The most worthless, useless thing on earth, computer codes pretending to be ‘money’, hadn’t died totally yet because Hope Springs Ever Eternal when people are being defrauded. But in this case, the truth is hard to miss: this newest fake wealth scheme is dying the usual death of all frauds. It limps along these days and similar frauds pop up like mushrooms after the rain falls but they are fading away eventually to be worth zero as all frauds are worth zero.
And this is one expensive fraud! The early fake money scam stuff cost little in energy to produce the computer codes. Now, it takes more energy with Bitcoins reaching the ‘too much energy to be worth it’ point. These energy sucking systems are bad for society for they suck down immense amounts of energy to compute the code that delivers the fake ‘money’.
This high overhead cost is a problem! It is also what is killing this scam. That is, it can’t go to infinity, the trick was, due to high energy costs, it would be ‘self limiting’ and then the holders would get rich with real money via trading this goofy code with each other, that is, selling it for real cash.
Buying money with money is stupid. We do it all the time in currency markets and people get rich and go bankrupt doing this but I still say, it is stupid in the long run. That is, it works when one is from a non-gold based economy and wants to park their money in a gold-based currency like we used to do with the Swiss banks (my father did this during the 1970’s inflation, for his foreign travels and he used gold when going to danger zones doing stuff).
History matters. Gold has a very long, extremely long history of being a store of wealth. It goes back to the foundations of civilization, itself. Back to the bitcoin fraud:
(Kitco News) – Bitcoin-U.S. dollar prices are higher again and hit a 2.5-week high in early U.S. trading Thursday. The bulls have gained upside technical momentum recently to suggest a near-term bottom is in place. It will take a move in prices above chart resistance at $10,000, which is now within easy striking distance, to give the bulls better technical strength, to then suggest an uptrend can be sustained on the daily chart. Stay tuned!
How stupid is this! HAHAHA. Note how the drop in value of this fake junk bounces downstairs, one dreadful step at a time. The drops all last longer than the bounces. Ever bounce a ball down the stairs? The graph would look like this graph. It started at zero and will reach zero soon enough.
Anything that shoots upwards and bounces downwards usually ends up dead. The clowns playing this stupid scam are full of hope that it will shoot to the moon again and they can unload their junk on some naive person who is both young and stupid.
I feel bad about all this and it should be stopped but the only people who can stop this are the fools running this scam.