Bitcoin Scam Plummets As Elon Musk Stops Buying

 

The Bitcoin scam continues and it irritates me because buying ‘money’ with ‘money’ is a snake eating its own tail.  It is beyond stupid.  Much, much, much worse is how this fake ‘money’ is created: via sucking up more and more energy and computer usage until it destroys all energy and computer systems!  THIS IS INSANE!  Elon thinks he can use ‘alternative’ energy which requires sucking down all the energy from energy production at dams or solar panels, etc.  The entire concept of this stupid ‘money’ is for it to require infinite energy to run to infinity.  VERY deadly, this is, trust me on this.  I can see the future.

 

Very young, very silly humans are doing this bitcoin energy sucking down mess thinking they are very clever.  They are the stupidest people on earth and this sort of dangerous scam should be shut down, not allowed to run to infinity.  I have a thing about infinity systems: they are Death Incarnate.  Nothing runs to infinity.  Infinity is DEATH.  Bitcoins are designed deliberately to run all energy systems to infinity in order to get one bitcoin.  This is why I opposed it from the very start.

 

More and more people are slowly figuring out the obvious:

 

 As bitcoin soars, the matrix of computers that run its software now uses as much energy as Sweden.  Rising value incentivizes bitcoin “miners” to compete with each to discover new tokens.  “I don’t think the bitcoin industry is doing itself any favors by refusing even to accept its energy use is a problem.”

 

This is putting it mildly!  So now, it uses more energy systems than all the energy systems of SWEDEN.  This is getting scary as hell.  Mindless fools think they will get something from nothing because ‘bitcoins’ are NOTHING.  These stupid things are simply data information on computers.  When the computers fail due to energy systems vanishing under the burden of creating this worst form of ‘money’ the ‘money’ vanishes because no one can access it!  DUH.  This is the logical end of this scam.

 

Alex de Vries, a Dutch economist who created the Bitcoin Energy Consumption Index, estimates the electricity used has doubled since 2017 to between 78 terawatt hours (TWh) and 101 TWh a year. More than half of bitcoin miners in China, where most use coal.

 

Eventually the Chinese dictator will notice this and terminate it along with terminating the crews running this computer scam there.  One bullet each, I presume.  Right now, this scam is wrecking China.  No need to go to war with China, in ten years, China will be destroyed internally by this infernal scam.

 

Speaking of scams, one of the biggest USA scams run by liberals in the Democratic Party is how they go to greater and greater lengths to conceal black criminals and the chaos in the Hell Hole Cities all of which are run by Democrats.  Hand these over to Republicans and the crime rate crashes.  Right now, media and politicians want us to never see pictures of black criminals.  Up until now. they would send out alerts for us to look for criminals and use only the clothing as identity information.

 

This is INSANE and criminal and all DNC gangsters doing this should be arrested for helping criminals escape!  Worse, they are now simply refusing to put them in jail so the crime rates in DNC cities is climbing rapidly.  Here is a typical example of media and governments hiding vital information so we can look out for criminals;

 

 

He will claim he is poor and has to rob people and steal stuff to stay alive.  Speaking about staying alive:

 

 

It is very interesting watching the Jews move away from the Democratic Party step by step.  For example, many Jewish immigrants came here to leach off of welfare systems.  They love to do this because then the men can spend all day, praying instead of working to support their many children.

 

So they voted along with the black community in this way.  Now, they see a new danger to their home base in Israel.  So they are rapidly switching parties.

 

 

Recent immigrants are being voted into Congress and Omar is an example of one of these who hates the USA just like ANTIFA and BLM gangsters hate the USA which is why all these groups destroy patriotic statues and eliminate all policing powers so crime flourishes wherever they have power.

 

 

Modern leftists hate Zionists even though the first Zionists were leftists, not conservatives at all.  The list of who invaded the Middle East is extremely long, possibly the longest list in history.  Wave after wave of empires and invaders is just amazing to contemplate.

