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Hugh Hendry Goes Stock, Bitcoin Bull Retard: "Don't Tell Me The Valuation, It Is Trending"
Everyone knows "you never go bull retard," but it seems Eclectica's Hugh Hendry, the hardiest of hardy Scots, has accepted that there is only one way for this farce to end (as we predicted back in 2009). As Investment Week reports, the bear-turned-bull has bought 3D printing stocks as a play on trend-driven, QE-fuelled equity markets, and said the rise in the valuation of Bitcoin amounts to “the same thing”. Perhaps summing up the "trend-driven, QE-fueled" new normal better than anyone, Hendry added:
"I say to my team 'don't tell me the valuations, it is trending'... This is the environment where Bitcoin could go to $1m. There is no qualitative reason, but it is trending. If I could own Bitcoin, I would.
It gets worse: Hendry is now chasing the biggest momentum trend of all, that of Bitcoin, which he now "expects" to rise to $1 million! As for his "hedge", don't laugh, 3D printing stocks...
Sigh.
We suspect, as he noted previously, he will be avoiding mirrors even more now. And yes, that this whole series now reeks of an Onion viral marketing campaign, is clear to everyone. Although sadly, we fear it is all too sincere, and a sad consequence of what happens when Bernanke's centrally-planned markets crush one after another talented asset manager and leave the E-Trade momo babies in charge.
Eclectica’s Hugh Hendry has said he would buy into online currency Bitcoin if it were feasible to do so within his funds.
Hendry has bought 3D printing stocks as a play on trend-driven, QE-fuelled equity markets, and said the rise in the valuation of Bitcoin amounts to “the same thing”.
All US-listed 3D printing stocks are trading on at least 50 times earnings, but Hendry said he has little concern over the sector’s sky-high valuations.
"We are in 3D printing stocks. I say to my team 'don’t tell me the valuations, it is trending,'" he said, speaking at a Harrington Cooper conference at which he also revealed he is no longer bearish.
The power of those trends is such that Hendry said he would own Bitcoin if it was accessible on a regular exchange. The value of the volatile online currency passed $1,000 per coin for the first time last week.
“This is the environment where Bitcoin could go to $1m. There is no qualitative reason, but it is trending. If I could own Bitcoin, I would. If I own 3D printing, it is just the same thing,” he said.
Of course, while Hendry's asset allocation may appear bullish, it is not from a sense of impending positivity - more of resignation...
Hendry added equity market fundamentals do not matter at a time when policy is misaligned, emphasising instead the ‘feedback loops’ created by US quantitative easing.
“There is no point arguing about the one-way causality we [as an industry] believe determines our processes. That is all about a belief this is rational.
“We want to believe markets go up because the economy is improving, because corporate cashflows are improving. But when you get monetary disturbances creating loops, it does not really matter.”
Poor guy.
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As far as alts go, CasinoCoin seems to have a more solid price floor, so not a terrible choice.
Time for this guy to be put out to pasture. Seriously, he's not doing anyone any favors. He'll panic buy and panic sell. What a moron.
I think you nailed it. When they go in as the last panic buyers, they leave as the first panic sellers.
I know they don't ring a bell at the top, but I sure heard something ringing the last few days.
Hugh is a Big MoMo.
Welcome to the heart of the lunatic asylum Mr. Hendry...your room is ready.
http://www.youtube.com/watch?v=IK-nVzp5NbE
Damnit. Say it isn't fucking so
I'm very disappointed in Hugh. I thought he was good.
Re: I thought he was good.
Define what you mean by "good"?
Well, he understood the bearish case. Nothing's changed.
So he's now going long when the market is topping out. Brilliant!
Re: Well, he understood the bearish case.
Well, he might have "understood" it but he was as WRONG as the rest of the bears. In which case, he "understood" nothing.
EXACTLY. His job isn't to be right philosophically. His job is to make money, and for the past two years he's been dead wrong even if he was "right".
At Sears it was Good-better-best. That would make good = worst.
At Sears it was Good-better-best. That would make good = worst.
What the fuck does good or bad have to do with the stock market? We are talking about a rigged casino here. What do you want this guy to do with his clients money? Buy the miners?
He is not going Galt. He is not moving into the woods and become self sufficient. Ain't happening.
