The Phaserl


The Collapse Of Bitcoin

by Michael Snyder, Economic Collapse:

Bitcoin is a virtual currency that has no intrinsic value. The only thing giving bitcoin value is the faith that people have in it, and now that faith has been shattered. This week, the most prominent bitcoin exchange in the entire world, Mt. Gox, totally collapsed. At one time, Mt. Gox boasted more than a million accounts and it accounted for approximately 25 percent of all global bitcoin trading. But now the website has been taken down, there are rumors of catastrophic losses, and many investors are concerned that they will lose all of their money. In fact, according to one report, investors could be facing total losses of up to 367 million dollars. The collapse of Mt. Gox is also affecting other bitcoin exchanges. As I write this, the market value of bitcoin had fallen to about $470, but just three months ago it was trading close to $1,200. Needless to say, a lot of bitcoin investors are going to be licking their wounds tonight.

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4 comments to The Collapse Of Bitcoin

  • mark s mann

    Too bad, so sad, take your lumps and shut up! This was so predictable that it’s ridiculous. Another Ponzi scheme for the history books.

  • Eric B

    OH MY! I guess I’ll wait for the latest Bix Weir of Brother a John F updates……….Fuhgedaboutit!

  • jonathan

    Gold was at 1700 last year then in two months it got knocked down to 1200 and establishment investors said gold was done and it was a relic. Bitcoin goes up over 1000 then with the Mt Gox issue it is knocked down below 500 so the Gold Crowd starts acting like the establishment investors and claims Cryptos are done. The parallels are stunning.

    • mangrove

      Patience grasshopper. Apples and oranges. Maybe if Bitcoin stands the test of time (let’s say 5000 years), then you could find parallels with gold. Until then, it’s VERY questionable what (and who) is really behind the not-so-precious Bitcoin.

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