Collectivist Banking

This could be called the Iron Pyrite market; it’s called by another name: Fools Gold.

Crypto’s 80% Plunge Is Now Worse Than the Dot-Com Crash

The Great Crypto Crash of 2018 looks more and more like one for the record books.

As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst in 2000.

Like their predecessors during the Internet-stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check, particularly those in many secondary tokens, so-called alt-coins.

“It just shows what a massive, speculative bubble the whole crypto thing was — as many of us at the time warned,” said Neil Wilson, chief market analyst in London for Markets.com, a foreign-exchange trading platform. “It’s a very likely a winner takes all market — Bitcoin currently most likely.”

Wednesday’s losses were led by Ether, the second-largest virtual currency. It fell 6 percent to $171.15 at 7:50 a.m. in New York, extending this month’s retreat to 40 percent. Bitcoin was little changed, while the MVIS CryptoCompare index fell 3.8 percent. The value of all virtual currencies tracked by CoinMarketCap.com sank to $187 billion, a 10-month low.

Digital Gold

The virtual-currency mania of 2017 — fueled by hopes that Bitcoin would become “digital gold” and that blockchain-powered tokens would reshape industries from finance to food — has quickly given way to concerns about excessive hype, security flaws, market manipulation, tighter regulation and slower-than-anticipated adoption by Wall Street.

Crypto bulls dismiss negative comparisons to the dot-com era by pointing to the Nasdaq Composite’s recovery to fresh highs 15 years later, and to the internet’s enormous impact on society. They also note that Bitcoin has rebounded from past crashes of similar magnitude.

But even if the optimists prove right and cryptocurrencies eventually transform the world, this year’s selloff has underscored that progress is unlikely to be smooth. [snip]

The dot.com crash was caused by hype but it did have something material backing it: Technology. The Crypto’s have nothing backing them except hype. This could be a delightful new variation of the old scam: Pump and Dump. Crypto must be run by P.T. Barnum’s offspring.

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Observations

Any time you place money in the hands of strangers, don’t expect a return on investment, much a return of investment. Cryptocurrencies are much like the US dollar; A fiat currency with no set value and now getting a devaluation.

Crypto Wipeout Deepens to $640 Billion as Ether Leads Declines

The cryptocurrency bear market plumbed a fresh 10-month low on Monday as Bitcoin’s biggest rival tumbled and U.S. regulators suspended trading in two securities linked to digital assets.

Ether, the second-largest virtual currency, slumped 11 percent from its level at 5 p.m. New York time on Friday, according to Bloomberg composite pricing. Bitcoin declined 2.4 percent, while the market capitalization of digital assets tracked by CoinMarketCap.com shrank to about $197 billion — down almost $640 billion from its January peak.

Cryptocurrencies have declined for five of the past six weeks amid concern that a broader adoption of digital assets will take longer than some had anticipated. That worry was underscored over the weekend after the U.S. Securities and Exchange Commission temporarily suspended trading in two exchange-traded notes linked to cryptocurrencies and Ethereum co-founder Vitalik Buterin told Bloomberg that the days of explosive growth in the blockchain industry have likely come and gone.

“The temporary suspension of these products led to an initial knee-jerk reaction,” said Ryan Rabaglia, head of trading at cryptocurrency dealing firm OSL in Hong Kong. “But ultimately, it’s just another obstacle for the market to overcome.”

Read more: Crypto Growth Nears ‘Ceiling,’ Ethereum Co-Founder Buterin Says

[snip]

Mélange

They have a plan. It offers the means of changing prosperity to absurdity. Examples of such workings start with Cuba and Zimbabwe as completed operations.
Works in progress include South Africa, England and the star of the group Venezuela.

Steps to produce these results are:

  • Fix prices
  • Mandate wage controls.
  • Pass laws limiting profits
  • Take over utilities, transportation, power and phones for the common good
  • Nationalize basic industries first, then all business efforts
  • Repeal the countries Constitution as hindering efforts
  • Use the military to enforce government fiat
  • Attempt to control hyperinflation

You’ve heard some of this before. Now you can hear it from US Senators as they try to implement these steps. A couple of names come to mind: Bernie Sanders, Elizabeth Warren and Chuck Schumer.

Sanders long held this platform for “The Radiant Future” which is  some tripe left over from the rhetoric of Lenin. Schumer has posted a calling for changing the Constitution so that the Courts and the Constitution won’t thwart his grand plan. And ‘Fauxahontas’ Warren very recently called for the nationalization of all business so that the profits go where they belong, in the elites pockets.

Looking at the prior mentioned countries, Cuba’s sole export that brought in larger sums of money is revolution. They did fairly well until they got their asses handed to them in Angola. After that not much call for their defunct product.

Zimbabwe took about one year to fall flat on it’s collective face. Hyperinflation became so bad that no one wanted their money. The US dollar is the coin of the realm. Hell of a way to run a railroad, except their national railway doesn’t operate.

The newest failure of socialism is Venezuela. People flee there in droves, so bad that other countries are preventing those fleeing from entering their countries. A worthless currency and people eating out of garbage dumpsters is the daily existence. Food shortages are so bad the zoos are empty; all the animals eaten.