 

Click here for the very long list of invaders.  Some of the very first city walls ever built by humans to keep out invaders were built here over 4,000 years ago.  And thanks to Jim, a faithful reader here, there is this amazing and hilarious cartoon:

 

 

By the way, this, too, is an ‘infinity’ machine.  The more people think this is a ‘holy land’ the more they kill each other until everything is utterly destroyed in the bitter end.  I will note here that many a conquerer of this land thought, ‘If only I KILL everyone, it will be mine forever.’  Yup.  A bloody holy land, indeed.

 

 

Trump kept everyone happy and quiet in the Middle East and opened many doors to change which now are all slamming shut and war is happening and I said, all DNC Presidents end up in endless wars.  Many GOP gangsters do this, too.  Trump was refreshingly new and actually did deserve the Nobel Peace Prize, big time.

 

 

And Cruz is correct: this lunatic of a VP is studiously refusing to do her job of protecting our borders.  She openly refuses to go see the mess she and her boss, Biden, created.  Arrest Kamala, arrest Joe.  Put them in holding cells in Mexico.

 

 

 

 

62 Comments

Filed under .money matters

62 responses to “Bitcoin Scam Plummets As Elon Musk Stops Buying

  1. Jim R

    It was about $8750 one year ago, in 2020. And $49600 this minute.

    … rumors of a ‘crash’ are greatly exaggerated.

    And, I do so love Nina Paley’s cartoon, thanks for putting it in today’s article.

  2. Jim R

    Last year’s March correction was bigger (so far) …

    Also: ‘stonks’ are correcing this week as well.

    This will probably be the Biden/Harris legacy. .. regardless of whether they could have done anything to forestall it.

  3. Vaughn

    US Dollar is a scam. It is backed by nothing except the US military. How much energy does the US military consume?

  4. lou

    Todays post is quite a rant.

    Infinity is DEATH. Says you and you are not that wise. Who cares about the spooks [watchers] you bumped into? Not us.

    Since you are quite wise to how the Bilders etc operate, you might consider that Crypto 1–bitcoin-vaporware is a deep state plan.

    ALL WILL BE NUMBERED TO BUY AND SELL.
    Fed now or USA gov crypto.

    People use energy to ‘mine’ bitcoin. That is their choice.

  5. Well, I think I agree with you about Bitcoin, but I’m not sure there isn’t an important idea behind it, which may be why it has taken off. Dogecoin too, which to me is very surprising.

    That there is a cost to producing the unit of “currency” is a virtue, not a problem. The real problem with fiat money is that there is no cost to produce it.

    I was writing quite a bit about the fiat money problems about a decade ago (no pun intended). My proposed solution was a universal debt jubilee and a return to the gold standard. It may be of interest that when I speculated about the dollar price of gold that would have to be fixed by law to make this feasible, I came up with roughly $30,000 per ounce. I figure it would be about 3 times that today. Gold is currently trading at about $1,800 per ounce.

    All the energy, it seems, has gone into the crypto currencies.

    The reason I’m not entirely convinced by your argument is that so long as there is some cost to producing a unit of money, that unit could legitimately function as money, I think. If the primary cost to a crypto-currency is the energy required to create it, that would seem to me to be a real world cost, not just a virtual world cost. Which would seem to be a Good Thing.

    In any event, the whole theory of money subject is quite the metaphysical rabbit hole:

    Saving The World, Revised Edition, Part II

  6. Zeke

    Didn’t the now proliferation of crypto currencies start out as ‘payment systems’ platforms?

    Somehow they’ve morphed in asset categories with galloping prices and lofty valuations.

    It seems to Zeke that these two polarities are contradictory.
    A reliable payment system would have relative stable and predictable valuation. So that the contract price would be close to the redemption price.

    If cryptos can vault up in price – they can likewise collapse in price.
    The valuations are based on bs.
    A bank of computers solving riddles or equations. Come on.

  7. lou

    we live in a digital age. for better or worse.

    Zuck offered ‘Libra’ and governments will offer their own vaporware money.

