FTX AND Titanic

Why did FTX collapse?


Forget about wash trades. Forget about creating token value out of thin air. Those are the operational reasons.

The reason FTX collapsed is because it’s leaders, Sam Bankman-Fried and Carolyn Ellison were young punks from the new Ivy League, who felt that the rules of humanity did not apply to them.

Amphetamines are for demigods like them, they reasoned. The rest of the chumps can’t handle such drugs.

Bankman-Fried graduated from MIT. Ellison graduated from Stanford.

Their parents were connected into the power structure.

It must be a heady experience to have so many people swoon before you as you casually let them know that you graduated from such an elite institution.

Why should we be surprised that Fried and Ellison engaged in wash trades?

Why should we be surprised that they created a token out of thin air, and then artificially pumped up its value?

Why should we be surprised that there were no accounting controls?

Why should we be surprised that they threw investors money around so carelessly?

Why should we be surprised that they used customer funds for purposes that are frowned upon?

Rules don’t apply to them.

They are demigods

It’s true.

In the Kim Jong-un society that we have created people who graduate from MIT, Stanford, Harvard, and the rest of the Ivy League are fucking geniuses.

Of course they can do amphetamines and work without being compromised.

Of course they don’t need any accounting controls.

They walk on water

At least they believe they can.

And quite frankly, so do many other people.

Sequoia Capital had no problem doling over $210 million of other people’s hard earned money.

They – and many others – did so, because they looked at Fried and Ellison, and said to themselves: Why, they are the elites. They are the princes of the city. They can do no wrong.

But, as we have learned since the FTX collapse, they are sorry.

They are truly sorry.

Sorry won’t do it, Bub.

Nor will your half assed explanations of why FTX collapsed.

FTX collapsed for the same reason that Titanic foundered: Unbridled arrogance.

This ship can’t sink, Fried and Ellison proclaimed to the world.

But it did sink.

And now it’s dragging everybody down with it in its wake.

Do you want to do something about it?

Do you want to prevent this in the future?

You have to reform the culture. You have to get off this superstar culture kick.

SEC regulations won’t cut the mustard.

It’s the individual that counts not the institution.

You have to stop voting for people who come from these elite institutions. Many of them don’t have the right stuff.

They don’t have the right stuff because they sit back on their asses, do drugs and get by on their connections.

Just like Fried and Ellison.


Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

All In on Bitcoin

I’ve spent some time today listening to Peter Schiff talk about Bitcoin and his arguments against this particular cryptocurrency.

To begin with. I like listening to Peter Schiff. He’s one of the few economists out there who is able to communicate effectively without devolving into eco-babble.

That’s probably why he has been a successful author.

He has an engaging personality.

Nevertheless I disagree with his arguments against Bitcoin.

I will go over a few of his arguments with my comments.

Number one, he says that Bitcoin is not unique. He states that anyone can make a cryptocurrency. This argument is as valid as saying that anyone can make a burger.

Yes, this is true, but not everyone can be McDonald’s.

McDonald’s is a multi-billion dollar corporation because they have figured out a way to make a reliable, tasty burger. McDonald’s value also comes about because they invest a tremendous amount of money in advertising.

This is Bitcoin‘s primary advantage. They were there first, and they are always in the news.

That’s a big advantage. That’s why they’re number one.

If Ethereum had been first out of the block, they would have been the primary cryptocurrency.

The same could be said of Polkadot or Cardano.

But they weren’t. Bitcoin was first.

Secondly, Peter Schiff makes the argument that there is no value in Bitcoin.

He says that you can’t eat it like a commodity. You can’t wear it like a piece of gold. It doesn’t provide interest as a bond does, nor does it provide a dividend as a stock may do, or at least used to.

All of this is true. And yet it is not true.

Bitcoin does have value in that it provides a store of value. That’s what Bitcoin is. It is nothing more than a giant ledger that is distributed out upon thousands upon thousands of servers around the world.

The whole point of Bitcoin is to provide a standard which cannot be inflated by man.

Peter Schiff points to the wild swings in Bitcoin as evidence that it is a pyramid scheme.

He sees those wild swings as evidence that Bitcoin is nothing more than a scam in which the early investors sell to the suckers who come in later.

