Norton has announced integrated Ethereum mining software
Norton Antivirus software, and the company that makes it, NortonLifeLock , best known for being bundled annoyingly in new Windows computers, has announced via press release that they intend to bundle a feature they call “Norton™ Crypto”.
The feature which they say will be added to Norton360 starting tomorrow for “early adopters” to begin mining from within the already installed software.
They are also, with a very helpful tone, declaring that they will also bundle an ethereum wallet which will be safely stored in “the cloud” so it won’t be lost.
They do not specify any minimum computing requirements but they do say that :
“Norton Crypto is expected to become available to all Norton 360 customers1 in the coming weeks.”
Yo’ dude this shit’s getting real
So, although this comes off as a somewhat desperate attempt to try and maintain relevance after likely millions of forced installations are never monetized (just a guess) it nevertheless could send millions of civilians into crypto mining without “just a few clicks”.
This brings up so many questions immediately it’s a bit mind-boggling. Although the first media reactions, predictably, mention “environmental” issues and take a negative tone, doubting why anyone would want to risk “taxing” the computer’s GPU for such a task.
Of course questions such as how mining efficiency would be affected by millions of “micro-miners” there is also the question of why wouldn’t a virus software subscriber want to essential use their idle computer resources to pay for the software itself (cut to happy Norton execs congratulating themselves on the genius idea).
Above:Photo Credit / Norton
Could there be another story here? Mainstream experience with crypto, demystifying the blockchain?
Further and more interestingly. If more mainstream software companies and even service subscription software companies follow suit and millions if not hundreds of millions of average people begin collecting small months ethereum “dividends”, even if only $10 per month, how easy is it to put the Genie back into the bottle, so to speak?
When millions are not “irresponsibly” using dollars or euros to purchase cryptocurrencies, but rather, instead “earn” a few extra dollars, once the coins are traded for local “hard” (read: fiat) currencies, here and there for each computer or GPU they own, can the whole thing, like green stamps, air miles, credit card loyalty program be suddenly outlawed?
As appears everywhere more and more on a daily basis, isn’t crypto, via Bitcoin, Ethereum and many various alt coins, become more and more woven into the financial system? Isn’t the number of people who own, buy or even mine crypto exploding exponentially on a daily basis?
Isn’t this just one more sign that the trend of crypto becoming “normalized” and woven more and more deeply into the fabric of our lives is not likely to reverse itself?
Yes. That’s the answer. More news tomorrow, probably.
The TikTok indicator is saying crypto is here to stay…
It was, astoundingly, less than a month ago, May 8th, 2021, that Ethereum reached an all time high of $4,169. That was two days after Dogecoin, full of Musk momentum, hit .69 cents, after starting the year around .10 cents. Bitcoin had peaked about a month earlier at $63,674 on April 12th.
As is so often seen in manias, bubbles and feeding frenzies, at the time you could not find a person in America who was not talking about crypto. The proverbial shoe-shine boy was now your cousin, your uncle even your grandmother and they were all bursting with FOMO after reading the articles, especially the ones about the Dogecoin millionaires, who had made fortunes starting with a tiny sum.
Now, many of those same people are seeing a typical reversal, correction, bear phase, whatever you want to call it, and they are just as convinced of crypto’s demise today as they were that it was a sure-thing less than a month ago.
The kids get it and are not backing down
Much like TikTok itself, the later arrivals to the huge phenomena that is Crypto are the old and out-of-touch, not the young and fast. Interestingly, an anecdotal survey of young and successful crypto “influencers” on TikTok and other social media are not shocked about the downturn. They get it.
Many have been learning about and actively involved with the crypto world for years. There is a real sense that the corrupt events that led to the financial crisis and near collapse in 2008 shaped their thinking and hardened their resolve to search for a better way. Crypto’s ideals and independent foundations have provided that in a real, tangible way, it seems.
While the mainstream of the media and the bulk of the financial establishment swing from an almost grudging respect to complete derision and rejection, it appears to be the underlying concepts and ideologies that present such a stark contrast in the perspective of up and coming generations.
While perhaps no less vulnerable to the excitement of 20,000 % gains and other sensational enticements, there is a somewhat surprising depth and resolve that is demonstrated in a level headed and clear thinking allegiance to the reasons crypto was created in the first place.
