Every morning I wake up to see that the down part of this hill, is well… still continuing. With fluctuations still up to $1,000 USD a day the world’s grand and mighty craptocurrency has finally had its bubble burst within the last few weeks and began its crash into the ground (hopefully on fire). With a Christmas special, peaking around at just $19,000 ish USD per coin it has absolutely plummeted to numbers in the $8,000 dollar range and it is just still going down as I speak. With being down more than 50 percent in a single month, lives of the foolish investor has gone down the drain and out the door.
After investors spent billions and billions into Bitcoin, it looks like that people are going to have a horrible time (Litecoin, Ethereum and Ripple investors all included too). But can they even be named investors? Can we give them the label of being an “investor”? Surely not since this comes as not a surprise to me, but as an expected outcome and I think that anyone with more than 10 minutes worth of education on the subject would have long, saw it coming too. Many have speculated and pointed out that the craptocurrency bubble was about as obvious as a market mania bubble could ever be.
We have tried to drill this into the minds of nations of people over and over again that craptocurrency no matter what name you give it (yes, Eheteum and Ripple, even if you remove the ‘coin’ part of the name) cannot and will not ever be money. Why? Because the government will not stand for it. People are speculating now that the simple switch from big bubble to popped with a needle was that there was a little bit of talk about completely banning craptocurrency trading in South Korea (thank god).
And please, can people stop comparing this virtual craptocurrencies to something that has thousands and thousands of years in history as an actual form of currency? That something is gold. Banks all around the world actually approve of it and accept and trade it, not to mention they also hoard vast amounts of it. It also has an underlying value to it which is the fact that it can be actually used to make stuff with it. Not to mention there is a legitimate limited supply compared to a line of code which can be changed over and over again.
Here’s the bottom line. Cryptocurrency should be renamed to craptocurrency (for the ponzi scheme that it is) and those that have ruined not only their lives, but their families should be ashamed of themselves for being so foolish with the value of their livelihood. The only useful part of craptocurrencies is abusing the knowledge of weak minded people to increase your own wealth while people believe in the “crypto boom” (see financial bubble). And a last message to everyone – please stop selling your lives to invest in something you have no knowledge in. You wouldn’t do it for anything else, so please, please do not do it for the death trap which is CRAPTOCURRENCY.