Playing about with my new phone about 18 months ago, I put the Coinbase app on it out out of curiosity, but when I found out how easy it was to buy some crypto, I bought £150 worth of Ethereum, which today its worth £1200, an enormous mark up. I think I should sell it as its obviously on a high, plus I've had a lot of expensives recently so I'm broke, but what if it doubles in value over next two years? You know how it goes.
But I'm also pretty certain that crypto is a ponzi scheme which will eventually pop, except that because of the internet it might take an extremely long time to run out of new buyers, as millions more people will get tempted, so it could go on for years yet, and then one day eventually find a use, even though at the moment that doesn't look likely. This is why the cryrpto people say it's not a bubble, because they have convinced themselves it will become a currency eventually.
October 31st, 2008. In a dark unknown corner of the internet, a link to a paper authored by a man named Satoshi Nakamoto is suddenly posted to a cryptography mailing list. 2 months later on January 3rd, 2009, the bitcoin network is created when the unknown Nakomoto mines the starting block of the chain, better known as the genesis block. Embedded inside is a line that reads “The Times, 03/Jan/2009 Chancellor on brink of second bailout for banks” This is a reference to a headline published by a British newspaper, while some view it as timestamp others see it as a critique of the fraction-reserve banking system.
Either way, this magical piece of code goes from being worthless to a trillion-dollar asset in just over 10 years. Nakamoto shortly after disappeared and was never heard from again, it is believed that during the first seven months of bitcoins existence, Satoshi mined as many as 1.1 million Bitcoin, this fortune now worth in excess of 30 billion dollars remains untouched to this day. In this video, we examine Michael Burry's tweets regarding Bitcoin and crypto.
2 comments:
He’s allegedly short bonds too…
Shorting bitcoin... sounds scary.
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