Sheep Market: Another Bitcoin Scam Screws Libertarians Out Of $100 Million Real Dollars

bitcoin sheep market scam

More useless Bitcoins vanish in a computerized flash as Illegal online marketplace that replaced Silk Road VANISHES…taking $100MILLION of users’ money with it.  The scam artists even amused themselves by calling this scam ‘Sheep Market’.  I suppose this is a cheeky reference to a favorite expression of people who think Bitcoins are clever, that is, calling the rest of us ‘sheeple’ all the time.


I never call people ‘sheeple’ because it is insulting and stupid.  People can be misled by propaganda and emotional manipulation but this is true of everyone, not just select groups.  The entire Bitcoin operation is a scam from day one.  It has not only all the identical hazards of ‘money’ but also all the hazards of illegality.  So it is actually twice as bad as ‘money’ not better.  The idea it is ‘better’ than modern currencies was based on the idea that it was limited edition crap.  This, alone, was to make it valuable.  But the downsides of this operation were papered over by the pushers because they wanted to feel superior to everyone.


Instead, they are being ripped off by each other in a mad rush to see who can scam whom the most.  These scheme evolve rapidly in quality as scam artists figure out the systems to use to steal stuff.  This is IDENTICAL to the talk, thought processes and systems set up by the ‘banksters’.  They, too, spend a lot of effort in thinking up ways around traditional banking systems that were evolved in order to prevent fraud and abuses.


This is why the world banking system collapsed recently.  All these measures taken by bankers to elude historical banking rules and regulations that were set up to prevent equity and asset bubbles succeeded in doing this and…we had an epic asset/equity bubble boom and pop.  So they are trying to do this all over again even though the Basel banking agreements are set up to force bankers to hold capital of just 4% to back their loans instead of holding less than 1%.  Traditionally, it was 10% capital which was tossed out thirty years ago.


The note at the dead Sheep Market site asks fools to go here:  Log In | Tormarket.  I guess people who follow this guy’s instructions are not sheeple, they are lemmings.  Here is the opening page of the Onion site (hahaha, note that name, too!):

bitcoin sheep market onion site


So, eager Bitcoin users can rush into this new trap with barely a pause, it is even openly run by the same scamsters.  When the FBI shut down the Silk Road business, we learned that the way the site’s owner patrolled deals was to use hitmen to kill anyone who screwed around.  This is why Bitcoins have all the negatives of ‘money’ and I would add, none of the positive elements of ‘money’.


It encourages theft, blackmail, lawbreaking, abuse, murder and mayhem of all sorts.  It has exactly all the wrong elements for ‘good money’.  This includes huge valuation changes that happen overnight over various news stories triggering maniac deals between believers in this stupid scam.  It is notable that this stupid game started when world gold prices began to fall due mainly to India regulating gold imports due to their trade deficit.


People who wanted their gold to shoot upwards in value so they could be smug about being smart were furious and cooked up all sorts of goofy conspiracy theories to explain to themselves how they were still very smart but were thwarted by dark forces which wanted gold to be less precious.  Like so many Gollums, they crouched in their many mental caves, stroking their gold and thinking they were very clever and suddenly they were chumps.  Screwed by world commodity market deals they didn’t control since Western buyers of gold are grossly outnumbered by Asian buyers who control world gold markets mainly due to their vast numbers and involvement in the gold markets.


Nearly anyone can scam or steal or eliminate Bitcoins because nothing is more vapid than Bitcoins which are based on clever computer calculations and have nothing solid behind it, it is the very definition of a screwy, stupid currency.  It will go down in history as the stupidest currency, ever.  And good riddance.  This childish game has finally reached its endpoint.  Even as Bitcoin libertarians rejoiced when they managed to bid up the value of this fake currency last week due to the courts saying it is ‘real’, the scams shot upwards even faster as I reported with the Chinese scam, for example, as well as this latest example.


Now that everyone on earth knows the weaknesses of Bitcoins, the scams will overwhelm the market for using this fake money and since it is useful only for illegal purposes or trading with other collectors of this idiotic thing, far from turning into more useful ‘money’ it is spinning off into La La Land.  This is yet another ‘get rich quick with little real effort’ scheme which will join the museum of other scam schemes that come along when traditional banking is screwed up by bankers seeking to get rich quick with little real effort, too.


A sane and sober system runs alongside protected markets that preserve society and prevent bubbles and undermining of jobs, etc.  True conservatives find all of this very distasteful and there are precious few real conservatives these days.

