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'Retail suckers' with FOMO will eventually get crushed on Bitcoin, says Roubini

By Eric Holder follow Eric Holder   2021 Feb 22, 2:26pm 240 views   26 comments   watch   nsfw   quote   share    


Famed economist Nouriel Roubini argues that retail investors with “fear of missing out” are going to get crushed by investing in Bitcoin during its latest run higher.

“We have, like in 2017, hundreds of thousands of retail suckers that are having FOMO (fear of missing out) going into this asset class. And they are going to buy it at peak like it happened in December of 2017 when it was $20,000 and fell to $3,000 by the end of the next year. So, it’s the same phenomenon — just people are moving in because of FOMO, feeding the bubble, manipulation, eventually, they’ll get crushed,” Roubini told Yahoo Finance Live on Monday.

The NYU Stern professor of economics argued that Bitcoin’s surge is driven by “massive manipulation,” not a rush into a hedge against inflation.

“I think that some of the movement upward is driven not by worries about inflation or debasement of fiat currencies because gold is not going up very much, TIPS (Treasury Inflation-Protected Securities) are not going up very much. Why would just Bitcoin be a hedge against inflation and a debasement of fiat currency? There must be something else — something else is there is massive manipulation,” Roubini said.


https://finance.yahoo.com/news/nouriel-roubini-on-bitcoin-price-surge-215856375.html
1   G36   ignore (8)   2021 Feb 22, 2:27pm     ↓ dislike (0)   quote   flag      

Tesla invested 1.5B USD in Bitcoin :)
2   Booger   ignore (7)   2021 Feb 22, 2:36pm     ↓ dislike (0)   quote   flag      

G36 says
Tesla invested 1.5B USD in Bitcoin :)


Yeah, the time to buy Bitcoin was before Tesla bought it.
3   FuckCCP89   ignore (5)   2021 Feb 22, 2:39pm     ↓ dislike (0)   quote   flag      

Booger says
G36 says
Tesla invested 1.5B USD in Bitcoin :)


Yeah, the time to buy Bitcoin was before Tesla bought it.


Do we know if Mask still holding? How? He could be out but we'll learn about it only when TSLA reports another quarter.
4   Misc   ignore (0)   2021 Feb 22, 3:03pm     ↓ dislike (0)   quote   flag      

Does it matter whether TSLA is still invested? Musk hasn't said anything about his personal investments into and out of the coin. I'm gonna bet he made bank.
5   G36   ignore (8)   2021 Feb 22, 3:07pm     ↓ dislike (0)   quote   flag      

exactly, not only did Tesla invest 1.5B USD in Bitcoin but Musk himself invested too. He's the richest man on earth by the way. :)
6   G36   ignore (8)   2021 Feb 22, 3:08pm     ↓ dislike (0)   quote   flag      

Booger says
G36 says
Tesla invested 1.5B USD in Bitcoin :)


Yeah, the time to buy Bitcoin was before Tesla bought it.


I did. But we are still in the disbelief phase. As Musk said, the best time to buy Bitcoin was yesterday. The second best time is today.

Buy before Google, Apple and FB invest in it too. You will be an early adopter.
7   Blue   ignore (0)   2021 Feb 22, 3:13pm     ↓ dislike (0)   quote   flag      

G36 says
we are still in the disbelief phase.

Lol!
8   Eric Holder   ignore (0)   2021 Feb 22, 3:17pm     ↓ dislike (0)   quote   flag      

Misc says
Does it matter whether TSLA is still invested?


If people use it as justification for believing in "Big Daddy to the Moon" then yes.
9   Misc   ignore (0)   2021 Feb 22, 3:19pm     ↓ dislike (0)   quote   flag      

What can 100 million people be wrong?
10   Eric Holder   ignore (0)   2021 Feb 22, 3:22pm     ↓ dislike (0)   quote   flag      

Misc says
What can 100 million people be wrong?


No way!
11   G36   ignore (8)   2021 Feb 22, 3:23pm     ↓ dislike (0)   quote   flag      

thats right. Bitcoin will moooon. Along with the other cryptos....took some profits early in this disbelief phase (11x) on Binance coin and ADA.
If you pull those returns in the disbelief phase, can you imagine the returns in the euphoria phase.....Let's go baby!
12   WookieMan   ignore (6)   2021 Feb 22, 3:35pm     ↓ dislike (0)   quote   flag      

Misc says
I'm gonna bet he made bank.

