Pretty much every publisher has jumped on the cryptocurrency bandwagon, and this latest one shouldn’t come as much of a surprise… Jim Rickards has styled himself as a currency guru, with his “Currency Wars Alert” and plenty of pitches about the impending demise of the dollar or other major currency moves in recent years, and now he has launched a new service about cryptocurrencies with Agora.
That service is called Rickards’ Crypto Profits ($2,000/yr), and he says he’ll be providing one recommendation per month… but that it’s just now that he has decided to recommend his first cryptocurrency.
So what is it? That’s the deep, dark secret that we’re teased with in the ads. Here are the clues he drops:
“A few days ago Jim Rickards told me he’s ready to make his first ever cryptocurrency recommendation…
“It’s a tiny crypto that’s trading for just around $0.70… [N.B. let’s check the price again before we record. Even if it’s higher, we still expect it to go much higher. It’s actually $0.53 as of Wednesday morning; a better entry point]….
“Jim says this window of opportunity to cash in BIG could close as soon as next Monday.”
OK, so there’s the urgency that every good teaser pitch requires — they know damn well that if you say, “this might rise 1,000% in a year” that you will probably take your time to think about it before giving them your credit card number… maybe even talk it over with your spouse, do some research, you know — be thoughtful.
But if they say “you’ve only got a few minutes to decide, this will be old news by Monday!” — well, then they’ll be able to convince quite a few folks to jump over the fence and come join their party right away, without looking around to see if maybe there’s an angry bull on that side of the fence… or even just a lot of cow manure to slip on.
That’s made even worse by the wild and crazy cryptocurrency markets, of course, since everyone has heard stories of the neighbors or in-laws or whoever else that got 10,000% returns on some cryptocurrency or another and is living on easy street… the “FOMO” trade (fear of missing out) is helping to drive even the stock market to wild new highs, but in the cryptocurrency world it sometimes seems like FOMO is the only thing driving prices. That discourages research, thinking, and caution, and encourages fast decisions and rash choices… like, for some people, plunking down $2,000 for a completely nonrefundable subscription like this new one from Rickards.
So at least slow down for a moment and think about that: How many things would you buy, sight unseen, for $2,000, with no recourse if it turns out that it’s junk? (or is even just completely different than you expected?) Some of you can afford that and would write it off with a laugh, I’m sure, but that’s a lot of money for most of the folks who see these investment newsletter ads — for the average person in the US, that’s about three weeks of take-home pay (or, worse, most of the money they had set aside for retirement savings for the year).
But enough preaching from me… what is this cryptocurrency that Rickards is pitching? Here are the hints I gleaned from the pitch:
“In the last few months of 2017, this coin already grew from around a penny to approximately 70 cents per coin….
“This $0.70 cent coin is better than bitcoin.
“Bitcoin doesn’t hold a candle to this coin….
“Some publications are already calling this crypto “the biggest winner” of 2018.
“CNBC calls it the “new hottest cryptocurrency of 2018.”
“And Fortune says we could see $87 billion flowing into this tiny crypto by next year.”
But the big urgency here, we’re told, is that IBM is “backing this currency” … and that there’s some ki