Monday, October 6, 2014
Ha ha, bitcoin is crashing
Ha, ha! Bitcoin is crashing!:
BI - bitcoin is getting OBLITERATED. There's Joey the Weasel being his normal capslock-lovin' self.
NY Times - price of bitcoin tumbles. Down below $300 now.
Krugger - ha ha, bitcoins suck, you libertarians suck. It's even more hurtful when Krugman gets to laugh at you. This one includes a link to The Long Con, which I strongly suggest you read, even if you've read it before.
And why is this happening?
Daily Dot - Russia proposes legislation to ban bitcoins.
It's pretty simple.
The only people with any significant number of bitcoins right now are drug-dealers, script kiddies and child pornographers. In other words, Russians.
If they all dump their bitcoins, the price collapses because nobody wants it.
As it turns into more and more of a disaster, more and more people will sell it and it goes to $0. Because it has no value whatsoever beside what the next clown is willing to pay for it in order to buy more drugs, hacked credit card numbers, or pr0n.
at 7:58 AM