Bitcoin Craptocurrency Price Crash Accelerates to MTGox $112, Destiny with Extinction
Commodities / Bitcoin Feb 20, 2014 - 08:07 PM GMTBy: Nadeem_Walayat
Magic the Gathering! The worlds largest bitcoin exchange MTGox as measured by volume remains in a state of free fall where those that followed the cue of bitcoin pumper's to buy at last weeks rock bottom prices of around $250 that followed a 2 month collapse from $1250 will now themselves be sitting on a loss of about 55% less than a week later.
The MTGox site paints a picture of price stability as do all of the other smaller bitcoin exchanges located in the financial wild west nations of Slovenia, Bulgaria, Romania and worse!
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The truth is that holders of bitcoins remain locked into holdings of ever depreciating value as the price grinds all the way towards zero.
Whilst MTGox currently prices bitcoins at USD 112, many bitcoin pumper's point to other exchanges that have bitcoins priced at $550 as reflecting the true price of bitcoins and in reflection of its apparent stability whilst ignoring the blatant in your face fact of how can a currency have a more than four fold price differential between exchanges?
This reeks of something that is backed by nothing that in reality has no value, much as I have repeatedly written from right just before the peak of the bitcoin bubble that bitcoins are a SCAM. This and the fact that volume has all but dried up across all exchanges which means that the price being quoted is worthless if one cannot actually trade at it.
A bitcoin is worthless because it is backed by nothing, for a virtual currency to have value it must be backed by something, anything physical be it land, property, precious metals, or even the quantity of water in a fresh water reservoir, it MUST be backed by SOMETHING REAL! Else it is WORTHLESS! At least fiat currency is backed by tax payers.
You Were WARNED! - A recap of my Bitcoin Warnings of the past 3 months:
29 Nov 2013 - Bank of England UK Housing Market Bubble Panic is Mark Carney Playing Game of Thrones
As was the case for the original Tulip Mania, following the bursting of the bubble Bitcoins will soon be forgotten and so will the craze for all peer to peer i-currencies, as the bottom line is that bitcoins never matched the hype for transactions are NOT anonymous and it IS heavily manipulated by a handful of mining pools so is not decentralised as today ordinary people cannot muster the processing power required to mine for bitcoins.
The bottom line is that bitcoins are a pyramid ponzi scheme where those who got in early win, whilst everyone else loses. If you own bitcoins then you should get out IMMEDIATELY!
05 Dec 2013 - Bitcoin Mania Bubble Bursts, China Triggers Price Crash Start, Technical Forecast
What's Next for Bitcoins
A quick technical review of the charts implies that a double top pattern is being formed which is a warning that the bounce from the neckline is not something that bitcoin holders should put much hope into for the price is likely to reverse within days to break the neckline and retrace all the way down to at least 500 (current 1074), which is more than a 50% drop of the last price and a 60% drop from the high.
07 Dec 2013 - Bitcoin Price Crash Towards Zero? The Ponzi Scheme Bubble Plays Out as Designed
The bitcoin stepped crash with much volatility continues to play out not just towards my technical target of 500 but eventually towards virtually zero as represented by my longer-term objective of just 15, that is 1/99th of its trading high. So understand this that the nightmare for those who continue to hold onto bitcoins is only just beginning, yes the price has crashed by 37%, but it is still stands 37% above its technical target of 500 and has the potential for a 96% loss of its current value should the target of 15 be realised, so this is NOT the time to hold on hopes of recovering back towards the highs as the loss of value sustained could literally be TOTAL! A lesson that all market traders have to learn else they will go bankrupt holding on for price recoveries that always become more distant with each stomach churning lurch to the downside.
16 Feb 2014 - Bitcoin Craptocurrency Ponzi Crash Grinds Towards ZERO, Where's Max Keiser Hiding?
Bitcoin Craptocurrency has plunged to USD $230, down 81.6% from its USD $1250 high - Unfortunately for bitcoin holders the ponzi scam crash continues to play out as holders of bitcoins find out that as is the case with all scams that when they want to sell their holdings they CAN'T. Instead they are locked into holdings that continue collapse in value all the way towards a pittance of the price that hooked them into buying of just a few months ago.
Slovenia, Bulgaria, Romania, and such like places where the now effectively frozen bitcoin exchanges operate from should have been a big signal for SCAM ALERT! Even the big exchange at Tokyo remains frozen as hackers, crackers, and cyber attackers dictate the real value (if any) of the craptocurrency.
The current 'price' of Bitcoins is USD $230, though off course the price is absolutely meaningless if one cannot actually trade at it ! Which is the case for many bitcoins holders today, as they will only be released form their bitcoin torture when the value of their holdings has been effectively wiped out, stolen by those that constructed and maintained the ponzi scam that hooked many unsuspecting naive investors into its vortex amidst an avalanche of sales propaganda that was liberally regurgitated at length by worthless mainstream media that painted a picture of Bitcoins having come of age when the truth was of the scammers final price spike.
The bottom line is that bitcoin has a destiny with extinction! Yes, they will at some point cease to exist and all of the perceived value will disappear in a puff of smoke!Everyone all together now -
"Magic the Gathering!"
"Magic the Gathering!"
"Magic the Gathering!"
Source and Comments: http://www.marketoracle.co.uk/Article44512.html
Nadeem Walayat
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Nadeem Walayat has over 25 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series.that can be downloaded for Free.
Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 600 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk
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