  8. lou

    this sort of dangerous scam should be shut down, not allowed to run to infinity. …and when its shut down by Government [s] it may be worse.
    Bitcoin may be a deep state baby.

  9. AT

    the current batch of crypto currencies based on national security services designed and crackable hash functions was an attempt by intelligence agencies to occupy the field and control the narrative of what was perceived in the 90s as conceivable.

    It also serves a purpose for central banks. By creating new digital asset classes out of thin air, cryptos have the potential to sop up excess liquidity created by money printing and thus help delay inflation.

    Spooks and banksters, same as it ever was.

  10. lou

    AT–which are NSS designed?

  11. Pete

    OT

    Colonial Pipeline paid the ransom.
    $5 million. Get ready for more
    ransomware attacks.

    https://www.cnbc.com/2021/05/13/colonial-pipeline-paid-ransom-to-hackers-source-says.html

    This is an inside job.
    The valves in pipeline
    can be opened manually.

    Notice they blame Putin.
    Next they will say ransom
    paid in Bitcoin.

    Gov Whitmer trying to close
    another pipeline! Dems want
    to destroy USA. And Canada, ay?

  12. Zeke

    I thought I read that the pipeline (tube + valves + pumps) wasn’t connected to the Internet.

    It was the business office (accounts receivable, spreadsheets, payroll, etc.) that was Internet connected and hacked.

    So, why was there a disruption in petroleum product to begin with, at all?

    (Repubs are destroying America.)

  13. AT

    @11 Lou, most of the crypto currencies use hashes designed by their NSA or their nation’s NSA equivalent. (Last I check it was ALL, but I stopped checking a few years ago). No self respecting white hat hacker would do so.

  14. AT

    @11 Lou, in the US that means most of the cryptos use SHA or a derivative of SHA.

  15. Jim R

    A disclaimer: I do not ‘hodl’ anything. And do not take cryptos seriously, for myself. But they are interesting to watch.

    A little over a year ago, the week of March 9 2020, BTC went from a high of 8187 to 3858, a decline of 53%. So far this month, BTC has only fallen about 29% from its peak.

    Another interesting thing happened last March in the world of finance — crude oil futures went NEGATIVE. Meaning that people holding futures contracts were FORCED to PAY at the time the contracts expired. So there’s that — at least BTC can go no lower than zero.

    I don’t speculate on futures, either.

  16. AT

    Jim,

    You can buy options on BTC now. You can buy futures on BTC now. And, you can buy options on BTC futures now.

    https://www.cmegroup.com/trading/equity-index/us-index/bitcoin_contractSpecs_options.html?optionProductId=8875#optionProductId=8875”

  17. Pete

    @9 snoosebomb

    That is an incredible video.
    Mind Blowing!
    Metallic nano-particles???
    —————–

    I’ve made money with
    miners, never owned
    cryptos on an exchange.

    ——————-

    As for markets….
    sell in May and
    go away time?

    —————–

    Zeke it’s the Dems that
    are destroying the USA.
    Don’t make me hurt you 🙂

  18. Zeke

    Why? How ?
    Waddya gonna do?

    Invade my habitat and retro –
    Claim you were just a hapless tourist?

    There’s a difference between
    Terrorists and Tourists.

    Non-Cultists are aware of that.

  19. snoosebomb

    Pete , lol , i know but it makes NO! sense at all. i don’t know why armstrong posts that. Was hoping Elaine had a small magnet.

  20. Pete

    @20 snoosebomb

    Don’t go there…
    Elaine + Magnet = Trouble
    Shhhh

    New Covid Variant = Communiism

    hehe

  21. Pete

    BTW

    Government = Mind Control

  22. lou

    AT, All that money, the high prices for collectibles and pop culture collectibles.
    And a Basquiat went for 90+ million. Up from a million less than 20 years ago.

  23. Zeke

    Etymology should be left to Linguists.
    That goofball amateur got it all wrong.

    Even in mechanics, in steam engines, etc. there is such a thing as a governor. It’s a way of providing corrective feedback to a system so it doesn’t ‘run away’ otherwise.

