Friday, June 1, 2018
On the crypto crisis of faith
FT - the crypto crisis of faith. Apparently there's this crypto investor clown who's selling his Manhattan townhouse for $30m in bitcoin.
Except he isn't. In reality, he's selling his house for $30m in cash, but $45m if you want to pay in bitcoin instead.
Which means that he feels bitcoin is only worth 2/3 of its cash quoted price. Either because it's so illiquid (unlike currency), or because as his lawyer states it's so volatile (unlike, y'know, currency).
Either that, or he's simply charging a 50% money-laundering fee, which seems to me like one heck of a high risk premium to charge on a mob deal, but then again I don't regularly interact with the mob so what do I know.
But it is a sign that the top has come and gone when the bigshots in the bitcoin pump scam all start converting their bitcoins into real hard assets.
Oh, and McAfee is starting to wonder if he might have to eat his own dick on TV. Forget Otto Rock and his "Daniel Ameduri promised to shut down his company!!1!" story, because an even more fun (and actually relevant outside the world of goldbug pump and dump bullshit) story is how McAfee will wriggle his way out of his promised autophallophagy without cratering bitcoin.