Tuesday, May 18, 2021

Bitcoin & All Cryptocurrencies Are Collapsing! We Are Witnessing The End of Blockchain!

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by Jeff Berwick, The Dollar Vigilante:
Just kidding, again.

We are continuing to see bitcoin and most other cryptocurrencies sell-off, however, just as we said they should and would do after such a parabolic spike higher in the last few months.

Bitcoin has fallen the least of the major cryptocurrencies… again, just as we said it would.
It has fallen 26{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from its high 34 days ago.

Janet Yellen’s Bitcoin Troll Gets $15,000 In Donations

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from ZeroHedge:
In what was perhaps the most amusing act of protest to occur during testimony by one of the world’s most powerful central bankers since ECB President Mario Draghi was glitter-bombed by far-left activist Josephine Witt two years ago, an anonymous bitcoiner trolled Federal Reserve Chairwoman Janet Yellen by holding up a hand-made sign that read “Buy Bitcoin” during Yellen’s testimony before the House financial Services Committee on Wednesday.

Janet Yellen Stars In A Mainstream Media Advertisement For Bitcoin

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by Jeff Berwick, The Dollar Vigilante:
When we started The Dollar Vigilante in 2010, it was a very different world.

The word “libertarianism” was just becoming known for the first time due to the efforts of a guy named Ron Paul and his rEVOLution. Anarcho-capitalism was still essentially unknown by most. We believed that taxation was theft but trying to find more than a few dozen other people who felt the same was not happening. Many people still hadn’t woken up to 9/11 being an inside job.

And, not even we knew about bitcoin back then… only hearing about it in 2011 when it was at $3 and immediately jumping on the bandwagon as perhaps its loudest promoter.

So, what a nice surprise it is to see how quickly things are changing.

Cryptocurrencies vs. Bullion – Jeff Nielson

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by Jeff Nielson, Sprott Money:
Bitcoin and ethereum. By now, at least one of these names will be familiar to readers. These are “crypto-currencies”.

What is a crypto-currency? In general terms, a crypto-currency is a digital currency where the value/exchange rate of that currency is the product of a complex mathematical formula.

Proponents of these crypto-currencies are adamant that these formulae are valid and therefore this ensures the integrity of these new currencies. That point will be briefly addressed later in this article. For now the focus will be not on what crypto-currencies are, but rather what they are not.

Cryptocurrencies Collapsed

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by Wolf Richter, Wolf Street:
Ethereum down 52{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, Ripple down 57{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}, EON down 70{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in eight days.

A “collapse” isn’t when something edges down 1{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in value or even 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} or 20{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}; it’s when something plunges 50{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in a short time.

Ethereum has collapsed 52{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in four weeks. The second largest cryptocurrency by market capitalization had surged from $0.95 at the end of 2015 to $8.21 by the end of 2016; a gain of 764{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in one year. Then it surged to $400 by June 13, according to CoinMarketCap; a gain of nearly 5,000{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in less than six month. Over the 18-month period, it multiplied by 421 times. That’s a 42,000{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} gain. No wonder hedge funds have piled into this madhouse. But in the four weeks since then, it has collapsed by 52{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} to $193.

Cryptocurrency Bloodbath! Sell Everything We Were Totally Wrong!

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by Jeff Berwick, The Dollar Vigilante:
Just kidding.

The cryptocurrencies have taken a big hit in the last few weeks, however, just as we said they would.

On June 11th, bitcoin stuck its nose just above $3,000 and is currently near $2,377 for a pullback of 20{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}.

One Trader Made $200M Trading Ethereum… And Nobody Knows Who To Tax

from ZeroHedge:
During Ethereum’s big rally last month, when the price of a single coin went from $220 to just shy of $400 in the span of two weeks, one trader turned $55 million of paper wealth into more than $398 million. And nobody knows who they are, or – more importantly – who to tax.

As Bloomberg so astutely observes, the growing number of wealthy crypto investors is starting to infuriate regulators, who are now calling for more transparency in the cryptocurrency market. Specifically, they’re arguing that it’s time for cryptocurrency wallets to include information that might help identify users. Otherwise – they say – the continued association with criminality – cemented by the Dread Pirate Roberts’s life sentence – could start to impact the crypto-asset market which now has an aggregate valuation approaching McDonald’s Corp.

What Does the Rise in Crypto Currencies Mean?

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by Brad Sebion, SGT Report:
Edward Karr was a guest on the Frank Curzio podcast. The discussion at hand was Bitcoin and the rest of the crypto currencies. Mr. Karr stated the rise of the crypto currencies is the canary in the coal mine for a major economic event to unfold in the future. Edward stated the rise in Bitcoin was a put on the Chinese economy. Wealthy Chinese people have bid up other assets like Vancouver real estate as well as many crypto currencies.

Kevin Lawton – Cryptos Are Speculation Not Currency

from Greg Hunter:

Kevin Lawton, recently wrote a Kindle short titled “Beyond the Bitcoin Trap: A Crypto Currency for Human 2.0” predicts, “This year is going to be the year of volatility in Bitcoin price. I expect liquidations, but it’s like a tug of war. There are reasons for people to tug the price up . . . then on the regulatory side, for example, prices could go down.

If You Know These Three Things, You’ll Make a Killing in Cryptos

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by Teeka Tiwari, via Casey Research:
I wanted to send our readers a quick update about the overall volatility in cryptocurrency markets.

Over the past few weeks, we’ve seen bitcoin hit a high of $3,000 then drop to a low of $2,200.

Other cryptocurrencies have experienced similar wild moves.

For those of you who are new to cryptos, this type of volatility may be unsettling.

But for those of you who have been following me since early last year, you know this is par for the course: