Yesterday, one of the founders/holders of a very silly ‘cryptocoin’ con game suddenly sold all his holdings causing it to crash and then the big fraud, Bitcoin, took a nose dive, too. The fraud behind these fake money schemes was always obvious to me: you cannot spend it! If it isn’t held for speculation, it crashes. It is purely fad speculation of the worst sort and will eventually be worth nothing. The history of money shows that this will always happen and the only security against this is a sane government that spends money carefully (ahem, unlike the present systems).
Is This Why Charlie Lee Sold His Litecoin? | Zero Hedge wonders after peddling endless breathless stories about getting rich quick via fake money scams:
The news broke yesterday morning that Litecoin developer and outspoken founder, Charlie Lee, sold or donated all of his liquid Litecoin holdings. This prompted a big sell-off in the cryptocurrency markets, putting on pause the bounce off of the previous night’s bottom below $16000 for Bitcoin.
The rats will begin to flee a sinking ship.
This comes in the wake of Coinbase adding Bitcoin Cash (BCH) to its stable of coins available for purchase, which also sent shockwaves through the markets.
The problem with ‘bitcoin CASH’ is simple: people who buy speculatively can suddenly turn it into government money and run off and spend it and laugh at everyone else.
In his post on reddit, Lee explained that he felt his ownership stake was actually a burden on Litecoin’s development as a real-world medium of exchange…
All crashes of fads are the same. There are various pauses in the madness as people who have some sanity decide to escape only for more fools to flood in and it rises faster and faster. When it hits warp speed to the moon, it blows up for nothing, absolutely nothing can go to infinity except the evilest gods.
The simple lesson has been told over and over again for thousands of years. There are many stories of people getting perfect wishes from fishes in the sea, for example, only to abuse this demanding more and more wealth and power and ending up in their little hut by the sea.
The fisherman story from China is very revealing, the wife demands her husband beg the magic fish for one thing after another finally she demands to be an empress which is granted and then demands to be a goddess and ends up a poor fisherman’s wife again when the fish rises up in rage and destroys everything.
Fractured Fairy Tales – The Fishermans Wishes – 1959 – YouTube
Bitcoin Plummets Below $14,000; Peter Schiff Says ‘Mark It Zero’ | Zero Hedge
Update: 1005ET: The carnage across cyrptocurrencies has escalated with Bitcoin back to a $13K handle, Ethereum back below $700, and Bitcoin Cash below $2,600…
Bitcoin is now almost $6,000 off its record high.
This is so very obvious: it is a classic Ponzi balloon. So many earnest, super bright young men thought they figured out this nifty trick and convinced many others who are less smart to participate in it,, innocently at first and then with increasing evil intent.
As I keep explaining, so long as all players hold their loot, the game will float. When anyone ‘sells’ it collapses as everyone rushes to turn fake money into real government money. You can ‘buy’ all sorts of goofy things with bitcoins but not gold or silver. Those, you have to translate the fake money into real money first then buy the real wealth holder that has a track record of about 6,000+ years.
‘Etherium’ is another obvious fake money scam. Do note the name. It will vanish when the sun rises! Duh! Why not start a fake currency called ‘Fake Money’? Make it more obvious! Sneaky cryptocurrency mining malware Loapi can literally melt your phone — RT World News reports. Hackers have decided to invade the cryptofakemoney scam and are screwing up computers doing this.
Loapi is Trojan malware that is most commonly picked up by users who click on ad banner advertising in adult content apps. Pop up advertisements for fake anti-virus software is also a common vehicle for the malware.
This is a double warning: free stuff is often a lure to catch fish! Beware.
I am truly troubled that simple history is so easily avoided or forgotten. But then much important information is hidden, not discussed or taught in schools because this means facing that Medusa we call ‘reality’. Reality stinks. It hurts. I get kicked by the Reality Pegasus regularly and have to pay close attention to this to survive.
Many don’t survive. Eventually, we all die. This reminds me of another scam: freezing people when they die with the promise of reviving them later. This never happens. Why? Because it is pointless! If someone is making money holding frozen bodies, why stop them and revive them when it makes more money holding them all in freezers?
This is the lesson of the Pharaohs of ancient Egypt. They tried taking all the wealth with them and tried various schemes from pyramids to secret caves only to be found out by thieves and looted and their mummies tossed to the vultures.
Despots since the last Ice Age have sought to carry their wealth past the Gates of Death at great cost only to see these eventually looted. It is a big business today to dig up and loot these despot’s hiding holes! Very lucrative indeed!
Ce la Vie! The true treasures are the children. BTW, I noticed this Xmas season that Google has refused to have any Christian themes on their opening page, they did have one Jewish theme but mostly it lies blank after being used for all sorts of ‘celebrations’ of a wild variety…now dead. Zero. Nothing at all. Isn’t that racist?
