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Bitcoin Price Crash Towards Zero? The Ponzi Scheme Bubble Plays Out as Designed
Market Oracle, UK ^
| 7 December, 2013
| Nadeem Walayat
Posted on 12/07/2013 11:23:34 AM PST by Errant
The Bitcoin price last traded at USD 790 (this morning) which represents a 37% price crash against its trading high of 1242, vaporising the wild dreams of just a few days ago where some reported that the virtual money could be destined to go as high as 1 million! Whilst never realising the difference between what is virtual and what is real, instead in large part bitcoin pumper's remain in denial as many have been seduced by the golden coin image to imagine that bitcoins and gold are the same or similar when the reality is the exact opposite. Bitcoins is fairy dust, it is perceived as being very valuable but a small gust of reality is enough to make it disappear.
(Excerpt) Read more at marketoracle.co.uk ...
TOPICS: Business/Economy
KEYWORDS: bitcoin; bitcoinbubble; bitcoincrash
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As expected, a coordinated effort by big banks and government to bring down Bitcoin and other crypto-currencis appears to be on! Meanwhile, the "mining" difficulty levels keep increasing weekly close to the same percentage as the recent drop in price. It's getting interesting for those of us who've been watching the rise of cypto-currency.
Current difficulty: 707408256 Next difficulty: 897454241 Amount: 26.87% Target date: 2d 22hr 17m 4s
1
posted on
12/07/2013 11:23:34 AM PST
by
Errant
To: All
2
posted on
12/07/2013 11:28:03 AM PST
by
Errant
What is amazing to me, is how Bitcoin just keeps bouncing back...
3
posted on
12/07/2013 11:31:04 AM PST
by
Errant
To: Errant
Those evil big banks. They did the same thing to tullp bulbs.
To: Errant
Bitcoin is a scam and a Ponzi scheme.
5
posted on
12/07/2013 11:32:15 AM PST
by
SVTCobra03
(You can never have enough friends, horsepower or ammunition.)
To: Errant
I wish I had a few of those “near zero” $790 Bitcoins.
6
posted on
12/07/2013 11:33:55 AM PST
by
RingerSIX
(My wife and I took an AIDS vaccine that they offer down at our Church.)
To: Errant
The meat quote...”Bitcoins is fairy dust...”
To: centurion316
And the dollar. :(
8
posted on
12/07/2013 11:34:17 AM PST
by
Errant
To: Errant
I triedd to open a bitcoin mine in my back yard, but apparently I’m not zoned for it.
To: SVTCobra03
“But it’s trading higher than gold!”
To: Errant; Revolting cat!; GeronL
If Bitcoins are superior to US currency, why are they being traded in US dollars?
To: SVTCobra03
12
posted on
12/07/2013 11:37:49 AM PST
by
Errant
To: centurion316
Bankers may have ruined tulip bulbs but it was government that ruined light bulbs.
To: a fool in paradise
14
posted on
12/07/2013 11:39:19 AM PST
by
Errant
To: Errant
I figured they would have at least waited until the creation and sale of bitcoin ETFs to the feckless middle-class investor before they allowed the bitcoin to crash...
15
posted on
12/07/2013 11:39:49 AM PST
by
rhinohunter
(Freepers aren't booing -- they're shouting "Cruuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuz")
To: a fool in paradise
16
posted on
12/07/2013 11:41:01 AM PST
by
Errant
To: CharlesWayneCT
“I triedd to open a bitcoin mine in my back yard, but apparently I’m not zoned for it.”
Foolish person. Everyone knows bitcoins grow on trees and are not mined. My bitcoin tree is doing very well.
To: rhinohunter
waited until the creation and sale of bitcoin ETFs to the feckless middle-class investor My thoughts as well. I suppose though, they're gotten panicky at seeing Bitcoin taking hold in the free marketplace.
18
posted on
12/07/2013 11:43:37 AM PST
by
Errant
To: Errant
just only heard of it last couple of days....
I give up. what the heck is it?
19
posted on
12/07/2013 11:47:03 AM PST
by
Vaquero
(Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
To: HereInTheHeartland; CharlesWayneCT
Everyone knows bitcoins grow on trees and are not mined. My bitcoin tree is doing very well. Actually, bitcoins are made in the oven.
By cooking books.
20
posted on
12/07/2013 11:47:12 AM PST
by
okie01
(The Mainstream Media: Ignorance On Parade)
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