Well, perhaps to a certain extent that is true. I don’t doubt that there are people who are cashing in their winnings.

But isn’t that also true of the stock market?

I’ve listen to Jim Cramer for years now, and he is always advising people to sell high and buy low.

That’s just human nature.

But does that mean that the stock market is a pyramid scheme?

Not necessarily, although I do believe it is. Ha ha.

I suppose if we look at the stock market and Bitcoin as a market place where early investors sell high and make a profit, we can view it as a pyramid scheme.

But that doesn’t mean that everyone is viewing the stock market or Bitcoin in that way.

There are many people who are investing in Bitcoin because they are tired of fiat currency destroying the value of their money.

There are many people who are investing in Bitcoin because they feel that the ledger that is Bitcoin will grow in value as more people come on board.

That’s one of the reasons why Bitcoin is increasing in value.

Bitcoin is increasing in value because more and more people are buying into the concept of this distributed ledger as a means of safeguarding their money.

Just as McDonald’s increases in value through goodwill, that intangible asset that signifies that this company provides a valuable service, Bitcoin is also increasing in value through goodwill.

That’s part of the reason why Bitcoin exploded in value.

Nevertheless, Peter Schiff demeans Bitcoin while extolling the value of gold.

To begin with, gold is not all that useful a metal when it comes to industry. Silver is the far more useful metal. Gold is used more for ornamental value – jewelry.

Yes, it’s true you can’t wear Bitcoin like you can wear gold.

However, Bitcoin is far more useful as a fungible asset than gold.

I don’t want gold bars being shipped to my house. I don’t want to have to worry about someone stealing my gold bars.

I don’t fully trust these gold funds either.

Bitcoin is attractive to me because I can purchase it on my phone and I can access it readily. If I want to dispense of it I can do that also, and I can do that very easily. That makes Bitcoin extremely useful and therefore valuable to me. Actually, it makes it more attractive and more useful than gold.

These are the reasons why I am investing in Bitcoin.

To tell you the truth, after this recent drawdown, I took the rest of my crypto currencies and converted them into Bitcoin.

I got rid of everything else. I got rid of Ethereum, Cardono, Polkadot, OMG, Ankr, Dogecoin, Shiba.

I am all in on Bitcoin.

Now, with that stated let me make one more point. Gold was not chosen as a standard for money in years past because it was flashy, useful, or had a return on the dollar.

It was chosen because it was rare. It couldn’t be suddenly inflated. And it was unlikely to be thrown in trash.

Bitcoin shares those qualities. If administered in an uncorrupted manner Bitcoin can work for everyone.


Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

Rollercoasters and Renoir

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.

You buy.

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.


Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

Quit While You’re Ahead, Charlie

It doesn’t seem like Charles Munger, the billionaire, is smart enough to go away.

Now you would think that someone who is a billionaire would be smart enough to walk away while he’s ahead, especially when he’s 98 years old.

But he’s not.

Since he’s not, we should take advantage of the opportunity that he’s giving us.

Charles Munger says a lot of stupid things.

His most recent stupid statement is that much of the criticism of billionaires is driven by envy.

I can’t speak for everyone else; I’m sure there are a few people who criticize him because they are jealous.

Speaking for myself though, I’m not angry with Charles Munger because he has more money than I do.

I don’t have any problem with people having a few more bucks than me.

My beef with Charles Munger and many other billionaires is that they contribute so little in proportion to the exaggerated wealth they possess.

They say a lot of stupid things, and they do a lot of stupid things.

Moreover they made their billions by taking advantage of the system in order to steal wealth from regular Americans.

They did it with the aid of their Ivy League chums. Munger of course is Harvard scum. His partner Warren Buffett is Wharton School scum.

Their wealth is built upon the backs and stolen wealth of regular people.

Munger’s generation and a good piece of my generation are particularly culpable.

These modern day robber barons destroyed the America that was, the America that gave the American dream to many Americans.

He and his kind – people like Mitt Romney, Carl Icahn, the motherfuckers at Bain Capital, and his pig-shit friend Warren Buffett, helped along by other Ivy League scum-meisters like Michael Milken at Drexel Burnham Lambert – were able to buy up small regional businesses, American institutions, businesses that provided security and well-paying jobs, including retirement packages for many Americans.

