Wednesday, December 20, 2017 by Martin Mavis
If you’re buying Bitcoin NOW, you are the “greater fool” who will be left holding the bag of doggy doo when the Bitcoin collapse kicks in.
Podcast Transcript: “Quick commentary on Bitcoin, because it entered the suckers phase at this point. I got to hand it to the early Bitcoin adopters. You people have made out like a bandit. You’ve done well if you sell your Bitcoin now to the newbies getting in who are frankly incredibly stupid. Now if you got in early and you were buying Bitcoin at one dollar, $10 or $100 even and you sell now, that’s the best bet you’ll ever make in your life. It’s the best gain you’ll ever make. But if you don’t sell it doesn’t count. So, you got to sell and cash out in order to cash in really come to think of it. Who are you selling to? The new suckers who are buying in. The new people who are now mortgaging their homes to buy Bitcoin mining rigs. This is the new insanity that’s been reported in the media. It’s a guy, I don’t know where he lives I think maybe it was Australian, he’s mortgaging his home to buy Bitcoin mining rigs, so he could mine more Bitcoin. Well, I don’t know if he’s really bad at math or something, but unless you have dirt cheap electricity all the mining hardware in the world doesn’t earn you anything. It’s the cost of the power that is the big kicker when it comes to mining. I know because I’ve mined Bitcoin for many years…” Listen to the full podcast below: