7/15/17 It's official! Dollar Vigilante Jeff Berwick makes history AND "out-Cramer's" Jim Cramer!
It happens with every asset bubble. The sheeple and lemmings always get excited about their opportunity to get rich beyond their wildest dreams very quickly and look to the one guy who seems like he knows everything there is to know. During the gold bubble that peaked in late 2011 that guy was Peter Schiff. During the bitcoin run to bubble status that guy is without a doubt Jeff Berwick. Jeff said in a recent Utube blog that he would never sell bitcoin, only buy the pullbacks. Let's keep in mind that Jeff says he bought 4 or 5 years ago when bitcoin was selling for $3/coin. That means he has zero skin in the game of the fortunes of new buyers who were looking to him for guidance as first time buyers.
So what exactly was Jeff saying during the run to $2770 on Th, May 25th, the fateful day bitcoin traded to the initial high at $2770?
That's right. As always he was proclaiming how great he was. Look at the timestamp on that particular post, May 25th, the exact day bitcoin traded to $2770 and then proceeded to dumpf $500/coin in about 3 hours of trading. Sure, Jeff noticed. Is that not why he said >>> "Looks like the price of bitcoin has gone too far too fast." Brilliant, Jeff!
The low for that particular Dollar Vigilante induced ass whoopin turned out to be $1880, a 30%+ drop from that particular high. Yo! Jeff! you want to copy and paste your "buy the pullback!" call that would have led to a sweet 40% gain that would have given you every right to come on and post this at the $3000 high you were so proud of?
Take your time, buddy.
All along this journey he has called anyone who voiced an opposing point of view morons, losers...he even wished Fed chairman Janet Yellen gets cancer in this Utube spew.
Jeff is so smart he's there to warn people off of those who generate huge losses to anyone who follows their advice, like this spew of his about Jim Cramer.
I got news for you Jeff, you just accomplished something that even Jim Cramer has never accomplished. You are the first person in the history of the world who has ever generated 2 consecutive 30%+ losses in an asset trading over $1000 in a matter of weeks with your "champagne and cigar" celebration spews. Any first time bitcoin buyer has now been decimated if they got caught up in your "enthusiasm." Yes, folks, it is now official. Based on the 3 month high as quoted by the live bitcoin ticker, Jeff just accomplished his second straight 30% loss in a matter of weeks. Never been done in history folks. So all of you Dollar Vigilante faithful, please feel free to resteem this "celebration" blog as often as you'd like.
So what next for Jeff? Well, it looks like he wants to be the Peter Schiff of the bitcoin apocalypse. Just watch this spew he put up last night.
I have great confidence in you, Jeff. I know you will accomplish your goal. For anyone who doesn't understand how markets actually work, be very careful the next time you see an asset run up to the point where half of the posts you see at the social media site you frequent are about it. You can always expect a charlatan like Jeff Berwick to be there leading the cheers.
Well said. I have been calling out this clown for quite some time now. It is so obvious what he does but sheeple I guess will remain sheeple
I'm actually surprised that neither Jeff nor one of his henchman has stopped by yet to flag the entire spew. :-)
Bitcoin is in a huge bubble, not backed by anything. If he did buy 3$ ish he made out pretty good. I can tell everyone I bought a shit load of silver pre 2008 and at 2008 lows, Without any real proof as in a brokers statement it´s all hearsay. Believe 50% of what you read in the internet, then throw 90% of that away and what little is left, 50% of that resembles the truth.
Jeff Berwick sounds exactly like Peter Schiff, doesn't he? Schiff continues to fall back on his "yeah but I was advising to buy gold in 2003 when it was trading at $300" mantra. Thus my reference to Dollar Vigilante being the Peter Schiff of crypto. Mark my words, within 6 months the locals will be bringing out the crying towel at DV's blogs and asking >>> "Jeff! What went wrong!" :-) Let's see if I'm worth a penny yet. First upvote of the day.
Pretty harsh, hes doing his thing and doing well. not like he made anyone buy anything. and if sheeple do follow him and his message is dont trust central banking then good on him. Any new buyer who bought on the up, easy just dont sell. Moreover if you watch him for a while hes not as gened up on cryptos as he makes out, his team and advisers are. Hes a venture capitalist plain and simple who knows how to preform to a crowd.
