As I predicted back in June 2021, the crypto bloodbath has begun. As you know, I am NOT an investment advisor. My work is dedicated to the principles of prosperity and how you apply them in your day-to-day life. As part of that work, I sometimes analyze things like cryptocurrencies, NFTs, and the blockchain, in terms of how they operate from a prosperity standpoint. There have been three instances of this:
Blog post: Bitcoin, Shitcoin, Memes, and Monopoly Money
Blog post: Losing My Religion for Bitcoin
Nothing is more sacred to me than the relationship I have with each of you. I don't claim to be a guru or know all the answers about anything. I'm just a high school dropout who by most standards, has reached a solid level of wealth and success. Along the way, I share what's working for me, and what isn't working. So for the sake of transparency, you should know that on November 19, 2022, I sold all cryptocurrencies in my portfolio, and am no longer confident they are viable in the long-term.
You won’t see me deleting old posts and pretending they never happened. That’s not how I roll. Thus, this update. I would much prefer to announce this with my reasoning behind the decision. But since I expect to be resoundingly criticized, trolled, and ridiculed, I’d rather take my time better articulating the logic behind the decision, and that could require another week or two until it’s ready. There is much pumping and dumping going on in the space and that’s not my agenda. So I’m putting this disclaimer out on November 22nd, and will insert a link when I have finished authored the essay listing that rationale.
For the record, I’ve never been an anti-crypto evangelist. I’ve been touting and investing in crypto since my Risky Is the New Safe book in 2012. Now I believe the last few months (and the next month or two) are exposing how corrupted the crypto eco-system is. There are security holes in the system that you can sail an aircraft carrier through. Even if blockchains were 100 percent secure (which they’re not), you still need exchanges to buy and sell your crypto assets and those exchanges are a cesspool of wretched cybersecurity, funded with shitcoins based on imaginary blockchains, insider whale manipulation, dangerous illiquidity, and obvious insolvency. I believe the entire infrastructure stands a very high chance of collapsing at any moment, in a domino progression of bankruptcies, hacks, and criminality. That’s why I’m all out and want you to hear it direct. Like I said earlier, I’ll post an essay soon detailing my rationale for this decision.
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