He knows we are fucked. Trust me, he gets it. He knows it's over. The only difference is he is going to work things to whatever advantage he can. If it blows up tomorrow there was nothing he could have done about it anyway.
As once said, this kind of market forces you to choose between being an idiot before the peak or an idiot after the peak. If it were his own money, probably he'd have chosen the latter as shown in his numerous interviews from 2009 up until a week ago. But hedge fund performance matters a lot to his business. He's basically forced to go with the retard crowd and he really couldn't help it - hence his "trending" meme.
Value plays really don't work these days. Mining shares after the serious drop since 2011 have good relative value but it keeps underperforming, while no revenue / huge net loss companies keep outperforming. You're forced to go retard to make money.
If it can be summed up, the mantra today is: Undervaluation underperforms, overvaluation outperforms, being an idiot pays.
And how prophetic to be blessed on the same day that Hugh Hendry rears his 'haggis face' with a simultaneous education on Kant and Hume in profiling what a "pod person" truly is?
He needs a vacation.
smling isnt funny.
How many weeks/months until there actually is a vehicle to allow Hendry to buy into BTC on an exchange???
I bet under 6 months -- but only if the price stabilizes or falls. That's one of the Winklevoss projects and why they hold ~10% of all bitcoin. If prices keep going up, they'll sit on them.
This became available September of this year. Bitcoin Investmetn Trust [BIT], minimum $25k investment. Currently $72.6 m in assets and up 761.5% since inception. Managed by SecondMarket.
The key to investment when everything is stupid like this is to find something with limited downside. There is always a rotation to be made from something that is bubbly or just passed its bubble phase into something that can't catch a break and has potential. Hendry is fucking up big.
rp1, yes. That's where I see PMs bullion right here, right now. Could be wrong Lord knows, but if you are going to be in the casino (you do not have to be) and will put chips down on some table, I favor the table where the price is at all-in production cost and the product has a history of value going back millenia.
Behold...The Future! But I'd at least buy a few commercial marijuana farms to hedge
Hmmm. . . Bitcoins or Marijuana Farm?
One smells like the future - one smells like stanky skunk.
Q: Which one is which? =]
+1 ZH This: a sad consequence of what happens when Bernanke's centrally-planned markets crush one after another talented asset manager and leave the E-Trade momo babies in charge.
says it all.
How to Lose Respect Built Up over an Entire Career in Two Easy Steps.
Dear "Satoshi Nakamoto"
Can you please identify yourselve(s) with your picture(s), and a short video autobiography of the development of your product? Who your backers are? And what your market cap will be with forecasts for the coming year?
youtube was a trend...
Warcraft was a trend...
shoulder pads where a trend...
I didn't invest in any.
Unless gamecredits for warcraft....
WAW!!! DID I BUY BOTCOINS BACK THAN!?
invalid comparison. Youtube & warcraft are still top-most popular with just about nothing else to really replace what they do.
Bitcoin is NOT trending, however. It is suckering in people who would otherwise chase pennystock or once it went up in price think that only something more than 800/unit is of value - knowing nothing about it.
It will end poorly.
Wow, you can predict the future! So, who's going to win the superball? The $140 bitcoins you predicted are 30 days past due.
it's coming, another week would be fine.
Sample BTC chart:
/|
/ |
~ |
|
Your silly avatar is a "trend", Sudden Debt. I guess you're your own bubble.
And you were waaaay funnier when all the Greek Crisis crap was first starting. What's with that? Still pissed you live in the EU?
Uh uh. It's not because ZIRP and QE are retarted policies that it will stop. It WILL produce phenomenons that bears won't be able to profit from in the short/medium term.
hehehehehe :) nice pic :)
Bitcoin makes central bankers sweat so much it legitimizes gold in their eyes. Their "oh shit" moment has arrived, tinged with jealousy and greed. They will show you a "bitcoin" to get you back in their system and to make themselves rich again. Now they realize Keynes was not only completely wrong, but not remotely the visionary technology would bring. They know old school is the best school for their concern.
The flaw in Bitcoin is that there are too few of them for people to use. It's a clever idea, but if you want the world to use it for money it has to grow exponentially for a very long time. And you'll want about 100 trillion of them to start.
