Sorry about all the stories today but I find this endlessly fascinating how people fool themselves and each other. Notice how this scam site provides ‘margin funding’ for lunatics trying to game this wretched system. People with real money can invest in this site’s system of lending (at wildly fluctuating rates!) real money to wild gamblers playing the fake money game. This is now in a state of chaos as everyone is selling. I keep finding more information of this scam. Thanks to the internet, crooks can cook up all sorts of ‘official looking’ stuff to fool people. At least this site does give real information of the ongoing collapse of the latest rip off schemes.
The obvious scam of the bitcoin mania is finally forcing governments to intervene due to the dangers of an army of fools losing all the hoped-for loot in real money that the founders of this scam promised them. When I was a child, I was very angry with the boy with the magic beans story, he foolishly sold a cow for a handful of beans and then climbed a vine to the heavens to find lots of loot but he had to kill the giant by making it fall to its death. Well, as an adult, I see the wisdom of that story: the only way a person starting a scam can get rich is if they kill the authority system so they can keep the illicit, stolen goods.
One of the stupidest scams since the Tulip Bulb mania hundreds of years ago is the fake money, ‘Bitcoin’ and other scams that rely on computer generated data to make ‘money’ appear out of thin air without even a scrap of paper or any realistic backing of this scam. Well, all the crud is rising to the top now with the news that a shady character in Eastern Europe who runs a bitcoin scam business was ‘kidnapped’ yesterday and if anyone thinks this stupid business is ‘secure’ they are nuts. It isn’t even slightly secured.
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).
After more than two years of internecine struggles over how to expand bitcoin’s ability to quickly process transactions,the long-feared bitcoin “day of reckoning” has arrived. The bitcoin network has split into two separate blockchains, causing the creation of a new cryptocurrency twin to the original bitcoin.
Zero Hedge has lots of news about the really fake fake currency, the Bitcoin business. Well, it has suddenly morphed yet again showing utter lack of stability, indeed, the treasure of this fake money came from its total lack of stability, it shoots up and crashes down making it a very fun toy to play with but it has zero intrinsic value, less than ‘collectibles’ and other desired objects. It is near nothingness which is interesting to me since humans conning themselves over absolute nothingness is the ultimate in collapsing civilizations. Reminds me of the ‘get into heaven’ money schemes cooked up by the Catholic Church during the Middle Ages.
Bitcoin Blasts Through $2200, Here’s Why | Zero Hedge as excited believers in this ‘crypto currency’ made out of thin air and backed by absolutely nothing…is a classic bubble fad item. Anything can have this sort of bubble. People sitting on bitcoin ‘savings’ will figure they are millionaires and will hold until…it collapses. The new buyers would buy and sell and buy and sell over and over each time, making more money and then…it collapses and they are bereft. The temptation to keep buying and selling is too great to resist which is why people always end up in the crash despite plans to sell off before it crests.