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).
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.
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.