I think the real flaw is that the central bankers have set the bar so low for currency that Bitcoin seems legit by comparison. Bitcoin is not real money any more than their fiat. That is the flaw in it.
They're divisible into enough units for trade.
The real problem is they don't work when the grid is gone or where there never was a grid and that's the time you MOST need real hard money.
Bitcoin isn't a hard money replacement, it's a Visa card replacement. That's what's driving the big-money interest and is the pitch guys like Wedbush are selling.
what? I can borrow unsecured credit from bitcoin and pay it maybe NEVER?
no?
Then it's not a Visa card replacement.
Don't sell it for what it isn't. That does no one any favors.
…the dude (seek) is right… you missed his point.
It’s all about method of payment… not hard money or credit. Even Bernanke had to admit that much about the efficiency of crypto currencies.
The analogy to visa works for someone who pays off the total balance every month… this kicks the middle man out.
Cutting out Visa and MC is a retailer's dream. Those percentage points saved fall straight to the bottom line.
introductory.
Any retailer can put any % back up to what Visa/MC had taken before because the customers proved they would put up with it.
This doesn't concern me at all.
If you think this is a benefit to bitcoin you're out to lunch.
The sole purpose of bitcoin, if honest, is to help those TRANSACTING with it, not leechers.
then SAY SO.
It's like a DEBIT card.
Not a VISA card.
Damn, you people thumbs down hard core truth all fucking day long and think you're geniuses.
Epic fail.
Method of payment ISN'T alike. Damn. Just fucking loaded full of Failtonium.
@seek
These guys don't care. Seriously, if Tyler himself decided to say "Okay, I'm in - here's my bitcoin address and I'll be posting charts with my analysis" these people would STILL rail against Bitcoin.
They don't give a shit about what it represents, except that it is all STRANGE and WEIRD to them. Its the precise reaction many older people have to new technologies and ideas that don't fit into their fossilized world view.
"WHAT? WE DIDN'T DO THAT IN MY DAY - GET OFF MY LAWN"
etc...
Let 'em rot in their dusty rooms with their chinese knock-off keyboards, nursing that old system bought 10 years ago because "it still works". There's just no helping some people.
Zit-popping technogeeks of the world, unite!
You have nothing to lose but your ignorance!
JFC that has been stated and refuted 59 times just on this site.
The same statement supposedly applies to PMs. Supposedly gold is too rare, not too cheap. For fucks sake...
Where was his 2009 FED reinflation call, buy then?????????
Little late Hendry
Lol BTC, I'm still trying to wrap my head around one little detail...
So these new electronic currencies are, and please correct me if I'm wrong, supposed to be completely anonymous, untaxable, and unaccountable to anyone? No government, and no bank has any controlling interests in them? Hmmm and the idea is that they will remain that way?
Does anyone else find the timing, design and marketing of these things just a wee bit suspicious?
Well, it's open-source so you could just go look at the code. And I bet lots of people are.
I would assume tho, that should this currency threaten "anything important" TPTB could try making it "difficult" to use. For the doomer crowd, bitcoin is worthless. If you are planning for a return to hunter-gatherer and really cool battles with your stash of automatic weapons (which - in your fantasies - you alwasy emerge victorious and capturing the opponents females with large teeth) then you can't use bitcoins. If you assume that not much will change in the next few thousand years then bitcoins (in some form) will probably be around (they had them in Star Trak right?)
(Disclaimer, not an early adopter. Still doesn't own a phone with moving pictures).
Why would we want females with large teeth? I just ran through my short list of prefered large female assetts and teeth didn't make the cut.
my best guess was calcium?
Hey I'm not saying it's a bad plan. Myself i don't like make assumptions. The point being that TPTB aren't opposing it at all. ATMs are obtaining permits everywhere. Had I an electronic wallet I would likely be making a purchase, annnd staying on top of that issue.
As for my fantasies, you should know there is no automatic weapons, nor thatched roof tree-houses... But good feminine jaw structure does pop up from time to time, how did you know?
They also had teleports in star trek. I'm looking for one of those.. Two of them actually...
BTC is not completely anonymous. As is normally used it's not anonymous -- but it can be anonymous if you choose to go through the extra effort to make it so.