    The goofball amateur is conflating suffix ‘ment’, state, with Latin ‘mens’ mind.

    “A little knowledge is a dangerous thing”.

  24. Using money to buy even faker money is lunacy. And a fad right now. The electronic money is easily erased, it happens ALL THE TIME, I record these events but people who do these money games are gamblers hoping to sneak off with the loot after selling useless junk to bystanders who are too stupid to figure out how stupid this all is.

    Nothing is less secure than bitcoins of all sorts.

    When bankers suddenly die, your money doesn’t vanish. This is one HUGE difference not to mention, most new bitcoins are from communist China. HAHAHA. Good lord, that is so insane.

    And tremendously insecure, too.

  25. lou

    25–I think of is as vapor ware. Check Elon Ms tweets pushing markets, totally whipsawing them. one man. a few tweets to the twits.

  26. lou

    wuddershins? clown world.
    everything reversed in bizarro, superman says.

    DOGE [I prefer dog when saying its name] is or was worth more than Dell and Ford.

  27. Jim R

    #25, you obviously do not understand the architecture of cryptocurrencies at all. At all.

    Your money does not vanish ‘if somebody dies’. It is on a worldwide network, like the internet, it is reliable because there are many nodes.

    It does not threaten energy supplies, because they mine it where electricity is cheap, where there is stranded capacity. Places like Iceland and Quebec. There are hydro dams and geothermal power stations that make many times more electricity than they can sell. And it isn’t convenient to store electricity, you have to use it or throw it away in the same millisecond in which it is generated. So the miners set up shop in those places. China may be mining it, but they do not control it (yet).

    And it can be lost, but it is not necessary to have a computer to store it. Your ‘wallet’ is just a number, a big long computer-number, but you can write it on a piece of paper. Likewise the ‘key’ to unlock your wallet is a number. If you lose the key, or if you leave your money on deposit at an exchange, it can be lost or stolen. But as long as you have those big numbers, you can access your virtual money at any time.

    Like I have said so many times before, it is a big giant ‘FU’ to the Dollar and the international banking system. And of course, that is why the banksters and other financial gnomes hate it so much. They’ll probably try to outlaw it, but most of those morons can’t wrap their minds around it either.

    Also, unless they are on printed paper in your purse, the dollar is also an electronic currency. And much much less secure than the cryptos.

    But again, I do not ‘hodl’ anything. There are other reasons not to trust it.

  28. AT

    @Jim,

    They only pretend to hate it. It’s a backhanded way of encouraging it.

    New digital asset classes sop up liquidity and allow more QE, and that’s the drug they want MOAR of.

    This is why, for example, people are trying to sell digital homes or create new tokens to supplement traditional photo copyrights, etc.

  29. lou

    AT–Fednow, Chinacoin. byebye bit con.

  30. NO it is NOT on a world wide system! If the actual BITCOINS and not the ‘trades backed by them’ vanishes, it is GONE. The ‘owners’ who use online services lose all their value when the creator of these stupid things die. Go look it up!

    Good lord, bitcoin addicts have no idea what is going on.

    And pray tell, if computer systems collapse, how on earth or Mars can you use or access this stupid junk?

  31. Computers running bitcoin scams operate only so long as the SOURCE feeds the fake money to them. If a bitcoin operator dies and this has happened, the bitcoins suddenly are LOCKED and no longer operative. So people with this fake money in their cyberpurses suddenly find out s mugger has run off with the keys to their money so it is locked, FOREVER.

    I hope people understand: you are not buying international money you are buying various INDIVIDUAL ‘funds’ which are computer codes all over the earth which can disappear when the computers are confiscated by the Chinese government or an earthquake destroys them or a tsunami or volcano, whatever…or the owner dies.

    i can’t imagine a worse ‘currency’ ever except if you are a crook and own the ‘purse’ that stupid people go to to ‘buy’ ‘MONEY’ that isn’t ‘money’ at all.

