Bitcoin Correction Sees Nearly $4 Billion Wiped Off Value, as Price Falls 19% » Alex Jones’ Infowars: There’s a war on for your mind! It fell $520 in three days. This is the natural instability of all ‘to the moon, Alice’ bidding items. I predicted this correctly. This fake ‘money’ is faker than other ‘fake money’ and the world heaves with ‘fake money’ and note that gold, silver and other ancient object that represented ‘wealth’ haven’t shot upwards from near zero over the last 10 years like this fake ‘money’. As I keep saying, bitcoin’s real worth is…ZERO.
It is doomed to go back to zero. The pictures showing it as ‘money’ are fakes. They peddle this fraud by showing a fancy ‘coin’. Paper money is ‘cheap’ too. Gold and silver can be changed via hammering, heating, mixing metals to be other things. Paper money can wipe an ass or be burned when starting kindling in the stove, etc. But bitcoins are nothing. Pure nothingness which means it is a black hole money, a nonentity money, has zero value when it hits zero.
That is, you can’t use it for some other purpose. I keep pointing out that all ‘value’ items have to have a hard reality of some sort. A car, a horse, a cow, a bean (especially magic beans!) are all very real and can do things, transforms things, etc.
The only reason these stupid ‘coins’ gained any value was it could be used for criminal activities. Like the hackers demanding ransoms, it is used for other evil people like…KIDNAPPERS, etc. International drug dealers use it. It is a criminal tool.
Recently, they had to pretend it is used as money only to buy junk with it, you had to translate it into dollars or euros but why do that? If one held a ‘bitcoin’ for years, one could have profit off of this by selling it to a criminal operation during the heated ‘its going to the moon’ days but…most people paid a lot of money for this junk and got stripped of its value in mere days after I warned against this.
So…HAHAHA…by the way, I have some really neat magic beans, but I take no responsibility if a giant says, ‘Fee, fie, fo, fum, I smell…PU.’ Remember, giants are like big elephants or my old ox team, watch out when they dump on you.
54 responses to “Bitcoin Continues Rapid Collapse…HAHAHA”
$2300 is zero?
It will resume its ascent as the world’s CBs continue their shenanigans this summer and fall.
Bilderberg meetings in Virginia this year? I guess they don’t want to bask in the cultural enrichment of the Muslim migrants in Europe.
Is The PBOC Stopping The Music On Bitcoin?
Maybe. It was overdue to take a breather, after tripling over the last 2 or 3 months.
Remember, last time Elaine announced the death of this beast, it eventually stopped falling, and hovered around $200 for quite a long time. Then in the fall of 2015, it started ramping up, along a more or less straight line (on a log scale) all through 2016, ending up close to $900. Then in late March of this year, it took off like a spooked rabbit. Nothing ever maintains that pace, doubling every couple of months.
So it’ll retreat back from bubble territory here. My guess is that it stabilizes around $1500, but my guesses are usually wrong. Don’t follow me, I’m lost.
HAHAHAHA. Hope springs ever eternal.
Sovereign Man’s article linked below does not advocate buying Bitcoin at the present price. But he does present his rationale for owning it.
I can discern several reasons for not acquiring Bitcoin.
1. One must have faith in the limited number of coins (though this seems well established).
2. Fixed Bitcoin quantity notwithstanding, there is an infinite number of blockchain currencies that could be created, and little barrier to entry.
3. The Bitcoin market is limited and sales of small amounts can cause dramatic price moves. No depth of market.
4. I have zero faith that governments will not intervene in some fashion to discredit/crash blockchain currencies. I can think of several modes of attack. Caveat: I am surprised (shocked?) that this has not happened yet. Perhaps TPTB want to really set up blockchain currencies for a major fall, totally discrediting them. Perhaps they don’t want the funds presently going into Bitcoin to migrate to the precious metals. Who knows?
The Real Reason To Own Bitcoin -Sovereign Man
Excerpt: “Cryptocurrency de-centralizes this system. You become your own banker. No more middleman.
THIS is the principal reason to own cryptocurrency.
Cryptocurrency is about divorcing yourself from an anachronistic financial system…”
“The only reason these stupid ‘coins’ gained any value was it could be used for criminal activities.”
Forgive me, at this point are there any other types of ‘activities’ you care to mention? The system, the executive, the judiciary are completely fucked ten ways from Sunday.
