Cryptocurrencies Continue to Crash: Is All Hope Lost?

The_Real_Fly's picture

Content originally published at iBankCoin.com

Let's review the extent of the carnage inside of the dark, cavernous catacombs of the ICO world -- a place where outright scam artists get rich by tricking people into believing their 'coin' will make them rich. This has never been about preserving value, supplanting fiat, but promoting a bubble that is backed by venture capitalists.

Let me repeat that for you thick brained fuck-sticks who think that by purchasing ETH or BTC you're 'sticking it to the man.'

Remember Uncle Fred Wilson, the man behind Twitter, Etsy, Zinga, and a slew of failed IPOs? Fred's been involved in Coinbase and the blockchain since 2011. After Fred got in, his whole cadre of followers and sycophants followed suit. As of today, the industry is teeming with vultures looking to continue this Ponzi scheme -- thrusted ahead by lunatics like John McAfee.

Here are some of the losers over the past 24hrs

Sprouts -87%, $1.6m mkt cap
MergeCoin -59%, $768k mkt cap
MegaCoin -56%, $785k mkt cap
Asch, -52%, $10.6m mkt cap
Hshare -40%, $227m mkt cap
DogeCoin -33%, $102m mkt cap
SysCoin -33%, $80m mkt cap
SiaCoin -31%, $114m mkt cap
NAVCoin -30%, $42m mkt cap

And for the big ones
Bitcoin -16%, $54b mkt cap
Ethereum -16.5%, $21.7b mkt cap
Ripple -13%, $6.7b mkt cap
BitCoin Cash -20% $6.7b mkt cap
Litecoin -25%, $2.5b mkt cap

You get the gist. We're talking -30% to -60% moves over the past 7 days.

I hate to see anyone lose money -- but these people truly deserve to. They're buying 'coins' with zero voting rights, zero regulations, zero oversight, zero compliance other than Github and Reddit peer review, and zero ownership in the companies they're investing in. These ICOs are the 'essence' of the company and mean nothing.

The Reddit forums, as you would expect, are filled with people on suicide tilt, and true believers with confirmation bias who're trying to say this pullback and China ban is a 'good thing.'

This pretty much sums it up.

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NobodyNowhere's picture

Did PRC hire Goldman Sachs to 'advise' it on cryptos?

rex-lacrymarum's picture

Would it be churlish of me to mention that at the price that prevails at the time I type these words, Bitcoin is still up 300,000,000 percent (in words: 300 million) from its first traded price in 2009? Yes? No? What's the problem with it being an unregulated market? When you buy stocks at their highest valuation in history and the market crashes, what precisely does it help that the stock market is "regulated"? 

Yes, in unregulated markets, people have to exercise caution. They have to take personal responsibility and inform themselves thoroughly before plonking down money. And they can still have bad luck and lose, just as they can end up handing their life savings to Bernie Madoff in the "regulated world". 

We should all be glad that there are markets the government parasites haven't brought under their suffocating control yet. At least you can be sure nobody is going to get bailed out with money forcibly extracted from you. 

NobodyNowhere's picture

Gold is the ultimate security.

When the wind blows, all else will bite the dust (paraphrasing Confucius).

naughtmostel's picture

Call me when it has devalued by 98%+ as the US dollar has since 1913.  

I bet you a bitcoin, that it will rise above it's value of $3,604 right now.  

gdpetti's picture
McAfee has some good things to say at times, but remember he's working with the club. From: JIm Stone's site.... http://82.221.129.208/baaaasepaageh3.html
USE KASPERSKY REMEMBER, IT WAS KASPERSKY THAT DISCOVERED AND DECODED STUXNET

This following quote is obviously from Sorcha, but it is also absolutely correct:

"On 12 May of this year, this report details, the international whistle blowing organization WikiLeaks released the latest installment in their Vault7 Series that detailed two CIA hacking tools dubbed 'AfterMidnight' and 'Assassin' that target the Microsoft Windows platform providing these US spies with total access to anyone's computer or cell phone they so choose.

Upon Kaspersky Lab experts examining these CIA hacking tools, this report explains, they discovered a backdoor embedded in all Microsoft software named PsSetLoadImageNotifyRoutin that sadistically prevents antivirus software from finding computer virus malware - and that Microsoft refused to issue a security patch for with their stunningly stating: "Our engineers reviewed the information and determined this does not pose a security threat and we do not plan to address it with a security update."

With Microsoft failing to protect their software from this CIA backdoor, this report continues, Kaspersky Lab created their own fix for it, this past June, which they then placed in their global anti-virus software product called Kaspersky Total Security.

My comment, worth repeating again:

Years ago, (2012 or so) a Norton programmer contacted me and told me that both Norton and McAfee had people permanently stationed at Microsoft, and their only job was to cooperate with Microsoft and make sure their system security products did not close any NSA / US intelligence backdoors that Microsoft put there on purpose. This is cold hard irrefutable fact, not internet rumor.