  32. Zeke

    Zeke has to back Elaine on this one; the crypto-currencies are not “out there” in the ether somewhere.
    To wit; https://bc.ctvnews.ca/mobile/where-s-the-money-250m-missing-after-ceo-dies-suddenly-1.4283713
    When the Founder mysteriously “‘dies”‘ – so did all the secret password cryptos & all the ‘holders’ of the imaginary “coins” went kaput too.

  33. It didn’t happen once, it happens more often.

  34. AT

    Lou,

    They are all cons. Any that aren’t, you haven’t heard of for that reason. And, they never got any play for that reason.

    It’s called occupying the field. . .

  35. lou

    BITCOIN under 40k for first time in months.

  36. lou

    today, in hours, Bitcoin collapsed. One person says they bought under 30k, from about63k to 30k. up from bottom to 38k.

  37. Zeke

    Crypto currencies have to decide;

    1) are they a payment system platform with predictable stable valuations
    . . . .OR
    2) are they a variable, speculative asset class like tulip bulbs or sea shells or wampum – only less tangible ??

  38. AT

    Crypto is merely a liquidity sponge. Rather than a hedge, TPTB will drop it like a turd once the dollar dies.

  39. If the dollar dies, computers will cease functionality as the web collapses. Trust me on this, only concrete stuff like gold and only gold you OWN AND HOLD will matter.

  40. Moe

    @39 AT

    “Crypto is merely a liquidity sponge”

    This. Perfect summary.

  41. lou

    IF the dollar dies? Or when?

  42. Zeke

    The USD (actually the FRB Note) is already worthless from an income generating standpoint – by the so called FdrRsrBnk ZIRP fraudulent manipulation.

    (The Treasury USD (1 oz Ag.) is currently worth $26 FRB Notes)

    WallMart and Target suspended sale of sports trading cards after brawls broke out among customer collectors. (Still available on their websites.)

    People grasping at straws trying to find value in all sorts of crap – derivatives, cryptos, trading cards, etc. because of sabotage of US currency by so called FrdRsvBnk.

  43. lou

    meanwhile, Microstrategy..huh…el salavdore…venezuela..huh…I DO NOT OWN ANY BUT I WISH I DID

    This past Saturday will likely go down as one of the most historic and memorable days in bitcoin history. During the Bitcoin Conference in Miami, Strike founder Jack Mallers announced that the President of El Salvador will make bitcoin legal tender within the country, along with plans to add bitcoin to their reserves.

    As one of the largest investors in Strike, I’ve had a front row seat to this development and I’m still in awe of how flawless the announcement went this weekend. Rather than try to explain the emotion and energy in the room, I highly suggest you watch Jack’s presentation here:

  44. As I point out, if we have a war or cultural collapse with chaos and stuff burning, etc. fake electronic money will VANISH TOTALLY AND COMPLETELY.

    Sheesh. I lived through blackout riots. I have a very good idea how society can suddenly collapse.

  45. Invest in armaments. As Mao said, ‘Power grows out of the barrel of a gun’ which is why all communists ban private gun ownership.

  46. lou

    45–Venezuela now is ‘on’ bitcoin. It is helping people during collapse.
    I do not own any bitcoin, never have.

    ‘…cultural collapse with chaos and stuff burning, etc. fake electronic money will VANISH TOTALLY AND COMPLETELY.’

    My statement disproves yours.

    I lived thru the NYC blackout of 1977 as well. so what.

  47. Jim R

    Elaine never acknowledges the fact that her dollars will also cease to exist in a widespread internet outage. Only the coins in her personal possession will remain. Most dollars are electronic these days.

    As I have said before, and will say again, the adoption of cryptos by people, Latin Americans as well as some ‘preppers’, is a huge, gigantic, big, and otherwise large ‘FU’ and a middle finger to the $US dollar. In the case of Venezuela, they have been cut off from international finance by sanctions. Having a currency, even if it is seashells, is necessary for them to have a semblance of a working economy.

