https://t.co/wsmEcJDk2U
Nouriel Roubini Thu 26 Nov 2020 19:00

On this Thanksgiving let us be grateful for being healthy, having shelter & a hot meal on our table. So let us not forget the less fortunate who are hungry, sick &/or without a roof above their heads. So let us support/donate to charities who help those less fortunate than we are
Nouriel Roubini Thu 26 Nov 2020 17:35

So on Thanksgiving don't be a headless Turkey fool/sucker being duped by manipulative whales, crooks, scammers, carnival barkers, front-running criminal exchanges that just want to steal your savings/ wealth. Stay away from the cesspool of 1000s of worthless shitcoins. 12/12
Nouriel Roubini Thu 26 Nov 2020 15:55

So today as BTC got close to its ATH the price collapsed by 13% as the same scam of retail suckers with FOMO being duped by manipulative whales occurred. Inequality coefficient of BTC worse than North Korea where Kim owns most of the assets. 2% of whales control 98% of BTC. 11/n
Nouriel Roubini Thu 26 Nov 2020 15:50

Retail suckers with massive FOMO have been jumping again into BTC as they did in late 2017 when price went from 10K to 19K only to crash down to 3K in 2019. Only winners were the manipulative whales that dumped their BTC to the retail suckers & led to its 85% price fall. 10/n
Nouriel Roubini Thu 26 Nov 2020 15:45

Pump & dump, spoofing, wash trading, front-running are standard operating procedures in crypto exchanges where BTC traded. Liquidity of these exchanges is fake as volume data are false by a 90% degree. Unbacked Tether supply perfectly tracks this year like in past BTC price. 9/n
Nouriel Roubini Thu 26 Nov 2020 15:40

Investing in BTC is equivalent to take your portfolio to a rigged illegal casino & gamble; at least in legit Las Vegas casinos odds aren't stacked against you as those gambling markets aren't manipulated the way BTC is. Instead BTC is manipulated heavily by Tether & whales. 8/n
Nouriel Roubini Thu 26 Nov 2020 15:35

Example: look at March 2020 when US stocks fell 35% while bitcoin fell over 50%. Thus it has NO role institutional investors or retail portfolios. It would be highly irresponsible for any institutional/retail investor to speculate in a totally manipulated "asset" like BTC. 7/n
Nouriel Roubini Thu 26 Nov 2020 15:35

So Bitcoin has NO intrinsic fundamental value, use or utility or any other service. So it is a pure speculative manipulated "asset" & bubble with no fundamental value. It is not even an hedge against risk off episodes: every time stocks go down, bitcoin falls much more.  6/n
Nouriel Roubini Thu 26 Nov 2020 15:30

Gold/silver dont provide income but give capital gains, utility (jewelry) & used in industry.  BTC doesn't give income, has no other utility services (such as unit of account or means of payments) & provides only capital gains (or losses) based purely on speculative motives. 5/n
Nouriel Roubini Thu 26 Nov 2020 15:30

Bitcoin is not an asset as it has ZERO intrinsic value. Assets do either provide an income or capital gains or utility or real use of some sort. Stocks, bonds, real estate, other assets provide both income (dividends, interest, rent) & capital gains & housing services for RE; 4/n
Nouriel Roubini Thu 26 Nov 2020 15:25

Almost no merchant uses Bitcoin as its price volatility leads to market risk that any profit margin is wiped out before u can convert it back into fiat. Not scalable means of payments. It's toxic for the environment as POS hogs enormous amounts of energy & pollutes the earth. 3/n
Nouriel Roubini Thu 26 Nov 2020 15:25

See also the academic evidence that Tether is used to manipulate the Bitcoin market. And look at the recent indictment of BitMex and his criminal CEO & gang. It has no intrinsic value, it is not backed by any asset, it is not legal tender, it cannot be used to pay taxes. 2/n
Nouriel Roubini Thu 26 Nov 2020 15:20

Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not an unit of account, not a scalable means of payment & is a highly volatile store of value. It is heavily manipulated: look at the investigation of  Bitfinex by US law enforcement. 1/n
Nouriel Roubini Thu 26 Nov 2020 15:20

13% down. Most manipulated asset ever. As I said they higher it goes the harder it will fall. FOMO-salivating retail suckers hoodwinked by manipulative whales will get shafted as in 2018! Bitcoin slumps after rallying to all-time high Link via @financialtimes
Nouriel Roubini Thu 26 Nov 2020 15:15

RT @stevesilberman: How one of the most influential psychologists in research on human happiness ended up committing suicide. A haunting, n…
Nouriel Roubini Thu 26 Nov 2020 11:45

RT @Tr0llyTr0llFace: Print 5 billion fake digital dollars and everyone loses their minds. Print 15 billion fake dollars but in small increm…
Nouriel Roubini Thu 26 Nov 2020 00:59

RT @Tr0llyTr0llFace: “Bitcoin is up so much OMG I’m rich!” *clicks sell* *click* *click* *screams into the void* It’s not like you weren’t…
Nouriel Roubini Thu 26 Nov 2020 00:54

RT @Tr0llyTr0llFace: Imagine the desperation of Bitcoin bagholders when new ATH are hit and still nobody cares, because everyone with half…
Nouriel Roubini Thu 26 Nov 2020 00:54

RT @Tr0llyTr0llFace: This is why Bitcoiners are physically unable to question Tether printing billions of USDT to buy their beloved shitcoi…
Nouriel Roubini Thu 26 Nov 2020 00:54

RT @RosaRoubini: Our report "Is There HOPE for US Commercial Real Estate?" by @CecchiniPeter discusses how #US CRE valuations are depressed…
Nouriel Roubini Thu 26 Nov 2020 00:54

RT @abisat: 1/7. Warning: a geeky thread on #EmergingMarkets “original sin”. There is a seemingly unanimous view that local currency borro…
Nouriel Roubini Wed 25 Nov 2020 05:24

China scrubs internet posts on positive economic impact of Covid-19 Link via @financialtimes
Nouriel Roubini Tue 24 Nov 2020 19:23

RT @ojblanchard1: Janet Yellen: A truly great appointment. The perfect expertise mix. Especially at a time when, because of the secular…
Nouriel Roubini Tue 24 Nov 2020 11:03

RT @Tr0llyTr0llFace: Ripple insiders cashing out. That’s the problem when printing USDTs to induce FOMO in the hopes of dumping on greater…
Nouriel Roubini Tue 24 Nov 2020 11:03