Bull Run
Well-Known Member
Agreed. I mentioned a while back that while I liked the concept of cryptocurrency, the human nature of greed made it unsuitable as a medium of exchange nor store of value.Can't disagree with that, this one is a colossal flop.
So what happens when you run out of money to invest but greed clouds your mind? Invest more via margin! Around 36 minute mark of Peter Schiff & Alex Mashinsky debate Bitcoin: Gold 2.0 or fool's gold? clip (note, this was recorded last year when bitcoin was around $60K), Peter states:
"and you get some people that come in and that's happened but the momentum is going to drop bitcoin is going to crack"
"maybe once it gets back down below 20 000 you'll have a lot more selling coming in i think a lot of people have"
" taken out loans against their bitcoin which they hadn't been able to do in the past so you have a leveraged bet now"
" among the hodlers i think when the margin calls come there's not going to be a way to meet them you're going to"
"have forced liquidation there's not going to be anybody to take the other side of the trade it's not like you got"
"a bunch of shorts in bitcoin that are going to cover it's just going to fall into a vacuum"
As for me personally, I never got into investing in cryptos is because I don't need to take extra risk to meet my goals, and almost all people pushing cryptos online talks like the "hand" in the comic below.
Sponsored