11/24 ANDY HOFFMAN (CryptoGoldCentral.com): Addressing the Criticism – Not That I Need To
Since 2002, I have been writing public commentary regarding the global economy, and the numerous factors affecting it. Not just Precious Metals -which I am still most well-known for; but stocks, bonds, commodities, currencies; and of course, cryptocurrency. Only Miles Franklin paid me a salary; and for a time, CGC subscribers; but in the big picture, over the course of 17 years, 99% of my readers never paid me a cent, or even sent a short thank-you email.
That said, writing about the world is extremely rewarding- as aside from the handful of people who have paid for my work, there are thousands of extremely smart people out there – listening, processing, and becoming wiser as a result. Dozens of long-term friendships have ensued – and occasionally, valuable business associates and partners.
To wit, Adam Meister silently read me for years, despite the fact he has no interest in Precious Metals – until out of the blue, he introduced himself and invited me on his show. Nearly three years later, I count him as my best friend in the crypto space – who undoubtedly, is more responsible for my success than anyone else. And yes, crypto trolls who claim I’m “REKT,” I have been decidedly successful in my crypto ventures – which, I might add, are far from over.
Regarding my Bitcoin history, those following me know I first recommended it in January 2016 at $400, when I publicly wrote, on the Miles Franklin blog, of how I had been acquiring it. My job was selling Precious Metals – where at the time, I held essentially my entire liquid net worth. However, my interest in Bitcoin continued to grow – as witnessed by my dozens of pro-Bitcoin articles and podcasts during the time. Ultimately, things came to a head with my employers, leading to my parting of way with Miles Franklin last summer, just as I was selling the last of my silver for Bitcoin.
CryptoGoldCentral.com was launched in September 2017 – and while the blog was subscription-based, my podcasts and Tweets were free. Thus, my views were well-known to the crypto community. To that end, the World Crypto Network invited me to join them immediately thereafter – where since, I have published more than 100 free podcasts. Through those articles, podcasts, and Tweets, I unwaveringly recommended that clients and non-clients alike do one thing, and one thing only…purchase Bitcoin, and hold it in offline storage devices like Trezors.
Initially, I was what would be considered a “Bitcoin Maximalist” – but in time, my views broadened to a belief that while only Bitcoin could ever be crypto money, the upcoming Digital Age will enable numerous altcoins to fill valuable ecosystem niches – though likely, most have not yet been invented. To that end, I now consider “Bitcoin Maximalists” to in many ways be detrimental to the crypto community, given their lack of open-mindedness and vision. Yes, Bitcoin is by far the wisest crypto investment – given its vastly superior reward/risk profile; and until I sold it last week, represented 99% of the capital I had ever spent on crypto. However, to believe only Bitcoin will be valuable in the future would be akin to believing only Henry Ford’s Model T would be a viable automobile.
Throughout my three years in crypto, I have made many friends - though I put “friends” in quotes, given how few actually did anything for me personally; some of whom, became “enemies” when g-d forbid, I spoke positively of an altcoin. As for enemies, I had none when I was considered a “Bitcoin Maximalist” – particularly when prices were rising, of course. However, in accordance with human nature, all manner of trolls emerge when prices decline, seeking any excuse possible to vent frustration.
As always, the biggest trolls are small fry investors with big mouths and tiny brains – who somehow think I’m their friend, or “owe” them something because they were kind enough to read my articles or LOL, “follow” me on Twitter. To that end, I’m not sure I could have been clearer how little Twitter “following” means to me – as the way I see it, my feed is a right, not a privilege. Thus, my policy has always been, and will always be, that if you insult me, you’re blocked.
Last week, I publicly disclosed that I sold my Bitcoin, despite having no motivation, or responsibility, to tell anyone; just as I disclosed when I sold my mining stocks in June 2011 – while still working as an investor relations consultant to public mining companies; and my increasingly bullish views on Bitcoin, while still working for a Precious Metal bullion dealer. Not to mention, the disclosure of exactly when I sold my silver – last summer; and my gold this winter, despite it being a pillar of my CryptoGold investment strategy at the time.
In an extremely detailed article two days ago, I wrote of the reasons I made this sale – which for anyone with an objective mind, were extremely logical. And again, for those claiming I’m REKT, or was “in over my head,” please do the math of what my cost basis likely was, based on all I’ve written over the years. Better yet, what part of “I sold when the Hoffman Line broke last week” suggests a $4,500 sale price- given that the Hoffman Line (i.e., a $100 billion market cap) is at $5,750?
https://twitter.com/Andy_Hoffman_CG/status/1065662450802933760
That said, the biggest attacks I have received were for supporting BRhodium, an altcoin born of an airdrop to existing Bitcoin holders – weighted 10:1 to ensure the largest, most financially secure Bitcoin holders would hold the majority of its extremely thin float. Essentially everyone who owns it got it for free – and recently, its MainNet launch has enabled investors to buy it OTC for roughly $5/BTR…suggesting a market cap of roughly $4 million despite its principal “competitors” being useless Bitcoin forks like BGold and BDiamond – both of which, despite the crypto crash, trade for vastly higher valuations.
In other words, no one has lost any money in BRhodium – and when it launches on at least one major exchange after year-end, will likely yield windfall profits to its holders. The only caveat being, the extremely low probability scenario of an all-out crypto collapse; which, if it happens, will destroy Bitcoin, too, making me look like a genius.
Conversely, in essentially all scenarios, BRhodium will launches at a FAR higher price than the free cost basis most holders have – which, if they choose, can be used to convert back to Bitcoin…again, for free.
So, to the “Maximalists” and nocoiners attacking BRhodium as if it was BCash, I invite you to join its Discord channel and get to know the brilliant, English-speaking development team that has accomplished so much, entirely on their own dime, during a period of extremely difficult crypto market conditions. Attack them – and me – if you must, but consider the fact that you are deluding yourself if you pretend you’re in Bitcoin for its “cause”…as opposed to the real reason, to garner financial security – and hopefully, significant wealth.
I will continue to write about cryptocurrency for the foreseeable future – as I still believe, as strongly as ever, in Bitcoin’s long-term future. However, as I have made it crystal clear in recent weeks, there are extremely powerful warning signs being cast on its near-term outlook – and as well, financial assets in general. If you want to vilify me for not doing as you WANT, that’s your prerogative…though of course, if you attack me publicly for doing so, you’ll be blocked. That said, I’d like to end this article with the most valuable Tweet I’ve ever made – of how you’ll be best served when it comes to your view of Bitcoin, and Bitcoin investing.
https://twitter.com/Andy_Hoffman_CG/status/1066095669151027200