It all looked very, very easy a year ago this week, yes I am talking about BITCOIN. Moving up the charts faster than anyone could believe. Well, the proof is in the proverbial pudding now. If you had listened to that brother-in-law about how Bitcoin was the next Amazon, Google, or Netflix, he was dead wrong. It has proven to be the worst investment, correction, gamble of the year.
All the talking heads, CNBC, FOX, Warren Buffet, had to try to put a spin on this cyber freak currency. The rest of us watched the show from the sidelines.
It has all the makings for a bust, no SEC, no asset based backing, traded in complete secrecy, and of course, now we know, manipulated for the benefit of early gamblers. FOMO at its finest, better then the dot com bust, the penny stock bust, and right out of the pages of boiler-room (the movie).
If you lost 50-60% in a year, that is too bad. If you feel that you where a victim of manipulation, fraud, sales fraud, or just plain old injustice - Good Luck. You played in the wild west. No law of the land, no enforcement agency, and of course not a shoulder to cry on.
I hope your brother-in-law is picking up the tab this Holiday season, it is the least he could do.... be nice to him, he may have to be cutting grass for a long time.
EDSEL, YUGO, PINTO, BITCOIN.........I will not go on....
Blessings for the Holiday Season, B. Michael Shanley