(Natural News) After yesterday’s massive Bitcoin correction, which saw the crypto currency plunge nearly $500 — over 10% — in a matter of hours, the Bitcoin propagandists took to their microphones to denounce anyone who rationally warns people about the volatility risk and increasingly “Ponzi” structure of Bitcoin. What do all the people still pumping Bitcoin have in common? They all own lots of Bitcoin, and they need more suckers to join the scheme so they can unload their Bitcoin onto them at higher and higher valuations.
Bitcoin, in essence, has now become a “pump and dump” scheme. Amazingly, these are the very same people who say the stock market is going to crash because P/E ratios are out of whack and stock valuations are based on high expectations rather than earnings fundamentals. Yet Bitcoin pays no dividends at all and doesn’t have a P/E ratio since it’s not the stock of a company that produces anything that’s real. When corporate stocks skyrocket in value over time, it’s usually because those corporations experience increasing profits and pay out increasing dividends to shareholders. Yet Bitcoin has no “profits” other than speculative profits. It doesn’t produce anything other than more Bitcoins.
It pays no dividends, and it isn’t even an entity that owns any real assets such as factories, land or raw materials. Bitcoin isn’t even an entity. It’s more like a mathematical hologram. In fact, Bitcoin isn’t subject to SEC regulations like regular stocks are, which is why Bitcoin is rife with “insider trading” and unscrupulous future valuations claims that would get people arrested if this took place in publicly-traded corporations. It’s sad. We are watching Bitcoin devolve into a giant CON, and it’s the self-serving Bitcoin owners who are screaming the loudest for everyone to keep buying in. This is exactly the kind of thing that’s going to end up getting Bitcoin criminalized and banned by the governments of the world after tens of millions of people experience catastrophic losses.
Bitcoin is a truly amazing innovation that has now been taken over by irrationality and hucksterism
I’ve always been pro-Bitcoin in terms of the concept, the decentralization, the portability and the innovation, but now it’s easy to see that the very people pumping up Bitcoin are the ones who will destroy its credibility. Why? Because now millions of average people are buying in, totally clueless to what Bitcoin really is. When the great Bitcoin crash arrives — and it will — the losses among everyday people will be truly epic, and the dishonest mainstream media will follow it up with stories about how “Bitcoin ruined the lives” of grandmothers and retirees.
The headlines are totally predictable: “Bitcoin wipeout proves:
Catherine Austin Fitts: US Dollar & US Empire Maintained by Corruption
Catherine is the president of Solari, Inc., publisher of the Solari Report, and managing member of Solari Investment Advisory Services, LLC. Catherine served as managing director and member of the board of directors of the Wall Street investment bank Dillon, Read & Co. Inc., as Assistant Secretary of Housing and Federal Housing Commissioner at the United States Department of Housing and Urban Development in the first Bush Administration, and was the president of Hamilton Securities Group, Inc. Catherine has designed and closed over $25 billion of transactions and investments to-date and has led portfolio and investment strategy for $300 billion of financial assets and liabilities.