My father and grandfather used to buy eggs on the CME in the 40s and 50s. One time my father “speculated” in onions and on delivery date onions were essentially worthless. So my Dad took delivery, placed the onions in his garage and let anyone who wanted onions come and take them. I always thought the story was apocryphal until years later an article in the WSJ referenced the Great Onion Crash on the CME.
I have noticed over the past few years that as any derivatives tied to crypto are introduced, the direction of the price fluctuation is nearly always downward, because the vast majority of positions are long, not short, which I suppose is to be expected in a spot market LOL and thus downward pressure is presented because people have a new opportunity to finally get short.
Thank you for writing that Bitcoin is neither a hedge against inflation nor a store of value.
I travel in circles where people speak glowingly of crypto as possessing quantum-theory deep genius that can't be fully understood but its brilliance is self-evident. I find it all mercurial, and like gold before it, there are apologists at each stage of the way to explain why it is not going up but down. and that this is a good thing. I've seen Ponzi schemes run with more clear rhetoric but hopefully I am wrong, and that this computer generated token won't eventually go to zero.
My father and grandfather used to buy eggs on the CME in the 40s and 50s. One time my father “speculated” in onions and on delivery date onions were essentially worthless. So my Dad took delivery, placed the onions in his garage and let anyone who wanted onions come and take them. I always thought the story was apocryphal until years later an article in the WSJ referenced the Great Onion Crash on the CME.
I have noticed over the past few years that as any derivatives tied to crypto are introduced, the direction of the price fluctuation is nearly always downward, because the vast majority of positions are long, not short, which I suppose is to be expected in a spot market LOL and thus downward pressure is presented because people have a new opportunity to finally get short.
Thank you for writing that Bitcoin is neither a hedge against inflation nor a store of value.
I travel in circles where people speak glowingly of crypto as possessing quantum-theory deep genius that can't be fully understood but its brilliance is self-evident. I find it all mercurial, and like gold before it, there are apologists at each stage of the way to explain why it is not going up but down. and that this is a good thing. I've seen Ponzi schemes run with more clear rhetoric but hopefully I am wrong, and that this computer generated token won't eventually go to zero.