While the main driver of this selloff is undoubtedly anxiety over the looming scaling deadline on August 1st, we note that, as CoinTelegraph reports, none other than the Albanian central bank has joined the chorus warning about the dangers to the public of virtual currencies…
HAHAHA…when the Bank of ALBANIA points out the obvious, then it is obvious. Virtual currencies are backed up by nothing. Absolutely nothing. They are basic ‘conspiracy/trade’ items. Believers believe in the value of these fake things and voila: they are worth something to believers.
I recall history here, the Catholic Church sold insurance protection from demons in hell. If you gave some money, this would erase all sins and one could die happily unaware this was a scam.
Then along came troublemakers who showed how this was all a scam and this is called ‘the Reformation’ and led to very violent warfare between magic sin forgiveness believers and skeptics who had other goofy beliefs.
Bitcoin and other cryptocurrencies have been making headlines around the world, and with the recent sell-off this week, more is sure to be said. Central banks and governments continue to make statements regarding the dangers of digital currencies, or, conversely, extolling their benefits.
Duh, central banks love fake money. Ever since paper money was introduced, they all ran off to play with it. Germans, being efficient, ran to infinity with paper money. Way back in the 1930’s, everyone knew that paper money easily degrades but all governments solemnly swear they won’t degrade paper money.
Cybermoney doesn’t even have a government to go after if things go wrong. It is totally fake and not mostly fake. I still have coins and if I choose, I can have somewhat degraded coins which still have some physical value. Nickels, in particular.
The most recent bank to issue such a warning is the central bank of Albania. The bank issued a strong statement warning citizens that digital currencies were not under the direct purvey of the country’s banking sector regulations and that such vehicles carried extremely high levels of risk.
Not only are ‘bitcoins’ disintegrating, so is another recent fake money venture, ‘Ethereum’. HAHAHA. What a solid, concrete name! Well chosen.
Chasing willow’o’whisps is fun until one falls into a swamp filled with very physical crocodiles swimming around, hungry.