He made bank. It's done. 20-30% on $1.5B is generational wealth.

Getting a 10 bagger on BTC with 20k invested is a Corvette and a refi payment on an overpriced CA shit hole house to lower a payment and sitting in the basement..... oooooOOOOOooooo.

Crypto is literally taking money from the poor and transferring it to the rich. The poor just aren't aware of the game. The sad part is they'll never be aware until it's too late. I've been up a couple grand just shooting the shit playing roulette at a casino. That's where the crypto folks are right now. Thinking they're high rollers. I wasn't and they aren't. They'll lose. It's a rigged game and Musk is long gone at this point.
13   G36   ignore (8)   2021 Feb 22, 3:40pm     ↓ dislike (0)   quote   flag      

The perma bears cant handle that Tesla bought 1.5B USD in Bitcoin. Too funny. So they tell themselves he bought and sold right away.

bawahahahahhah, Clowns.
14   Onvacation   ignore (5)   2021 Feb 22, 3:40pm     ↓ dislike (0)   quote   flag      

G36 says
Buy before Google, Apple and FB invest in it too.

Who cares what those FAGATs do?
Did ya take some profits of your bitcoin speculation?
A smart gambler would.
15   richwicks   ignore (4)   2021 Feb 22, 3:42pm     ↓ dislike (0)   quote   flag      

G36 says
Tesla invested 1.5B USD in Bitcoin :)


How do you know? Because Musk made this claim?

He also was claiming that he had investors to make Tesla private.

Don't trust this man. He's a known liar.

I know from a fundamental level that bitcoin isn't a workable currency, that's not to say it won't go to unbelievable heights. I'm saying, it cannot be a currency. What it promises and what it delivers are two entirely different things. It's truly a tulip. Transaction times make it unworkable, alone. Beyond that the database chain can be infiltrated by any government or even a large business with a datacenter, or even a virus. It's very expensive from the point of view of electricity consumption to maintain on top of that.

It's a true Ponzi scheme, but a lot of people made a ton of money on the first Ponzi scheme.

If you are invested and have 10 million bucks of it, go buy $1 million dollars of silver - actual physical silver - the smaller the units the better. When the shit hits the fan, you'll be sitting pretty, also, don't tell anybody you have a million dollars of silver - your best friend will murder you when the shit hits the fan. Tell your spouse, and that's it and make certain your spouse keeps their mouth shut about it - make them understand that if things go south (and they will) that it will be dangerous for anybody to know you have assets outside the system. If nobody knows you have it, nobody has a reason to tie you up, beat you, your spouse, and your children to get access to it.
16   WookieMan   ignore (6)   2021 Feb 22, 3:53pm     ↓ dislike (0)   quote   flag      

richwicks says
If you are invested and have 10 million bucks of it, go buy $1 million dollars of silver

He's got $20k "invested." You're talking numbers that don't compute for him. He's caught up in 3 months of gains in the Ponzi scheme. He'll get greedy and get burned. Has self admitted that he hasn't even taken house money (sold) on BTC. Good luck when your stop loss falls through the floor and he's catching knives. Not our job to educate, but it's frustrating to see people that are so naive. I surely hope he doesn't have children.
17   Rin   ignore (8)   2021 Feb 22, 3:58pm     ↓ dislike (0)   quote   flag      

richwicks says
If you are invested and have 10 million bucks of it, go buy $1 million dollars of silver - actual physical silver - the smaller the units the better. When the shit hits the fan, you'll be sitting pretty, also, don't tell anybody you have a million dollars of silver


Sure, $1M in Silver or a basket of Silver/Gold/Platinum and another $1M in Altria (MO) and just live on that $78K/yr (since it's qualified divs for taxes) and forget about trading.

If BTC is real and not some modern day Tulip Mania then the man has both, made his point and hedged his bet.
18   richwicks   ignore (4)   2021 Feb 22, 4:01pm     ↓ dislike (0)   quote   flag      

WookieMan says
He's got $20k "invested." You're talking numbers that don't compute for him. He's caught up in 3 months of gains in the Ponzi scheme. He'll get greedy and get burned.


You have no idea what it will go to. $20K might very well go to $10 million.

The problem with bitcoin is that I understand it well enough to know that it's not usable as a currency. To me, it's like a stock of a company that neither loses nor makes money. I know (most) of the math behind it, I know the transaction times, I know it's NOT anonymous, and it's only dependent on what people are willing to pay for it.