So do you think I am going to listen when American intelligence tells me to avoid Kaspersky, WHICH HAS NO PEOPLE SITTING AT MICROSOFT, cooperating to make sure no holes get plugged? Also of note: This programmer made no mention of Trend Micro, so maybe Trend Micro products actually work too.

REMEMBER: WITHOUT KASPERSKY WE WOULD HAVE NEVER, EVER, IN A MILLION YEARS BEEN TOLD ABOUT STUXNET. THAT BY ITSELF MEANS KASPERSKY IS NOT ONLY QUALIFIED BECAUSE THEY FOUND SUCH A BEAST, THEY ARE ALSO FAR MORE TRUSTWORTHY THAN NORTON AND MCAFEE BECAUSE THEY DID NOT KEEP IT SECRET.

I'd like to thank American intelligence for confirming this even further by issuing such an accusatory statement that even Best Buy dropped Kaspersky, like newbies at a scrimmage drop a football. Best Buy is either stupid or cooperatively malicious. Remember that past report about the Geek Squad planting bugs for American intelligence? YEAH, THAT DEAL. It figures they'd cooperate and drop a security product that actually works!

tion's picture

Don't be foolish.  McAfee left McAfee in 1994.  If you are upset about what the programmer told you I am telling you it is oh so much worse than you could possibly imagine.  Even the kill switches, they exists, and tailor made 'circuit breakers' to shut down only certain types of traffic can be made and flipped.  To use them would be to really shoot themselves in the foot, but one day, who knows. We need internet 2.0.

McAfee may be the only remaining OG architect chief with the capacity to afford us some freedom not licking shit off of NSA boots.  Sentinel is important, and the other things he is building and has yet to build are important.  They will try to kill him, again. 

 

Yellow_Snow's picture

The 'Shit_Fly' is a total scum sucking crypto-hating Jamie Dimon loving POS

runnymede's picture

Sorry you bought at the top. Ad Hominem attacks make you look desperate and petty. Crow all you want on the way up; but take your lumps on the way down like a man. 

Fight club, remember?

Karl Marxist's picture

Fuck off, snake oil salesman. You talk about corruption of crytos yet omit all mentions of criminals like Jamie Dimon, Madoff and the central banks? You know your end is coming, thus your scare tactics so you can buy low, sell high but that model for fiat currency are crumbling.

thurstjo63's picture

LOL! One of the numerous attemps to take down cryptocurrencies and this clown is saying it's all over!?! The idiocy of some writers knows no bounds!

Mustafa Kemal's picture

Funny how this article makes no case, just  a declaration. Certainly did not try to address the question in the title.

Hodling and Yodling

Do love that SP skit also

Mango327's picture

ERMAGERD!!! VOLATILITY IS EVIL!!! DOOM-TWATS ASSEMBLE!!!!!

ProsperD9's picture

I love this South Park skit....! It's hilarious but oh so accurate...!

AUD's picture

fuck-stick!

That's one I haven't heard for a while. Kudos

silverer's picture

How's Titcoin doing?

Mustafa Kemal's picture

"How's Titcoin doing?"

If you mean Bitcoin, quite well actually.

GreatUncle's picture

Not backed by anything as a currency so no surprises there.

TBH if the CB's did not back FIAT currencies it is the same scenario for them.

Where are the algo's or PPT to protect bitcoin?

It is not government backed so they do not get these kind of protections.

Still think if you are born to lose on FIAT, crypto currencies will not save you but purchasing physical items may.

silverer's picture

If you take any decent voltmeter, set it on DC volts, and place a probe between the thumb and forefingers of each hand, you can measure the Bitcoin you have. Try it. Find out how many zeroes one ones you are worth. No, you won't get a shock. You will get a reading. Guaranteed. Just like Bitcoin.

dumbhandle's picture

Heard this so many times. And then it has always gone higher. Much higher.

White Devil's picture

Bitcoins R Shitcoins.

bshirley1968's picture

All this crypto shit is nothing more than a trip to the casino. 

Anyone who wins is a wise master of gambling strategy and acts like they could see it the whole way. 

No one is even talking anymore about how crypto îs the new money that fees us from the mean old banksters.  Or how safe and secure it is, or how it is the death nail to central banking.   All any proponents are saying is how much they are up....... at the tables. Not that I believe any of that shit either. 

Everyone that gets in early on a ponzi is a genius. .... just ask them. .... they can't wait to tell you.   Those that see the ponzi and warn others are ridiculed by those that need more suckers to put in more funds to keep the ponzi going. 

This shit has no value.  It is a ponzi gamble all the way.   To speak of it as something more is to just be talking out your ass to make yourself look smart. 

You same pussies playing this are the same ones bitching about how the "markets" are just a manipulated ponzi. ....... but this shit coin stuff is legit!   Funny!

 

Panafrican Funktron Robot's picture

"All this crypto shit is nothing more than a trip to the casino."

Agreed, it is no better or worse than stock, bond, or forex markets.  It's literally the same as any of these markets.

There is also no greater or less benefit to holding your wealth in crypto than it would be to hold your wealth in fiat instruments.

