Hey, cryptocurrency enthusiasts, are you enjoying the ride?
Are rollercoasters too scary for you?
I am afraid of rollercoasters. I don’t like them, at least not the modern day rollercoaster.
I don’t want to die.
But this rollercoaster is different. I don’t feel the fear. I have an odd sense of calm.
I am enjoying this rollercoaster ride that our criminal elite are dragging us along on.
Thank you, Buffett.
Thank you, Munger.
Thank you, Diller.
Thank you, criminal elite.
Thank you, Vox Nazis.
The other day I checked my Coinbase portfolio (spread over various cryptocurrencies but principally Bitcoin, Ethereum and Cardano). It was worth about $23,000 which is down $15,000 from when I first invested.
My Cashapp portfolio of Bitcoin was worth about $7500. I figured that was down about 25% from when I first purchased. I beefed it up $2000 by buying more Bitcoin at 30,000.
In total then I am down about $18,000.
So what am I going to do?
I’ve already fixed my bayonet.
I am ready to go down for the ten count.
Today is a good day to die.
Come and get me, Munger.
I’m not selling because I believe in the legitimacy of cryptocurrency. And I think our elite criminal class does also.
So I’m going to keep my Renoir paintings.
That’s the way I look at cryptocurrency right now. I view crypto the same way that art aficionados viewed impression art in early 1900s.
While most people didn’t understand the art and perhaps degraded it, a few savvy investors did like it and brought it up.
Those people did pretty well.
They were able to see the potential in this new way of painting. They saw it as something different and something exciting.
They thought that it had legs, and they were right.
That’s the healthy way to look at crypto.
Yes, there are many cryptocurrencies and many coins out there today, and it can be daunting, but there were many impressionist paintings being pumped out one hundred years ago.
I’m sure the art scene was overwhelming to the senses. There was good art, and there was bad art.
Just as there are many detractors of cryptocurrency today, there were detractors of impressionist art over 100 years ago.
The detractors of cryptocurrency use the term shit coins; over 100 years ago they used the term shit art.
And most likely, there was a lot of shit art out there.
But there was a lot of good art too.
And that’s why I’m keeping my Renoir.
You could pick up these Renoirs and van Goghs for practically free when they were being painted, which is the stage that crypto is at now, but that’s not going to be the case 50 and 75 years from today.
So, what I recommend is that you view crypto in the same way you would view an impressive painting if you were walking along the bank of the Seine river in Paris 100 years ago.
You spot a little man, perhaps a deformed man, who wants to sell you a painting. You look at him and his art in a bemused manner. He says that his name is Toulouse and that he will sell you the painting for $25 in 2022 currency.
The painting catches the eye, although you are not sure precisely why. You decide to buy because it is within your budget. Your friends who are accompanying you tell you that you are throwing your money away, but you conclude that you have that money to throw away.
Your friends plead with you. They quote the art authorities of the day who have derided this type of art as shit.
That’s what I recommend that you do now. Buy a little crypto.
I know the roller coaster ride is pretty rough right now, and I think it’s going to get rougher.
I’m going to hold tight though.
I am ready to die in this battle.
Copyright 2022 Archer Crosley All Rights Reserved