Translation: Sayonara, suckers!
I see lots of cryptobubbles ripe for bursting.
Reference a conversation about a year ago.
As you suggested, “a fool and his money are soon parted.”
However, Lee WILL be keeping his Amway pyramid. That’s where the REAL money is!
*SNORT*
In all fairness, yes he probably left on the advice of his attorneys; but also yes, he is leaving before the bubble bursts.
Which raises interesting questions. If the value of Bitcoin rises to the point where it become a currency exclusive to banks, corporations and the very wealthy, it will need to be backed with something tangible. Fiat currencies are for public use. And since there is not enough specie (gold and silver) to back Bitcoin, they will need something else.
They might go in the direction of “extended mercantilism”, which uses far more commodities than specie, but instead of a fixed price equivalency, they would need a variable trading scheme.
The other big question is if Bitcoin collapses, what will happen to all of the other cryptocurrencies? While initially there will likely be a downturn, eventually they will be valued based on their linkages, or lack thereof, with Bitcoin, the stability of the nation where they are based, and their adoption as a “second tier” cryptocurrency, by organizations other than the big names.
“Look, I’m doing this for all these principled reasons. It has nothing to do with the value of litecoin tripling over the past week or up x10 in past year.”
Has anyone seen or heard from Bitcoin founder Satoshi Nakamoto lately?
That's what's known as a mike drop at the end of a stadium-sized pump and dump.
“I am getting out simply because I want to spend more time with my family.”
When the value of the goods and services is dwarfed by the value of the “coin” used to purchase them, it’s time to bail out of the coin. While these cryptos once served a purpose for those stuck in worthless paper currencies, the last ship from that fleet is setting sail as we speak.