Sir Bob Jones
nopunchespulled.com
I’m told my name and photo has popped up once again on a website endorsing crypto-currency speculation. The fact that promoters resort to fraudulent puffery says everything about the absence of merit of this non-commodity.
The underlying value of crypto-currencies is nil. History is full of such speculative manias and I’ve witnessed many over my life. On my observation their appeal lies mainly, with males under 40, ambitious for wealth but not too bright. Initial success induces a religious-like faith that they’ve discovered the Holy Grail.
If you seek riches then either create something new and worthwhile, or adopt the more common path of building a better mousetrap. In other words, study an existing activity and look for ways to do it better. Doing what everyone else is doing is illogical as otherwise everyone would be rich and they’re not.
Another tip which will never be followed is to throw away your cell-phone and substitute observation and thinking, both non-existent with speculative behavior in particular.
The current crypto-currency speculative mania is classic tulip territory and like every such mania before it, will end in tears, fraud prosecutions and much litigation about being mis-led. Indeed, those two near-the-end give-away signs are now occurring fairly regularly.
Crypto-currency speculation relies solely on the bigger fool principle, that is buying into a speculative mania on the rationale that other half-wits will come in behind you and force the price up. While there’s no shortage of halfwits, the problem with them fueling this mania is they tend to be penniless for fairly obvious reasons.
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