2nd stage of coping for bitcoiners: promoters will cherry-pick a past period where purchases were profitable.
In finance you look at
1) DRAWDOWNS (in log),
2) Average of ALL the prices at whch promoters recommended (includes >60K). For instance MicroTragedy's average is ~31K
1/n
FINANCE DU JOUR
When you look at returns and drawdowns, you must use logs (see video: something up 200% then down 50% is even).
As you can see with bitcoin, drawdowns in log space are deeper than seen on a normal chart.
https://t.co/Zc3SkP3hUX
Stock-to-flow is really not looking good now.
I know it's impolite to gloat and all that, but I think financial models that give people a false sense of certainty and predestination that number-will-go-up are harmful and deserve all the mockery they get.