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The Bottom Falls Out of ButtCoin|
The price of the digital currency collapsed throughout 2014, though each Bitcoin was still worth more than $300 as of the beginning of 2015. No more. In recent days, the price has collapsed below $200.
- Bitcoin Has Been Getting Obliterated
Buttcoins are heavily peddled by max. Kiester just as silver has been. Silver was about 1/50th the price of gold at the height of popularity of the Silver Liberation Army Kiester-Aid but is now only about 1/73rd the price of gold. Despite the further 19% smash in silver in 2014, gold was up even in USD on the 30Dec14 and was smashed on the 31Dec14 to give a -1.4% reading for the whole year. Whilst about a third of physical gold was extracted from ETFs in 2013, silver saw a 2.4% increase into ETFs, but still saw a larger smash in price than gold.
Kiester compares Buttcoins to gold. But as well as the security issue, there are an infinite number of potential Buttcoins out there. Gold is one of the three "thirds" that Jiminy Rickards says "old money" disburse their wealth into for wealth preservation. This is because it's difficult to trace and therefore to tax. But it's also not that easy to steal or confiscate either; the reasons for the other two "thirds". Buttcoins are easy to thieve, easy to confiscate and easy to tax when you can print them out of thin air. One group in the UK have even dominated the mining process, meaning they could re-write the entire Buttcoin block-chain and that wouldn't even be illegal, though it would be obviously self-defeating. And despite claims that the limited supply of Buttcoins means low inflation, they have been inflating at about 12% p.a. which is double the rate at which the funny money that the central banksters peddle has been leaking from QE hyperinflation of the monetary base into the money supply. This devaluation has been disguised during the increase in take-up of Buttcoins as well as someone spending hundreds of millions in USDs buying them up according to Zero Hedge.
Kiester takes the left-wing herding of the sheeple toward fascist funny money. As regulator turned bankster, Adair Turner, said, the banksters are "socially useful" in that they keep the sheeple poor so that they have to work. But despite his supposed leftist leaning, Kiester advocates inflation which impacts the poor the most.
The Buttcoin implosion creates doubts that the mining of Buttcoins is still profitable. As the block-chain gets larger and larger, encoding the new transactions takes more and more computing power and has already seen some give up and sell their "mining rigs" on eBay.