It's also pretty well established that gains from it will be taxable, though the exact tax accounting is open for debate.
This can ultimately split the currency in two: "clean" BTC and "dirty" BTC.
All it takes is for the government to demand that all BTC users submit their account id to a government database AND that business accepting BTC, in addition to that, only barter with parties which are also in that database.
The argument, of course, will be that legal business shouldn't accept money from dubious origin (e.g. drug dealing, etc).
This will effectively split the currency in two. Noone in their right mind would spend clean BTC to purchase illegal services, as all their transactions are made public and they can be traced. And those holding dirty BTC wouldn't be able to spend it on legal goods or services.
Interesting information. Thank you. Apparently this electronic currency is becoming quite legitimate.
@auric1234
If you don't treat all bitcoins the same, you interfere with fungibility. And the knock-on effect of isolating your country from the growing BTC Economy. The USA will probably try though, they're aces at screwing up something until they learn their lesson the hard way.
Q 'please correct me if I'm wrong, supposed to be completely anonymous, untaxable, and unaccountable to anyone?'
A I would have to say you are wrong on all three counts. Where does it say any of that in the small print?
If you want to trade it for Fiat - it's not anonymous or unaccountable. In fact, all transactions are logged in the Blockchain. ALL OF THEM. If you knew who owned a wallet, and they only used that one wallet, you could know all the transactions that person has ever made with bitcoin. Of course, you wouldn't know anything about the person on the other side unless you knew who owned that wallet as well, but generally speaking, anonyminity only exists for the dedicated user.
I don't find the timing of them suspicious, I find the rapid ramp in valuation suspsicious. When I first thought about mining these last January, they were $12 a coin. Didn't feel it was worth my time. Suddenly a year later and they are $1100? I traded most of mine for Gyft cards to Fandango, Humble Bundle games, and poker.
It turns out I paid a lot of money to go see a few movies.
Who would have known?
Joker Man.
For somebody with such a small one (Fund) he sure talks a lot. A quack psychologist might venture to say that he is compensating for said fund's dismal performance.
Hendry gone long??? I suggest we all panic.
Just another guy with a smart accent and confidence in his carriage?
oh well. I've always felt more comfortable in smaller groups anyway.
I went to the Austin, TX bitcoin meetup last night. It was AMAZING. (if you like bitcoins.)
13th Step meeting ?
WTF it's been a while since I've seen such a useless comment...
I think few months from now HH will look back in amazement at his "going bull retard" statements... The power of corrupt CBs is amazing.
Keep stacking folks, this won't end pretty!
Why Bitcoins are Doomed in China.
http://www.piie.com/blogs/realtime/?p=4131
His newsletter will be a lot less pompous now then.
They were filled with quotes from tomes of wisdom and rationality used to pithily introduce his smug critique of the present situation.
The first one in the new year will read ' we bought this one because it was going up and we sold that one because it started to go down'.
At that point I look forward to AGM with the investors where the first question should be 'given your job no longer involves any skill whatsoever when will you be resigning, giving back the fees you've skimmed off our profits this last year and finally how much will the computer cost to replace you?'.
'Any spare change for an ex-hedge fund manager gov?'
"Infamy! Infamy! They've all got it in for me".
When the whole world is retarded, having a bit of intelligence marks you out as their meat, so he's joined the crowd and decided to feast on the carcass of reason. Why not? He reminds me of a shipwrecked man weeping as he bites down on the corpse of his crewman to survive.
As he says, it is trending. As long as the trend lasts, you might as well join the rest of the cannibals stripping the last remnants of sanity from the system. Qualitative, Quantitative, schmuckytative. None of that really matters any more. But when the cold light of day shines on the corpse of civilisation after the feast, the mess is going to haunt us forever.
The first post of mine which got a positive response on zh a few years ago was when I remarked that fundamentals do not matter any more in these rigged casinos, but an understanding of behavioural science was paramount. Nothing has changed.
Why buy a 3D printer for thousands of dollars when I can get my fleshlight delivered for $69?
I think Mr. Hendry watched too many Bernanke press conferences and hours of CNBC.
Wonder if he's snatching flies out of the air to eat?
BTW - Seema Mody is HOT.