They shut down those businesses, sold the parts and inventory, then shipped the jobs off to China where they could reap a fortune off cheap labor.

This is how these motherfuckers got so rich.

The big losers were the American people.

The highway robbery of these billionaires caused many people to turn to the government for assistance in healthcare and housing. This in turn jacked up our taxes.

Do you see all the homeless people out there? Many of these people had well-paying jobs or came from families whose parents had well-paying jobs before these billionaires took them away.

When the breadwinner’s well-paying job was taken away, all sorts of social ills arose. There was increased drug use, increased divorce, and increased crime.

Do you see all the students with crushing student loan debt? In the old days their parents had the money to pay for their college education. When those well-paying jobs were taken away those students had to resort to government loans. Because the government was loaning money so freely the schools jacked up the cost of the tuition in order to build useless buildings that profited those same billionaires who built those buildings.

These billionaires set into motion on steroids this idea that there was an indispensable class of investor-leaders who are entitled to make huge profits.

This was helped along by the media that they own and control that continually praised them as the best in the brightest because they attended schools like Harvard and the Wharton School.

Accordingly they awarded themselves huge salaries, huge compensation packages, and huge golden parachutes.

Their Iy League chums in Congress sat back and did nothing as these billionaires consolidated one industry after another into unworkable monopolies.

We became a totalitarian state run by corporations and crony capitalists.

The apotheosis of this greed was Marissa Mayer of Yahoo who was given $264 million as a retirement package for doing an average job for five years.

What have these hundred-millionaires and billionaires given back?

The underlying idea behind awarding them so much money is that they as smart people are going to do even more wonderful things for society.

So where’s the beef?

What have they produced besides fancy yachts?

I’m waiting.

What has Charles Munger produced other than his silly statements?

Well, he trashes cryptocurrency on a regular basis. That’s a starter.

How does that benefit us?

Cryptocurrency was invented as a response to the runaway fiat currency that was printed up in order to benefit crooks like Munger and Buffett.

Thanks to Charles Munger, cryptocurrency is unable to advance anywhere.

Isn’t it strange that we have rampant inflation everywhere, but not in cryptocurrency.

How is this possible?

It’s possible because Charles Munger and his kind keep trashing it.

They understand it as the threat that it is to their kleptocracy.

It’s been quite a run for Charles Munger and Warren Buffett, and it’s high time that it ended.

Do I think that because I’m envious?

No, I’m not envious of Charles Munger.

I’m angry.


Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

Charlie’s Looking Out For Us

Here’s another laugher.

Guy Spier, one of Warren Buffet and Charlie Munger’s puppets and mouthpieces, has rushed to the defense of Charlie Munger.

Here it is, right here.

He says that Charlie Munger did small investors a favor by calling Bitcoin “rat poison” back in 2013.

He was looking out for us, you see.

Charlie Munger was actually looking out for us.

Yes, it’s true.

Charlie Munger was scaring us away from cryptocurrency because he didn’t want us to lose our money on a speculative investment.

Is that a joke?

Of course he didn’t want us to lose our money on cryptocurrency. If we lost our money on cryptocurrency, how would we ever lose our money to him in the casino that he and Buffet are running?

Thanks but no thanks, Charlie.

Thanks but no thanks, Guy.

Then amazingly, Spier goes on to say that Charlie Munger probably doesn’t give the same advice to his wealthy friends as he does to the rest of us suckers.

Is this guy brazen, or what?

Well, of course he’s brazen. Guy Spier is one of the anointed elites.

One only has to look at his résumé to see this. He attended both Oxford and Harvard.

That makes him privileged, stupid, and entitled.

Only someone who attended Harvard and Oxford could get away with saying something so stupid.

The rationale behind such a statement was that cryptocurrency was a speculative investment, unlike stocks, and that investing in cryptocurrency was like betting in a large poker room.

Some of the tables in the poker room, according to Guy Spier, are speculative scams in which we are likely to lose our money.

The average investor, according to Guy Spier, isn’t smart enough to pick the right table.

Savvy investors, however, most likely Charlie Munger‘s friends, are able to pick out the better tables and are therefore more likely to win.

