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Complaint Review: Bitcoin Generic
Bitcoin Genericwww Internet United States of America
Bitcoin Generic Bitcoin Bubble Crash Madoff Scam Piramid Fools Dumb Ripoff Internet
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decentralized crypto currencies Mike AdamsNatural NewsApril 10, 2013
Theres a bigger agenda happening with bitcoin that needs to be publicly stated, and this goes far
beyond the issue of the financial harm that will be caused when the bitcoin bubble finally implodes.
Central banks hate bitcoin.
They hate it because it doesnt allow them to loot bank accounts (Cyprus) and control the movement of capital around the globe. Bitcoin, in fact, threatens the very foundation of monetary control that underlies all the corrupt governments of the world. As such,bitcoin is a huge threat to the status quo, making it an obvious target for the globalists to attempt to destroy. Discrediting bitcoin isnt enough, however. To really be effective, they need to make bitcoin illegal. [continued below]....
The plot to criminalize bitcoin. How do you criminalize bitcoin? The same way you get guns banned: Plan an attack, make sure lots of people get hurt, roll out all the victims in front of the cameras, then use the sob stories as moral justification to crack down with oppressive new laws. This
is the agenda being planned right now with bitcoin. The recipe works like this:Step 1) Central banks buy up massive quantities of bitcoin currency, driving the prices into the stratosphere and encouraging millions of people around the world to jump on board the get rich bandwagon.
Step 2) Once bitcoin valuations reach a sufficient level of insanity, start a massive selloff by
dumping the bitcoins you already bought onto the market, offering them for sale at any price (i.e. sell into falling prices, accelerating the loss in valuations). Step 3) Watch panic take hold as the bitcoin crashaccelerates, ending in a catastrophic wipeout of valuation of all bitcoins.
Step 4) Find victims of the bitcoin crash who can tell a good sob story for the mainstream media about how they invested little Johnnys college money in bitcoin and lost it all. Roll them out on CNN and MSNBC where they cry on camera and talk about how they were ripped off by bitcoin and now they only trust the government from now on. Step 5) Demonize bitcoin by charact erizing it as a libertarian pyramid scheme. Lash out against both decentralized currencies and libertarians.
Step 6) Once the demonetization gains traction, have traitors in the U.S. Congress announce a Consumer Currency Protection Act that outlaws non-central bank currencies such as bitcoin. Its all for your safety, of course. Shut down all online bitcoin wallets and exchanges, calling them criminal pyramid schemes and arrest a few people using bitcoin to send a warning message to the rest. Mission accomplished! Youve now made bitcoin look like a pyramid scheme, youve scared the public into being wary of anti-government currencies, and youve criminalized their use
by consumers. Thats the goal the central banks are trying to achieve right now. Its all be set in motion by the bitcoin bubble which will inevitably lead to a bitcoin crash. Bitcoin is being manipulated as a pawn in the globalist scheme to destroy freedom. The bitcoin bubble is to
currency freedom as the Sandy Hook shooting was to firearms freedom. In both cases, governments will use a crisis to destroy freedom while claiming to be saving the people. The government WANTS bitcoin to be a disaster, and the mainstream media, which has so far refused to give bitcoin much attention, will leap all over the story like vultures once it crashes. For the record, Im a proponent of bitcoin and I want it to succeed in the long run, but the mania
speculation happening with bitcoin right now is going to be disastrous for its reputation. It is the worst thing that could happen to bitcoin. What we would prefer to see is a slow, steady rise that reflects stability with low
volatility. Instead, we see extremely high volatility, wild price ranges,
desperate purchasing patterns and even purchase queues at some exchanges where
the demand for bitcoins is so high that it exceeds the limits of the services
(such as Coinbase, where you now have to stand in line to buy bitcoins two days
later at whatever market prices are offered that day). Why the bitcoin craze is the
modern-day equivalent of tulip bulb mania. Bitcoin has become a casino. It is almost
a perfect reflection of the tulip bulb mania of 1637 in these two ways: 1) Most
people buying bitcoins have no use for bitcoins (just like tulip bulbs), and 2)
The rapid increase in bitcoin valuations cannot be substantiated in any way
that reflects reality. In other words, there is no fundamental reason why
bitcoins should be 2000% more valuable today than 4 months ago. Nothing has
changed other than the craze / mania of people buying in. Mark my words: A
bitcoin crash will occur, and a lot of people are going to be financially hurt
by it. More and more, this bitcoin craze is looking like a pump and
dump operation, where the only winners are those who are the first to
sell. When bitcoins were in the sub-$20 range, I was not concerned about any of
this. I actually encouraged people to buy bitcoins and support the bitcoin
movement. But alarm bells went off in my mind when it skyrocketed past $150 and
headed to $200+ virtually overnight. These are not the signs of rational
markets. These are warning signs of bad things yet to occur. By the way, the
simple way to prove to yourself that everything Im saying here is true is to
ask yourself this simple question: What do the people who are buying bitcoins
plan to spend them on? The answer is NOTHING! They dont plan
to spend bitcoins on anything. They have no use for bitcoins. Their only play
(for 90+% of those buying them) is to buy low and sell high. Thats
it! For them, bitcoin is nothing more than a speculative vehicle for
gambling with some of their money. Every speculative bubble market that goes
up must come down. And it will usually come down at a multiple of
the speed at which it went up. The velocity of bitcoins is a huge red alert.