It is still part of the ‘systems’ whereas bitcoins are a FAD created by people easily fooling themselves.
It is still part of the ‘systems’ whereas all financial products are a FAD created by people easily fooling themselves.
From The MacroTourist
Excerpt: “Yet I worry the public is climbing aboard a technology many don’t fully understand, with little regulation and way too much hype. In the coming months, we will hear stories of people being ripped off. I suspect when it is all done, we will look back on this period and shake our heads.
But what do I know? I am the idiot who left over $5.5MM on the table from a simple $10k investment. The only solace I take is that at least I am not the guy who paid 10,000 bitcoins for two pizzas in 2010. That’s some expensive pizzas…”
Now this could be interesting…
Regarding your reasons:
1. Not a problem. Though of course, there are people behind the computer codes, and they do tweak the code from time to time. But they know it would instantly collapse if they raised the limit.
2. There are others out there, hundreds of them. BTC has succeeded mostly by being first. Only 2 or 3 that are widely taken seriously. And of course, this highlights the psychological, almost religious, aspect of money. What is money anyway? (this could also be asked about the Dollar — why not Sterling or Yen or Rubles?)
3. It’s very thinly traded compared to almost any other asset. And that’s a good reason to be cautious. Because it’s thinly traded, its price is not stable.
4. So far, the BTC has been too small for governments to worry about it. Some small countries with failed economies have toyed with adopting one of the ‘altcoins’ ‘officially’ — but that won’t fix a broken economy, so not gonna happen… China has been most active in trying to suppress BTC. They may come up with a way, I wouldn’t put it past ’em.
Another problem is that the ‘blockchain’, which is the giant ledger that tracks all of ’em keeps growing with every transaction. There’s no guarantee that storage will keep up with the sheer size of the thing. There are some other little technical problems, small ones…
“Excerpt: “Cryptocurrency de-centralizes this system. You become your own banker. No more middleman.”
THAT is the very reason. Also, if it really catches on and gets to where it starts displacing the dollar, I’d expect REAL heavy handed intervention. This sort of thing makes central bankers’ heads explode with rage, in that they do not control it.
It is like the diamond trade except it is far stupider. Diamonds as decorations like on the Queen’s crown—STOLEN diamonds, no less!!!—are useless, diamonds that are black and used on drills are rather expensive and very useful.
And you don’t buy stuff by trading diamonds. Diamond prices go up and down, too. They have some ‘value’ more or less. But bitcoins barely exist as any sort of entity and have zero use in reality. That is, paper money can be burned or used as book marks or fix a hole in the wall, but bitcoins do nothing.
I am fascinated in the faith in fake nothingness. Just the supposed existence of this stupid ‘money’ is a fad by computer believers (I was born and raised around computers of greatest power so I don’t have childish beliefs about these things!) who cannot or refuse to see the natural end of all this, that is,
it is valued by money being made more and more worthless by governments because it, too, is digital so no printing presses needed to make physical money…and easy to float to infinity due to this…
And bitcoins are EXACTLY the same only they are being hysterically traded by naive young people who have no memory of the past (my grandfather told stories about German money, that is, the Meinel side that was from Germany). I grew up hearing horror stories about money when governments go for infinity.
And Now For Something Completely Different, i.e, a radically different perspective.
Excerpt: ” blockchain’s future seems tied to the short-term vision of investors and entrepreneurs willing to speculate on a hypothetical, distributed utopia without hedging against the consolidated autocracy it seems equally likely to realize. “This is what happens,” Greenfield says, “when very bright people outsmart themselves.”
HAHAHA, one of the last ‘businesses’ put on the board during the Roaring Twenties, right before the market crashed, was an enterprise just as murky and hilarious.
of course 98% or more of all dollars are just electronic computer blips, with older, less secure, cryptographic protection. anything happens to the internet, and most of your dollars disappear as well. it’s too bad we are so dependent on it.
the $30 billion BTC market is but a speck of dust compared to however many trillions of dollars are out there.
of course, the problem with diamonds (and other physical assets such as real estate) is that they are illiquid. you can never sell them in a hurry, or if you do you must sell them at a steep discount. the BTC market, on the other hand, has gotten large enough that there is always some trading activity going on, and you can normally sell them in a few minutes. (several ZH commenters recently said they bought gold with them, an exercise in good timing)
other ‘altcoins’, like Dogecoin, never attracted enough money to themselves, and therefore you can only spend them a few places and they are valued down in the fraction of a cent range.
