Wednesday, May 19, 2021


Bitcoin is currently doing one of those things Bitcoin occasionally does.

This is resulting in normal people scratching their heads and business journalists to quickly churn out thinkpieces:

"But sometimes things go down because they are going down. Investors who bought early are looking to lock in gains, while recent arrivals to the crypto game are panicking. Selling begets selling.

When stock bubbles pop, the selling usually stops when shares drop well below intrinsic value and become attractive to a new class of value investors who didn’t partake in the market froth.

Cryptocurrencies are different. They have no intrinsic value, which means there’s no telling when the selling might stop.
Events like this are practically a jobs program for tech journalists willing to try and explain blockchain.

Still, it's worth looking at the overall arc of these things.

Personally, I like to believe that somewhere there's a fedora-wearing neckbeard who had to move home with Mom & Dad when his game store assistant manager job went away during the height of the 'Rona. Then he put all of his TrumpBucks into Dogecoin because he was stoned and thought it was funny. He cashed out sometime in the last month and is currently living in a 20-room mansion built entirely of rare boxed Funko Pops and has a vape pen powered by a twin-turbo Lamborghini V-10.