Why buy a 3D printer for thousands of dollars when you can ask a friend to print one for you?
(Yes, the RepRap can print itself. Would you still pay $1000 for it?)
I noticed Seema way before today.....yeah man smokin'.
If I read this know the table will be turning soon. Iirc Hendry is in $btc since a while back, was it at $120/btc? So, I expect $1200 will be not much longer, against all talks. It's not what they're doing.
The time to go Bull Retard was when Buffett was talking about Robin's in Springtime and all that rot in 2009. Hendry is throwing the towel in just in time to signal the top along with Obama's recent epiphany about income inequality (as if his policies and the Fed have nothing to do with any of it). Surreal, dude.
He's just got to find his power-animal.
Get ready to slide, Hugh! Slide reeeeeal good.
I, for one, have really liked Hugh's past stance on the market and I think he will be proven right for his aborted position in the fullness of time. But lets face it, Hugh has been wrong (an idiot) up to this point and now, unfortunately for his book, he will be wrong going forward (an idiot).
"The problem with bubbles is that they force one to decide whether to look like an idiot before the peak, or an idiot after the peak." - John Hussman
It takes a special person to be an idiot on both sides. Hugh, you might very well be special.
This is the top.
Hugh Hendry, found your theme picture:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/05/FOMO.jpg
I think you could have made a killing with 1D printing machines, the ones that print like these - http://blogs.telegraph.co.uk/news/files/2012/03/money-printing-press.jpg
It's a shaaaame about Hugh.
We remember 2000 dot.com very vivid - it was Treanding as well!
Can Bitcoin Be The Digital Con Scheme? - Quantitative Analysis of the Full Bitcoin Transaction Graph
We do not know whether it is the shellbomb or just another scam around Bitcoin, but decided to share it and find comments from more technically sophisticated readers. All our analysis before was based on the Bubble signs which can be attributed to Bitcoin exorbitant rise and that it is unsustainable in the long term. From this report we can take that Bitcoin Open Source is not that open after all and we can see the attempt to game the other Bitcoin participants with artificially inflated prices - pure OTC stock style Pump and Dump run by insiders. This report analyses transactions in 2012, but its findings are particularly interesting now in light of recent parabolic rise of Bitcoin. How do we know that similar type of coordinated transactions are not taking place now artificially inflating Bitcoin prices? http://sufiy.blogspot.co.uk/2013/12/can-bitcoin-be-digital-con-scheme.ht...
Maybe the market isn't assisted by the Fed and relies on sentiment. What a terrible discovery when the market turns. So, if Hendry's completely daft, then gold mining investors aren't taking crazy pills after all?
he probalby have something to sell ...
Hugh Hendry's Guide to the markets:
http://www.thedevilsmetal.com/wp-content/uploads/2013/12/Hugh101.png
Bwahahahaha I'm going to be sick.
Ha ha gonna be laughing all night at that one.
I would like to do the same kind of thing for Jon Nadler's Guide to Buying Gold, but lacking the graphical skills, I cannot. However, I can neatly summarize it here:
On the x-axis: Years, from 2000 BC to the present.
On the y-axis: The price of gold in constant currency units, crowded with innumerable arrows all labeled "SELL/DON'T BUY!".
Every man has his breaking point.
Make money on Bit-con while you can. Just have to when to exit.
Hugh Hendry is a Keynesian cult follower. He now babbles print more all the time.
The Central banksters must have performed a lobotomy on him.
This is where I part company with you, Mr Hendry. I wish you a safe journey.
Although I doubt it.
And I suggest you panick.
http://www.youtube.com/watch?feature=player_detailpage&v=V5azCsoadoc#t=783
Max Keiser talking to Barry Silbert of Second Market about BitcoinTrust.co. I think Hugh could invest in bitcoin if he wanted to.
If you missed it:
Ultimate Bitcoin Showdown: Schiff vs. Voorhees
Peter Schiff is digging up Bitcoin phenomenon with Voorhees and its claims for being "Gold 2.0" Markets are not very happy pricing Taper now and people suddenly remember that Equity prices can go down as well. Peter is raising the very important point of "Bitcoin limited supply" - even if Bitcoin number is limited by algorithm to 22 million total there are another 100 crypto-currences to chose from even now. Voorhees is arguing that Bitcoin has already the Network Effect, which brings its value, but he warns that Bitcoin is very risky investment proposition as well. As we have mentioned before, crypto-currency backed by Gold will be the next logical step in this development.http://sufiy.blogspot.co.uk/2013/12/ultimate-bitcoin-showdown-schiff-vs....