I have read that there is an area in Munich where you can buy beer and food and such with BTC. Only 2 or 3 of the ‘alt’ currencies can be spent like that, as money.
Just read that Atlantic article.
That seems to me like a more likely vision of our dystopian future. Maybe not Bitcoin but some future Government-coin co-opting the same technology. If the government makes their own ‘coin’, they can include things like your IP address in its blockchain. No more privacy for you!
the only potential game changer seen in bitcoin is mcafee’s interest. If the cybersecurity was really there, it wouldn’t be so dangerous.
we will see.
OT, you can’t make this up:
“I Was The Victim”: Hillary Blames DNC, NYT, “1,000 Russian Agents,” Comey And WikiLeaks For Loss
magic beans–Ordinary Beans can be eaten or planted. They are real.
When you ‘spend’ a bitcoin, it is redeemed not at the going rate but at whatever rate the supposed seller wishes. So far, I have no idea what the ‘going price’ is, it isn’t in any stories.
When you spend a Bitcoin, it is exactly like spending a Dollar. It is ‘redeemed’ at one Bitcoin per Bitcoin. A circular definition, but there ya go.
Trading it for Dollars or Yuan is another matter. You have to find someone willing and able to trade. Right now, Bitcoin is popular but of course that can change in a matter of minutes.
But look, a shiny thing:
(well, actually an option for some paper claiming to represent a shiny thing, maybe, somewhere…)
Duh. You can buy a bitcoin with another one but translating this extremely unstable ‘currency’ is hellishly difficult because its ‘value’ shifts by the minute.
Bitcoin back to $2480 as I write.
Clif High of web-bot data-mining fame (infamy?) says it’s going to fifty grand. Think I’ll buy some on spec (and dump it if there’s a profit ’cause eventually I suspect it will be worth zero) just to be able to rub it in the noses of the naysayers.
I profitably invested in gold in 1979 and recently recounted that episode here. With that investment I was shocked that none would acknowledge my profitable foray. This time I’ll be aiming for the rhetorical jugular.
Are we having fun yet? 🙂
How about a nice option on some gold futures? That way you can rest assured that no actual gold is harmed 😉
@ 24 Jim R 🙂 🙂
On other crypto-currency news, Ripple has an effect! (Pun intended).
Bloomberg on Ethereum’s Ether:
Ether might anesthetize Bitcoin (the headlines just write themselves!)
Ripple isn’t even a cryptocurrency, from what I’ve read. It’s a wannabe imitator. Most of the exchanges won’t even touch it.
And ETH is popular just now, although I don’t know why. Not many of these variations really have anything to recommend them over BTC.
For a really long, confusing list look here:
There are hundreds of them…
Trading ANYTHING can happen. The list of things traded for ‘money’ is immensely long. If someone wants to play with fire, putting portable money into cryptic money is OK but don’t complain if it vanishes, that’s all.
Clif High interviewed by Greg Hunter Jun 3 2017
Beer to Gold Ratio (!)
HAHAHA…how about a pot versus gold or better, heroin?
Reminds me of a song: 87 bottles of beer on the wall, 87 bottles of beer, take one down and pay a pound, 86 bottles of beer on the wall… 🙂
The version I learnt went:
99 bottles of beer on the wall
99 bottles of beer
If one of those bottles happened to fall
98 bottles of beer on the wall
98 bottles of beer on the wall
98 bottles of beer…
ad infinitum 😉
I made it up just now. 🙂
You’re psycho, oops sorry… psychic. 🙂
CloakCoin up 300%
HAHAHA…I love bidding wars for fake money using fiat currency issued by desperate governments.
Moe, it’s number 86 on the ‘popularity’ list at cryptocoin.cc. I never heard of it before yesterday. It looks more ponziesque than Bitcoin. Which by the way has continued to crash to $2800…
SRSRocco’s previous article is more interesting, I think.
Yah, I only posted it to demonstrate the reaction to Clif High’s video. Pretty stupid in my opinion, though I have no idea about CloakCoin’s value aside from High’s recommendation.
A fool is born ever second. 🙂
Elaine doesn’t understand bitcoin and is treating it just like any other assets.
It’s already bounced back and reached record high and will go through $10,000 within a few years.