But then, that is California! More about how California is killing itself later.
58 responses to “Litecoin Founder Sells Stash Causing Bitcoin And All Fake Money To Crash”
Catherine Fitts has a possible insight into cryptos.
The government will come in, in 1-2 years.
Meanwhile coders are doing the work and the Gov Inc does not have to pay them.
“According to Bloomberg, about 1,000 so-called “whales” control 40% of the bitcoin in circulation, giving them unrivaled leverage over the broader market.
And because there are no laws explicitly banning collusion in digital currency markets, only the most blatant pump-and-dump operations risk being prosecuted as fraud.”
Well, well, what could *possibly* go wrong with this… or have any effect whatsoever on bitch-coin valuations?
When arch-criminal Jamie Dimon declared it a ‘fraud’ (imagine that for a moment – his bank porked up on 15 trillion in derivatives!) that was the go-sign for Bitcoin. It was conceived in 2009 by the mysterious Satoshi in response to criminal banks and what they had wrought. The idea was decentralized peer-to-peer storage of value.
Is it truly less valid that the hilarious “Full faith and Credit” the US supposedly puts behind its paper?
There are 1000s of Cryptos.
The major exchanges shun most of them.
Crypto is the future. Sages long ago predicted, ‘Numbered to buy n sell.’
The title is a bit misleading. Id call BC decline a correction, not yet a collapse.
Meanwhile, is Zuck getting into the game?
Beware! US Bully President Trump is a notetaker! He sent official note he will be taking notes if you displease him… Better vote the way the US wants or the notetaker will take note!
The New York Times
President Trump threatened to cut off U.S. aid to any country that votes for a UN resolution denouncing his move to recognize Jerusalem as Israel’s capital
It was way overdue for a correction. But so far, this isn’t even close to the largest corrections it has had.
It may find support at $7000. But still, don’t bet the farm on it…
And, Litecoin is just noise. The Litecoin dude just picked a good time to sell … but its market cap is a tiny tiny fraction of Bitcoin.
Jim R, do you own? What about EOS?
BC hits 11k and bounces up.
“It’s Unprecedented: Bank of NY freezes $23 billion in Khazak assets.
just saw on a chat, Aus. banks have stopped working with coinbase or u can’t get your $$ out.
OT interesting : https://cryptome.org/2012/07/gent-forum-spies.htm
50% of all fake bitcoins are owned by a tiny handful of crooks, by the way. If the ‘value’ of these stupid things drop to zero, no one loses any money, it just vanishes like dew at sunrise. It never CIRCULATED in the first place.
Yeah Bitcoin isn’t fake enough yet. It still needs a Board of Commissioners, a bit of Quantitative Easing, some timely Market Manipulation and some Thugs enforcing it at gunpoint. Then it will be a REAL currency…
From 1998 the US has spent some $21 Trillion extra dollars off the record. That is how many millions per US citizen? With that kind of limitless affluence is there any wonder illegal aliens stream to the US to take part in the dollar scam goodness? There certainly are enough dollars for everyone 🙂
Yeah, @Christian. That’s the point I always like to make. All those bad things they attribute to Bitcoin are also mostly true of the dollar.
They are ephemeral computer blips. Criminals of all stripes like them.
The main differences are:
Dollars are being issued in unlimited quantities.
You are force to use dollars with implied (or real) threats of violence.
want some crypto ? take your pick ,,
50% of the stupid bitcoins are held by this tiny clique who started this fraud. So the only ones circulating are scattered about randomly. In actual circulation is less than25% of these stupid things, probably far less. It is purely a speculative tool that has value ONLY when few are on the ‘market’ just like any ‘tulip bulb’ nonsense. That is, rare.
Money for living and doing business CANNOT be ‘rare’. This caused a depression. It won’t ‘circulate’. The fasciation with some silly item being valuable because IT IS HOARDED is the antithesis of what ‘money’ for running a society operates.
I am baffled as to why people can’t figure this out. But then, people think hoarding is ‘wealth’ when it usually causes hoarders to live in poverty and think holding something is good instead of investing it in economic actions.
Bitcoin is being hoarded because it’s *Potential* to be a replacement for the abused to death $dollar. There is no mechanism in place to use Bitcoin for daily transactions… yet. This promise is the real value behind the Bit coin.
The Derivatives Beast of 2008 never died, it morphed into an even larger global equity bubble pumped up by Quantitative Easing and insider trading. Bitcoin is an attempt to break the private monopoly of the $ which is in the hands of the ‘New York Banker’s Club’.
Elaine, it CANNOT be ‘common’, either! You can’t use pine needles for money, for example.
The rarity factor is one of the big differences among the various internet currencies. Some of the alt-coins are issued in much larger numbers — those are worthless, by the way.