Another ZH post - with another bearish sentiment.
Although they proclaim themselfs - based on feds balance sheet - that SnP beyond 2500 or even 3000 is possible.
So why not let Hendry be bullish - and even apploud him that finally he got it?
"We're getting towards the highs as Smartstrike predicted long time ago based only on the observation that everyone was looking for a top in 2014-2016 window."
As far as Hugh Hendry and Nassim Taleb are concerned, you can watch the video that ZH posted eons ago as those two basked in their own glory what pompous asses those two are. Meanwhile Fleckenstein is thinking about re-starting his short fund which closed early in 2009.
Taleb will be proven right, but his fund was the victim of the adage that the market can remain irrational for longer than you can remain solvent.
Meanwhile, People Are Buying A Lot Of Silver And Gold With Their Bitcoins:
http://www.businessinsider.com/bitcoin-black-friday-results-2013-12
The QE policies of the Fed are immoral, based on natural law. It really is that basic.
Money (even represented by fiat) is created people selling their labor / value into the market. To simply print fiat currency and "give" it to the banks is robbing people who are selling their labor /value to society at large. Tyler's "It's the flow not the stock that matters in this market" summarizes it pretty well however he does not take that far enough to its immoral endpoint.
Hendry consciously or unconsciously knows this and has thought (as many others have) that western society would not let this level of immorality continue. This is the root of his palpable anger.
I don't know if Hendry believes in God, but now, he surely believes in the Devil.
I dollar averaged some bitcoin over the first half of this year. I bought some merchandise, cashed out as much fiat as I put in, and still have coins on the table.
I have already realized a profit. There's nothing left but upside. I win.
I think you mistake this crowd for someone who cares about you.
The real mistake is thinking most of the people here have the mental capacity to understand. Most just have sockpuppet accounts to shout you down.
Glad you got your investment back, and you're able to "let it ride". It will be one hell of a yielding instrument, if this year is anything to go by.
Maybe we'll hire some of these commenters as personal servants for some karmic revenge. "I say Clowns on Acid - do fetch my slippers."
lol
Nothing wrong with an occasional victory lap.
At least he isn't carpet bombing every BTC comment.
The entire fucking global economy is a moving target.
You think that using your .22 or .38 or .357 or 50 caliber will make a difference?
These people have howitzers, rail guns, f-35's, nukes.
If they think they're losing the whole place blows.
Like Kyle Reese said, we're already dead.
Kyle Reese: Listen, and understand. That Central Bank is out there. It can't be bargained with. It can't be reasoned with. It doesn't feel pity, or remorse, or fear. And it absolutely will not stop, ever, until you are dead.
Jordan Belfort - The Wolf of Wall Street
http://www.youtube.com/watch?v=G3K92uugO9o
Hugh Hendry morphs into Hugh Trendry
Kittens, the world needs more kittens. Maybe I'll go fly a kite today. Blue sky and sun shine.
Hugh Hendry is not worthy enough to lick the bottom of Jesse Livermore's shoes....
When Hugh Hendry goes for bitcoins why does the image of Keir Dullea in 2001 come to mind. I can here him say "my God, it's full of Bitcoins"!
Moby Dick; Ishmael & Queequeg; Elijah prophecy
http://www.youtube.com/watch?v=sVK9aaTEWbE
.
"Elijah
I have, lad, I have. At sea one day, you'll smell land where there'll be no land, and on that day Ahab will go to his grave, but he'll rise again within the hour. He will rise and beckon. Then all--all save one shall follow. (Slinking away with a smile on his face) Mornin', lads... mornin'. May the heavens bless you." ...
Bitcoin, the Pets.com of currency.
