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Josh Barro Profile picture
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12 Jan, 6 tweets, 1 min read
My price target for Bitcoin has been $0 for years and obviously I've been proved wrong over and over, but I'm still right about the larger truth, which is that Bitcoin is stupid. nytimes.com/2021/01/12/tec…
"Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis." lol what a cool asset class
This doesn't happen to mutual funds!
I guess I've had an experience sort of like this: The NYT sent a royalty check for article licensing to "Joshua Barros" at my old address, and I can't claim it from the NYS Comptroller unclaimed property website because they want proof my name is Joshua Barros.
Of course, the check is not for $220 million.
Also of course, mutual funds are invested in productive enterprises that make useful things for people. Bitcoin is just a shiny rock but without the shiny rock.

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More from @jbarro

Josh Barro Profile picture
10 Jan
In Arizona and to a lesser extent Georgia, the GOP seems intent on accelerating the blue trend in the state instead of slowing it.
This may be a "nothing succeeds like success" thing? In states getting more red (like Ohio) the GOP seems to be actually trying to win by more.
Florida being the other key example. Republicans have actually tried to win Hispanic votes and it paid off.
Read 7 tweets
Josh Barro Profile picture
9 Jan
Since we're talking about Olive Garden, it's a good opportunity to revisit that private equity powerpoint deck from 2014, which said things like Olive Garden loses $5 million a year because it wastes so many breadsticks. businessinsider.com/starboard-tran…
People slag Wall Street, but "if you don't give people so many goddamn breadsticks they didn't ask for, maybe they'll be more likely to order dessert" is a good insight.
They also criticized Olive Garden for overpaying for asparagus due to imposing "tight length and spear specs" on suppliers and for using custom-size straws.
Read 4 tweets
Josh Barro Profile picture
9 Jan
This is because more male goods-producing industries (like construction and manufacturing) continued to add jobs while service-producing industries (especially leisure and hospitality) lost jobs.
This month's trend is heavily due to the 3rd wave. But the trend since February also has job losses concentrated among women, due to job losses not just in leisure & hospitality but also education and retail. Economy-wide, service consumption is down more than goods consumption.
More women than men have also stopped working due to pandemic-related child care disruptions.
Read 6 tweets
Josh Barro Profile picture
9 Jan
In two weeks?
Looking forward to the rental-car-industry-level user interface on the president's Twitter competitor app.
Sorry, this is unfair to Enterprise.
Read 6 tweets
Josh Barro Profile picture
8 Jan
Flying to Washington to riot on a weekday isn't exactly a working-class hobby.
There's something strangely bourgeois about the whole thing. Like the nightmare guests at the Grand Hyatt, in town for the riot, who wouldn't wear their masks in the lobby.
(By the way, as Grand Hyatts go, that's not a very good one -- weird layouts and rooms whose only window is onto an indoor courtyard.)
Read 4 tweets
Josh Barro Profile picture
7 Jan
He is really the whiniest little baby
The problem with Josh Hawley's theory of politics is that being a sociopath and being a whiny little baby are only two of Trump's many traits, and copying them alone will not get you elected president. Trump also, for example, has charisma.
Read 4 tweets

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