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You’re Full Of Bullae And Blebs!
In prep for my upcoming tri-monthly scanxiety day, I re-reviewed my March chest/abdomen/pelvis CT scan report. I did it so I can once again fake being intelligent at the follow up with my oncologist. The “lungs” section of the report is presented below for your HIPAA reading pleasure.
I can’t believe I didn’t jump on the “Bullae And Blebs” terminology on my first go-around. Well, I’m not gonna pass up the chance now. There is no feckin’ way I’m NOT going to publish a post with “Bullae And Blebs” in the title before the emperor has the last laugh. So, here it is, this is the post.
The Bitcoin Schizo Curve
When I bought some BTC in the fall of 2015 I was fully aware that I might lose my entire investment in the new, fledgling technology. Before I bought in I quickly discovered that there were several massive, eye-popping, price crashes prior to 2015. Nonetheless, the promise of a booming return coupled with a better future for millions, perhaps billions, of disenfranchised people across the globe led me down the Bitcoin rabbit hole. My intent was to be a long term HODLer but that was sort of derailed when I was diagnosed with stage 4 cancer the following year. 🙂
Since there have been 7 huge crashes between my original buy date and this week’s crash, I was not particularly crestfallen by the 50% Bitcoin price crash. You know how the saying goes: “been there, done that!”. I do sympathize, however, for the noobs who jumped into BTC near the $64K high just a few short weeks ago. It was simply bad luck in timing… but only in the short run. If you didn’t panic sell and get rekt, then just be patient and HODL your way through the current downturn. Set your sights on a bumpy 4 year HODL before thinking of selling any BTC for large purchases like a house, boat, education, car, etc.
As far as I know, no other asset class has ever gone from 0 to $1T in market capitalization as fast as the king of crypto. The tradeoff for this high growth rate has been the “V” word – volatility. The scary chart below clearly shows the Bitcoin schizophrenic price volatility endured by HODLers through the years.
All the hard core Bitcoiners I follow say that Bitcoin’s price volatility will decrease with time when the slope of the classic technology adoption “S” curve it’s following starts the flattening phase. I believe that too, but I was wrong in thinking that the softening had begun when institutional investors started buying Bitcoin last year. As you can tell from my hard science-derived graph below, Bitcoin has many more schizo gyrations to go before it settles into a boring, stable, financial asset.
To the gold bugs who think Bitcoin’s extreme volatility disqualify it as a store of value, have a looky here. Behold the extreme volatility of your beloved shiny rocks during the hyperinflation runup in Weimar Germany.
Bitcoin, Reservoirs, Refrigerators, And Batteries
Bill Maher went on a lazy ass, anti-Bitcoin rant a couple of weeks ago on his show. Since Bitcoin is proudly 12 years old and no new, unexpected FUD has popped up for several years, there was nothing new in Bill’s misinformed soliloquy. He should invite a prominent pro-bitcoiner like Michael Saylor, Dan Hodl, Jimmy Song, Goaty McGoatface, or Andreas Antonopoulos to come on his show in the future to joust with.
Bitcoin poet Michael Saylor was invited on KITCO news to rebut Mr. Maher’s well worn criticisms of Bitcoin, one point at a time. Just listen to how Saylor eloquently destroys each of Bill’s superficial misstatements. If you’ve never heard Michael wax eloquent on Bitcoin and its future, you’re in for a treat. So, keep your perv eyes and thoughts away from the hostess and absorb what the bard of bitcoin has to say below.
Of particular interest to BD00 was Saylor’s genius takedown of the old Ponzi scheme, “greater fool” theory, previously spewed by Munger/Buffet and other high profile rich dudes averse to having their feeding trough rekt by Bitcoin.
It goes something like this:
- People store water in a reservoir not because they want to sell it to an outside “sucker” at a higher price. They store it because they may need it badly in the future to mitigate catastrophes.
- People store food in a refrigerator/pantry/freezer not because they want to sell it at a higher price to someone else later on. They store it there for their own personal consumption at a future date.
- People don’t store electrical energy in batteries to sell them to a greater fool at a higher price later on. They store it to personally use it later on.
- People store economic value in newcomer Bitcoin and ancient gold to personally hedge against incompetent governments and central banks from exploding traditional fiat-based assets, savings and rekking their citizenry. Some people (traders, speculators) sell Bitcoin to others at a higher price, but that’s true of owners of any asset.
Why am I here?
WTF?
Meh!
D'oh!
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