Merv's Politically Incorrect Audio Blog

Anyone who would put their life savings in crypto is a moron. Full stop. No sympathy will be found here.

 

Bitcoin is safe if you do it correctly. Which means, take custody and responsibility for your own private keys.

"Not your keys, not your crypto" as the saying goes.

That said, though bitcoin is currently a fair price, I wouldn't put all my wealth there today. But it is inflation-proof, like gold and silver.

And it is a way out for nations to escape petrodollar hegemony. Look at El Salvador and Lebanon, each in different stages of recovery from that. Another 8 African nations will join BRICS+ as of this past week, and that is another way. Russia & China are putting together a commodity-based crypto.

Once Saudi Arabia caves and freely prices oil in other currencies, USD is gonna start showing hyperinflation — you don't wanna be holding all dollar-denominated assets.

 

I can't argue with that. Letting other people control your wallet is like asking to be robbed. That said, BC is worth a quarter of what it was a year ago. I totally agree with investing for the long term, but am still super happy my mutual funds are not nearly that volatile.

 

In my years of living most people I know who care about Crypto and Bitcoin were mostly on the Autism Spectrum. Autism and 1s/0s monies are a match made in heaven.

 

Kathie I can give a semi-pass to. I don't have a huge amount invested in ARK(any letter here) personally, but picking the right up-trending stocks in a cycle of major stock price inflation doesn't set off any major alarm bells in my head.

SBF though - first interview I heard with that guy - suspected pretty fast he was full bs and any money I put into his crypto platform would probably disappear sooner or later. "Uh yeah I uh... made my first very large amount of money committing arbitrage by buying crypto in the US and uh.... flying to Japan to sell it where it was much more expensive... because I'm a genius and spotted this weird opportunity... despite the market probably not being big enough at the time for how much money I supposedly made and none of the other details in my story adding up"

Love how he probably won't spend any time in prison though... guess if I'm the 2nd biggest Dem donor, have a "Trump lose" line in my balance sheet, and my parents are compliance lawyers that are well enough connected with the right big wigs in the party... I'm good. Yes, I realize you could probably replace D with R and nothing would change. Also, if I were in qanon, I would say the Dems had him do this on purpose to justify rolling out more regulations or a ban on crypto.

 

Yeah, "crypto" not= bitcoin. The rest all have some flaw.

This is true. He made $750 million arbitraging bitcoin. He and others in his circle worked at Jane Street prior to all this for trading strategies. They're kids, but they're smart-in-maths kids.

 

FTX/Alameda "grand unified theory" for your reading pleasure (it's a lot bigger than you think…if the theory is correct):

https://roundingtheearth.substack.com/p/a-grand-unified-theory-of-the-ftx

 

Groomer comments in 3, 2, 1.....

But on a serious note if I had kids I wouldn't even buy them these bears for easy to understand reasons.

 

Bear exploitation. They canceled Smokey, but this is allowed?

 

all I see is a bunch of junk that's going to end up in a landfill

 

It still weirds me out that y'all wear shoes indoors.

 

Even the cows go bare-foot indoors in Australia

 

Errmmm... How can I put this.... Yes!

Me too. Especially on the sofa.

But here, in India, where people are so damned sensitive about feet and shoes, I've seen children stood on restaurant tables in shoes that have just been walking in faecal dust (dogs, cows, even humans) on the street outside.

Hey, Children are next to god. Sure: tell my immune system!

 

I look at the bears and it is S&M theme to me, with a child holding it. Personally I think it is not in good taste and if I was a father I would not even close to buy any of those bears for them. Instead I would give my kids books.