Do you mean like the stock market, Guy Spier, a contrived, phony casino if ever there was one, a rigged joint where whales like William Ackman can short a stock and then get on television and trash companies like Herbal Life into submission so that they can make a fortune.

Do you mean like the stock market, Guy Spier, a good old boy game, where, in the midst of an IPO, wealthy elites at the major investment banks dole out hundreds of thousands of shares of stock to their friends for nothing?

Do you mean like the stock market, Guy Spier, a Texas Hold’em table if ever there was one, where large investors can afford to pay Harvard trained quants to write sophisticated high-frequency trading programs that run over high-speed networks in order to see everybody’s pocket cards before fleecing them out of their money?

Are you talking about that legitimate poker table?

I’ll tell you what, Guy Spier, why don’t you and your scam-meister, Munger, let us figure out what’s legitimate or not.

Or maybe we already have.

Maybe that’s why people are investing in cryptocurrency, fuck face. Maybe they already have figured out Munger’s game.

Maybe that’s what you don’t like.


Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

The Harlequin in the Corner

The latest laugher on Bitcoin comes from the Bank of England. I’m going to print two excerpts first, then comment.

“The market capitalisation of crypto assets has grown tenfold since early 2020 to about $2.6tn, representing about 1% of global financial assets. About 0.1% of UK households’ wealth is in Bitcoin and similar crypto assets, such as Ethereum and Binance coin. As many as 2.3 million people hold crypto assets, at an average amount of about £300 each.”

And …

“The Bank of England has said that Bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything.”

In a related article …

“A senior Bank of England policymaker has warned that digital currencies such as Bitcoin could trigger a financial meltdown unless governments step forward with tough regulations.

Likening the growth of cryptocurrencies to the spiralling value of US sub-prime mortgages before the 2008 financial crash, the deputy governor Sir Jon Cunliffe said there was danger financial markets could be rocked in a few years by an event of similar magnitude.”

Let me see if I can get this straight. I’m a pretty stupid guy, so I might struggle.

You’re telling me that a currency, like Bitcoin, that represents only 1% of total global financial assets and only .1% of UK household wealth is going to upend the system? Then you have the guts to equate it to the subprime crisis that you, the powers that be, created?

How does that happen? If Bitcoin is so inherently worthless, how come so many people cannot see that? And how does a currency that represents only .1% of the UK’s wealth upend the system?


That doesn’t sound like a gold rush to me.

It doesn’t sound to me like people are trying to get something for nothing.

Bitcoin has hardly been an explosively profitable investment, not when you consider the amount of time that people hold on to these cryptocurrencies.

The value of Bitcoin is roughly at the same level if not lower than when I purchased it over a year ago.

That is principally because the friends of the Bank of England, people like Charles Munger and Warren Buffett, have been chopping Bitcoin’s value down by trashing it; and because quants that the Bank of England befriends have been engaging in high frequency trading through their high speed networks in order to buy and sell Bitcoin quickly.

I’m not buying Bitcoin to get rich quick, although I do hope it goes up in value.

I like many others purchased it because our elites are printing money like crazy. I hope to use this principally as a hedge against inflation. I think many others do as well.

If I can make a little extra, fine, but I don’t expect to make a fortune.

The only thing holding me back from investing more is the uncertainty that the Bank of England and other scaremongers engender.

I suppose it’s worthwhile pointing out again that Bitcoin is nothing more than a ledger that keeps track of everyone’s investment.

Think of it as a giant QuickBooks accounting program.

You invest money into the system, and the ledger keeps track of that investment.

The value of the investment will only go up and down depending upon how many people desire to use this giant ledger.

Theoretically, as more people use the ledger and decide to believe that it is a good thing, the more valuable Bitcoin will be.

If no one believes in the ledger, and if they decide to believe that it is a bad thing, the less valuable Bitcoin will be.

Bitcoin’s value depends solely on whether people choose to believe that it is a good thing.

In that respect, Bitcoin is no different than gold.

The price of gold is dependent upon how valuable people choose to believe that it is.

If one day, people choose not to use gold as jewelry, the price of gold will drop.

Gold has very few uses other than jewelry. Silver is the far more useful metal in industry.

The value of these elements rise and fall depending upon how much utility they have for people.

Bitcoin is a little different in that it is not used in chemical reactions, nor is it used to wear around one’s neck, wrist, or fingers.

