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

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!):

 

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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