Cryptocurrency Piper is leading investors to their destiny

A visual representation of digital currencies.

Yuriko Nakao | Getty Images

If it’s still clearly unclear and has been around for years, it seems to have entertained the Crazy Town section of Crypto-Land.


We jumped over the shark and crossed the Rubicon. We get over skiing and get out of our heads.

A few days ago, the so-called investment legend David Portnoy, Held an “emergency press conference” to reveal his latest cryptocurrency purchase.

After making fun of his followers with a variety of options, Portnoy revealed that he had purchased a $ 40,000 worth of “Safe Moon.” This is a “currency” that you don’t know if it’s a Ponzi scheme or a legitimate token. And he bought about 5 billion of them, if my calculations were correct.

At the time of the announcement, the price of safemoon was $ .00000817. It was quoted at $ .00000679 this morning.

Before reaching the actual number, this is 5 zeros.

At the end of Wednesday, Twitter made a fuss about creating yet another token called “CluCoin”.

I don’t have a Clu what it is, who is behind it, what it represents.

Within hours of being cast, launched, or pressed by the unquestioned masses, it was not only a “trend”, but its market value reached $ 125 million within hours. .. Probably more valuable now.

It is billed as a “super deflationary token with a smart staking system”. are you kidding me? I’ve been covering money and markets for 37 years starting next month, but I have no idea what that means.

on the other hand, Mr. Musk of Mercury bought Bitcoin Through Tesla, he accepted it as a vehicle payment, completely reversing his view of Bitcoin in a month and halving the price of cryptocurrency poster children from a peak of $ 65,000 to yesterday’s $ 30,000. .. I’m going back to $ 40,000 today.

He was also Howling about DogecoinIt reached 74 cents in the afternoon before appearing on “Saturday Night Live” and dropped to nearly 30 cents on Wednesday.

I regret the poor who listened to these crypto cryers. Their midnight phone call probably cost them countless money and sensations.

Imagine that the dollar was as volatile as a crypto coin.

Shop hourly so that you don’t buy too much or too little of the goods or services you’re trying to buy.

Like other bubbles of financial and speculative assets such as tulips, pet rock and cryptocurrencies, this is already distressing investors and the epidemic may not be over yet.

Dear readers, return to your senses. If you don’t enter early, it will be late. You are a bag holder.

These Pied Pipers of Play Money are walking you to the edge of the water. They stop before falling into the water.

you can not.

If you have a profit, bring them home. If there are losses, cut them.

If you haven’t played yet, stay home, stay safe and get well.

—Ron Insana is a CNBC contributor and senior advisor to Schroders...

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