The outlandish price gains (and drops) are only window dressing
At the core of the question of crypto’s eventual widespread adoption and long term success lies a simple truth: fiat currencies and the governments that print them are a big problem for the world’s future. And, naturally, the new generations of the future will be those that are most affected.
What Elon Musk recently called “The true battle… between fiat & crypto” is one that Gen-Z appear to understand in ways that 100-year-old billionaires like Warren Buffet and his side-kick Charlie Munger do not. Or maybe they just side with the financial establishment they helped build, to the bitter end.
For any reading this that also “get it”, it would be wise to understand that, even at this early phase in the future of “the true battle” there is an army rising. It is not one of suicidal fossil fuels and battlefield tanks but one of ideology and belief in the possibility of a better way.
The army that will stand up for the survival and continued development of cryptocurrencies and blockchain and “DeFi” are not a few random conscripts, they are the generations of the future and they have chosen a side.
For that reason, all signs point to an unlikely permanent collapse of cryptocurrencies and an impossibility of banning or stopping them. It is already too late to prevent their eventual rise.
Above: Photo by Michael Krahn on Unsplash with elements added by Lynxotic
Coming after a frenzied run-up the hand wringing is no surprise
I many ways it seems as if Bitcoin and Cryptocurrencies appeared suddenly in 2021 out of the head of Zeus. Protean and fully formed, with billions and trillions in market caps, and all your sisters, brothers, cousins and even the Uber driver climbing aboard.
And the FOMO blog posts, where every hour an innocent reader is assaulted by a story, perhaps true, perhaps exaggerated and certainly foolhardy in retrospect, of an innocent putting their life savings into Dogecoin and suddenly having, theoretically, huge gains at their disposal.
Meanwhile, craggy faced, ancient stock market mavens would interject famous last words that now appear to be wise. However, all that notwithstanding, this week’s crash is nothing new or unexpected.
In reality, as can be seen from the graphic below, provided by Visual Capitalist, there have been so may crashes / corrections and doomsday prognostications since 2012 in Bitcoin that it seems like a miracle the there’s any thing such as Crypto at all.
There’s a reason it’s not dead and it’s in the DNA
The resiliency, far from a shock to those that have been around more than a fortnight, is kinda the point. When Satoshi Nakamoto built the system architecture of Bitcoin and since then inspired the over 8000 new crypto entities that have been developed, it was, just like the internet itself that was build to survive WWIII, supposed to be as indestructible as possible.
Like physical gold, which is considered have been adopted as a store of value partly due to its indestructibility and immutability (alchemy notwithstanding) the volatility and sometimes violent-seeming life story of Bitcoin is a necessary adjust to its role in finance, commerce and even individual monetary survival.
Not for the faint of heart, perhaps
While the mainstream and those forces opposed to the adoption or survival of Bitcoin and Crypto are out in force pointing to the “unsuitability” of Bitcoin and other cryptocurrencies for any “legitimate” use as a trade or savings vehicle, the progress so far, in spite of the obvious fact that volatility has always been baked in to the situation, is an obvious refutation of that viewpoint.
Will the current drop in dollar values relative to Bitcoin end it’s popularity and strip it of the respect it has thusfrar earned among many? In a word, no. In essence what is happening is, as many have foretold, what happens often and repeatedly, the excess attention and dollars that were pumped into crypto by you brother, sister, cousin and Uber driver are now getting blown out, since those were more speculation and psychosis than any kind of vote for viability or permanency.
And, why not? Where was to concern, shock and hesitation by the masses when the prices seemed to only rise for weeks and even months across so many products and coins it was impossible to keep count? Why was to feeding frenzy and the mania-like piling on not ignored as an anomaly?
The herd does as the herd will do. Diamond hands and Paper hands will ebb and flow as long as the rivers flow to the sea and humans herd like buffalo. And, in all likelihood, dollars and euros and yen will be long forgotten when the last bitcoin is transferred to the final wallet in the sky.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Lynxotic does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
If you are stuck on the word ‘fiat’ this post can help you (everyone else too)
In a single, 14 word reply to a follower (@TheRealShifo) that asked “Yo Elon what do you think about the peeps who are angry at you because of crypto?” He gave a simple answer that is the often unmentioned, yet most important, question regarding crypto vs. fiat, government issued, currency such as the US dollar.
