The Phaserl


BITCOIN CRASHES, Loses HALF Of Its Value In Two Days

from ZeroHedge:

It was inevitable that a few short days after Wall Street lovingly embraced Bitcoin as their own, with analysts from Bank of America, Citigroup and others, not to mention the peanut gallery vocally flipflopping on the currency after hating it at $200 only to love it at $1200 that Bitcoin… would promptly crash.

And crash it did: overnight, following previously reported news that China’s Baidu woild follow the PBOC in halting acceptance of Bitcoin payment, Bitcoin tumbled from a recent high of $1155 to an almost electronically destined “half-off” touching $576 hours ago, exactly 50% lower, on very heave volume, before a dead cat bounce levitated the currency back to the $800 range, where it may or may not stay much longer, especially if all those who jumped on the bandwagon at over $1000 on “get rich quick” hopes and dreams, only to see massive losses in their P&Ls. Which incidentally, like gold, is to be expected when one treats what is explicitly a currency, instead as an asset, with delusions of grandure that some greater fool will pay more for it tomorrow than it is worth today.

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2 comments to BITCOIN CRASHES, Loses HALF Of Its Value In Two Days

  • Eric B

    This is SHOCKING! as soon as I can recover my hard drive with my millions of Bitcoins on it, I need to run to the bank!

  • Mike

    Now at 759.. Cant keep a good thing down..Buy the dips this stuff is going to be priceless! Think about how perfect it is..If you bought into the doom and gloom and purchased a ton of Ammo and other junk you’ll never use even if you have all of Thunder-dome after you. Now you actually made money off of the ammo and you want to sell it without capitol gains..Trade it for bitcoin! Its the perfect non debt based currency and the only currency that is not fiat. It is MONEY (If you can understand that the very first rule of Money is not Durability, it’s Money is whatever people accept as Money). I will be willing to bet that most when it comes time to sell their PMs will sell it for BC not dollars or the SDR.

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