meant Russian money should have flowed into bitcoin). So now, it just looks like a speculative asset to me - and probably the dream of bitcoin dies a slow and painful death
I think that is a fair assessment and there are plenty of other high beta investment opportunities but there is something with BTC that I can't quite ignore. It should have died away many times but keeps surviving and hence is worthy of attention.
Adam Tooze described bitcoin now as a zombie. It refuses to lie down and die, and it will have periods where it tries to crawl out of the grave, but he doesn't think it will get its old vigor back.
Yes, an economic historian. He spoke at a forecasting dinner I attended in January. He used the zombie analogy when asked about bitcoin. It's probably the most accurate analogy I have heard. He elaborated by saying that the belief and the dream behind bitcoin will always be there, keeping it alive, but so many people have lost large sums of money from crypto and bitcoin that he finds it unlikely it ever really gets the same level of interest again. It's a viewpoint I can get behind.
I think it’s a fair point of view. There are probably a lot still holding it and are out of the money and it will have a lot of resistance if/when it climbs, but it’s heavily correlated to high beta, low cost of capital and currency debasement When those conditions return so will BTC IMO. I’m a historian btw.
OMFG, video on bitcoin and you're not wearing a McDonalds hat? NGMI
That wasn’t a McDonalds hat?? I think he is short McDonalds actually btw.
Russ...different subject...since you have big trade hat on..was META wrong as a short or wrong in timing? What is thinking here? On same subject, with labor and food costs rising, is not NYSE WEN the perfect franshise rest short you previously discussed?
Thanks
I like WEN as a short. META is hard here - its priced in alot of bad news, and there is talk of banning tik tok... too hard basket here
Honest question. Is Bitcoin ever a buy for you though?
At 5k in 2020 it looked interesting - but I did not have a structure in place to buy it. When Russian invaded Ukraine, bitcoin should have exploded higher (as energy prices moved higher, and sanctions meant Russian money should have flowed into bitcoin). So now, it just looks like a speculative asset to me - and probably the dream of bitcoin dies a slow and painful death
I think that is a fair assessment and there are plenty of other high beta investment opportunities but there is something with BTC that I can't quite ignore. It should have died away many times but keeps surviving and hence is worthy of attention.
Adam Tooze described bitcoin now as a zombie. It refuses to lie down and die, and it will have periods where it tries to crawl out of the grave, but he doesn't think it will get its old vigor back.
Isn’t he a historian?
Yes, an economic historian. He spoke at a forecasting dinner I attended in January. He used the zombie analogy when asked about bitcoin. It's probably the most accurate analogy I have heard. He elaborated by saying that the belief and the dream behind bitcoin will always be there, keeping it alive, but so many people have lost large sums of money from crypto and bitcoin that he finds it unlikely it ever really gets the same level of interest again. It's a viewpoint I can get behind.
I think it’s a fair point of view. There are probably a lot still holding it and are out of the money and it will have a lot of resistance if/when it climbs, but it’s heavily correlated to high beta, low cost of capital and currency debasement When those conditions return so will BTC IMO. I’m a historian btw.