Panic sell off, bitcoins looses 75% of it's value........ v

[Ponce]

The bitcoin selloff that began less than 24 hours after I predicted a "disastrous bitcoin crash" has now plummeted nearly 75% from Wednesday's bitcoin high of $266, wiping out over $1.5 billion in valuation for the crypto currency.

As bitcoin skyrocketed in value, I saw unmistakable signs of "irrational exhuberance" kicking in, with bitcoin hypsters starting to talk more like charlatans and cult members than rational investors. So I published an urgent warning and repeated the same warning live on national radio.

The very next day, bitcoin cratered from $266 to $105. Self-deluded bitcoin cultists called this "50% off Wednesdays" and urged everyone to "buy and hold." (Because that's how the con works.)

But the selloff had already picked up steam, and while Thursday saw some support around the $110 - $120 level, by Friday morning the bitcoin bubble accelerated its downfall, plummeting to $61.11, a loss of over 75% from its high.


Bitcoin investors are delusional fools
Even at $61, bitcoin is wildly over-valued. The crypto currency now has almost no practical use whatsoever in the world of e-commerce because its extreme volatility means no large merchant will ever accept it.

Any currency that can drop 60% (or more) in a few hours is not a reliable currency for exchange, period. You can't argue with mathematics, although bitcoin cult members are certainly trying.



Learn more: http://www.naturalnews.com/039896_bitcoin_price_selloff_bubble.html#ixzz2QMTH Vyd5

[Cebu_4_2]

@114 now : http://bitcoinity.org/markets

[mamboni]

In other news, silver and gold prices have collapsed. Private owners have discarded their metal en masse, to make room for more ipads and salt lamps, putting out billions of ounces to the curb. Garbage collectors have protested the increased workload. There has been a spike in disability claims by sanitation engineers due to pulled backs and ruptured discs caused by lifting the dense bullion piled in front of doorways. Garbage collectors are now assessing a "gold charge" on homeowners in order to haul away the bulky unwanted heaps of metal. Enviromentalists are alarmed at the growing trend of landfills loaded with gold and silver bars and coins.

[Ponce]

Ponce <-------sitting back and enjoying the show, the best show on Earth, and for free........looks like the sheeps are acting as the government want's them to act.

Uncle Sugar are making the price of PM go down to show the world just how powerfull the dollar is.....the show must go on but at the end........the curtin has to come down.

V

[joboo]

I managed a tidy sum. BTC-e chat window was all I need to see for the most part. The majority in right now aren't even old enough to appreciate the .com bubble.

[Spectrism]

This just in.... toilet paper values plunge! Now toilet paper costs less than federal reserve notes. One demented old hoarder of Puerto Rican descent was found wandering the streets of his small town after discovering thousands of rodents in his destroyed toilet paper hoard. He had gone there to check on his mountains of paper after hearing that it was now less valuable than the currency he spent on it. Unconfirmed but some say he is so distraught that he is mumbling something about wishing he bought bitcoins instead. It seems that at least the mice were happy with this hoarder's investment in toilet paper.

[Santa]

In other news, silver and gold prices have collapsed. Private owners have discarded their metal en masse, to make room for more ipads and salt lamps, putting out billions of ounces to the curb. Garbage collectors have protested the increased workload. There has been a spike in disability claims by sanitation engineers due to pulled backs and ruptured discs caused by lifting the dense bullion piled in front of doorways. Garbage collectors are now assessing a "gold charge" on homeowners in order to haul away the bulky unwanted heaps of metal. Enviromentalists are alarmed at the growing trend of landfills loaded with gold and silver bars and coins.

This is sure to be a devastating environmental hazard. Nancy Pelosi has suggested that more taxes must be implemented to offset groundwater pollution brought about by these heavy metals.

[Horn]

The wife must be out purchasing a salt lamp this weekend?

[Twisted Titan]

Im glad i never messed with this.

its nothing more then a penny stock

[gunDriller]

i don't understand Bitcoins.

it does seem a little Ponzi/ Tulip-mania ish.

but maybe there's something solid there.

how can i judge it if i don't understand it ?


on the other hand - i won't use if if i don't understand it.

Circ Silver >> Bitcoins.


i helped pay for College in the 1970's using 90% Silver.

i wonder if anybody will finance their college using Bitcoins ?

it's possible.

[singular_me]

as long as we'll have banking monopolies, all speculative schemes are doomed to follow the same path... the Tulip Mania happened under s a strict gold standard too, remember?

However speculation is utterly wrong as it is precisely that very mindset that enable banking monopolies, back to square one. It is senseless to speculate about an hypothetical future, one's own security as we all end 6 feet under and complete stripped from our possessions. If people keep refusing embracing a new philosophy of living, nothing will ever change. The fear about tomorrow still has bright days ahead.