I don't know how it will end, but from my experience in the precious metals market, I know that if it comes to it - the government will step in to crush it to protect the dollar. I remember what they did to Bernard von NotHaus. They just stole all of his shit, then called him a terrorist and once they bankrupted him, he was free to go.
19   WookieMan   ignore (6)   2021 Feb 22, 4:14pm     ↓ dislike (0)   quote   flag      

richwicks says
The problem with bitcoin is that I understand it well enough to know that it's not usable as a currency. To me, it's like a stock of a company that neither loses nor makes money. I know (most) of the math behind it, I know the transaction times, I know it's NOT anonymous, and it's only dependent on what people are willing to pay for it.

You're right. You literally just negated all the positives our pumpers here pump. Problem is they won't answer a question about what you just addressed. It's why these threads piss me off. Negative or positive by the OP, it doesn't matter. The pumpers don't answer a god damn question. Just the moon or some other gibberish that 13 year olds talk about playing fortnite.
20   richwicks   ignore (4)   2021 Feb 22, 4:27pm     ↓ dislike (0)   quote   flag      

WookieMan says
richwicks says
The problem with bitcoin is that I understand it well enough to know that it's not usable as a currency. To me, it's like a stock of a company that neither loses nor makes money. I know (most) of the math behind it, I know the transaction times, I know it's NOT anonymous, and it's only dependent on what people are willing to pay for it.

You're right. You literally just negated all the positives our pumpers here pump. Problem is they won't answer a question about what you just addressed. It's why these threads piss me off. Negative or positive by the OP, it doesn't matter. The pumpers don't answer a god damn question. Just the moon or some other gibberish that 13 year olds talk about playing fortnite.


But remember, the price could go to the moon before it becomes worthless.

I don't know if they are just promoting it to get people to buy in to increase the value, or if they truly believe in it. It doesn't matter to me, I know it's ultimately a scam. It's morally wrong for me to invest in a scam. If I can't produce something that is useful to society, I'd rather starve. It's wrong for me to take advantage of more ignorant people. I'm an engineer, I went though an ethics class, and I think that was good ethics. Pity so many other engineers didn't take the course or rebuffed it. We have a responsibility to improve the world. That's our absolute fundamental job. To make life better.

I'm in Silicon Valley, I am absolutely shocked at the lack of ethics and principles people have displayed in this area. I'm disgusted by it. I'm thinking of buying a home in nowhereville and flipping burgers. I don't want to be a part of this. If I don't do that, I'm going to work on overthrowing this current setup. My job was to improve the lives of people, only to find out I'm part of destroying people's livelihood. I was a sucker.
21   Onvacation   ignore (5)   2021 Feb 22, 4:34pm     ↓ dislike (0)   quote   flag      

richwicks says
We have a responsibility to improve the world. That's our absolute fundamental job. To make life better.

Absolutely! Life would be unfulfilling otherwise.
richwicks says
I am absolutely shocked at the lack of ethics and principles people have displayed

Just when you thought it couldn't be worse...
23   G36   ignore (8)   2021 Feb 22, 9:20pm     ↓ dislike (0)   quote   flag      

Tesla buying Bitcoin for 1.5B USD seemed to have just pushed our Bitcoin haters over the edge. It plays out like it usually does. Those that dont go far in life hate on Bitcoiners and their success. Sry @WookieMan
24   WookieMan   ignore (6)   2021 Feb 22, 10:23pm     ↓ dislike (0)   quote   flag      

G36 says
Those that dont go far in life hate on Bitcoiners and their success.

Lol. No, we're just not stupid. We also don't boast like you do about something you're not even invested in. Sad really.
25   Onvacation   ignore (5)   2021 Feb 27, 9:10am     ↓ dislike (0)   quote   flag      

Booger says

Those are pretty!

But the real money is in the bulbs.
26   mell   ignore (6)   2021 Feb 27, 10:07am     ↓ dislike (0)   quote   flag      

Let's be fair, Roubini's track record is not exactly great, and that's an understatement. I believe bitcoin or digital currencies in general are here to stay, but not to take profit in this insane run or advising people to buy is perilous IMO. Of course if you don't take gains it's just your choice but on one thing he's right, plenty of retail buying at the top already have gotten and will get burned. But to say it wasn't a great trade/investment months/years ago seems like sour grapes. Unless you believe it is harmful for society besides speculation like richwicks there's nothing wrong with a good trade, and this was one of them.

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