Holding any of the "currency" class coins is essentially the same as holding common stock in Visa, except the dividends are 100% of earnings.  You're betting on that coin being a viable payment platform that generates sufficient transaction fees to be profitable vs. the electrical/computing input it takes to support those transactions.

Holding any of the "asset" class coins is essentially the same as holding common stock in one of the FANGs.  You're betting on that company creating and selling a product that is profitable relative to their expenses.  Though, even there, it's been consistently demonstrated that tech companies don't actually have to generate a profit for it's stock go through the roof.

So yeah, agreed, it's not any better than any other major asset class.  It's also not any worse.  Some people lose, some people stay even, some people make a lot.  Weird that this angers people on either side of the debate.

 

hestroy's picture

Exactly man. Most of the "lucky owners" will cry in the end. It's always the same.

NumbersUsa's picture

Is it really that different from the fiat system. With the dollar tanking most recently- it appears to be the same type of scheme. 

Benjamin123's picture

Fiat currency is actually backed by assets. The usual problem of inflation is that there is no limit to how much credit is issued.

cayman's picture

Bullshit.  "Backed by" either means "redeemable in" or "limited by."  USD is neither redeemable in anything nor limited by anything, and therefore it is not backed by shit.  It's all bullshit.

cayman's picture

And shitcoins are niether redeemable in anything nor are they limted by anything.  "But, but 21 million!"  Bullshit.  The majority of miners can epxand the supply anytime they like.  Whta do oyu think they'll do when the work curve is vertical near 21 million?  And then you have 18 gazillion other cryptos, becaus you can copy the entire platform infinitely with zero limits.  "But, but electricity!"  Bullshit too.

cayman's picture

USD are for government lovers.  

Shitcoins are for Apple lovers.

Unfortunately we have plenty of both kinds of zombies running around the place right now.

cayman's picture

And good luck trusting your trustless ledger when there's a world war and the ledgers fragment.  Like they can't and haven't already.  "No forks are different!"  B-u-l-l-s-h-i-t.

White Devil's picture

^^^^^See, this smart guy knows what the real deal is.^^^^^

Bitcoins are Shitcoins.

Clock Crasher's picture

Fiat Ponzi Insurgency Regime

Lego Brave's picture

No one cares. Next article? For the love of god PLEASE.

Less crypto articles. No one cares this much.

LawyerScum's picture

NO!!! My FuckTokens are worthless now!!!

disagreeableness's picture

Man you are ALWAYS a great read. There's plenty of truth to your summation, God bless the bag holders. I only bought what I understood (and I may be giving myself too much credit) and got out of the standards when the Chicoms banned ICOs. I'm off 3pc from last week, up over 1100 this year. It's all bullshit, but I keep turning it into money. Shit........ that almost sounds like the NYSE! 

Alananda's picture

To her dying day, my mother (92 years on the planet, in GOD's arms now) never touched a computer keyboard.  I shall very likely (never say never within GOD's hearing!) purchase a single "bitcoin" or anything like it.

Consuelo's picture

 

 

You won't have to...

It will be done for you.   And the name may not be 'BitCoin' or 'Ethereum' or any of the other knowns.   It will be under the umbrella of .governent

Remember this thing called 'Obamacare'?  Yes, the government can Force you - or, make it nearly impossible to survive unless you are 'in the system'.

And therein resides the 20,000 lb. pink elephant doing pirouettes in the middle of the reception that no one (wants) to see.  

DogeCoin's picture

I'd love a bailout.

erk's picture

Please loose hope, I need to buy moar!

Mustafa Kemal's picture

"Please loose hope, I need to buy moar!"

Yup, Im eyeballing a few more NEO now that the price is this low. Maybe wait for it to get a little lower. If BTC gets below 2K Ill probably pick up a couple of those. 

Adullam's picture

I hold my hope very tightly. Never loosely. Oh, sometimes when things go bad I might be tempted to lose hope, but then if I held it loosely, I can't blame myself for losing it, can I?

end times prophet's picture

I hold on loosely but not let go because if you hold too tightly you are going to lose control.

Semi-employed White Guy's picture

Let me repeat that for you thick brained fuck-sticks who think that by purchasing ETH or BTC you're 'sticking it to the man.'

I stopped reading there. Was this supposed to be a credible article or just a filler rant from some unknown jealous loser?  But let me just point out the 1 Year performance of these cryptos vs USD: BTC +456% (not even counting the bonus BCC), ETH +1875% and LTC +1147%.  I hope all of my investments will crash that hard.

The_Real_Fly's picture

Congrats, you helped inflate a meaningless bubble. Now go fuck yourself.

Mustafa Kemal's picture

Kinda pissed that someone didnt take to your article?  Poor thing.

"Congrats, you helped inflate a meaningless bubble."

More unsubstantiated assertions.

I dont know if it is a bubble or not, but if it is a bubble, I dont really know what meaningless one is.

"Now go fuck yourself."

This says alot about your ability to communicate

tion's picture

I am curious on what grounds you label McAfee a lunatic?