Until Elaine understand what blockchain is she’ll never understands why bitcoin is one the biggest invention of this century.
@37 Jim R
Yep, read that one too. I assume you refer to the June 04 article, ‘Collapse Has Arrived’?
The collapse trend has been well documented in the alternative media (not though in MSM Fake News). I’m of two minds on this issue. First, it does appear that civilizational collapse could be inevitable, and possibly imminent. I do though believe that we could technologically overcome oil dependence, though possibly not soon enough to preclude at least an initial, i.e., partial, collapse state.
What all these doomsayer analyses accentuate is the degree and intractability of our problems, overpopulation, limited resources, an overtaxed environment, etc. None provide an alternative perspective or resolution where we surmount some or all of these problems.
This singularity of perspective troubles me: I don’t believe humankind has a death wish, in spite of our short-sighted and often selfish (stupid?) behaviors. Humans can a do learn from their mistakes.
Our problem is perhaps twofold. First, we function in an information vacuum. Our self-knowledge and awareness of the universe is extremely limited, and perhaps precluded intentionally. Everything we do we do in this state of limited knowledge and therefore with limited functionality. Second, our evolution is either forestalled by external influences (think a manipulative elite) or we are simply unevolved enough to adequately perceive, let alone foresee negative anthropogenic effects and moderate/change our behaviors accordingly.
I am though suspicious of dystopian prognosis, which could serve to prepare the populace for a truncated, post-industrial lifestyle devoid of many of today’s medical and technological advances. Color me paranoid, but this too could be the intent of our ‘betters’.
In summation, I believe we are being purposely manipulated, misled, misinformed, maleducated and debased by an elite, intent on our subservience and degradation in effort to serve their needs exclusively. The resultant maladjustment, and misapprehension of reality and its application to our earthly environs is what has led us to the present crisis of a damaged and overtaxed environment, which is what the Collapse scenarios purport to address.
BC will go through $10,000 within a few years.-And a weeks food in Venezuela may be $10,000 Venezuelan dollars, now.
40–How many block chain currencies are there?
Can you link to a short talk on BC?
Cryto Anarchists – The New Masters
From The Guardian, so left-wing suspect
Exerpt: At some point, and probably sooner than we think, the current left and right offerings of the major parties, including (perhaps especially) the populist, will start to appear ludicrous and unworkable. New political movements and ideas will arrive before long for this industrial revolution, especially once the majority of the population will soon have grown up online. It will be a politics that offers solutions to the challenges society will face, and be bold enough to steer technology rather than be led by it, to harness it rather than dismiss it, to see it as a motor of social change, not just a job maker. Perhaps there will be some back-to-the-earth, off-grid thinking reminiscent of the 1970s. (There are already small hints of it if you look in the right places: bricks through Google bus windows and digital detox days). I’m not sure. More likely is that groups like the Prague crypto-anarchists, who will embrace the changes and experiment with entirely new forms of governance and society, will emerge. After all, they were right about digital technology, about surveillance and bitcoin and most of us ignored them. And for better of worse, I think they’re probably right about this too.
The internet is still ultimately controlled by the government’s darker entities who created it in the first place. I recall not that many months ago, huge hunks of the web including where I live, going dark suddenly.
Now, the UN is in on it;
You’ll never guess how Syrian refugees pay for their food in camp
http://www.express.co.uk/news/world/819 … d-purchase
“Purchases are then recorded on a computing platform based on blockchain – the technology behind bitcoin.
Iris recognition devices at the checkouts of the camp’s supermarket authenticate customers’ identities and deduct what they spend from sums they receive as aid from the World Food Programme (WFP).
The UN agency launched the futuristic system in May as a one-month pilot involving 10,000 of Azraq’s more than 50,000 inhabitants in a bid to explore blockchain’s potential to cut costs and bottlenecks. “
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I figured that TPTB would find a way to f*ck Bitcoin, This might be it.
4 billion in crime money–from a russian, of course.
Excerpt: Thus, we have the reason why central bankers and international financial conglomerates are piling into bitcoin like it’s the hottest tech stock on the Nasdaq. Imagine a trade system in which every single transaction is compiled and nothing is private; that is the blockchain. Now, anonymity might not matter much when you are dealing with regular people, but what about when you are dealing with governments with the tendency towards corruption and the power to imprison and confiscate?