BITCOIN BUBBLE: Seven simple, self-evident questions that will cause you to steer clear of the Bitcoin bubble mania
by: Mike Adams
NaturalNews.com
Sunday, June 11, 2017
I’m really enjoying the vigorous debate about Bitcoin taking place across the liberty movement. It’s really interesting that many of us who are anti-central bank actually have sharp disagreements now on the Bitcoin situation. Yet we’re all pro-crypto-currency, and we all hope Bitcoin succeeds in the long run. (I’ve been mining Bitcoin for quite some time, and I fully understand the crypto-currency structure.)
As you may know, I’ve recently taken the position (in just the last couple of weeks or so) that Bitcoin is headed for a catastrophic collapse because it currently exists in an irrational, speculative bubble driven by clueless noobs who think Bitcoin generates wealth by magic. Others completely disagree, saying that Bitcoin has only just begun to grow and could reach $1 million per coin. This is an exciting disagreement for the simple reason that somebody is going to eventually be proven really, really WRONG. (Without this division, no market can function at all, by the way. All markets require two opposing sides who disagree on the value of a particular asset.)
I was correct about the dot-com crash in 2001, by the way, and was also correct about the sub prime mortgage collapse. In both cases, before those crashes took place, I was routinely ridiculed by people who insisted “the rules are different this time” and said I was being pessimistic, since “everybody is going to get rich” as long as they all buy in. Sound familiar? This is all the same stuff you’re hearing now about Bitcoin. What Bitcoin promoters don’t seem to realize is that they sound just like the dot com promoters in 1998… who eventually lost nearly everything when the crash happened in 2001.
In any case, I should state for the record that I don’t intend to imply any personal attacks against individuals who disagree with me in this space. We’re all pro-liberty and we actually share a lot of the same goals about making corrupt governments and central banks OBSOLETE, but I do disagree with their justifications for saying Bitcoin will keep going higher. So in the spirit of continuing this “vigorous debate,” I hereby present several questions that, once you answer them, should cause you to seriously rethink the future of Bitcoin.
Seven self-evident questions that will cause you to steer clear of Bitcoin bubble mania
The Rest…HERE