Like Christian says, the $ is issued in unlimited amounts, by the New York Banker’s Club, (the gnomes in your cartoons) and they give themselves as much as they want. That’s nothing but a kleptocracy, and its popularity among the flyover constituents has long since faded.
@ 21 , Hoard as many as u want and lose all your money ,its not a currency its a speculation now in the greedy hands of wall st. It carries no patent so it is truly valueless. Banks and Gov will not simply give up power even if there is a depression. If it goes mad max there will be nobody to run the puters.
22- Some of the alt-coins are issued in much larger numbers — those are worthless, by the way.
Are any worth speculating in?
And good luck!
Oh, and the $.
I think you can still go to Treasurydirect.gov, and buy Treasury debt without going through a bank. It earns a microscopic amount of interest, but the nice part is that you get your money back at the end.
The truth is, it’s good to diversify. If you have a significant amount of money to preserve, and can afford a long wait a long for any transaction, your absolute best all-time investment is in land. Although not all pieces of land go up all the time, and the new tax code has removed some deductions, land is still the most durable form of wealth there is. It’s just that to make it worthwhile, you need to buy more than a few square inches of it. It isn’t quite as liquid as other investments.
They quit printing land millions of years ago, so it has the scarcity angle going…
dogecoin to avoid?
The Winkleloss (my joke) brothers have a billion dollar fake money bitcoin ‘hoard’ which is actually just some computer code lines hidden in various real banks. They and most of the other players in this scam are HOARDERS of the worst sort.
Their fake money has value ONLY if it is hoarded, not circulated. This simple fact doesn’t enter many minds which are motivated by greed: ‘If only I can get my hands on this magic junk and then hoard it, it will rise in value!’
And as I keep pointing out, the DOLLAR is just some lines of computer code. Written in Cobol, because i’ts like really really OLD. A stack of $100 bills is a store of wealth. Until it isn’t.
Except for one huge gigantic difference: money we use for COMMERCE and for taxes, etc. CIRCULATES! Hoarding kills economic systems. Hoarding kills real estate (a house where a hoarder lives usually is uninhabitable after the hoarder dies). At the end of the Roman Empire, people buried their gold hoards which were dug up again thousands of years later.
All gold hoards found in the last 100 years came from the 4th century, roughly.
The medieval church back in 1300 began hoarding gold like crazy, too. The Popes (there often was more than one at the same time!) sat in huge castles that were in perpetual lock down sitting in the middle of a mountain of hoarded gold.
Cathedral building nearly collapsed during that gold hoarding time. The huge economic uptick of the Reformation was due to seizing and spending a mountain of gold and taking over all the monasteries, etc.
According to some people here at my pathetic blog, nothing is money all the time. This is not true at all. The wealth of a people is what makes money wealthy. Inflation is when reckless government spending sucks the value out of money items of whatever sort. It is political, in other words.
At the end of the Roman Empire, people buried their gold hoards which were dug up again thousands of years later.
And now again, we find ourselves at that end-of-empire moment. The pillage and plunder business is tapering off, and it looks like it isn’t coming back. So, we aren’t going to have “progress” any more, not like we did fifty years ago.
People are trying to hang on to the great things they remember. Trying to hang on to something, anything.
And Elaine, you chime in on the side of the government, and want it to confiscate everyone’s savings. That isn’t in keeping with the constitutional individual rights that once made society great, but it is in keeping with current trends.
30–whats the difference between Saving and being a Miser? Between Saving and Hoarding?
Right, Lou. I say Elaine is hoarding her mountain. People will need places to stay, what with global warming and sea level rise and all.
She’s keeping the mountain to herself, threatining to shoot anyone who approaches. How many bullets do you suppose she has?
Pathetic ? hey ! Don’t negative talk yourself , I need this place to find out what’s up .
Ammo doesn’t cost very much.
The difference between saving and hoarding is systems: hoarders pile everything everywhere with no discrimination and destroys all things being hoarded due to this while savers are careful.
Of course, the key post here is about Litecoin and Bitcoin, which are lousy ways to store wealth — because they are obviously in a wild speculative bubble. I’m not so sure it even makes sense to refer to the Winklebros’ stake as a ‘hoard’. It’s more sort-of a ‘bet’.
I also personally do not think it will drop to zero … although no telling where it will end up. It’s worth noting that there are 1000 or so copycat projects, with corresponding currencies, which are mostly worthless. The ‘value’ of such a thing is completely artificial and illusory.
As for a mountain, or a ranch, a piece of land is probably the ultimate store of wealth. Not very liquid, but if it has reasonable weather and defensible borders, it makes a nice place to stash your other stuff, like trucks and livestock. And as a gathering place for family and friends..
It has zero intrinsic value so yes, even unlike actual tulips, it will vanish. All wealth has a tendency to disappear due to humans being crazy apes.
