With cigar in mouth and champagne bottle in hand, Dollar Vigilante’s “currency” just hit $5000. In the 2017 “Everything but Gold & Silver Bubble”, there will be no bell rung at the top. That’s too old-school in a world run by algos. Instead, the signal may have been a corked-bottle that just went “POP”!
First this. This picture kind of speaks for, well, yeah:
At least that mania on the left had a physical backing…
Guess everything will go on until it can’t:
Is Bitcoin an Amazon in Lehman’s clothing?
Back to the pre-cursor to Steve Jobs. He actually created the Beanie Babies. This guy is real, not afraid to use his real name, nor hiding behind a veil of the keyboard name Satoshi Nakamoto. By the looks of it, Beanie Babies creator had a massive following of children, whose virulent mania infected their parents and forced them to panic buy Chinese-made stuffed animals…
And just so we’re clear. This is what happens at the end of a mania:
Beanie Babies are not money. They are not currency. Bitcoin is currency, but has no Beanie Babies backing. It’s only backed by past due power bills on server farms and expensive graphics cards that under-perform the moment they are installed.
But since we like Jeff because he speaks overtly about gold and silver, let’s see what he has to say about Bitcoin here in September.
Jeff seems to be caught up in a momentary lapse of reason by his overconfidence that cryptocurrency, such as Bitcoin, WhopperCoin or FuckToken, is not speculation, but INVESTMENT:
It feels like I am having financial Déjà vu as I write yet another blog about bitcoin hitting another all-time high! This one is kind of special though!
Our favorite currency just hit $5000 USD!
Another factor which is also likely to be adding to the increase in cryptocurrency investment is the fact that Treasury Secretary Steve Mnuchin and the US government are under pressure to raise the US debt ceiling, which really, they have little choice in the matter. They need to raise the ceiling if they want to fulfill all their fiscal obligations and continue to pay themselves.
Let’s come back to earth a little. Investing in crypto?
We understand Mexico. Canada too. Some of us would rather stand our ground here in the United States, and when enough is enough, all those ex-pats trying to flee foreign persecution in their newly-claimed foster countries as the angry mobs look to unleash on anybody sticking out like a sore thumb, those same ex-pats will be in awe of the hardcore selflessness and bravery by the Freedom and Liberty Americans Protecting the Constitution.
There seems to be some confusion by the Bitcoin advocates, however, that we keep seeing over and over. Nobody seems to be able to explain. Since the Constitution calls for a defined standard of “weights and measures”: Article 1 of the United States Constitution:
We’ll let this little detail slide because euphoria causes the inability to reason that a gold & silver backed cryptocurrency would be all that is necessary to CYA:
But since “weights and measure” is very real not just in the Constitution but EVERYWHERE in life, we’re stuck on this:
What does one Bitcoin weigh? What does it measure? Can a Bitcoin be 90%, .999, .995, .9999, or .99999?
People who stand their ground for Freedom, Liberty, and Constitutional Money are fine with being called “fiat debt slaves” or whatever the terms are. It’s cool. We are debt based fiat currency slaves. But last time we checked, EVERYBODY IN THE ENTIRE WORLD is a debt based fiat currency slave right now. That includes the people speculating in crypto as they buy their crypto in dollars and sell it for dollars.
Actions speak louder than words, however, so we refrain from the name calling. We’re too busy being selfless to have time for that. It’s understandable that most people are “flight” mode anyway though. Not many can cut-it in a “fight” anyway. The “flight or fight” that’s coming to the United States is not for the feint of heart.
More people with enough money to buy their freedom and payoff their troubles looking to flee rather than stand their ground may want to consider making their move to Mexico or Canada while they still can. Might we suggest sunny Acapulco?
We’re fine if the people who won’t fight decide to take flight.
Veras de que lado masca la iguana...
Finally, there is this one consideration. Would this have been considered the analog version of digital fiat crypto?: