As promised, we’ve just launched a new website to document the Bitcoin mania (i.e. “Tulip bulb mania”) that has now taken hold across our world of incredibly gullible people.
Visit BitRAPED.com for news coverage of the Bitcoin bubble, the Bitcoin crash and Bitcoin hustlers who are running a Ponzi-style “pump and dump” scheme that depends entirely on new suckers to buy into the Bitcoin bubble in order to prop up prices of the virtual currency.
Far from its original promise of being a pro-liberty currency that would bypass the regulation and corruption of central banks, Bitcoin has now become a speculative bubble pushed by “crypto swindlers” who are trying to offload their over-valued Bitcoins to gullible newbies who have no clue what Bitcoin really is. The entire Bitcoin bubble is now propped up by not merely faith but mania, echoing the psychology of every bubble in history, including the dot com bubble that crashed in 2000 / 2001.
Disclaimer: I mined Bitcoins for years and was an initial Bitcoin advocate. I recently sold all my Bitcoins for gold, converting virtual currency into real precious metals. I currently own less than one Bitcoin and have no financial interest in Bitcoin prices moving downward.
The BitRAPED.com website plans to document the delusional insanity of all the Bitcoin bubble pushers who absurdly think they are smarter, more brilliant and more wise than all their ancestors who propped up their own market bubbles (and got clobbered by the crashes). What nobody seems to remember is that all exponential rises in speculative markets eventually collapse, and they almost always crash at a much faster rate than the rate at which they climbed.
A simple analysis of Bitcoin price advancement before the 2017 speculative bubble blowoff indicates that Bitcoin will correct to around $1000 USD or lower. From there, it is likely to continue a slow, steady climb, having fleeced out the speculative noobs who will suffer catastrophic losses:
Bitcoin has already crashed from almost $3000 to around $2100 in just the last few days, and while it may cyclically recover from such price insults, the mere fact that Bitcoin has become nothing but a speculative vehicle for greed and delusion is irrefutable proof that it’s going to blow off the bubble, weed out the fairy tale seekers, and return to sanity (i.e. “utility”).
If you own Bitcoins right now, get out while you still can because the correction is going to be absolutely brutal. Follow all this at BitRAPED.com.
About the author: Mike Adams (aka the “