Looking around during the ongoing frenzy surrounding crypto and digital finance you’ll see countless ‘news” stories and blog posts comparing, or pretending to compare cryptocurrencies, especially the two biggest Bitcoin and Ethereum (as coin sometimes referred to as “Ether”) and they virtually always quote the “price” fluctuations of those coins as a certain number of dollars and cents.
Interestingly I have yet to see any of these “comparisons” use the reverse valuation method, such as, “the US dollar is currently worth .00002703 Bitcoin. Can you imagine everything using that as a standard – CNBC quoting stock prices in Bitcoin, your house is “worth” 32 Bitcoins (if you’re in California, for example).
The reason this comes off sounding strange and ridiculous is that all communication related to the US dollar, which has been a fiat currency since abandoning any “backing” (such as gold) and continuing on by decree (or fiat) of the government with no backing other than than decree, also carries a decree (tacit) not to undermine it in public.
So when Elon says:
“The true battle is between fiat & crypto. On balance, I support the latter.”
The true battle is between fiat & crypto. On balance, I support the latter.
Simple and straightforward and yet intentionally shrouded in mystery
Musk is directly comparing crypto, generally, and fiat currencies around the world that “float” against each other. And by inference, doing so in terms of the difference between a fiat currency like the US Dollar and a crypto currency, like Bitcoin.
A fiat currency is money that is not backed by a physical commodity like gold, but instead backed by the government that issued it. Most modern currencies, such as the U.S. dollar, euro, pound and yen, are fiat money.
from Wikipedia
The term fiat derives from the Latin word fiat, meaning “let it be done” used in the sense of an order, decree or resolution.
— common Definition
The fact that Bitcoin was created as a digital alternative to fiat money stands at the forefront of that point. The fact that it was designed precisely to counter the drawbacks and dangers of a system based on fiat paper money (or digital ledgers of those paper dollars such as your bank balance or any method to keep track of how many “imaginary” paper dollars you “have”) is exactly the real issue at hand.
photo credit: twitter
It’s no secret that many attack those goals and intentions superficially and dismiss the entire discussion with a wave of the hand. They willfully use the complexity of the cryptographic solutions, at the heart of cryptocurrency, as a way to gloss over the real and substantive problems being targeted.
They prey on the ignorance of the majority to try and discount out of hand any value at all for the movement and the various products.
Opening up the door to this exact exchange and characterizing it as a “battle” in one fowl swoop clarifies and simplifies the real issues and the real reason for the existence, and according to many, including Elon Musk, the need for monetary “reform” or change via a shift toward crypto.
Opening up the door to this exact exchange and characterizing it as a “battle” in one fowl-swoop clarifies and simplifies the real issues and the real reason for the existence of, and the need for, monetary “reform” or change via a shift toward crypto.
D.L.
The “price” of Bitcoin or any other crypto currency on any given day has almost nothing whatsoever to do with that debate.
Speculation abounds but not just in Crypto
The “price” is a function of, mostly, speculation and scarcity, due, in the case of Bitcoin to the mining cap, or at least a perceived scarcity. And additionally the various perceived advantages of crypto such as privacy, decentralization, use of block chain systems, etc.
But the price is like the smoke above the battlefield, not the reason for the battle or any indicator who is winning or who is on the side of might or right.
Two major questions that arise from this tweet and the potential shift toward a clearer and simpler dialogue on crypto are the following:
Is crypto generally, and Bitcoin / Ether more specifically established and entrenched enough to withstand the coming backlash from governments that feel threatened and other status quo institutions that will do whatever it takes to discourage or even stamp out crypto usage?
Will the very battle itself, that Elon Musk says is the current “true” battle, bring even more attention to the weaknesses and problems with the current fiat money system and thereby increase, perhaps inadvertently yet massively, the size of the battle and its stakes?
Alternative systems of trade have been tolerated in the US for some time now. How are those air miles doing? What about the chips and points for perks you got at the Indian Casino? Is it too late to outlaw all crypto without causing a revolution in the streets?
The other side of the (clipped) coin
It is truly surprising to see how little is to be found in the media about the deeper reasons for the rise of crypto. How it sometimes seems like direct criticism of fiat currency is almost taboo.
Naturally any internet search will find many “rabbit hole” sources for all kinds of information critical of the current monetary system, the same system the near total collapse of which in 2008 inspired the creation of bitcoin.