Examples are legion: Rome was once the richest city on earth and ended up in total and utter ruins. Babylon: ditto in spades. The very first human cities: all vanished. Minoan civilization: utterly annihilated except for buried ruins and a few mythological stories.
On and on this goes.
The Etruscans: left some interesting ruins, but almost nothing is known about them.
Correction, they were merged up into Rome. Those others disappeared centuries before Rome started.
it will vanish.
IF you mean Blockchain will vanish, you may be very wrong.
Some thought the WWW would vanish.
Bitcoin may survive, I dont know.
1000 or so copycat projects
more like 3000? block chain applications…and more every week.
I lost count. And no, the network technology for this will not vanish. It is a significant advance, like the http://WWW...
But as for Bitcoin itself, I have no idea. It’s kind of dithering around now, like it does when there’s a major correction. Will it zoom off to $100,000, or will it fall back to $1,000? No clue. It’s in a wild bubble right now. There is no fundamental reason Bitcoin should be worth more than Vertcoin, for example, which is currently trading at about $7.40.
They are all worthless. The fools buying these ‘money tokens’ are being taken for a ride. The founders get rich and the followers get fleeced. This is how all scams work without exception.
43–Blockchain is not a scam nor is it a coin…..do some research. Bitcoin is just a function of the chain.
Ergo: it is nothing. It is something so etherial, it is worse than all other attempts at making money appear out of nothing. That is, it requires many machines running nonstop to ‘mine’ this nothing so it is a net DESTROYER, it eats up all systems while producing nothing.
45–Please listen to Catherine Fitts talk about Blockchain. The herd is working out the bugs and not getting a government check. When the bugs are worked out, Gov can take over. Bingo, cashless society.
Smart, yes? Gov coin.
and yes, a LOT of ac-dc is being ‘mined.’
HAHAHA…fake money backed by nothing except schemers wanting to hold most of the fake money themselves…has a very bad future. Fools do not proliferate forever.
visa ; BINGO ! cashless society
48—The buzz is the Gov is behind the Blockchain.
47–are you aware Visa was offering 10k to Restaurants to SPURN CASH?
Elaine, in some ways you are very intelligent, connect the blockchain-gov-cashless dots,
Visa offers restaurants $10,000…if they stop accepting cash …
Jul 14, 2017 · They’re calling it the “The Visa Cashless Challenge.” The plan is to convince small business restaurants, cafés and food trucks to stop accepting cash …
[Search domain money.cnn.com] money.cnn.com/2017/07/14/news/companies/visa-no-cash-re…
Visa Is Offering Restaurants $10,000 to Stop Accepting Cash …
Visa Is Offering Restaurants $10,000 to Stop Accepting … 10k is nothing . mnewxcv, Jul … If a merchant sells you a defective product and you paid in cash, you are …
[Search domain hardforum.com] https://hardforum.com/threads/visa-is-offering-restaurants-10-0…
Visa Offers Restaurants $10k to Stop Accepting Cash
Visa is offering $10,000 to restaurants, … and it’s offering $10,000 to restaurants that agree to stop accepting cash … Visa Offers Restaurants $10k to Stop …
[Search domain http://www.thedailymeal.com] https://www.thedailymeal.com/visa-cashless-challenge-bribe-restaurants…
Visa offers $10k to 50 businesses if they will stop taking …
Visa offers $10k to 50 businesses if they will stop taking cash … The program will focus on restaurants and food establishments, Visa said Wednesday, …
[Search domain http://www.reviewjournal.com] https://www.reviewjournal.com/business/visa-offers-10k-to-50-businesses…
Visa wants everyone to use CREDIT CARDS. Duh.
They can bribe anyone they wish to do this ‘cards only’ thing but will anyone take the bait? It is up to the businesses to decide.
Winkle loss—I should be so lucky. Billion dollars in code aka bitcoin.
52–will we be forced to go cashless? thats the point of my post 50.
HAPPY NEW YEARS.
Lou, I assume (hope) that the Winkle Bros have other forms of money and power. They’ll be fine if their gigantic bet fails.
It’s these idiots taking out a second mortgage to buy cryptos who will get skinned. So sad for them, but so human…
As for the all-digital economy, it’s a Fed (and other central bank) wet dream. I suspect it will happen about the same time the whole global economy shootin’ match goes south for the Kondratiev Winter. It is only peripherally related to bitcoin and cryptocurrencies. They have shown that it can be done. I suspect the CBs will screw it up, however.
3 Countries Considering Launching Their Own State Backed …
View at Medium.com
The conmen running the alternative money scams want real money, do note this. THEY WANT YOUR DOLLARS. They even tell their victims, ‘Your dollars are worthless.’ And then, ‘Give them all to us and be free of your dollars’ which I find rather funny but I feel very sorry for all the young people falling for this obvious scam.
Yes, the US greenback is King [until it isnt, which may be soon].