Bitcoin “hodlers” sh#t themselves as cryptocurrency price plunges toward $4000, a drop of over 75% from its highs
Natural News) Bitcoin is headed toward $4,000 as a massive multi-day selloff continues, plunging the cryptocurrency more than 75% from its late 2017 highs.
Bitcoin “hodlers” — a term meaning “holders” who can’t spell — are all but sh#tting themselves today, given that they were all promised by overzealous crypto con artists that Bitcoin would be above $100,000 by now. But as I have stated for over a year now, Bitcoin was always a digital Ponzi scheme, and it was always doomed to collapse due to fatal structural flaws. (See my articles on all this at BitRAPED.com)
Here’s a look at the price plunge, courtesy of CoinDesk:
Zero Hedge reports:
According to CoinMarketCap.com, digital assets have lost approximately $700 billion of market value since the crypto-mania peak in December 2017. Since the peak, Bitcoin has sustained 87% declines as hash rates have also taken a dip.
Now, with the drop in Bitcoin hash rates, the difficulty to mine is also spreading to medium and small miners. They are now flooding their rigs on eBay as the crypto bubble collapses.
Bitcoin miners are now eating themselves alive just to keep mining at a loss
“Mining” Bitcoins — a process of wasting enormous amounts of electricity to produce something of zero inherent value — currently costs an estimated $7,000 per coin, meaning that miners are now eating huge losses for every new coin they produce.
Meanwhile, the Bitcoin community is waging an internal civil war — also known as the “fork you” revolt — that has pitted Bitcoin factions against each other in a scramble to see who can seize control over the cryptocurrency as it plunges in the direction of zero.
The very fact that so many hard forks are taking place proves that Bitcoin can be altered at any moment by a simple majority of participants, obliterating any argument that Bitcoin is a “store of value.” If it can be changed at any moment by a 51% vote, it’s not a store of anything. That’s why gold beats Bitcoin: Nobody can magically transform your gold into worthless metal. Gold is a cosmic element made in stars, and it has been around for literally billions of years. Bitcoin, by comparison, is a comic element that has been around for less than a billion seconds. Yet Bitcoin cultists tell you with a straight face that Bitcoin will outlast gold… somehow.
Hilariously, Bitcoin hodlers kept telling themselves that Bitcoin was the future of money. To believe this, you have to be horribly bad at math, because even a slight adoption of Bitcoin as a transactional currency would explode the size of the blockchain to terabytes of data, rendering it useless among mobile devices and most desktop PCs. This irrefutable, logical fact didn’t stop Bitcoin pushers from claiming the currency would somehow achieve a million dollars a coin by 2020 — a promise famously made by the outlandish John McAfee who promised to “eat my own d#ck live on TV” if the price didn’t achieve the predicted milestone.
Looks like McAfee had better start stocking up on d#ck dipping sauce, because his Dicken McNuggets are almost ready to be served.
It was all so obvious: You’d have to be blind not to see that Bitcoin was a Ponzi scheme
Bitcoin has always been a Ponzi scheme, meaning it relied on a never-ending wave of new “adopters” to buy the overpriced positions so that earlier adopters could pretend they were making money. But behind it all, Bitcoin owned nothing and produced nothing except for more Bitcoins.
https://www.naturalnews.com/2018-11-20-bitcoin-hodlers-sht-themselves-as-cryptocurrency-price-plunges-toward-4000.html
沒有留言:
發佈留言