bitcoin

Top bitcoin exchange freezes, arbitrarily shuts down, proving you will not be able to get out of bitcoin when you want to

Thursday, April 11, 2013
by Mike Adams, the Health Ranger
Editor of NaturalNews.com (See all articles...)
Tags: bitcoin bubble, panic selling, accounts frozen

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(NaturalNews) It is now abundantly obvious that bitcoin has become an insidious "trap" that's taking money from suckers who are deluded into believing the "bitcoin cult." The top bitcoin exchange, MTGox, now openly admits that its trade engine crashed during the yesterday's panic selloff, preventing people from being able to get out of the bitcoin market.

Today, MT.Gox now says, "Trading is halted until 2013-04-12 02:00am UTC to allow the market to cooldown following the drop in price," meaning that the #1 bitcoin exchange has arbitrarily decided to stop processing orders just because it wants to!

It's a bitcoin bank holiday! Don't you just love holidays?

All this means three very concerning things:

#1) The bitcoin infrastructure cannot handle a selloff. Once the rush for the exits gains momentum, you will not be able to get out. Only those who sell early will be able to exit the market.

#2) The bitcoin infrastructure is subject to the whims of just one person running MTGox who can arbitrarily decide to shut it down whenever he thinks the market needs a "cooling period." This is nearly equivalent to a financial dictatorship where one person calls the shots.

#3) Every piece of bad news will be "spun" by exchanges like MTGox into good-sounding news. As bitcoin was crashing yesterday by 60% in value in mere hours, MTGox announced it was a "victim of our own success!" So while bitcoin holders watched $1 billion in market valuation evaporate, MTGox called it a success. Gee, then what would you call it when bitcoin loses 99%? A "raging" success?

Keep in mind that MTGox makes money off bitcoin transactions, meaning the organization has every reason to spin bad news (just like Wall Street) and keep the market "churning" so that more transactions are taking place. Listening to bitcoin advice from people who are making money off bitcoin transactions is a lot like listening to Obama promise you how he'll protect your liberty.

You are a fool if you believe anything now coming out of the "bitcoin cult."

Check out this volatility. The time period for this chart is just 24 hours during which prices were swinging wildly:



Conclusion: Bitcoin is a failed currency experiment; not ready for prime time

Bitcoin is now officially a failed experiment. Thanks to the out-of-control hyping and "get rich" propaganda coming from its promoters, bitcoin has become nothing more than a pyramid scheme to take people's money by suckering them into a currency scam that has no use in the real world. The wild market volatility of bitcoin now proves that merchants will not embrace this currency. There's too much risk.

And that means bitcoins have little use in the real world, which also means that people are buying bitcoins for the sole purpose of selling bitcoins later -- i.e. they are speculators playing the bitcoin casino. At this point, bitcoins might as well be widgets… or tulips.

Many bitcoin speculators are too young to have lived through the exact same mania with the dot com bubble, but believe me, it's a nearly-identical repeat. …Millions of people all thinking they're going to get rich without effort, suckering each other into a total delusion, displaying cult-like behaviors and irrational justifications while losing their shirts.

Ever pyramid bubble is wonderful as long as it keeps going up. Everybody thinks they're rich, and the whole thing works great until it doesn't. Once the delusion is shattered, everybody loses and the pyramid scheme collapses while the cult members stare in disbelief, unable to cash out because it's already too late.

If you own bitcoins, SELL NOW while you still can

Get out of bitcoins. If you bought low, sell now while there are still suckers out there who think bitcoins will make them rich. If you bought high, sell now before it drops even further.

Oh, wait, I forgot: You can't sell now, probably, because the #1 bitcoin exchange decided to close its doors. It's the "bitcoin bank holiday!"

At this point you will hopefully realize that you traded dollars for a virtual currency that can be wildly manipulated, crashed, frozen and halted without your knowledge or input. If you bought in at anything over $20, you probably got suckered.

So my advice is to eat the losses, learn your expensive lesson, wise up and stop being such a fool in the future. Sell your bitcoins and focus on something more worthwhile.

The bitcoin cult is now the Jim Jones of currency, and everybody is drinking the kool-aid. It's only a matter of time before they start dropping dead.

"It's a holiday! A holiday!" - Gerald Celente, singing about the looming bank holidays that await depositors across the EU.

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About the author: Mike Adams (aka the "Health Ranger") is the founding editor of NaturalNews.com, the internet's No. 1 natural health news website, now reaching 7 million unique readers a month.

With a background in science and software technology, Adams is the original founder of the email newsletter technology company known as Arial Software. Using his technical experience combined with his love for natural health, Adams developed and deployed the content management system currently driving NaturalNews.com. He also engineered the high-level statistical algorithms that power SCIENCE.naturalnews.com, a massive research resource now featuring over 10 million scientific studies.

In addition to being the co-star of the popular GAIAM TV series called Secrets to Health, Adams is also the (non-paid) executive director of the non-profit Consumer Wellness Center (CWC), an organization that redirects 100% of its donations receipts to grant programs that teach children and women how to grow their own food or vastly improve their nutrition. Click here to see some of the CWC success stories.

In 2013, Adams created the Natural News Forensic Food Laboratory, a research lab that analyzes common foods and supplements, reporting the results to the public. He is well known for his incredibly popular consumer activism video blowing the lid on fake blueberries used throughout the food supply. He has also exposed "strange fibers" found in Chicken McNuggets, fake academic credentials of so-called health "gurus," dangerous "detox" products imported as battery acid and sold for oral consumption, fake acai berry scams, the California raw milk raids, the vaccine research fraud revealed by industry whistleblowers and many other topics.

Adams has also helped defend the rights of home gardeners and protect the medical freedom rights of parents. Adams is widely recognized to have made a remarkable global impact on issues like GMOs, vaccines, nutrition therapies, human consciousness.

In addition to his activism, Adams is an accomplished musician who has released ten popular songs covering a variety of activism topics.

Click here to read a more detailed bio on Mike Adams, the Health Ranger, at HealthRanger.com.

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