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Filed under .money matters

25 responses to “Sheep Market: Another Bitcoin Scam Screws Libertarians Out Of $100 Million Real Dollars

  1. Shawn Willkomm

    Thanks, Elaine, for warning us, again, about the dangers of the bitcoin.

    About year ago, at a gather of “spiritually-minded” folks doing meditation as a group, I had some guy laying his trip on me about this bitcoin and just thought to myself, this sounds waaaay too good to be true. Sure enough, it is!

    Yup, somebody sure got sheared as an early holiday gift. Sheesh! –And a big “sheesh” for the people who were reduced to being sheared—I hope they don’t have children dependent on them with this development. Such is the foolishness of humans to warn us again to understand and be careful out there in the life on earth.

    While “the ‘love’ of money” may be the root of all evil, it goes to show what great hazard there is in the creation of money. We can mistakenly reduce the value of many things and commodify them—especially that which is intangible. Our health is the real wealth—what kind of dollar amount could I put on that if it’s gone and I can’t get it back?

    Using money as a medium exchange is useful and convenient and we need to remember that’s all it is and never forget that and to remember at the end of life it’s not what we have, especially in material objects and money, but what we have become from our human experience with life on earth.

  2. Jim R

    … unlike the dollar, which has never been stolen or used to buy contraband.

  3. CK

    Definitely insulting —
    to sheep.

  4. Joe

    “More useless Bitcoins vanish in a computerized flash as Illegal online marketplace that replaced Silk Road VANISHES…taking $100MILLION of users’ money with it.”

    They didn’t vanish. In fact people are able to see exactly when they left Sheep and where they went, since all bitcoin transactions are public. Only problem is without a central banking authority/mint in place, it’s impossible to revert these transactions but they can be traced & identities can be discovered after a while.

    Also sheep was more of an “ebay” type of site. They don’t do the selling, they just connect the sellers with buyers & act as an escrow between the two, but unfortunately someone hacked & raided that escrow account.

  5. Joseppi

    We have transited through the era of the old testament of the gold standard, the new testament of the US dollar floating reserve system, and are now going through the turbulent era of the New Normal of polytheistic belief in currencies.

    Cultish sovereign currencies of the Euro, US dollar, Yen, Yuan are all competing along with the precious barbaric relic, sovereign bonds, corporate securities, derivatives, air miles, crypto Bitcoin for world domination of a post modern monetary belief system.

    This transition is fraught with insecurity and will fan passionate flames of currency fanaticism as a new monotheistic belief in a world currency emerges. Currency crusades, cries of heresy of inflation and deflation, and possible violent schisms will unfold.

    All sheep of beliefs should pray for mercy from the eternally hungry monetary wolves.

  6. What would you want to leave your grandchildren.
    1.One Bitcoin..I guess you would leave them a piece of paper with a long password on it and hope Bitcoin is still around.
    2. 15 100 dollar Federal Reserve notes.Don’t let the cockroaches at them.
    3. One ounce of gold in whatever shape,coin,ingot, jewelry.

    Gold and silver have survived all the fiat monies.

  7. ziff house

    look up the Bill Still video on this you will see there are now at least a dozen of these ‘crypto-currencies’ plus fractionals on ebay. just what do they imagine they are buying??!

  8. tio

    I like bitcoin, if for no ther reason than to generate posts and possibly discussions like this one. It gives me another insight into where we stand by observing the shadow cast by this unbacked etf/ponzi. We live in an ethically unconstrained society that can trace its modern roots back to the dark ages of rand and mr strauss, given free reign by mr raygun and exploding with the crazies. However the most perfect expression may be found with mr bliar, blinded by self interested greed to the point of babtism. It is breathtaking, but under this particular cloak of invisibilty reside all the usual suspects, whose nihilism we have come to live with. And to them, I say a big fat “fuck you buddy”, if you catch my drift.

  9. Money should have the following properties, durability, divisibility, transportability and noncounterfeitability. Bitcoin seem to possess these properties. The virtual nature of Bitcoin surprisingly is shared by to a large extent by state currencies. BItcoin certainly has a lot more transportability than Rolex watches or diamonds.

    Even if Bitcoin were to fail, the virtues of a virtual currency will mean that some big player will pick up the idea eg Samsung/Korea/Google/China.


    ELAINE: As I have pointed out over an over again, bitcoins have great ‘transportation’ power…easily stolen! Constantly being conned out of the control of holders who imagine they struck gold when they merely became part of various con games. Any hacker can steal these things.

