Notes From the Rabbit Hole

Here Are My Views on Bitcoin

[edit] See end of post…

I don’t really have any views on Bitcoin! At least not any that would be of any value to anyone. The only view I have is that I don’t know how to short it or buy put options on it in the US (although some quick research indicated that those means may be on the way).

I did not call Bitcoin before it was a hyper-manic bubble so I am not going to talk about it now as if I am some learned pontificator. The reason for this post is that I’ve been getting emails asking for my view on Bitcoin and to maybe write some commentary about it. Well, that would be complete trend jumping self-promotion. I mean hey, as a business person I need to promote, but I am only going to promote true things I’ve done well (and also bring to light the many I’ve done poorly).

So I’ll leave you with this Bitcoin expert noted previously (versions of this ad not so cleverly disguised as content are all over the internet now; seemingly every mainstream site I go to)…

…and the indomitable non-guru Doug Casey to bring you up to speed on all your Bitcoin needs, with his own unique Fed/government paranoia spin on it no less.*

Interviewer: “I know you’re not one of those gurus who make huge predictions just to get in the spotlight…”

Ha ha ha, you can click this photo (I am not going to besmirch this site by embedding the actual video) of Casey’s rapt interviewer to watch a nearly hour long video of Doug going on about chips for your dog, chips for you, chips for your money and other stuff. It’s the same old guru non-guru with an altered pitch for the tin foil hat crowd. This is the guy who was recommending you invest in Asteroids a few years ago. Why, he’s even being promo’d on Bitcoin.com! You may not want to click that link because it’s going to try to get permission to send you more information.

They never quit, these ‘non-gurus’. All they do is recycle and repurpose the same old tin hat crap to be in line with whatever the hysterical headlines of the moment are blaring.

Fact: My 19 year old daughter called me from New York and her under 20 year old, never previously giving a damn about finance milieu yesterday: “Daddy, buy Bitcoin!”. She was sort of joking and has great intelligence in her areas of interest. But finance is not really one of them.

People are talking about Bitcoin left and right and all around. Big media and small blogs are robo posting about it, from both bullish and bearish perspectives. I don’t want to diminish its status as a massive phenomenon, but it’s also a massive bubble in the making, just like gold the likes of the ‘non-gurus’ were pumping so hard in mid-2011.

Sentiment is getting way out of hand and the types of people who have made careers capitalizing on hysterical sentiment are only doing their thing. The beat goes on.

Oh and a final thought. Many people seem to be getting concerned about how gold is losing the honest money bid to Bitcoin. That my friends is not a negative for gold. Breathe…

* In case you don’t recognize it, that’s the hook that any well-marketed financial guru needs.

[edit] Sent by a long time reader and subscriber (point proven?)…

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