Bitcoin’s principal reason for being at this point time is as a store of value. We haven’t reached the stage where people are commonly using Bitcoin as a currency to purchase things.

It is not even necessary for people to use Bitcoin in that manner.

That Bitcoin has no ornamental value, or industrial value, does not make it weaker, but stronger.

Bitcoin is no different than a promissory note from a legitimate bank that agrees to pay you money based upon your deposits.

So why is the Bank of England terrified?

On the surface, there is no reason for the Bank of England to be terrified. They should be investing in Bitcoin as well.

Well, maybe they are, and they’re just not saying anything about it.

As a student of the powers that be, I have an idea why the Bank of England is terrified and why they are scaring you the regular person away from it.

Throughout history, the Bank of England couldn’t have cared less about regular people.

The saying goes that the sun never set on the British empire. This is true, it is also true that the sun never rose on the slums of London.

You can thank the Bank of England for that.

The Bank of England works for the powerful elite in the United Kingdom.

They work with the crooks ( the Harvard cabal) in the United States to impoverish people.

If it’s one thing the elites cannot stand, it’s when you the regular person are not being impoverished into a state of serfdom by them.

They don’t want you to get financially stronger; they want you to become weaker.

Yachts, boats, beach houses, Gucci clothes, fine jewelry, great vacations, fast cars, Broadway plays: those are for them, not you.

That regular people could go to Broadway plays and enjoy vacation spots just like the elites tore their guts up.

What they have been engaging in with their nonstop wars over the past 50 to 75 years is to inflate the currency and give themselves a disproportionate share.

In this manner their share of the world’s wealth goes up. Your share goes down.

Bitcoin is a threat to that.

Thus the Bank of England’s response.

Fuck you, Bank of England.

Fuck your filthy monarchy, and your filthy peerage.

Do the world of favor: take your Kings and Queens, your peerage, your Oxford and Harvard henchmen, and go away.

Put on a harlequin outfit and dance like a fool in the corner of the room.

You’re pretty good at telling jokes anyway.


Archer Crosley

Copyright 2021 Archer Crosley All Rights Reserved

Charles Munger: OMG, What is the World Coming To

Let’s talk about Charles Munger. I think everybody knows who he is.

He is a modern day robber baron, the right hand man of Warren Buffett, robber baron extraordinaire.

Charles Munger of course is also a Harvard graduate. You’d be disappointed in me if I didn’t bring that up.

Let’s see what Charles Munger has to say about cryptocurrency. And here it is from the Sydney Morning Herald:

“I’m never going to buy a cryptocurrency. I wish they’d never been invented,” he said.

I have no doubt about that. Of course he’s never going to buy one. At least not overtly. He’s part of the machine, and the machine is opposed to cryptocurrency because cryptocurrency is a threat to the machine’s money printing enrichment scheme that makes people like Charles Munger fabulously wealthy.

“I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilisation – has made the wrong decision,” he said.

Let’s be fair: Time will tell, and no one can predict the future.

That aside, China can ban them because they are a more authoritarian regime – at least that’s what we’ve been led to believe.

Banning cryptocurrency in the United States may not be politically acceptable because so many people in the United States have so much money tied up in it. Banning cryptocurrency would cause a huge devaluation in the cryptocurrency market, and the owners of that cryptocurrency do vote.

In that respect the genie is most definitely out of the bottle.

Additionally, banning cryptocurrency in the United States may be functionally impossible given the worldwide access of the web and people’s propensity to protect their wealth.

“I just can’t stand participating in these insane booms, one way or the other. It seems to be working; everybody wants to pile in, and I have a different attitude.

Who is he kidding? Munger and his buddy Buffett made a fortune off the recent fifteen year stock market boom that was caused by the insane printing of money. He didn’t have any problem with that insane boom.

“I want to make my money by selling people things that are good for them, not things that are bad for them,” he said.

Either he doesn’t understand cryptocurrency, or he does and he’s being disingenuous.

Cryptocurrency, if done correctly, with proper controls, will be one of the best things to ever happen to regular people. That’s why it was invented. Nobody except for the elites and their corporate parasites sits around and says: “Hey, let’s be novel, let’s invent something bad that nobody needs.”

