In order to beat back the boredom invoked by this so-called “market” of ours, I have YouTube on quite regularly, playing music of one kind or another. I have noticed that lately I have been inundated with ads from eToro, featuring a getting-really-old Alec Baldwin touting the benefits of depositing money into a cryptocurrency trading account.
As you might guess, he trots out his Glengarry persona (from thirty freakin’ years ago) to chastise you for not investing in Bitcoin. Because, hey, who wouldn’t want a piece of this hot, hot action in which, if you had the foresight to invest back around Thanksgiving of 2017, you’d have made $zero by now. Shame on you.
I glanced at the eToro site, and evidently their big feature – – – which they call “revolutionary” even though trade-copying features have been around for many, many years – – is that you can basically mimic all the trades of anyone else.
So let me get this straight………….you get a bunch of small traders who give their permission to push into cryptocurrencies a few moments after the top guy on the board does?
What a fantastic position of power for that guy to be in? If you look up “front-running” in the dictionary, surely there must have an image of CopyTrader, because that’s precisely what is going on. Good Lord! A guy places a trade, and bang, a bunch of other people automatically pile into the same market? That’s gotta be good for his purchase, right?
Anyway, this one chap ripped the ad apart, piece by piece:
So this crazy startup must be two guys in a garage, right? Nope. In this age of malinvestment, these folks have secured nearly a quarter billion dollars in funding.
It’s all quite strange to me, because cryptocurrencies are about as hot and relevant today as 3D Printing. It’s basically the fad that refuses to die.