Ripple crypto plunges 89%; Ethereum mining rigs “obsolete” … it was all predicted by Mike Adams in 2017

Monday, August 20, 2018
By Paul Martin

by: Ethan Huff
Monday, August 20, 2018

There’s a bloodbath taking place in the cryptocurrency world, and we hate to be the ones who say, “we told you so,” but … we told you so.

Mike Adams, the Health Ranger, has been warning for over a year now that the crypto rush is a short-lived phenomenon driven by greed and a “get rich quick” mentality – and man, was he right!

The latest reports show that the top five cryptos are all plunging to dramatic lows after hitting record highs towards the end of 2017. “Ripple,” the number three cryptocurrency, has plummeted an astounding 89 percent from its all-time high, while “Ethereum,” another popular crypto, is down 76 percent.

“Litecoin” has dropped by more than 75 precent, while “Bitcoin Cash” has lost more than 76 percent of it’s peak value. And the ever-popular Bitcoin, the one that started it all, has seen a drop of about 67 percent, revealing the true and disastrous volatility of these digital, backed-by-nothing, “coins.”

Take a look at these charts published by Zero Hedge, revealing how each of the top crypto coins experienced similar rises to the top around Christmas time, only to have most of those increases almost completely wiped out in recent weeks.

“These charts show how bubbles unwind,” Zero Hedge explains. “The strongest cryptos (or stocks) decline the slowest and bounce more frequently. In just over a year, Ripple rose 683%. That gain is now a loss.”

Is cryptocurrency really here to stay as some claim?

Things have gotten so bad that it’s no longer even cost effective to mine some of the more popular cryptos. The “rigs” designed to “mine” Ethereum, for instance, use more electricity than they’re able to generate back in Ethereum coins – meaning the platform is all but obsolete.

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