As we write this, we are seeing many coins down over 10% with some actually down over 20% this weekend.
To repeat, we have told you, we are telling you and will continue to tell you this “coin” thing was, is and will be nothing more than another insane bubble. We repeat there are no economics to back these coins. There are no sales. There are no earnings. There is no potential of there being any sales or earnings. It was, is and will be just a bunch of hope that price would continue to be bid up regardless.
Unfortunately, as usual, the loudest noise came DURING AND AFTER the monstrous climactic run. We have been beside ourselves how many pundits tried to get you into an ASSet AFTER it was up a zillion percent. We have been amazed and pissed off how some came out calling for $50,000, $100,000 with one imbecile calling for $1,000,000. We have been amazed how nearly 2,000 other coins with funky names came out and actually continue to come out. Even the nightmare they call Venezuela went after a coin. We have been amazed how some reputable shops and people continue to try and foist this nonsense onto the investing public. To this day, we are deluged with laughable advertisements promising massive returns.
So…to repeat…we do not know exactly how this plays out. Maybe it rallies up again. Maybe it doesn’t. After all, this kind of nonsense is based on the next guy willing to pay a higher price. We just know how this ends. And there is a decent chance we just started another leg to the downside. And lastly, do not forget there are decent estimates that a lot of this stuff is owned by a select few. They are never going to be able to sell if this continues and will end up being a footnote in history.