Meraglim Blog

Let’s Give Bitcoin Big Shots Credit for New, Creative Ways to Lose Money

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Bitcoin is a funny combination of my least favorite topic and my most studied sector. It’s my least favorite because the nonsustainability, nonscalability and nonsecurity make bitcoin blaringly unsuitable as currency. It’s my most studied because I’m continually dragged into gold versus bitcoin debates on the gold side, so I take the time and effort to become expert on bitcoin in order not to be outscored by the bitcoin side (so far, I’ve won every debate of this sort).

So there you have it. I’m a total expert on something that makes no sense. At least the expertise is in high demand!

As part of my studies, I focus on the number of ways bitcoin groupies have invented to scam naive bitcoin investors. There are the usual scams (pump-and-dump, hack-and-steal, simple frauds, coordinated crypto-bots and many more). Yet every time I pat myself on the back for having comprehensive scamming expertise, the bitcoin gangs come up with a new way to steal your money.

This article highlights the latest. A “bitcoin whale” with a huge (probably underwater) long position tried to wipe out losses and generate some profits by making a $400 million-plus long bet on bitcoin using futures listed on the OKEx, a Hong Kong-based exchange. Predictably, bitcoin crashed and the trader (ID 2051247) lost a fortune and refused to make good or meet margin calls at the exchange.

The exchange itself had inadequate reserves and had to “claw back” the actual losses from innocent member accounts that had nothing to do with the scam. As cowboy card players used to say, “Read ’em and weep.” The bitcoin whale bet big, lost, walked away and left the ruins to be cleaned up by the bystanders.

One more way for bitcoin scammers to take your money. I’m sure I’ll find a new one by my next column.

Accredited investors interested in learning more about Jim Rickard’s private placement in the world’s first predictive data analytics startup that combines human and artificial intelligence with complexity science should check out his offering at Meraglim Holdings. Click the link to learn more.

IF THE SCIENCE IS NOT ON YOUR SIDE, JUST TRY THREATS

It’s clear that good science does not support the extreme claims of the climate alarmists. Yes, there is such a thing as climate change, but it’s slow, difficult to predict and almost impossible to model because of the complexity of the process. The climate alarmists have grabbed most of the headlines for the past ten

Read More »

WHY TRUMP WILL WIN REELECTION: NOT POLLS OR PUNDITS; JUST COMMON SENSE

Political analysts use polls, betting odds, historic trends and other inputs to make their (usually wrong) political predictions. We all remember that “experts” said Hillary Clinton would win the presidency in 2016 (they gave her a 92% chance on the morning of the election), and that the UK would vote to “remain” in the EU

Read More »

HERE’S ANOTHER ELITE WITH ANOTHER PLAN TO TAX AWAY YOUR WEALTH

The elites never rest when it comes to devising new ways to take your money through taxes, inflation or outright confiscation. The latest Trojan horse the elites are riding to take your money is climate change. The climate does change over long periods of time for reasons that are not well understood except that they

Read More »

KRUGMAN SHOWS HE KNOWS LITTLE ABOUT ECONOMICS AND LESS ABOUT FINANCE

We already knew that Nobel Prize winner Paul Krugman knows almost nothing about economics. Now, we see from this article that he knows nothing about banking either. Krugman claims that the repeal of Glass-Steagall and the actions of banks in general were not the cause of the 2008 financial crisis. The conventional wisdom is that Lehman Brothers,

Read More »
Scroll to Top