Reports came through today that the bitcoin exchange site Mt. Gox has disappeared. There are rumours (not yet confirmed) that perhaps the website has been “deleted”.
The Bitcoin average prices fell below the critical $550 level (see below):
Frankly, I am not surprised.
As I warned on Swiss TV two weeks ago, bitcoin has been hijacked by a massive “ponzi scheme” to steal people’s hard earned cash. Soon people will realise that there is no “money” or “dollars” behind most of the exchanges that supposedly are dealing in bitcoin.
No intrinsic value. No safety. No stability. That is the legacy of bitcoin.
To bitcoin investors, I hate to say I told you so… but I told you so.
From a technical perspective, bitcoin has no real support until about $400. That is unless it can somehow rescue itself and get back above $550 which is now a resistance level.
I thought you already made a post about how bitcoin went straight down to $100 – maybe a future post
Firstly, thanks so much for your work, its helped me develop my understanding of the market in a way I just didn’t get before..very helpful!
But Bitcoin, I have to say that I feel you have not quite understood its potential, the Bitcoin network and other Cryptos are so much more than simply a form of money.. they have the potential to completely alter the entire internet system under the hood, personally I feel that saying bitcoin has no value would have been like saying HTML had no value in the early 90’s.
Your ‘friend’ Max Keiser waxed lyrical about bitcoin, any person of sane mind knew there was no margin of safety. The risks for the average joe, with their hard earned cash was too great to make it a serious ”investment” – which by the way defeat the use of it as a currency.
Max needs to stop being so forthright with his views.
Spot on, i see little to no value in bitcoin as a currency.
it is simply a electronic bookkeeping entry, there is no underlying asset or government backing.
Good point Dan! Thanks for your comment.