Crypto Hoot of the Day: It’s Still Early, Buy This, Buy That

June 5, 2022

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12:25 am

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20 comments

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Economics

Bitcoin chart courtesy of StockCharts.Com, annotations by Mish.

Celsius Ponzi Scheme?

https://twitter.com/MikeBurgersburg/status/1533133666884395009

Borrowing Money to Pay Redemptions!

“Over the last 30 days, #Celsius borrowed at least $76.7 million $USDC and $18.3 million $USDT to pay withdrawals. This is 29% of total sent out from known #Celsius hot wallets ($327 million). Why is Celsius borrowing to pay customers back?“

https://twitter.com/MikeBurgersburg/status/1533133669619142657 https://twitter.com/MrMasternode/status/1531215909364256769

Celsius Chart

Celsius Network

Let’s check in on the Celsius Network and its business model.

Rewards Received for Pledging Celsius

https://twitter.com/MrMasternode/status/1531241985423462400

Losses Mount

https://twitter.com/MrMasternode/status/1531157409091264512

Friendly Advice

A Date With $0.00

There were several people pimping HEX and Bitcoin as the sure fire solution.

The only comment above that made any sense was the warning about Honeybees (whatever the heck that is). But if it looks anything like LUNA or CEL it’s likely to have a date with $0.00.

Hoot of the Day

The Hoot of the Day goes to the idea “remember we are still early in Bitcoin adoption.”

Bitcoin went from under $0.01 to over $69,000 but don’t worry, “It’s early”.

A Word About Hope

That hope is a train coming at you full speed.

— Stimpyz (@Stimpyz1) May 30, 2022

More Friendly Advice

Pipkeeper: With Bitcoin and only Bitcoin there is hope at the end of the tunnel … rebuild and start stacking … one day at a time …. No shitcoin … hope you learned the costly hard lesson !!! Cheer up !!!

Stimpyz: That hope is a train coming at you full speed.

Not Early For Bitcoin

The crypto best advice of the day award goes to those promoting nothing.

“That hope is a train coming at you full speed.”

It is not early for Bitcoin. It is early for blockchain adoption. The difference is enormous.

This post originated at MishTalk.Com.

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Casual_Observer2020

1 year ago

Also have to wonder what % of the tech growth was due to underlying hardware for mining crypto. NY put a halt on crypto because of the power it consumes. Wonder if these data centers will start being charged more fees by the public utilities in order to operate. I remember some states started charging a fee for all customers that have access to the power grid even if they only used it a small percentage of the time because they had solar. The utility companies reasoning was that they still have to plan for houses consuming power 100% of the time from the grid.

Casual_Observer2020

1 year ago

This bitcoin thing feels like giving money to people with no income back in the 2000s to buy homes. Still fail to understand the underlying asset. At the housing bubble had a home behind it. I can’t see how this doesn’t impact the banking system at some point.

Bam_Man

1 year ago

Morons, trying to rationalize “investing” in a Ponzi scheme.

Agave

1 year ago

Now that you have coined the term “Hoot of the day”, I’d call your statement:

“It is not early for Bitcoin. It is early for blockchain adoption. The difference is enormous.”

…the Hot Take of the day.

I expect time to prove you right on that one.

Webej

1 year ago

People nowadays sure have meager objects to which they attach their faith & hope

The spiritual poverty and dearth of public cause is not a tunnel but a vortex in which we are falling.

Oh. Is there any chance we start referring to the LunaCel community after the InCel community moniker?

prumbly

1 year ago

Luckily I already converted all my Celsius to Farenheit

bobcalderone

1 year ago

Reply to prumbly

VERY savvy!!

Zardoz

1 year ago

Off topic, but since it doesn’t seem to have shown up in the media: Evergrand finally defaulted.

link to i.redd.it

Oxidado Blanco

1 year ago

As always, great stuff Mish..

I have lost consistently on ETH and I was shorting it and it was going down. The algorithms have been taken over by A. I. and I’ve seen market moves in the last 6 months that I have not seen in 35 years of trading. When the Oil contracts started trading below zero (-40) I knew things were gonna get dicey.. The way crypto is ripping people off makes me want to go back to being a broker. I believe it’s all a money laundering scam set up by the U. S and Chinese govt and I can show the numbers. The general public just got fleeced again with the newest scam called “crypto”… But get in NOW on a Snoop Dog NFT before prices go the moon!!!!… Lol

A Dose of Reality 5

1 year ago

Told ya that Bruce didn’t like Crypto the way it is today.

Word to the wise.

The warning has gone out.

This is the same Harvard Security Expert that interviewed Ed Snowden back in the day.

He knows a thing or two about the inner workings of crypto systems.

link to cnbc.com

Freebees2me

1 year ago

why not package all the bad crypto loans and sell them to the US Federal Reserve?

They seem to be willing to buy anything…

Or start referring to them as “student debt”…Congress seems pretty open to wipe all that clean…

Six000mileyear

1 year ago

I know I didn’t and still don’t understand crytocurrency. After reading what is taking place in the cryptocurrency industry I feel like a genius holding USD in the bank at 0.0001%.

The major technical analysis concepts I’m seeing involves price and volume. The rally to $20K in late 2017 was accompanied by rising volume. The rally from late 2018 to the $69K top was on declining volume. This is a huge warning liquidity was drying up. Now that the price has fallen more than 50%, I expect it to keep falling below $20K, where liquidity and momentum were favorable.

Zardoz

1 year ago

Reply to Six000mileyear

This is a pretty good explanation:

link to ibm.com

Sunriver

1 year ago

I feel terrible for those that have, and may lose everything in crypto currency. Heck, even my credit union is pushing crypto investments when I believe they should not.

I must be boring. I’m heavily invested in Pepsi, Oil, and Gold. Somehow analog tangibles feel like the way to go for awhile.

TCP/IP relenting to Blockchain in 6g? Possibly. Blockchain is a technology, unlike crypto which I believe is a comodity. And Blockchain may be the most prominent internet protocal in the future.

Got IBM?

PapaDave

1 year ago

Reply to Sunriver

I have no tech stocks at all right now. Can you make the case for IBM please? How will it profit from blockchain?

MPO45

1 year ago

Reply to PapaDave

IBM was an excellent dividend value play back in November 2021. the stock is a bit too rich right now. IBM acquired RedHat and most of the cloud is based on some form of linux/Redhat. Also working on quantum computing.

link to youtube.com

PapaDave

1 year ago

Reply to MPO45

Understood. I was wondering how IBM might profit from blockchain going forward and whether it was a good investment in front of that.

I am starting to look at tech again after getting out over a year ago.

Zardoz

1 year ago

Reply to Sunriver

IBM is where technology goes to die.

Bam_Man

1 year ago

Reply to Sunriver

Take a look at Intel.

Trades at 7x earnings and 4x cash flow.

It is down 35%+ in the past 14 months.

Dividend yield is 3.25%.

I don’t believe it is a “value trap”.

KidHorn

1 year ago

Reply to Bam_Man

AMD is a way better managed competitor. I think Intel is living off their legacy of producing the best. But if they keep giving less for the $, this will wear off over time.

Crypto Hoot of the Day: It’s Still Early, Buy This, Buy That

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