I love this one. I think full retard is an apt description. A 1 million dollar valuation for bitcoin would make their dollar value well more then all the dollars on earth. M2 money stock, aka total dollars, is 10 trillion, with 12 million bitcoins times one million per, say it with me…would make bitcoin worth 12 trillion dollars. I’m going to go ahead and say it, this man, and anyone that believes him is just plain stupid. Ok well you don’t want to compare it to dollars, ok well how about gold and silver combined, not in the US, ALL WORLD WIDE STOCKPILES OF GOLD AND SILVER IS ONLY WORTH A LITTLE OVER 5 TRILLION, SO THIS CRAZY DIP SHIT THINKS THAT BITCOIN IS GOING TO BE WORTH MORE THEN TWICE ALL THE GOLD AND SILVER ON EARTH AND MORE THEN EVERY DOLLAR ON EARTH. Ok once again I think full retard is a good description.
Can't wait for it to happen. It would certainly shut all of you assclowns up for once.
But no, its "impossible"... sure, just like Bitcoin was "dead" when it fell from 31 dollars, then it was "dead" when it fell from 266, and now I'm sure they'll say its "dead" when it falls from 1,200 or so this year.
I guess people can't understand the meta-concepts that make Bitcoin viable. Fine with me, I get to enjoy the wealth multiplier while all the old fossils complain about how inflation is eating them alive.
Ok buddy you make me understand. Here are my questions:
1. How do you know the CIA didn’t put a few super computers mining bitcoin in the beginning, they were certainly interested? How do you know the government didn’t cause some of the previous run ups acquiring bitcoin? How do you know they don’t own 50 60 80 or 90% of the market right now ready to crush the whole thing? Why would they do it, cause they can, and don’t F with the dollar.
2. Why are federal agencies talking nice about bitcoin, see yahoo story “Gov Agencies see Benefit in Bitcoin”, but when gold and silver backed currencies popped up they crushed them by confiscating the gold and silver, and throwing the masterminds in jail? Hey here is another story, there is An Electronic Currency that can Save the Economy But its not Bitcoin, That is about the US gov coming out with a digital currency to once again steal from producers and creditors and give more power to the Government and Banks. Maybe they saw the Gold and Silver backed currencies as a true threat but know Bitcoin can be controlled to work in their benefit.
3. How do you know it won’t be hacked and duplicated without the system knowing, maybe not now, but years from now? I remember hearing that it was completely anonymous, that was until a group of hackers tracked down one of the biggest owners.
4. Since its been proven not to be completely anonymous, why can’t the gov track the owners and in a quick sting throw a ton in jail? Trust me if you don’t pay your capital gains they aren’t just going to say, “hey good try buddy, give us the money” they will do what they do to all tax evaders and throw you in jail as an example.
5. How will the bitcoin market react if large governments start to make them illegal, and tell retailers that they can’t accept them? I work for a fairly large corporation, and there is one thing corporations don’t do and that’s screw around with the government, they follow the law.
6. Unlike the dollar Bitcoin isn't backed by anything but faith. People are going to flip that I said the dollar is backed, but it actually is, it is backed by the productive capactiy of the american tax payer, and the governments ability to tax that production. And lets not forget, that though I don't think we have 8000t, and it has mostly been leased, any gold that the fed does still have or those leases arrangements could also be used to back the dollar. They are still assets that can be used by the fed if needed.
You say that we don’t understand but I’ve heard that before and though your right, I may not fully understand, I have a pretty good feeling that you don’t either. Someone that does understand it much better then both of us and that is Gavin Andresen, he said that Bitcoin is a risky investment and that the only cyber currency that could compete would be a government backed version. Sounds like the perfect thing to crush, say it had some good points but needed government backing. Come out with an E Dollar and rob the producers of this nation, the American people again just like in 1913, 1933 and 1971. If you made a lot of money in bitcoin here’s some advice, Diversify!!! Heck if you have 2000 and are a millionaire, sell 90%, and if your right and it becomes worth more than all the dollars on earth, or twice as much as all the gold and silver, you will still be sitting pretty. Oh and find some hubris if you can’t truly answer my questions.
Just a gentle breeze of what I mentioned in question 4 from China, caused a 300 dollar drop in bitcoin. I wonder what would happen if one major market like China outlawed them, or several major markets, hmmm. We’ll see.
You are saying, current gold price is a fair valuation?
Good point, No I guess I don't. I just wanted to make a point at how crazy a million dollar price target on Bitcoin was.