  10. emsnews

    Bitcoins have ZERO ‘durability’. Only so long as enthusiasts buy this thing from each other does it have any value. It has zero real value.

    No one will copy it since it is all about limitations which give the producers of this fake money all the profits while outsiders pay through the nose for the privilege of possessing it.

    The computer ‘mining’ isn’t real. It is a game solving thing, not an economic activity. It eats up time, systems and electricity playing stupid, meaningless games and the result is these fake coins. So people with massive computers get everything and this isn’t like finding gold which anyone can do (note all the gold rushes!).

    This is a geek gold rush but it is confined to the geek world so they are merely fooling themselves, not showing how great this business is. It totally sucks. And it has even more con games than nationalist monetary systems have which should astonish anyone who thinks this is some sort of challenge to the systems or a reform.

  11. Luc

    An Ecurrency made out of thin air! So 21st century!

  12. DeVaul

    Talk about “easily transportable wealth”. (Doesn’t even weigh anything).

    I wonder. Is the scam artist a foreigner or someone deliberately trying to throw people off his identity?

    The writing shows a distinct lack of knowledge about English prepositions and determinatives (a, an, the). The “sorry” parts sound very Chinese or Asian to me, as well as the misunderstandings about sentence fragments and complete sentences, which are separated by a “period” and not a “comma” in English.

  13. emsnews

    The biggest bitcoin market is in China,it is also totally unregulated and filled with clever computer geeks who rip off everyone over and over again.

    Funniest thing on earth.

  14. Jim R

    The PBOC has now spoken out against Bitcoin.

    Funniest thing for me is the way that this internet gadget, amounting to less than a billionth of the world’s economies, is making the MMOTU have conniption fits. Since I don’t actually have any $$ in it any longer, it continues to be a source of amusement, but not grief.


    Wrong again, Elaine

    Just as you have been consistently wrong about vaccinations

    Bitcoin has the same underlying worthlessness as federal reserve fiat, but has portability and lower fees. The free market will go that way because it provides the same benefits at lower costs…classical economics.

    You can be excused for failing to see the obvious due to your advanced age. However, that will not stop the next generation from voting for their own best financial interests.


    ELAINE: HAHAHA…I am 100% correct about vaccinations. I suppose you loved the era before vaccinations when 50% of all children born didn’t survive to adulthood. And I am 1000% correct about these stupid bitcoins. Note how these things dropped 30%+ in value in one day due to one news story. Talk about vaccilation, valuation problems!

  16. This article seems to concentrate on things you don’t like about Bitcoin instead of the actual reasons it is used- and there are numerous valid reasons.

    Actually. Its worse than that. Your article is just crap. It’s full of “I told you so’s” for something you clearly have never used, and don’t totally understand.

  17. DeVaul

    If she had used “bitcoins”, she would have lost her home or been arrested for using it for “numerous valid reasons”.

  18. Ritchie

    The government is letting this happen as a test run for a digital currency.

  19. tio a.k.a. custard everywhere

    It walks like a duck, talks like a duck, but commands no navy.

  20. emsnews

    The bitcoin’s value is now collapsing AGAIN this time due to China putting its foot down on traders there who are mainly con artists anyways.

  21. Luc

    I cannot find what a bitcoin sells for!!And yes, the Chinese were gambling in Bits, bigtime.

  22. Luc

    ‘when 50% of all children born didn’t survive to adulthood’. I had assumed it was food, antibiotics and ‘germ theory’ [sanitation] that got us over that hump, not vaccines.

  23. Most of us are born into captivity, thought controlled, owned by old bloodlines that own banks and printing presses or reserves or empires that create mono-cultures of obedience that indoctrinate professionals to be paid off commissars whose individuality, creativity, and consciousness evolution become absorbed into unenlightened selective consciousness by the corporate state – see Orwell.

    Argue bit-coin with Max Keiser Elaine I’m sure he’d have you on – even Ron Paul and Larry Summers have noted its potential.

    Once sovereign nations should have resisted all policies imposed by the super-nationality of parasitic command economies expressed in huge multi-national corporations – the fascist feudal failed positivist mono-cultures and privatization hierarchies they impose – i.e. through politically intelligent responses to mitigate the powerlessness from peak everything – peak failure – through localization, informed community capable of system analysis or critical thinking, etc.

    Thank you to all those who speak out against Elaine’s hysterical ignorant immature tirades – though she’s that paradox of at times poignant too.

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