No, cryptocurrency was invented by rebels because our governments and their crony capitalist friends, who have hijacked the government, began printing money in order to enrich themselves.

If we have a net societal value of $100, and Charles Munger and Warren Buffett own $50, and the rest of us own the other $50, then we each own equal shares of society. If Buffett and Munger than rig the system, as they have, and print up another $100 in society and give all of it to themselves, then they will own $150 and we will own $50. Our share will decrease.

Cryptocurrency was invented to prevent that dilution of our share of society.

“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.”

Well, here he may be on more certain ground. It’s true, you can find a con man in any field. And there is no doubt in my mind, that certain cryptocurrencies are scams. But who is creating the scams, otherwise known as shit coins?

What I see on a daily basis are people like Elon Musk and Mark Cuban touting their favorite coins such as Dogecoin and Shiba Inu.

Both of these guys are part of the machine. So who’s behind the scamming in cryptocurrency?

Is it just possible that the machine is creating and promoting the shit coins in order to create uncertainty and instability in the cryptocurrency markets?

I think so.

In fact, I think that the detractors of cryptocurrency are the selfish ones. They are the ones who are preventing us from living productive, inflation-free lives.

Now it just may be that Mr. Munger, having gotten up in years, may honestly not understand what cryptocurrency is really about.

It is possible that you can’t teach an old dog new tricks, but I will try.

I don’t think you need a degree from MIT in order to understand what cryptocurrency is about. In fact, it probably helps to not attend MIT, or Harvard.

They ladle out the stupid juice pretty freely up there in Cambridge.

Cryptocurrency is a ledger, nothing more. It’s a giant QuickBooks accounting program spread out over the world that keeps track of everybody’s transactions forever.

It’s nothing to be afraid of. You and I agree to exchange our cash for units of cryptocurrency. Those transactions are registered on the ledger. As long as the rulers of the ledger don’t inflate the units or the exchanges don’t blow the cash on a bender in Vegas, what’s the problem?

That this ledger is spread out and is “fact checked” on a constant basis is a good thing. This creates reliability and prevents a few people from corrupting the system.

It also allows for easy access without the need of a broker-middleman.

This ledger will be able to record any type of transaction that we desire to create. It can be used for finance; it can be used for healthcare records; it can be used for art and memorabilia. It has no limitations.

You know what, it can even be used for the stock market to allow point-to-point sale of stock without the need of a broker. Wouldn’t that be a hoot?

No wonder Charles Munger is against cryptocurrency. Can you imagine an IPO that doesn’t involve Wall Street? No longer would the elites possess the ability to hand out free shares to their loser friends.

Currently, cryptocurrency is in a growth and “what are we about” phase. It’s growing. It hasn’t reached adolescence and adulthood yet. In many respects it’s a solution in search of a problem. Not all cryptocurrencies have found their identity.

And it will come to pass that different cryptocurrencies will move into different niches. Some will be used as a store of value; some will be used for healthcare records; some will be used for art; some will be used for day-to-day transactions.

It’s a bold, new, exciting world, if we choose to go there, if people like Charles Munger will not stop us.

Well, of course they will. That’s why Charles Munger is speaking out.


Archer Crosley

Copyright 2021 Archer Crosley All Rights Reserved

My Financial Advice

I don’t know how many of you are young out there, but I am going to give you some advice that’s going to make you rich.

I want you to become filthy stinking rich at an age where you can enjoy it.

I don’t want you to make the same mistakes that I made.

With that stated, I don’t want you to become so rich so that you can dominate other people, nor do I want you to become so rich that you quit your job and become lazy good for nothings.

I want you to become rich so that you can still work but with a little ease of mind.

In your life, you will have multiple chances to become wealthy.

Now, of course, I’m talking about you investing in other peoples ideas.

When it comes to yourself, of course you always have the opportunity to become wealthy.

In this article I’m talking about you putting otherwise idle money to good use.

In the mid 1980s, when I was young, I invested a sizable amount of money in Apple computer.

I invested in Apple computer because I used Apple computer. I knew that the Macintosh was a versatile computer, so I knew it was going places.

Alas, I sold the stock because I needed the money to accomplish other things in my life.

In retrospect, that was a mistake.

