Bitcoin Scam

In a word, Bitcoins, Cryptocurrency and the like – that’s it.

falling bitcoin

And there is your reason why.

The arse is falling out of it, that’s why. It will continue this downward slide for a long time to come. But I hear you say, I have read so many reports on how well its doing and you can retire on the profits. Well bless my soul, take a wild guess who wrote all that nonsense. It wouldn’t be by the people who are trying to sell it to you would it by chance? Guess who plans on retiring well off while you are in the poorhouse. The facts do not lie, the numbers dont lie. There is a major flaw in the system Its actually called “Blockchain” (Google it) and has an interesting background to it. It is founded on a theoretical exercise only. Theoretical exercises are great, these tend to forget actual reality.

Take for example a Company that is run by accountants only. They will within months go down the gurgler as the said accountants have zero expertise in man management. This is a fact. They forget the human element.

The big flaw in the system is that Cryptocurrencies can be created at random which undermines the stability of the whole system. There really is no reference point to determine actual value. For example, the dollar (once) was based on the gold standard and had a reference. It kind of still is however Governments cannot simply print money willy nilly, it undermines the credibility of their currency. It has happened and Argentina was the culprit. Inflation was running at 200% a week. Cryptocurrency is the same, simply print more money and there is no authority to rein it in.

As stated the figures dont lie. If for example last week you traded one Bitcoin for one dollar and someone made more bitcoins, doubled what was out there. You now need 2 bitcoins to equal one dollar. That’s why its on the slide.

This website has the capacity to accept Bitcoins as payment for goods but we astutely refuse to accept this form of payment.

One of the greatest scams was carbon trading. It was attempted to be sold to us idiots as a “green” thing to tackle the fictitious global warming scam. It was actually started by the Jewish Bankers Goldman Sachs to try and introduce a new currency that as chance has it, they controlled in the form of carbon trading and credits.

So whats all this mean to us dimwits out here? Very simple, a lot of people are trying to hijack the worlds currency system. Blockchain is fully backed by China and Russia. Got the drift now? Funny this is when you buy Bitcoins people demand real Dollars.

bitcoin bubble bursting

OK go retire on these figures

List of known Cryptocurrencies

Auroracoin, Bitcoin, Bitcoin Cash, Bitcoin Token, BitConnect, Coinye, DigitalNote, Dragonchain, Emercoin, Ethereum, Ethereum Classic, Freemasoncoin, Gridcoin, IOTA, Litecoin, Marscoin, MazaCoin, Monero, Namecoin, NEM, Nxt, Omni, Peercoin, PotCoin, Primecoin, Ripple, SixEleven, Synereo AMP, Titcoin, Ubiq, Vertcoin, Zcash.

Somebody has to be seriously kidding themselves yet there are people out the dumb enough to fall for the scam

Update news report a few weeks later

While cryptocurrency may be the latest way humans are creating wealth and paying for stuff, it seems this new system is still totally susceptible to one of the oldest means of robbing people – the humble scam.
And it turns out the amount that Aussies lost in crypto deals gone ‘wrong’ last year alone is substantially more than initially thought.
In February, it was reported Australians had seen $1.3 million go missing last year through Bitcoin and Ethereum-related scams.
However, that amount has since been updated to $2.1 million, with the Australian Competition and Consumer Commission warning even this amount “is likely the very tip of the iceberg”, with many people likely feeling a tad too bashful to actually report that they had been scammed.
“Examples of cryptocurrency scams in 2017 include fake ‘initial coin offerings’ which, like initial stock offerings, purport to be the launch of a new cryptocurrency,” the ACCC said in their annual scam report.
“Others capitalised on the general confusion about how cryptocurrency works and instead of people discovering how to directly buy cryptocurrencies, many found themselves caught up in what were essentially pyramid schemes.
“A number of reports showed that victims entered into cryptocurrency-based scams through friends and family who convinced them they were onto a good thing, a classic element of pyramid schemes.”