Bubble Bubble Virtual Toil And Real Trouble

January 17:

Bitcoin briefly plunged below $10,000 late Tuesday afternoon on Coinbase, after first topping the psychologically key level in late November.

Boldfaced emphasis added by me.

Today, February 6:

The scale of those problems is starting to become clear as digital tokens have slid more than 50 percent in value from their peaks in early January, with steep drops on Monday pushing the value of Bitcoin specifically below $7,000.

Boldfaced emphasis added by me.

As Bitcoin Bubble Loses Air, Frauds and Flaws Rise to Surface

On Friday, JPMorgan Chase and Bank of America said they would bar customers from using credit cards to purchase virtual currencies; Citigroup followed suit on Monday.

And the delicious kicker:

“It is a perfect storm for the kind of scammy activity we are seeing, and it’s not obvious to me how that is easily removed,” said Fred Wilson, a partner at the venture capital firm Union Square Venture and one of the earliest advocates of Bitcoin in Silicon Valley. “Regulation, ideally prudent and informed regulation, can help. But we may also need to have a big correction to really clean things up.”

Boldfaced emphasis added by me.

So much for the Randroid Libertardian TANSTAAFL Dream of a State-Free currency flowing freely across borders and thwarting The Man!

People can’t police themselves. The State always has to step in. Always.

Previously here:

Not The Fake Money Bubble Bursting Yet

This entry was posted in DOOM, So Stupid It Hurts. Bookmark the permalink.

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