  48. LOTS of things become more and more valuable when currency falls. FOOD, for example.

    Fake money is very easily eliminated in various ways including WRECKING COMPUTERS. It is 100% vulnerable to a fall in electricity access and if the web is shut down by governments, guess what happens next?

    YOUR FAKE MONEY IS INACCESABLE.

    Duh.

  49. Jim R

    1. Bitcoin is not on the web.
    2. Your favorite medium of exchange is 99+% digital, similar to Bitcoin.
    3. Latin Americans can use anything they want as money. Like I said, they can use seashells if they want.
    4. Recently, it looks like the government (the real government: Bilderberg) has been wrecking the food and energy economies. This will be a bad thing, eventually.

    Will most people ever find out? I have no idea. So far, it doesn’t look like it.

  50. lou

    Jim, Bitcoin is not on the web. besides in wallets, where are they?
    Where are unmined bitcoins?
    Where is the blockchain or bitcoin blockchain?

    Bilderberg) has been wrecking the food and energy economies….a few months back, the major distributor of frozen food was hacked.
    who is hacking and why?

  51. Jim R

    The blockchain uses the infrastructure of the internet, but not the web. Much like the banking network, and other networks. If the internet shuts down, so does civilization, unfortunately we are tied to it by now…

    Hint: web addresses start with http: or https: — blockchain addresses do not, although there are some websites which provide interfaces through which you can visualize the blockchain network. Each of the thousand or so other cryptocurrencies also have their own networks — some of which are quite simple and limited.

  52. Bitcoins are not physical. They are data in computers. SALES of these stupid things is…hold on to your dollar bills…DONE ELECTRONICALLY.

    Smart people know that power grows out of the barrel of a gun.

    I have lived in black outs with chaos in NYC. Anyone in that situation in the future will discover their fake money vanishes when systems crash.

  53. Jim R

    Bitcoins are not physical.

    Neither are dollars, 99+% of them. They are an idea. Only a tiny few are ever printed. And the printed ones are still an idea. They are worth one dollar.

  54. AT

    Cryptos were invented and promoted by banking and national security services as a liquidity sponge to keep fiat viable for as long as possible. In the U.S., by all Constitutional rights and intent, crypto should be banned as not “legal tender” minted/printed by Congress. Remember they did that perfunctorily to Ron Paul bucks (sic?) before the liquidity sponge idea took hold. Now, we see the regulators and the IRS coddling cryptos.

    Point is, all this enthusiasm stops when/if the dollar dies. So, it is no hedge.

  55. lou

    55-Cryptos were invented and promoted by banking and national security services as a liquidity sponge ..My opinion is that Bitcoin etc weaken the greenback and other paper.
    what do you think?

  56. AT

    56-In the short term I think bitcoin strengthens the dollar.

    If you create a new asset class, then you get to print more money to prevent deflation. If you were going to print that money anyway, say, to prop markets, give away bailouts or implement bloated fiscal policies, then the new asset class (bitcoin) actually supports the value of the currency against inflation.

  57. Bitcoins have NO SECURITY. When scammers who sell this fake money die suddenly, for example, all the bitty bit coins in their computers die with them. This shows how dumb that system really is.

  58. lou

    not if they had passwords etc in their will. do not be silly.

  59. HAHAHA…have you ever seen what happens when wills are contested? Even in my own family! It is epic.

  60. Oh, first thing that happens is, the wealth is locked up by the courts…

  61. What is grossly irritating to me is how devotees of this ridiculous ‘currency’ that eats energy at a ferocious rate to ‘survive’ (unlike all other money forms!) imagine it isn’t part of the internet! This is beyond pathetic.

    Are these things on isolated computers? Eh? Then how can you BUY these and USE these stupid things? Eh? You use them…ONLINE…DUH. You don’t go into a store with your wallet and take it out and if it is on a computer card in your wallet, it goes ONLINE to be credited by some computer connected to a BANK…ONLINE.

    Good lord, this is beyond stupid now. Gold, if you buy actual gold, is very real and can go hand to hand with no one knowing it if you really want to be nasty about this. This is why smart people use gold.

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