iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
16,985 Blog Posts

Here’s the 31st Rendition of “Bitcoin is Going to Crash, You Wait and See”

The most amusing part of the ~500% Bitcoin gain in 2017 is the comments about how cheap it is now, mostly stated by late comers and fan boys who really do not know anything about the psychology of investing, let alone the financial dynamics of it.

Ethereum, which the entire ICO market runs on, is now trading at ~$300, up from $8 in the beginning of the year. Any untoward comments about the validity of these moronic upside moves is immediately met with feverish opposition, accusing cynics of being ‘old’ or simply ‘bitter’ for ‘missing out’ on such a fantastic run. While there is certainly an element of hoping that all Bitcoiners should perish in the fires of their own hubris, trapped in cars being crashed by giant anvils, I really do not wish anyone to lose money — especially young speculators trying to improve their lives through investing. Hating on a 20 something for wanting more is like hating against myself twenty years ago — wholly ridiculous. I was awesome then — you have no idea.

Most of the people who are in cryptos, for some reason, believe they’re rebelling against central banks and showing the man how little they give a fuck about his fiat. Meanwhile, back on planet earth, the entire crypto-market is sponsored and promoted by venture capitalists, devils who got in during the 2013 correction and pyramid-schemed these retarded instruments ever since. Aside from the fact that cryptos are entirely jimmy-rigged by asshole VCs, they’re also vehicles for money laundering and all sorts of fun criminal activity. The transfer aspect of bitcoin, coupled with its liquidity, is why the value is surging.

But what about the MUH blockchain?

Well, what about cash?

Why would anyone want every single thing they do documented on a digital exchange? Talk about a big brother Trojan horse. You fuckers are willingly jumping into a network that is going to track everything that you do, under the alleged auspices of privacy.

But that’s neither here or there.

This is your 31st reminder, with the previous 30 being all wrong, that someday soon Bitcoin is going to crash and you’re going to lose all of your money stuck in ICO ‘fagboxes.’

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34 comments

  1. fryguy15

    I did a good amount of reading about bitcoin over the past few days. If I had any doubt that this is a bubble, that doubt is now removed.

    At a minimum it is a legitimate asset that is in a frenzied, buy at whatever price market. At the worst, it is STRUCTURALLY designed by the creators to increase in value. If the latter is true, the party is not going to end so soon – there is too much money to be made. They will continue to pump their bullshit about how awesome decentralized networks and software are until they milk every last dollar out of it. Hell, they already design these networks for the sole reason to create coins. They create demand and control supply. Why stop now?

    Either way, buying in now is 500% riskier than buying at the beginning of the year. That’s a fact.

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    • Dr. Fly

      Sorry, but everything you just said is utter gibberish. You drank the Koolaid and will die soon.

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      • 1leone

        I have yet to hear a valid argument, other than it’s a bubble or it has gone up too much, as to why it should crash.

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      • fryguy15

        Maybe you should read again, sir.

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    • bob smith

      Tulips were “a legitimate asset.” Problem is they were overpriced. When you’re ready to sell me your Bitcoin for $1.00, I’ll consider it. Until then, it’s just a tulip, different era…

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      • moosh

        How much coin did you bank in the “tulip era” ? Risky comparison?

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      • ironturd

        Bob smith totally gets it. It’s not about whether there is a new technology acting as a potential substitute for a millennia old human tool used to allocate resources in the less then a quarter century old digital age, it’s about whether there’s an superficially analogous historical situation that justifies his not learning anything about said New digital toolset, the fact that he completely missed the boat on exponential returns, and that he’s certain that the actual value of something he completely doesn’t understand is under the arbitrary value of $1. Someone get this man an honorary degree from Phoenix.

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  2. sarcrilege

    BTC or any other crypto token cannot function as currency (rebelling against CB) with this type of volatility, btc not being accepted as tax payment or buyers thinking of crypto tokens in terms of fiat profits/loss. Gold is not money anymore for same reasons as cryptoes but at least it’s anonymous.

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  3. mushroomz

    Oohh I’m scared now, exit all crypto markets!

