buying into an investment at historic high prices is almost always a mistake.
i’ve recognized that for a while. back in the late-70s to early-80s there was quite the gold bubble. i had an older cousin who started buying bullion at the start of the uptick. the library in my town had a subscription to money magazine and one month the cover story was about investing in gold. i called my cousin later that afternoon and told him i thought now would be a good time to sell off most of his holdings. he knew me as an intelligent and serious-minded young man and, just on my say so, he liquidated 90% of his holdings and made a considerable profit over his initial outlay costs.
within 6 weeks the price of gold dropped by close to 60% and a year later the price of gold was down to about 10% of its peak. at a family gathering some months after i had called him, he took me aside and thanked me for my advice and asked me what had been the signal that prompted me to call him. i told him that when i saw the time-life corporation publicizing gold bullion to small investors in their mass-market publication it told me that the bubble was about to pop.
boingboing isn’t money magazine, but this feel somehow similar.
Given how many articles Boing Boing publishes calling Bitcoin an environmentally destructive grift…
…it seems a bit off.
Don’t worry, Cory is gone and Jason is making sure BB turns a profit no matter what principles it sacrifices.
gold actually exists, it’s not quite a pyramid scheme based on nothing
I’m holding out for the BoingBoing online course to become an accredited nuclear engineer.
plus I don’t need crypto I’m still hodling king henry’s tally sticks and yap stones. fomo’s going to kick in for these babies any day now…
I’m neither a Bitcoin skeptic nor believer, but recommending people buy right at the top of one of the MANY cyclic “highs” the cryptocurrency experiences isn’t just immoral, it’s just plain horrible advice.
This only becomes worse, if anyone at BB is holding a lot of Bitcoin; it already smells like a penny-stock scam, as it is -.-’ .
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