Wow what a day in Crypto land.
To get you upto speed, I am currently sailing a Royal Caribbean ship off the coast of Malaysia, with 100’s of hard core Crypto fanatics and for some reason loads of over 40 year old Chinese women. An interesting mix.
We have sailed from Singapore with our destination of Phuket to have a conference on a beach….today is the conference on the beach day. To add fun to the mix, today is the day that the Crypto market round the word have started to collapse, with 35% drops…..so many people on the boat who were extremely rich, or extremely exposed, have seen huge amounts of their personal wealth vanish over night. I do have some of the those magic beans called Crypto but not silly silly amounts.
So we spend the day on a stunning, exclusive, secluded beach in Phuket, Thailand, with private bars and food and occasionally someone on stage talking about their vision of Crypto and the Blockchain. Mostly we sat round the bar…….You know what keeps Andy happy by now:) Andy has also now got Aakash as a more than willing accomplice.
The fascination for me is the complete cult likeness how many people on the boat are about certain coins, so even as I explain that they should just unravel their positions, take a slight ( on paper ) hit, and watch how the markets adapt no one does. Almost everyone I have talked to has held their positions….this is irrational behaviour, and considering that many of the people on this boat are some of the smartest people I have ever met I am gobsmacked.
We get back to the boat just in time for dinner ( these boats are quite unreal, everything is on tap, almost whenever you want it ). As I look round the tables lots of people are looking at phones and checking prices every few minutes. The emotionally sensitive soul I am gives them little sympathy and explains how if they had sold the day before, had stop losses in place, not been so cultish, they could now own a nice house/flat in London/New York etc……alas my sensitivity falls on deaf ears.
As we leave the restaurant we find 100’s of over 40 year old Chinese women dancing in the centre of the ship, where the coffee shops are, to YMCA. You could not make this day up……