Having soared 36,000% last year and continuing its crazy run in 2018…
Ripple has surged ahead of Ethereum as the second-largest cryptocurrency by market cap…
- Bitcoin $246BN
- Ripple $143BN
- Ethereum $97BN
image courtesy of CoinTelegraph
Leaving Mike Novogratz breathlessly berating the craziness..as Ripple’s CEO is now the 5th richest man in the world…
At one Point in the 1989 Japanese real estate bubble, the Imperial Palace in Japan was said to be worth more than the entire state of California,, things that don't make sense don't last….be careful out there
— Michael Novogratz (@novogratz) January 4, 2018
But it is Tom Luongo that is most-concerned at this “crypto-nightmare” and for good reason…
Amidst all of the bullish talk about cryptocurrencies we know that a strike back from the banking system and its owners is coming. In fact, the attack as I see it is well underway.
And it began with the attack on the credibility of Bitcoin Cash and it’s continuing with the insane pump of Ripple and any coin which has direct ties to old money. What I want to posit today is how the next crash in the cryptocurrency markets can, and likely will, play out.
To lay this out you have to believe a few things are true.
- The major money center banks have all been trading Bitcoin and other alt-coins for a long time. They have substantial books to push and pull the price.
- The futures market is used to control the price during daytime hours in the U.S. and Europe.
- Bitcoin’s failure to implement ‘Segwit 2x’ and its current dysfunction was intentional in order for Blockstream to offer a ‘solution’ to a ‘problem’ that needn’t have existed.
- Lightning Network is simply a backup control plan in case Ripple isn’t adopted by the marketplace as the crypto-settlement and exchange layer. It creates a second layer of centralization off-chain.
- Legislation and regulation to date has been designed to allow money to flow into the crypto-markets but not back out again.