It appears that Elon Musk is emphasizing, in a subdued manner, exactly the way that the nonsense-furor over huge price gains or declines is completely missing the actual point. The “true battle”.
Many stories in the media and millions of private comments are currently following a kind of convoluted logic – first the popularity of crypto (which is linked to the unpopularity of the very messed up fiat system) artificially and massively increases prices in many crypto assets.
This “bubble”, a typical outcome of human herding behavior in financial markets, inevitably bursts or sees large setbacks. Then the coin or crypto system itself is blamed for the human stupidity and greed that caused the distortions of price, just like happened in the dot-com bubble and the 2007 housing bubble and subsequent crash.
The difference is that the crypto bubble, in an interesting way, is in reality due to a surge in skepticism toward fiat currencies, a boom in the prevalence of mistrust toward governments and a combination of fear and greed that is growing, not dissipating.
Although many have rightly criticized Elon Musk’s tweets and odd Saturday Night Live appearance, and there is a kind of mini-backlash (growing?) against all things Musk, in this case it is a healthy and wise tweet that we have shown above.
Reframing, or more aptly refocusing the discussion away from prices and speculative profits and back to the real reasons that cryptos were initially created and why it has gained such massive support is a welcome shift. That this reframing comes from the likes of Musk himself, is fitting and who better to put forth a message to simplify and clarify the nature of the real “battle” at hand.
The following video has some interesting data and arguments for, and mainly against, the fiat regime under which we have lived for most of the last century. Although, in a sense, a kind of advertisement for Gold and Silver, the overview is nevertheless accurate and does not exaggerate the dangers and issues that revolve around the fiat system.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Lynxotic does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Above: Christian Bale, playing Dr. Michael Burry in “The Big Short“
The more things change, the more they stay the same
Shorting in the stock market has gotten a bad rep recently among the “WallStreetBets” crowd on Reddit, and those that were in the run-up frenzy over Game-Stop and AMC, Koss, etc. This was, for the most part, due to a lack of understanding of what shorting is, how it works and why it adds liquidity and has other benefits to markets as a whole.
Many of the crowd from that frenzy has now moved on to the crypto frenzy, which has a lot of speculators worried after relatively large drops in many of the top coins. Similar to the misunderstanding of short positions many of the speculators in crypto are new arrivals and, for a short time, had no experience of the fact that volatile, fast moving instruments, such as shares in tech companies or “alt-coins” also go down faster than slow moving investments. They don’t “only go up” as was the “slogan” for the Game Stop crowd and others at the time.
Michael Burry, the genius founder of Scion Asset Management, the firm that was chronicled in “The Big Short” (both the book and the film) which tells the story of how Burry bet against the US housing market at the peak of the bubble and experienced massive success when his billion dollar bet paid off.
That bet was, as the name of the book implies, the longest of long shots, and in the movie the skepticism and outright scorn and derision that he experienced for even thinking of taking that gamble was shown and formed the backbone of the story.
The power of that story was how a man with knowledge and experience could see clearly, even with one good eye, what millions of “experts” either could not see or were too corrupt to admit or accept.
That the housing market and the products devised to profit off of it, mortgage backed securities, collateralized debt obligations, credit default swaps, and so forth, were about to take the entire world economy to the brink of doom.
A collapse did occur, and were it not for desperate and questionable bail-outs by the governments and the central banks around the world, could have collapsed the world economy to a level that would have taken decades to recover from.
Instead this “largest band-aid” in the history of the universe has been followed up by larger and larger ones until as of the writing some 14 trillion has been created to prop up the original “fix” and kick the can further and further down the road.
Fast forward to 2021 and see where Burry sees a big opportunity now…
Michael Burry, the same man who say the end of the housing bubble in 2006 and 2007, and bet big against the one market that no one, literally no one, believed could ever go down, appears to believe that the end of the road for the current speculative bubble ( at least in Tesla stock prices) is near.
Michael Burry’s Scion Asset Management has disclosed a major, half-a-billion dollar short position against Tesla Inc.
Scion Asset Management disclosed via a regulatory filing on May 17th that purchases were made for bearish put options on 800,100 shares in Tesla. In the disclosure was also the further information that, as of the end of the first quarter, the options had a value of US$534 million.