Would you consider it more harsh than Jeff wishing cancer on Janet Yellen? I'm only providing evidence of things he actually has said. I understand that he is simply playing the lemmings to his benefit. I am just making the lemmings aware of his game. The markets will take care of Dollar Vigilante. There's a reason he failed at 2 major endeavors he undertook in the past that were brought to my attention. He simply does not understand how markets operate and has zero understanding of how to determine value. To me he is the poster boy for the bitcoin bubble.
Wow Great info man :)
Regardless of any of the facts, I will applaud your boldness in "taking on" one of the top members on the platform.
"Never been done in history folks. "
I'm not questioning you here, just expressing surprise - has Cramer really never managed to do that? I guess that's because of the arbitrary $1000 limit right? I immediately think of his Bear Stearns / Lehman Brothers calls.
It's the "arbitrary" limit plus the short time frame. It's actually extremely difficult to generate consecutive 30% losses in any asset in a short few weeks regardless of the price point. Jim Cramer has gotten alot of people destroyed with his outlooks for various assets. But even Jim in general abandons ship when an asset drops 50%+ from where he was pumping it. Jim also advises to take some away after a major run. Jeff Berwick simply celebrates how great he thinks he is. Even now, with people getting crushed who followed his "wisdom"...his response will be >>> "Yeah, but I was saying to buy when it was at $3 five years ago." I personally don't care about 5 years ago. I care about the newbies that will get crushed because of him. Actually, I don't even really care about them either. Most people are going to do what they are going to do. I am just letting people know about the way things are when an asset is in a bubble like bitcoin obviously is. More people will be looking for answers as price drops further. Jeff hasn't been through a 50% drop yet. Bitcoin only had one 50% drop in its short history, and that was after Mt Gox. Nobody even gave a crap about bitcoin back then. They do now though. We'll see what he says.... and I will continue to be aaaaall over it.
I always dislike those last few lines of Jeff's posts, where he always picks some ridiculously low price and says "if you'd listened to us, you'd have made 8 billion %". However, the community agrees with most of his views here (anarchy/crypto) and he puts his money where his mouth is (as far as moving to Mexico, etc), so he's got some cred here. Plus, he is a legit early adopter and been around here for some time. Probably good for the platform's publicity.
He has been nice to me in passing comments. I think he upvoted me big on my Bill Clinton "depends on what the meaning of "is" is" joke on Yellen's "no financial crashes in our lifetime" comment. I am sort of ambivalent to the situation and judging him on what happens going forward.
Btw, I generated 2 consecutive 50% gains by shorting a bitcoin related ticker. Here's my blog on it.
https://steemit.com/btsc/@joejustjoe/bitcoin-tracker-btsc-update-not-happy-with-one-50-loss-in-a-few-trading-days
You will also find on my blog list my commentary about the collapse of bitcoin in a blog about the U.S. exchange traded bitcoin tracker GBTC. I understand the way markets work, and how sentiment (the only factor you need to consider to determine "future" price movement) affects pricing in just about any market you wish to speak about. In fact, if you can find someone here who understands how markets are driven by sentiment better than I do, please bring them to my attention as I will certainly add them to my followed list.
If you had to guess, how low do you think sentiment around bitcoin scaling takes us? Or, are there too many variables around Aug 1 still?
Aug 1st is a "non-issue" as it was known 3 weeks ago when BTC was trading at $3000 and everyone was saying it would see $5000 by year end. That GBTC thingy has lows that are "non-confirmed" all teh way down to sub $25. No way it gets that low on this drop. It "should" break below $300 though. And I wouldn't be surprised to see GBTC trade down to the next closest one I logged in at $165. That would dictate an "actual" bitcoin price somewhere closer to $1000.
Ah, thanks for doing the GBTC price conversions, I didn't know them.
I agree with your call. I am expecting an overshoot of a bottom at around $1200, potentially taking us right around 900-1050. We'll see!
Just posted some new charts on this this morning, when I saw what a beating happened overnight.