3D printing and Bitcoin!!! He has lost it...
Trending!!! It's an all in FED rally. As for Bitcoin being an alt currency. No way, not with the USD/DXY sitting at 80, IMO the FED knows a $ crisis is a stone throw away hence the two way play between EUR (ECB) and USD (FED). You are better off owning gold. We got crisis brewing, that is war, which will devastate bond/stock and spec markets in seconds.
3D printing is a hustle and a vapor. I wouldn't touch it
Please indicate when you have considered Bitcoin having "won". For me, its when it is backed or implicitly traded by a sovereign nation. I'd love to hear what your high-water mark is.
All we hear around here is GOLD GOLD GOLD, and while it has its place, its getting rather gOLD. There's more to the financial landscape than your private gold vault.
Bitcoin is a great concept, but I don't like speculation. There are bubbles everywhere. Bitcoin is one of them. As for the alt trade against the USD and/or other currencies. I don't see a total collapse in currencies...yet. So, that would be my water mark. As for gold, well I was $ bull only because Asia and South America where trading in USDs in black markets to offset their sh*t currencies (inflation). But, I think capital controls will be the rage that and the bond markets will be bought internally (outright monetization). I think the USD is finsihed, the FED knows this hence the jawboning with the taper on/off BS, plus they may be trying to underwrite the 80 on the DXY index. The worrying trend is central banks now looking to buy all the short end (bonds), even heard about Australia may abolish their debt ceiling. The central bank/s will have no choice but to fund the goverment directly. This could indicate that trade has collapsed globally, protectionism is in full swing and the next step is war. So gold would be super bid.
The good ole days when Hedge Funds could actually hedge. http://gothamist.com/2011/08/10/get_used_to_stock_market_volatility.php
Now just momo suckers running the FED commie buy-the-whole-world we got your back till doomsday trade.
Intelligent man, driven psycho-insane due to playing all day long, every day, in the insane-asylum that is the sandbox of the predators-that-be. Hugh. Quit. Retire. Do something real.
PS: I agree with someone below. Hugh Hendry marks the top? Feels like the run has a way to go, but gotta admit, Hugh is exactly the kind of guy to mark a top.
Funny how he's the bees knees when ZH agrees with him.
And now he isn't? What a bunch of "fair weather friends" you guys turned out to be.
I still wish him well. That's why I think he should quit and do something real until an economic system exists in which he can apply his talents. A "friend" is not someone you will never disagree with, a friend is someone who recognizes you are basically a decent individual. Besides, I wouldn't be so presumptuous as to call myself his friend.
Yes, ExponentiallyMendacious, most of us here on ZH tend to recognize and condemn blatant hypocrisy and bullshit, regardless from whom it issues and regardless of that person's prior statements and claims. It's called "being objective and intellectually consistent" --- we're funny that way.
Its a trending thingy!
"We are in 3D printing stocks. I say to my team 'don’t tell me the valuations, it is trending,'
Schumer's getting ready to do a 3D ass rape on you spud and it won't bother him a Byte.
Enjoy his ride ;-)
Good god this guy is going to be wrong on the way up AND on the way down.
I understand why Hugh Hendry has changed his mind. He manages a fund that is supposed to make money, and the Fed has sabotaged the real market. He must satisfy his investors expectations and he his fund is drowning in fundamentals.
I can hang on through thick and thin with physical metal, but that's just me. I don't manage other people's money.
A bitcoin is only as good as the supply of electricity, gold on the other hand has been around for 18 billion years and laughs at electricity....
Well, 13 billion and change, but what's a few billion years among friends?
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I don't know shit from shinola with finance, but I know people and when a guy this big is going full bull-retard?
It's time to head for the hills.
It's NOT different this time, it's just way bigger.
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V-V
"as long as the music is playing, you've got to get up and dance."
F-them in their own game eh?
I always liked Hugh Hendry because he reminded me of the people from Evans City, Pennsylvania. But now I like him because he likes BitCoin.
BitCoin is one way people have to fight against Central Banker financial terrorism and the oligarchs that are out to destroy the United States of America.
Long live BitCoin and Fuck you Greenspan. May you have nightmares of technologically advanced robots coming out of your skin you stinking globalist dinosaur.
2001