Now, if most bitcoin buyers were actually using the currency on a
day-to-day basis, purchasing things online, sending bitcoins to pay off debts,
exchanging bitcoins for services, etc., then that would be different. The
circulation of a currency is classically known as its velocity. The
higher the velocity, the more frequently the currency is being routinely used
for transactions. But the velocity of bitcoins after the initial
purchase is shockingly low. What this indicates is that people
are buying lots of bitcoins but then sitting on them. Once
bitcoins are purchased, in other words, they basically just sit around and
arent used for any practical purpose. Amazon.com, for example, doesnt accept
bitcoins. You cant buy gas for your truck with bitcoins. You cant shop with
bitcoins at the local grocery store. Until bitcoins are more widely accepted
and the velocity rises, there is no fundamental reason why their value should
suddenly skyrocket. Of course, those who are deep into bitcoins right now will
call me a doom and gloomer. Sure, its okay for them to talk about how the
dollar is going to crash, or how the Fed is a criminal operation, but the
minute I start invoking mathematical reality with bitcoins, suddenly I
become the bad guy. Well, my answer to the critics is that I have
more faith in the laws of mathematics than the self-deluded logic of people who
own millions of dollars worth of bitcoins and who therefore have a
strong self-interest in promoting the bitcoin mania. They are blinded by their
own positions in bitcoins and cannot see through the fog of self delusion. In
contrast to that, I own only two bitcoins worth approximately
$400 or so, meaning that I have no substantial position in bitcoins to speak
of. Whether bitcoins go up or down does not impact me in any meaningful way. My
sole motivation in writing this is to warn others away from the extreme
risks that are now clearly associated with buying bitcoins at present-day
prices. There is nothing new under the sun. As always, there will be
people (we call them noobs or suckers) who think they have stumbled upon
the one exception in the universe to the laws of mathematics and that bitcoin
somehow represents a galactic shortcut to universal wealth
where everyone can become billionaires by trading each other electronic chunks
of data with higher and higher numbers encoded in them. These people are fools,
and history will prove them so. After the bitcoin crash takes place, people
will ask me, Mike, how did you know bitcoin was going to crash when everybody
else thought it was going to keep going up forever? And my answer will be,
Because I believe that 2 + 2 = 4.
If you understand mathematics,
you know that the bitcoin bubble is doomed. Sell while you still can and
be happy with the profits youve made so far. Importantly, remember that the
only reason you can sell is because theres a greater fool on the other side
of that transaction who is buying your bitcoins. The problem with all bubbles
is that sooner or later the world runs out of greater fools.
Why 95% have no clue what Im writing about. Frustratingly, perhaps 95% of
the people who will comment on this article in social media websites have no
understanding of high-level mathematics, no understanding of economics, no
understanding of free markets, no understanding of greed vs. fear psychology
and no historical context through which they might understand whats happening
with bitcoin. Almost no one buying bitcoins has any clue what they are. They
dont even understand the meaning of the phrase decentralized peer-to-peer
crypto currency and they have absolutely no working knowledge of public /
private key cryptography. They have no idea what they are buying and
they have no qualifications whatsoever to even discuss the topic. This is a case where 95% of the people talking about bitcoin need to be told, simply, Shut the hell up! because they literally have no clue what they are talking about. If you are going to talk about bitcoin, make sure you understand the fundamentals of mathematics, cryptography, free markets, economics and human psychology before opening your mouth. Otherwise, you are only announcing to the world that youre a complete fool who will soon be parted from his money. And to all those who think they are going to get rich by buying bitcoin today and selling it off when bitcoin goes higher, let me offer you a piece of practical advice: After the bitcoin crash, when you are screaming bloody murder and selling your bitcoins at perhaps 1% of what you paid for them, it will be people like me who will buy them and thus receive a 99% discount on the bitcoins you once bought at a hundred times the price. That discount is called the IQ discount. You know how lotteries are called a tax on people who cant do math? The bitcoin crash will be a massive global wealth transfer from people who cant understand the dynamics of decentralized crypto-currencies to those who do understand. If you dont follow what Im saying here, then dont buy bitcoins. You will only be led to the mathematical slaughter.
This report was posted on Ripoff Report on 04/10/2013 06:20 AM and is a permanent record located here: http://www.ripoffreport.com/r/Bitcoin-Generic/internet/Bitcoin-Generic-Bitcoin-Bubble-Crash-Madoff-Scam-Piramid-Fools-Dumb-Ripoff-Internet-1042102. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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