I am enjoying this ‘Bitcoin’ frenzy.
I have so many close friends that are participating. I am too of course.
As much as we ‘frenzy’ the South Koreans are making us look like wimps.
The New York Times has a good piece on Coinbase which is at the center of the frenzy.
Months ago on this blog I wrote that one of my favorite things about the bitcoin phenomenon was that no bankers were necessary. That was way back when Bitcoins were trading hands at less that $5,000.
Today Josh Brown had a fun piece titled ‘The Bankerless Bubble‘ which is along the same lines. The gist:
It’s the first ever Bankerless Bubble. And I’ve read all the market history books. There’s never been a phenomenon like this where the general public beats the Big Money in. It usually works the other way ’round – Wall Street pumps up a story, enriching themselves, finally retailing exposure out to the moms & pops when they’re ready to take profits.
They have no profits currently, because they own none of it. No one needed them to create it, promote it, trade it, package it, hype it, hold it, analyze it, manage it, custody it, store it, move it, leverage it or even talk about it.
So either the banks missed it or we’re really just getting started. I have no idea, but I find the whole idea of a speculative bubble that moved too fast for the banks to be a delicious one.
Howard here…I was a seller of some Bitcoin today. I sold at $13,200 and $14,200. They are now at $15,500. Woops!
I joked on Twitter earlier when I sold a few:
Sold a few Bitcoins at $13,200. Please don’t tell my wife …
PS – Speaking of frenzies – the US student loan market is now as big as the junk market
PSS – This Josh tweet on Trump made me laugh:
Your honor, my attorney wrote the tweet. Based on his 30 years in the legal profession, he thought it would be a good idea to incriminate me on twitter during a federal investigation.
Also, I’m above the law.
Also published on Medium.