    On another note, a quick shill for Blade Runner 2049. It’s an audio/visual feast that I might like to go see again on a better screen. Hans Zimmer soundtrack makes it. Incredible props and environments. Wish it moved along faster at times.

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    • Dr. Fly

      Will go see it. I listen to Hans Zimmer soundtracks for fun.

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    • lapens

      This is the most accurate review I’ve read, even down to the last sentence. Make sure you go to the toilet before it starts, it is quite long!

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    • Raul3

      Watch it on the biggest imax screen your town has.

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  4. lapens

    Serious question. What do you think happens to crypto if there is a market correction in stocks? As we know, that is unlikely to happen in this central bank controlled world, but I’m still curious. Would it shoot up as a safe haven of sorts, or would the bubble burst alongside?

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    • frog2

      ive been watching for correlation but havent noticed. both stocks and btc have been going straight up. I have a feeling 1 will enter a bear before the other (likely btc the riskier asset will pop first)

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    • soupbone

      OK my son, it goes down hard, very hard, fucking hard.

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  5. frog2

    xmr (monero) is what bitcoin should of been.

    since it broke 6k its going to 10k. I got in at 1k this year and out at 2k (a bit salty) but literally there is no reason for the daily moves it makes. at least with stocks they have a company behind them

    we’re going to look back and talk about how retarded people were

    “so you bought a coin that exists only online for $10,000 usd that cant be spent anywhere or backed by any hard asset”?

    read up on monero. its private. btc isnt. imagine sending someone some money with btc and them being able to tell how much money you have in your wallet and all they have to do is make you push a few buttons to get it.

    probably the reason monero isnt doing good is because it is private, and the lure of btc is that everything can be tracked.

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  6. soupbone

    The only thing to emerge from the ashes will be the technology which will be used over and over.

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  7. cancel19

    Okay I’m confused! First is buy Bitcoin now its sell it cuz it’s gonna crash! WTF!?

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    • frog2

      the real fly died a long time ago

      this fly just bumps into shit with his wheelchair

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    • moosh

      It sure seems like an emotional trade doesn’t it? Watch the fibs? Raul did an excellent post not so long ago.

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  8. dopefeller

    44 hours since zeropointflyintern posted fake news on this site.

    http://ibankcoin.com/zeropointnow/2017/10/19/ice-illegal-alien-arrested-in-wine-country-arson-was-deported-twice

    36 hours have elapsed since The Fly was asked if he was going to ask the zeropointflyintern to delete the post. His response – “Why delete it? He can update it.”

    Statement from Sonoma County Sheriff’s office on the subject of that article – “This is completely false, bad, wrong information that Breitbart started and is being put out into the public,”

    No correction on ibc yet.

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    • ironturd

      These guys have no reputational risk, they’re completely anonymous ergo they will not recant shit. ZPNouns is Alex Jones light building a portfolio of bolded fonts and google optimizing headlines and hyperlinks.

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  9. DMXtremelyOnPoint

    Crash or correct? What percentage are you calling a crash? This highly volatile new industry will correct in a violent way at some point but block chain technology is here to stay. Whether it’s a brief collapse due to another hack (Mt. Gox) or regulatory issues (China) this thing will rise up. If you missed the boat then, well, that sucks for you. I feel very strongly that there will be a lot of ups and downs and it’s likely that many of these coins will tank and be obsolete. Crypto currencies are here to stay.

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    • acehood

      Everyone’s an expert on this shit.

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    • bob smith

      Tulips are “here to stay” too. So what? Standard current cost of tulips is ~ $1. History rhymes…

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      • moosh

        Back to tulips…a flower. How many grassy inventions have you equated to such blockchain technology?

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  10. moosh

    Either way, treat it as a fucking trade, jebus.

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    • lapens

      Exactly. As long as you are disciplined and take profits, winner winner chicken dinner!

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  11. Raul3

    You guys don’t get it. With Bitcoin you never take profits. You never sell. This isn’t rocket science

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    • lapens

      How come Raul? Honest question. I’m trying to play it safe as I also think it will crash at some stage, but I’m genuinely interested in why you say not to take any profits?

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