SXY Chart, page-515

Of course Bitcoin is a Ponzi scheme - the only thing backing Bitcoin is its next buyer - but a very clever one. It's also a valuable service for money launderers and crime syndicates. It's a headache for governments, because of the legal complexities involved in shutting it down.

If you want a naked gamble that's fine, but putting in any money you can't afford to lose is nuts. Everyone in a Ponzi scheme who gets out before the collapse does very nicely. The late entries - not so nicely.

To my mind, the danger period has started in earnest, with all sorts of gurus now urging Joe Public to get in. Also pump-and-dumpers on blogs, like the one that has just appeared on this HC page. Typically, JP won't get in at first, but as the gurus and the pump-and-dumpers step up the pressure and the price keeps soaring, eventually the fear of missing out overcomes JP and they buy in- at which point the smart ones get out and the price collapses.

Now, this is the SXY thread. Please can we leave Bitcoin/cryptos to their own threads and get back to SXY and the things that affect it directly or indirectly.