Of course, this was well before the iPhone was invented, so one could argue that no one could predict that Steve Jobs would return to the company that he helped found and turn it into a megagiant.

If I had kept my Apple stock, I would’ve been fabulously wealthy.

Likewise with Las Vegas Sands.

Around the time of the 2008 collapse I was investing in the stock market. At that time I still believed in the Great Casino on Wall Street. This was before the stock market became completely rigged. In those days the stock market was only halfway rigged. Ha ha.

Even though the stock market was bottoming out, and even though Las Vegas Sands was plummeting, I was buying.

I didn’t buy at the low which was $1.42 a share, but I came close. My last purchase was at $1.47 a share.

I had a lot of shares in Las Vegas Sands, so when it rose in value, which I knew it would, I made a pretty fair penny.

I knew that the experts were wrong on Las Vegas Sands because I would frequently travel to Las Vegas and stay at the Venetian.

You might say it was my home away from home.

While the pundits were down on Las Vegas Sands I could see that people were still flooding into the casino.

Plus, I liked the style of its owner Sheldon Adelson. Adelson wasn’t just investing in Las Vegas; he was one of the first Las Vegas hoteliers to invest in Macau, where he was making a fortune.

Sheldon Adelson was the funniest CEO you’d ever want to hear on a conference call.

If he hadn’t been a hotelier, he probably would’ve been a comedian.

So I bet on Sheldon Adelson, and I bet with my eyes, what was before me.

And I did will.

Stick to what you know when making an investment, and stick to what you can see before your eyes.

When you have to choose between the pundits and what is before your eyes, stick to what you can see before your eyes unless there is some compelling reason not to.

In both Apple Computer and Las Vegas Sands, I was investing in things that I used, things that I knew, things that I could check on.

You can do the same in your investing.

If you don’t believe in the product, if you don’t use the product, there’s a good chance that you won’t make a lot of money on it.

It’s that belief in the product that allows you to stick with it when others are against it.

That would be my main advice to you.

Along with that advice I now offer you the advice I did not follow at the time.

Set it and forget it.

Once you make your choice, stick with it to completion.

Don’t sell it.

Unless you have some compelling reason to sell it, don’t sell it.

Leave it alone. Let it grow.

This is what I want you to do.

This is the advice that will make you rich.

Now, I don’t advise that you bet the entire ranch on one stock.

Of course, you should diversify.

Of course, you should bet no more than you can afford to lose.

But if you have made a reasonable bet, money you can afford to lose, set it and forget it.

Now, this is the advice I am currently going to follow through on for cryptocurrency.

I can’t tell you why I believe in cryptocurrency. It’s just a feeling that I have.

I believe that cryptocurrency will eventually become what the gold rush was to many in the 1800s.

Even though the elites are beating down Bitcoin, there will always be a need for Bitcoin.

Bitcoin to me is nothing more than a registry of stored value where we agree not to dilute that value by printing up money.

As long as the elites print up money, Bitcoin will go up in value.

Bitcoin will have to survive because the elites will need Bitcoin also.

There will be too many elites who will see the value of Bitcoin.

When push comes to shove, the elites will have to adopt Bitcoin. They will have no other choice. There are too many advantages of Bitcoin over gold.

The same can be said for other cryptocurrencies like Ethereum.

Now, it may come to pass that Ethereum will not be used in the manner that Bitcoin is used.

The block chain is a powerful tool that can be used in so many areas of endeavor. It may come to pass one day that healthcare records and vaccine records may be stored on the block chain.

Ethereum may well be a carrier for the healthcare industry. In this manner cryptocurrencies, initially designed to store value of money, may be used to store value of other types.

There is no stopping this.

Decentralizing the storage of records over thousands if not hundreds of thousands of servers is far better than centralizing our storage of records on one or two massive servers.

This is one of the great technological innovations that has yet to be fully recognized by our collective consciousness.

As such, it is a great opportunity for young people to invest in.

Of course, the powers that be will always play their tricks.

But this is one game where do you still have a fighting chance.

When you do invest, as I am investing right now, put in an amount of money that you can afford to lose and then walk away from it.

Now, if you don’t believe in it, don’t invest.

But if you do believe in it, invest and walk away.

Do not check the value or the price of your investment every day.

Go live your life.


Archer Crosley

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