“my last Big Short got bigger and Bigger and BIGGER,” Burry said in a tweet from February, apparently referring to Tesla’s large surge in market capitalization. “Enjoy it while it lasts,” he continued.
It appears that, as of May 18th, he may have deleted his Twitter account entirely. Which, if true, may be over concerns that the SEC could have questions about the tweets, as wells as earlier tweets he made referring to other short position in GameStop Corp.
As can be seen in the tweet above, Elon Musk has announced that he is working with Dogecoin developers to improve system transaction efficiency. He feels, apparently that this ongoing development, an effort to improve energy efficiency, no doubt, is “promising.
This comes after both his silly kinda-sorta negative jokes from his Saturday Night Live appearance a week ago, and his subsequent announcement regarding bitcoin and issues with energy consumption (see below).
Regardless of those issues being about perception or reality, which is an ongoing hot debate within the crypto community, at least the issue of making crypto even more viable as a medium of exchange and store of value is being talked about in good faith serious tones.
This is an indicator of his highly positive attitude and beliefs regarding the future of Bitcoin, Dogecoin and cryptocurrencies in general.
PR nightmare abated and pre-empted by announcement that Tesla will no longer accept Bitcoin
In a sudden about-face Elon Musk announced that Tesla would not accept Bitcoin for its environmentally friendly electric vehicles after all. This, after the company made big news when it purchased $1.5 billion of the cryptocurrency which was revealed in an SEC filing.
In the first quarter report of 2021 the company revealed that it sold a portion of its Bitcoin and netted a $101 million profit. That number represented nearly a fourth of the reported total profits for the quarter.
An even larger contributing factor to the positive news at the time was the massive sales of regulatory credits were $518 million. In other words, profit from Bitcoin and government subsidies was basically 100% of the upside. Car sales, not so much.
Enter the massive media frenzy over the energy use “wasted” on Bitcoin mining and you have a PR disaster waiting to happen for Tesla and Musk. Naturally, clever lad that he is, it was prudent to cancel, at least temporarily the policy of allowing customers to pay with Bitcoin.
Odd thing is, there are many worse things sucking up energy than Bitcoin. And the mining will not stop or slow down because Tesla is not getting any for its cars. But the perception that there’s a “great cost to the environment” from crypto-mining is enough to make this sudden announcement mandatory from a PR standpoint.
Though not mentioned in the tweet where this policy change was announced, it is unlikely that Tesla will go forward with accepting Dogecoin, which was mentioned recently by Musk also, due to the perceived similarities in the mining process.
In the statement attached to Musk’s tweet he also states that they will potentially use a crypto currency if it can be used at an energy cost of less than 1% of Bitcoin per transaction.
This is a separate issue from the mining energy usage but it has also been a criticism that the energy expended to transact using Bitcoin is very high, compared to what is a separate question. Perception is at the root, but wanting more efficient crypto is certainly a laudable goal.
This part of the statement will no doubt lead to feverish speculation as to which cryptocurrency might meet his stated requirements.
Elon Musk’s support for cryptocurrency is, like his commitment to sustainable energy, a positive stance and, before his personal success became completely overblown, a courageous one.
Taking on the fossil fuel industry, it’s easy to forget, was no easy feat in the early days. And, similarly, the inevitable upcoming clash between crypto-adherents and governments (printers of fiat currencies) will need established eminent “super-citizens” to give crypto a chance of survival.
For that reason it is good to see that this does no represent a rejection of crypto itself on Musk’s part, but a necessary response to mounting criticism based on the perception of hypocrisy.
You can bet that, if there is a way to mine with sustainable energy sources (actually in many ways already happening) he will reverse his stance yet again.
In a sudden about-face Elon Musk announced that Tesla would not accept Bitcoin for its environmentally friendly electric vehicles after all. This, after the company made big news when it purchased $1.5 billion of the cryptocurrency which was revealed in an SEC filing.
In the first quarter report of 2021 the company revealed that it sold a portion of its Bitcoin and netted a $101 million profit. That number represented nearly a fourth of the reported total profits for the quarter.
An even larger contributing factor to the positive news at the time was the massive sales of regulatory credits were $518 million. In other words, profit from Bitcoin and government subsidies was basically 100% of the upside. Car sales, not so much.
