Monday, March 3, 2014

Why Bitcoin true believers are still delusional even after the collapse of MtGox

To all those who are still swooned by Bitcoin's false hope, I offer you this letter of compassionate but stern wisdom. My aim is to help you learn from the harsh lessons that have now undeniably unfolded with the bankruptcy of MtGox and help save you from being harmed by similar mistakes in the years ahead.

As we all know by now, nearly half a billion dollars worth of Bitcoins vanished last week as MtGox declared bankruptcy. Currency holdings simply vaporized for 750,000 customers, reports the Wall Street Journal.

I'm the guy who warned all of you a year ago about the Bitcoin crash and looming implosion. In fact, I was the first person to publicly call Bitcoin a "cult" in 2013 due to the bizarre zealot-like behavior exhibited by some of Bitcoin's most irrationally exuberant proponents. I'm also the only person who accurately predicted the massive 2013 Bitcoin collapse just days before it took place. In fact, two days before the crash, I published an article entitled The Bitcoin bubble: Why speculative Bitcoin buy-ins now point to a disastrous Bitcoin crash. The very next day, I went on national radio and called Bitcoin a "cult" that was about to collapse. Within 24 hours, the crash unfolded.

After the crash, I specifically warned that MtGox could be shuttered at a moment's notice, writing, "You are a fool if you believe anything now coming out of the "Bitcoin cult." (Original article here. 

Why I nevertheless support the continued exploration of crypto currency

For the record, I actually love the concept of a peer-to-peer crypto currency. I'm well aware of the criminality of the central banks and the reality of the U.S. financial police state under which we all suffer today, complete with the government tracking our financial transactions as if we were suspected terrorists. I strongly oppose the Fed's bailout of the corrupt, criminally-operated cabal of Wall Street banks and investment houses. If our world is ever truly going to be free, it needs a free currency that can't be manipulated by central banks and corrupt governments.

For the rest of the story:

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