Beyond Skeptical
Jeffrey Gundlach is beyond skeptical regarding bitcoin. He says Bet Against Bitcoin Today to Make Money.
We’re starting to see the big rock of silly season” on the cryptocurrency, Gundlach told CNBC’s Scott Wapner on CNBC’s “Halftime Report.” “This is the kind of nutty stuff. The fact we’re talking about it 24/7.”
The investor said there isn’t much analysis behind bitcoin’s rising price. “If you short bitcoin today, you’ll make money,” he said, conceding, “Can it go higher? Of course.”
“I have no interest in this type of maniacal type of trading market,” he said.
DoubleLine has assets under management of more than $100 billion, according to its website.
Shorting bubbles until they burst is risky business. We saw that in 1998-1999, and again in 2006-2007.
Is this the top? I have no idea.
Mike “Mish” Shedlock
Bitcoin is a fraud, a Ponzi scheme, everybody please short it NOW!
OMG I so love to hear people discuss something they have no idea what they’re talking about. The blockchain is in its infancy, we are only beginning to see its capabilities, uses, and benefits. Crypto-currencies are a different subject – NO ONE has any idea if they will be around in 1-year or even 10. Are they money, maybe only time will tell. The masses are fed up with the politicians, central banks, and their governments. For most who never understood bonds, equities, and the precious medals cryptos are very easy to understand. Supply and demand – as knowledge and curiosity increase – demand goes up, no one is selling – hence the price has to go up to chase the available coins. YES, there is tons of fraud, with over 1,300 coins available most are probably a joke and will go to zero, but when? When will the bond bubble pop? When will the equity market pop? I have no idea – so I’m buying bonds, buying stocks, buying cryptos and paying close attention and learning as I go ahead. Using limits and stops I protecting my profits. Also with bonds and stocks, i’m buying hedges for when the explosion happens. I missed the profits from the Internet. They caught me unaware in 1999 and again in 2007. It will not happen again,
New digital infrastructure required to be built for crypto currencies may require energy consumption far more than all the energy cryptos will ever generate in real value. Cryptos needed to be introduced not before another 100 years when finite fossil fuels are already gone.
“Hey CJones. Sorry to upset you. I just get tired of people who claim to know what will happen in the future with 100% certainty.” I know in the future with 100% certainty, a recession looms.
@Frog there is a reason to buy Bitcoin: its way more fun than going to a Casino. Cryptos are quite a bit of fun to take a punt on with some spare cash
Imshaken. Apparently you are now able to short bitcoin according to this article.
http://www.zerohedge.com/news/2017-12-12/bitcoin-bears-unleashed-interactive-brokers-folds-will-allow-clients-short-futures
utely no rationale to buy bitcoin with usd, to buy a big mac with bitcoin, which is ultimately priced in usd.
Bitcoin is not a currency, but a means of transferring wealth……… Yes, from one sucker to a lucky sucker. There is absol
Look Look ….. it has a Market cap of $300bn……….!!! .oh but a P/E of infinity……… 🙁
Ergo true value is $ 0.
@Realist If Bill Gates was foolish to say a computer will never need more than 640k of memory, it is equally foolish to assume “As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers.” Oh wait, that’s from the Bitcoin white paper. It’s collectible, not a currency.
Very dangerous in my opinion it’s for gamblers.
@lmshaken: How does one short bitcoin?
A: Own a large exchange and front-run other sellers. Sell large volumes of bitcoins that are supposed to be held in custodial wallets. As the price plunges and bitcoin speculators sell to limit losses, the exchange buys back the pre-sold bitcoin at a discounted price and pockets the difference. The exchange must be large enough crash the price when it sells.
For argument’s sake how would you go about shorting bitcoin? It’s not a stock where a broker holds shares that can be loaned out…
There are two ways to lose money in bitcoin. One is by shorting it. And the other one is by going long and staying long for too long!
As the computer in “War Games” movie says – the only winning move is not to play.
It sounds like a great way to go broke, while being right.
You never know when you’re in a bubble, but if I had to guess, Bitcoin is a bubble of ridiculous proportions.
To some extent bitcoin is a reflection of the ridiculous liberalism around us. Peak liberalism I might add. Want the freedom to identify as any gender you want? Want the freedom to use your own individual currency?
Bitcoin will never be a proper currency. Consumers want recourse from their currency, bitcoin does not offer this. Forget your password? Your wealth is lost. Governments want control, will not surrender monopoly of the currency, and bitcoin does not offer this either.