Enter the massive media frenzy over the energy use “wasted” on Bitcoin mining and you have a PR disaster waiting to happen for Tesla and Musk. Naturally, clever lad that he is, it was prudent to cancel, at least temporarily the policy of allowing customers to pay with Bitcoin.
Odd thing is, there are many worse things sucking up energy than Bitcoin. And the mining will not stop or slow down because Tesla is not getting any for its cars. But the perception that there’s a “great cost to the environment” from crypto-mining is enough to make this sudden announcement mandatory from a PR standpoint.
Though not mentioned in the tweet where this policy change was announced, it is unlikely that Tesla will go forward with accepting Dogecoin, which was mentioned recently by Musk also, due to the perceived similarities in the mining process.
In the statement attached to Musk’s tweet he also states that they will potentially use a crypto currency if it can be used at an energy cost of less than 1% of Bitcoin per transaction.
This is a separate issue from the mining energy usage but it has also been a criticism that the energy expended to transact using Bitcoin is very high, compared to what is a separate question. Perception is at the root, but wanting more efficient crypto is certainly a laudable goal.
This part of the statement will no doubt lead to feverish speculation as to which cryptocurrency might meet his stated requirements.
Elon Musk’s support for cryptocurrency is, like his commitment to sustainable energy, a positive stance and, before his personal success became completely overblown, a courageous one.
Taking on the fossil fuel industry, it’s easy to forget, was no easy feat in the early days. And, similarly, the inevitable upcoming clash between crypto-adherents and governments (printers of fiat currencies) will need established eminent “super-citizens” to give crypto a chance of survival.
For that reason it is good to see that this does no represent a rejection of crypto itself on Musk’s part, but a necessary response to mounting criticism based on the perception of hypocrisy.
You can bet that, if there is a way to mine with sustainable energy sources (actually in many ways already happening) he will reverse his stance yet again.
Was it really a knock on Crypto, or was there a hidden plug in the details?
Elon’s big night in NYC was awkward, as expected and he should probably keep his day job. The highlight, for pretty much everyone on earth (not sure about mars), was the Weekend Update segment where Musk appeared as Lloyd Ostertag, a crypto “expert” dressed in professorial garb.
Watch the clip below, and you will notice that, although the punchline was a dis’ on Doge, saying, or rather “admitting” that it’s a “hustle”, a detailed listening to Musk’s entire speech reveals some gems that go in the opposite direction, for those that follow crypto, and, well, money.
The dollar is just as real (or unreal) as DogeCoin
In a comedy skit looking like it was designed to avoid scrutiny by the SEC, the writers at SNL, presumably with Musk’s help, decided to put a negative spin on both mentions of DOGE during the show. First, in an exchange with his Mom, Maye, Musk sheepishly grins and nods after she says she “hopes it won’t be DogeCoin” referring to her Mother’s day gift.
He eventually capitulates and, after saying that DogeCoin is “about as real as that dollar” he “concedes” that “it’s a hustle”.
Elon Musk, as LLoyd Ostertag on Saturday Night Live, May 8th 2021
Later, in the “Weekend Update” segment Musk plays “Lloyd Ostertag” who calls himself the “DogeFather” – and the anchors ask repeatedly, in a somewhat dismissive tone, “what is DogeCoin?”. The gag is that he, as Ostertag, eventually capitulates and, after saying that DogeCoin is “about as real as that dollar”, “concedes” that “it’s a hustle”.
While the bulk of his appearance in the segment does reconfirm and support his actual views, in a smirking and slightly deprecating way, as Ostertag”, it also underscores a deeper truth that cryptocurrencies are “as real as the dollar” (some would say more real). However, in the end, the punchline is a negative way to sweep all of that away, with a nod to Buffet, Munger and the SEC, thereby toeing the line and insuring himself one less courtroom headache.
DOGE has the last laugh? Is Crypto dead? Doubtful…
As of Sunday, May 9th, DOGE is hovering around .51 cents. The Muskian peak was .74 cents on May 7th. This means that, although there was a decline on the “news” that Musk would not break the SEC rules by blatantly pumping DogeCoin on live national TV, the coin is still up approximately 33% for the week, 734% for the last month and 19,446% for the last year. And, according to Elon Musk, aka Lloyd Ostertag, aka the DogeFather, it is “about as real” as that dollar in your pocket.
