This is such a bubble, it's only a matter of when:
Reuters - craptocurrencies' market cap surpasses $200 billion. Note: the mortgage-backed securities whose implosion destroyed the world economy reached a total peak value of $7.3 trillion. So we're only about 3% of the way there.
And the MBSes actually had an underlying value, they were never "worth" $0, it was just the immediate drop in price that was the problem.
And the coming crash in craptocurrencies hopefully won't bankrupt any banks and cause a liquidity crisis; all it'll do is bankrupt a bunch of weekend-anarchist fruits, which is fine because in an ideal world they'd all be broke anyway.
No, you say? No, it's not a bubble? Well, just look at this:
FT Alphaville - how Buttcoin is marketed to the masses. Yup, they send invitations out to stupid people, bring a bunch of said stupid people into a seminar, and pitch them a get-rich-quick scheme:
It was this feeling that Mr Ahonsi and his associates targeted last week. One man, who identified himself as Dev Patel, told the crowd: “You want a bigger house, better car, nice clothes, private school for your kids, exotic holidays, etc. […] It’s that cryptocurrency that’s going to get you the financial freedom.”Multiply 200,000 stupid millionaires by a million dollars each, and you get Bitcon's capitalization.
He was more explicit later. “If you follow us and you go through what we’re going to say, you will make money and you will get your financial freedom that you’re looking for,” Mr Patel said.
Mr Ahonsi and Mr Patel were speaking at an event run by Pro FX Options, a firm based at the WeWork in Aldgate that trains ordinary people to trade binary options, a controversial form of fixed-odds gambling.
The free seminar on cryptocurrencies lasted around two hours. At the end the attendees were encouraged to sign up for a £420 one-day course where they would be taught how to trade and helped to sign up with Coinbase, which pays Pro FX Options a referral fee.
And let me tell you: here at university I'm surrounded by idiot children of the 905 bourgeoisie, whose mommies and daddies are worth over a million, who spend years at university for a rubber-stamp BA without ever having to read a book or have a coherent thought, who think in a fourth-year seminar class that prefacing their answer with "I think that..." and then going on about their feelings and stupid beliefs counts as academic discussion.
Put succinctly, there are literally millions of stupid millionaires in their 20s and 30s out there today, who need to get fleeced and lose their wealth. I applaud the Russian pedophiles, Moldovan pimps, and American neo-Nazis who will fleece these people out of their mommies' and daddies' cash via craptocurrencies, because at least the money's going to go to people who have a bit of character.
The idiot bourgeoisie has been handed nothing but fucking candy by the kleptocratic elite in government for the past 40 years, their lives have been so fucking easy. And, just like you'd expect, their race has now devolved into semi-intelligent Eloi. They're stupid and slow-moving, and they need to get fucking eaten.
And now any Morlock out there who wants a meal knows where and how to get it.
Let's fleece all the rich fuckers.
Yup, I'm finally on board with this Bitcoin thing. Yay Bitcoin!