Maduro will tell you that everything is swell except he has a hard time talking with his mouth full of fine food.But then again as in all socialist countries, the elite suffer not the daily strife. The saviors ‘elected’ to run a country into the ground on an empty stomach.

Meanwhile across the Atlantic, South Africa is now confiscating white owned farms; what the new ‘farmers’ know about running a large farm might fill an outhouse. Maybe! Bet on food shortages and civil strife as the government planners run things into the ground.

South Africa begins seizing white-owned farms

THE South African government has begun the process of seizing land from white farmers.

Local newspaper City Press reports two game farms in the northern province of Limpopo are the first to be targeted for unilateral seizure after negotiations with the owners to purchase the properties stalled.

While the government says it intends to pay, owners Akkerland Boerdery wanted 200 million rand ($18.7 million) for the land — they’re being offered just 20 million rand ($1.87 million). [snip]

It comes as the South African government pushes ahead with plans to amend the country’s constitution to allow for the expropriation of land without compensation.

The seizures are intended to test the ability of the government to take land under existing laws, which the ruling African National Congress has previously stated is allowable if “in the public interest”.

Earlier this month, City Press reported the government had drawn up a list of 139 farms it planned to seize “to test out” section 25 of the constitution. [snip]

Sound familiar? It should. Zimbabwe began it’s descent into social and fiscal bankruptcy in the same manner.

Cuba did too under the guise of land reform. The only reformation that occurs is in the number of zeros in the two sides bank accounts is private enterprise accounts get a large collection with no other integers above zero present. The Poobahs making the promises add those zeros after a sufficiently large positive number. The promised ‘Pot o’ Gold’ never can be found among the masses.

South Africa will be in the news as the next economic basket case pleading at the UN for ‘White Money’ to bail out their disaster.

Socialism hasn’t worked in the past, and has no hopes of changing the record.

Collectivist Banking

A gold rush is occurring and it isn’t in any of the mining places. The mining is taking place on the Comex where the usual bunch of manipulators are selling naked shorts on paper gold (ETF’s) driving the price down. Then the smart ones buy up physical gold at these ‘sale’ prices.

Rock beats Paper_COMEX vs Silk Road…from Rico

Watching the usual suspects monkey-hammer the COMEX spot for Gold and Silver by dumping phenomenal amounts of unbacked paper bullion [read: naked shorts] you have to ask “who ‘makes’ money by losing money on this massive scale?”

– Watch the scene from the film “Trading Places” where the Duke brothers explain to Valentine (Eddie Murphy) how they make their money on the Chicago Mercantile Exchange. It’s still one of THE best one-minute explanations of how the futures game is played by the ‘wise guys.’

Next consider what ‘dummies’ they are on the Silk Road (India, Turkey, Russia, China) to be buying physical bullion when it’s “on sale” like this, instead of ‘notional bullion’ [read: non-existent; paper] like the 40# brains in Chicago.


Remember, if you can’t hold it,
you don”t own it.

Collectivist Banking

Have you become rich in dealing cryptocurrencies? If not you either missed your change or didn’t. The results are very similar.

Cryptocurrency Market Plumbs New Depths in 2018

At $191 billion, the total market value of cryptocurrencies world-wide is at its lowest since November

A broad investor retreat has pushed the market for digital currencies down 70% from its January high, reflecting user frustration over their modest inroads into commerce and a general shakeout in speculative investments.

The value of all cryptocurrencies in circulation this week fell below $200 billion for the first time in 2018, its lowest since November. [snip]

STAY TUNED!

Biased Agendas

We have become so comfortable in our routine life, that nefarious entities run by individuals have slowly created the Orwellian realm of 1984.

Dawn of the Digital Dark Age…from Rico

Witness the dawn of the Digital Dark Age.

– A handful of “social media” giants (you know who they are) now have near-complete control over many aspects of most peoples modern existence.

These cultural terrorists have brought you an Orwellian dystopia where the self-selected ‘elites’ of Silicon Valley and the Swamp will decide what you need to see, and what you don’t, seizing unilaterally virtual digital control over free speech and a free society.
– Disagree, and you will be deleted. Terminated. Just ask Alex Jones. He won’t be the last…

But these “thought police” are doing it for your own good, you…you deplorables!

PS – Now think about ‘digital money’ and the control YOU give up, and the absolute control these trustworthy, altruistic, your benevolent “masters” would gain. (emphasis added)
– Still think it’s a good idea?

Collectivist Banking

The nutters on the Left believe they’re on a roll; the reality is they’re being rolled.

Gold. Putin. Trump…from Rico

The July 18 US Treasury report says that Russia sold 84% of its US Treasury holdings between March 2018 (when it held $96.1 billion) and May 2018 (leaving its holdings at $14.9 billion).
– For #resist and #NeverTrump’ers, that’s a yuge selloff of $81.2 billion in US T’s.

Yup. That ‘proves’ Trump and Putin are in cahoots, just like the lunatic Left says, right?
– Now take a wild guess what the Russians bought with all the cash from the sale of US Treasury’s?