RICO
Equinox
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A crypto wallet shows an investor made an $8,000 shiba inu coin purchase last year. Today, it is worth $5.7 billion.
Shiba inu coin is up more than 7 million percent since its debut in August 2020, with the token now the ninth most valuable cryptocurrency.
markets.businessinsider.com
I did call Shib as an obvious meme coin that would be pumped. And obviously now, I wish I would have told you all to throw a couple hundred bucks at it.
But the problem is, there were hundreds of these shitcoins being released at the same time, and though I had a good feeling about Shib, it just as easily could have turned your couple hundred bucks into nothing. And with everyone struggling, and this situation continuing to get worse, that could really screw up the life of someone who trusts me.
So, it just is what it is.
The only advice I can give is that if you’re going to get involved with crypto, you need to have both great instincts, good sources for tips, and diamond hands.
Of course, don’t have diamond hands with shitcoins – these are fundamentally worthless gambling tokens, and you’re basically just playing chicken with every other person buying into the scam.
Last year, there were several hyped up media stories about people “losing their life savings in Bitcoin.” Well, a couple weeks ago, Bitcoin surpassed its all time high, which means that anyone who lost money in Bitcoin bought high and then sold too soon.
Someone who didn’t understand the market might see coins they bought at $60,000 go to $30,000 and say “OMG I GOTTA GET OUT BEFORE IT GOES TO ZERO!!!!!1111”
The other thing to understand is that any shitcoin trading is simply gambling – Shiba was an amazing pump pop, but most shitcoins are just scams (well, actually, they’re all scams, it’s just that some of them pay off).
Investing in Bitcoin, Cardano, XMR, and maybe some other projects* might not be gambling per se, but it is risky.
*I don’t know which other projects – I’m still 100% in on Cardano replacing Ethereum, despite recent movements. And all you need that I can think of is those three projects – money, contracts, and a privacy/fungibility protocol.
Of course, everything is risky. Holding cash is as risky as it gets right now, frankly. The least risky thing is rural property. I do advise you to buy that, not as financial advice, but just as practical life advice.The possibility of Bitcoin going to zero remains. I will say – it gets less and less likely by the day. But it is not impossible. I think most of the arguments for crypto going to zero are being made by people who are staggeringly uninformed, and basically belligerent. It’s a real boomer “son, you just don’t understand how the world works” type vibe you get from virtually all of these people. I remember the gloating earlier this year about how “it’s all over, son.” Now we’re consolidating in a much higher range.
That said: scenarios do exist where Bitcoin does go to zero. It’s a long discussion, but just as a quickie: after the collapse of the United States federal government, it’s possible and probable that most people in the world will be using a digital yuan (China money) on a phone app for transactions, as it will be the obviously stable global currency. China is hostile towards Bitcoin, and will probably not be big on apps that allow easy conversion from Bitcoin to digital yuan. However, it’s also possible that the Chinese just won’t care at all, that all of their hostility was just based on wanting to ensure control of their own economy, and they will release an official app allowing for quick Bitcoin to digital yuan conversion.
I think as long as the US federal government exists, digital yuan apps will be de facto banned or legally banned in all territories that the US controls, while the rest of the world will adopt it. Right now, it is very clear that the feds are playing softball with Bitcoin, and the only possible reason for that is that they view it as some kind of emergency play – either they will just allow it to be widely implemented outright, or the elite view it as something that will allow them to make normal transactions following a dollar collapse.
The collapse of the US federal government is still a ways off, although I do firmly believe it is totally inevitable. But there are other less likely ways that Bitcoin could go to zero before then.
Again: the only thing I can advise is owning rural property. So, if you’ve hit it big on crypto (as you would have done if you’d been reading my signals for the last 5 or so years), or if you’re holding dollars, land is a priority. While Chinese influence could hurt crypto, if you make it through the coming nightmare maintaining control of your physical property, whatever new order is formed after the fall will pretty much definitely honor your property rights. After the federal government collapses, there is definitely not going to be communism.
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