Next bitcoin spike
Can Flowering Banana Plants Survive UK Winter Nov to March 2018? And then came the inevitable crash to 10k, with the bitcoin as of writing recovering to trade at USD 13,300. The bitcoin exchanges have been busy distancing themselves from MTGox as if they are something different, more trustworthy, when the truth is they are the SAME – NO DIFFERENT! In fact you are all being duped for they are not really exchanges at all!
They are NOT akin to the stock exchange or commodities exchange but just websites that some techies set up that may have started out honest but greed will get the better of them just as it did with MTGox because as MTGox illustrated the prices being quoted are meaningless, there is no volume! Unregulated Bitcoin exchanges are the natural consequence of the crypto currency scams for their primary purpose is to entice new entrants to buy bitcoins that the exchanges say they hold. How do they achieve this ? They do it by producing fancy trading graphs that show the price of bitcoins as rising and being high which encourages the fools to send the exchanges their hard earned money that they will never see again! This is what the exchanges do, they get fools to send them money for bitcoins that allegedly NEVER existed, this is why when MTGox went bust it stated that some 800,000 bitcoins disappeared when the truth is that they probably never existed!
It is as I warned several months ago a PONZI SCAM! The bitcoin exchanges make it very easy to BUY bitcoins with them but make it near impossible to withdraw, transfer out, as their primary purpose is to suck as many investors into their vortex as possible. So watch this space for whether or not the authorities in Japan charge MTGox with being a Ponzi Scam. Take this as a concise guide as to how crypto-currency scams tend to work.
3rd of the total potential supply before going public. Holders of crapto-coins agree to withhold their supply from the market before it goes public. Start to promote the craptocurrency by handing out free crapto-coins to the media, with likes of Max Keiser at the top of the list to start pumping. Crapto-coins start trading and immediately jump in price due to limited supply. Many websites appear that add the tag exchanges to them to give the air of authority that suck in entrants by producing graphs and data that gives the illusion of rising prices and volume of trading when in reality they are nothing more than Ponzi scams as they limit withdrawals.
As interest and prices continue to rise, the creator and his friends slowly offload supply onto the fools until the price crashes and the noobs have been bled dry or holdings vaporise MTGox style. The crapto-coins hoarders wait for the dust to settle and noobs to be encouraged once more into buying as the price is stable and then repeat the dump and crash several times more. Bitcoin price peaked as the following whatsapp conversation illustrates. Following which I would expect Bitcoin to be pretty much dead for the rest of the year, i.
In terms of in-depth analysis, I may come back to bitcoin at some point during the year, but it’s never been a priority market in terms of analysis and trading. 2012 when I was investigating mining bitcoins. 5k to build a mining rig, and that it would likely churn out a couple of bitcoins per week. In terms of what I would do now if I wanted to take the time to get back into crypto’s. Well it would probably be to create my own crypto rather than mine any of the myriad of coins out there. In fact it now looks like its much easier to create ones own crypto currency today than it used to be to setup a bitcoin mining rig years ago! Ensure you are subscribed to my always free newsletter and youtube channel for my forthcoming in-depth analysis and concluding detailed trend forecasts.