Bitcoin blasts through $4000 as fresh suckers buy into the – promised land – of digital fiat currency backed by nothing –
Bitcoin blasts through $4000 as fresh suckers buy into the “promised land” of digital fiat currency backed by nothing
Sunday, August 13, two thousand seventeen by: Mike Adams
(Natural News) Bitcoin just blasted through $4000 as fresh suckers have been persuaded that a cryptocurrency backed by nothing is a magical perpetual mobility machine that will make everybody rich if they would just buy more Bitcoin.
The sales pitch for Bitcoin now mirrors the greed-driven con of the dot-com bubble: “Mortgage your house! Buy Bitcoin! You’ll never have to work again!”
We’ve heard all this before, of course, and it always completes badly. Tulip bulb mania. Dot com bubble. Housing debt interchanges. Even the South China Sea shipping company. In every case, gullible sheeple abruptly think they are geniuses because they’ve persuaded other people to part with their money in order to speculate on something that only goes up in value because more and more people are speculating on it. (Note the self-reinforcing delusion inherent in such bubbles. The more the price goes up, the more they think they’re geniuses.)
Almost no one buying Bitcoin has any idea how it actually works. They’re just ejaculating money at it under the absurd premise that it will keep going up forever. Of course, none of them have stopped to think about the fact that Bitcoin “gains” aren’t real until you sell your Bitcoin. Before you sell it, all you’ve indeed bought is an entry on a collective digital ledger called the “blockchain.” And only a very lil’ percentage of people can sell their Bitcoins without crashing the value of the entire market, which means — by definition — perhaps 98% of those who think they are getting rich are actually getting screwed in the end. They will be the ones left holding Bitcoin as it plunges toward zero one of these days.
The problem with bubbles — including the Bitcoin bubble — is that they’re all based on irrational exuberance and therefore the timing of their eventual collapse can never be predicted with rational or logical analysis. Bitcoin will collapse in a spectacular wipe out at some point, but before that happens, it could still go substantially higher as more and more people buy into the “promised land” of free money without effort. Yet no matter how high it goes, some Bitcoin promoter will always insist it could go ten times higher and therefore nobody should ever sell it. Thus, the entire thing becomes a Bernie Madoff Ponzi scheme that can only get through if people are persuaded to never cash out by selling their Bitcoin holdings.
Greed is a strong motivating factor for people who think they’ve discovered a magical shortcut to endless wealth. As always, they’re going to learn a very expensive lesson at some point, but until that day comes, they all think they’re geniuses. It’s amazing how quickly bubbles turn geniuses into fools, of course, but like all bubble investors, these people are too delusional to see themselves as fools yet. Once Bitcoin crashes, you will see Bitcoin promoters despairingly scrubbing their YouTube accounts, attempting to erase all the movies of their now-obviously stupid advice and predictions. Meantime, those of us who warned about the danger of speculative Bitcoin “investing” will be blamed for “crashing the system” by merely pointing out the evident.
In my latest podcast analysis of Bitcoin, I explain why Bitcoin just proved it cannot be trusted as a store of value. This is a logical, rational analysis, which means it will be entirely overlooked by the “magical money machine” hucksters who think they’ve discovered a loophole in the laws of economics. Go after more Bitcoin news at BitcoinCrash.news or BitRaped.com.
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About the author: Mike Adams (aka the “Health Ranger“) is a best selling author (#1 best selling science book on Amazon.com called “Food Forensics“), an environmental scientist, a patent holder for a cesium radioactive isotope elimination invention, a numerous award winner for outstanding journalism, a science news publisher and influential commentator on topics ranging from science and medicine to culture and politics. Go after his movies, podcasts, websites and science projects at the links below.
Mike Adams serves as the founding editor of NaturalNews.com and the lab science director of an internationally accredited (ISO 17025) analytical laboratory known as CWC Labs. There, he was awarded a Certificate of Excellence for achieving utterly high accuracy in the analysis of toxic elements in unknown water samples using ICP-MS instrumentation. Adams is also very skilled in running liquid chromatography, ion chromatography and mass spectrometry time-of-flight analytical instrumentation. He has also achieved numerous laboratory breakthroughs in the programming of automated liquid treating robots for sample prep and outward standards prep.
The U.S. patent office has awarded Mike Adams patent NO. US nine million five hundred twenty six thousand seven hundred fifty one B2 for the invention of “Cesium Eliminator,” a lifesaving invention that eliminates up to 95% of radioactive cesium from the human digestive tract. Adams has pledged to donate utter patent licensing rights to any state or national government that needs to manufacture the product to save human lives in the aftermath of a nuclear accident, disaster, act of war or act of terrorism. He has also stockpiled Ten,000 kg of raw material to manufacture Cesium Eliminator in a Texas warehouse, and plans to donate the finished product to help save lives in Texas when the next nuclear event occurs. No independent scientist in the world has done more research on the removal of radioactive elements from the human digestive tract.
Adams is a person of color whose ancestors include Africans and American Indians. He is of Native American heritage, which he credits as inspiring his “Health Ranger” passion for protecting life and nature against the destruction caused by chemicals, mighty metals and other forms of pollution.
Adams is the founder and publisher of the open source science journal Natural Science Journal, the author of numerous peer-reviewed science papers published by the journal, and the author of the world’s very first book that published ICP-MS intense metals analysis results for foods, dietary supplements, pet food, spices and swift food. The book is entitled Food Forensics and is published by BenBella Books.
In his laboratory research, Adams has made numerous food safety breakthroughs such as exposing rice protein products imported from Asia to be contaminated with toxic powerful metals like lead, cadmium and tungsten. Adams was the very first food science researcher to document high levels of tungsten in superfoods. He also discovered over eleven ppm lead in imported mangosteen powder, and led an industry-wide voluntary agreement to limit powerful metals in rice protein products.
In addition to his lab work, Adams is also the (non-paid) executive director of the non-profit Consumer Wellness Center (CWC), an organization that redirects 100% of its donations receipts to grant programs that train children and women how to grow their own food or vastly improve their nutrition. Through the non-profit CWC, Adams also launched Nutrition Rescue, a program that donates essential vitamins to people in need. Click here to see some of the CWC success stories.
With a background in science and software technology, Adams is the original founder of the email newsletter technology company known as Arial Software. Using his technical practice combined with his love for natural health, Adams developed and deployed the content management system presently driving NaturalNews.com. He also engineered the high-level statistical algorithms that power SCIENCE.naturalnews.com, a massive research resource featuring over ten million scientific studies.
Adams has also helped defend the rights of home gardeners and protect the medical freedom rights of parents. Adams is widely recognized to have made a remarkable global influence on issues like GMOs, vaccines, nutrition therapies, human consciousness.
In addition to his activism, Adams is an accomplished musician who has released over fifteen popular songs covering a multitude of activism topics.
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