-5 votes

Alex Jones and Mike Adams Crashing Bitcoin

Just to show the power of the Alex Jones show, Bitcoin is now going down down down. It may only be for a day or two, but I think Mike Adams is right. It is a solution, but we can now see how our enemy could be using our own tool against us, to persuade us that Bitcoin is bad.

Mike Adams is putting is neck out there on this one, but it appears that he may have started the process early, or just started a sell off among the independent media MAMMOTH'S listeners!

Here is the link to that video starting where Mike Adams speaks.

http://youtu.be/suyOUiInQwA

What do you guys think about the link between the price fall and predictions?

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Bitcoin another bubble

if the algorithm are set to top at 22 million than where is the incentive afterwards? it makes no sense! will it just become another fractional system? in my opinion pretty much yes.

don't be stupid nothing is for free in life.

buy something physical like gold and silver.

lol, i just imagined you guys

lol, i just imagined you guys in the exhange market with your suits, no offence intended, if your so inclined to be offended by that :)

i like the discussion, liking the different view points

FYI

Looking at the comments of bitcoin users today, I notice quiet a few are talking about a natural price floor at the cost of production (i.e. the hardware and electricity needed to "mine" bitcoins). There's a problem with this logic though: cost of production is only a floor if there's demand!

For example, the cost of production of a sailboat made of cream cheese is probably quit high, but it still has a price of $0 because no one wants a sailboat made of cream cheese. Likewise, no one wants bitcoins as such, they have no end-use demand. They have only speculative demand, and so the cost of production is quiet irrelevant. The natural price floor for a bitcoin is $0.00.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

b-b-b-but the labor theory of

b-b-b-but the labor theory of value!

Buncha commies!

>;(

.
~wobbles but doesn't fall down~

Alex Jones!? Bah!!! I say ByteTurd is winning in the freemarket.

Anybody ready to make some money in ByteTurd?

Michael Nystrom's picture

"Crashing bitcoin" - ha ha ha

Let's see them crash the US dollar, and then I'll believe in the power you project onto them.

What do you guys think about the link between the price fall and predictions?

I think people are just waking up to a lot of realities about bitcoin that they never considered before. Much is discussed in this article from yesterday:

http://www.dailypaul.com/281216/mises-is-bitcoin-money-of-th...

And then there was this article as well, which is quite chilling:

http://unqualified-reservations.blogspot.com/2013/01/how-bit...

I think today is just kind of an "aha" moment for a lot of people. Including, perhaps, Jones & Adams, though I haven't heard what they're saying.

The Mises article was a big wakeup call.

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"Intelligent" people engage

"Intelligent" people engage in herd behavior also, and investors not a special breed of human. Having said that, as the herd drives up or down price, momentum will build as panic sets in. I consider a crash an opportunity, as you may also.

Michael Nystrom's picture

Crashes are sometimes opportunities, and sometimes not

The jury on bitcoin is still out, as far as I'm concerned.

People are definitely subject to herd behavior. We're social animals, after all. There is safety in numbers, and safety in the crowd. That is programmed into (most of) our genetic makeup.

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AJ is...

the commander of the reptilian horde from Niburu and they are collapsing bitcoin to pave the way to harvest human brains that they use to make their favorite after-dinner dessert!!! :*(

They do a brain harvest every 13,000 years leaving only a few cave-dwellers to repopulate the Earth for next brain harvest cycle.

Doom is imminent!...

.
~wobbles but doesn't fall down~

Its not AJ or anyone else Its

Its not AJ or anyone else

Its the Fed....
http://www.zerohedge.com/news/2013-04-10/bitcrash-continues-...

The Fed? I don't think so.

How would the Fed cause the price of bitcoins to fall?

There's no shorting (naked or otherwise) in any bitcoin markets.

The only way the price can fall is if actual holders sell and overwhelm actual buyers.

Evidently that's what's happening now.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

The central bank always

The central bank always creates the boom and bust cycles...

The Fed can buy bit coin causing the rise in prices and the Fed can sell the bit coins causing the bust. It doesn't always have to be shorting and margin buying as the culprit.

Right, but the point is...

...if the Fed is responsible for the crash, it means they're also responsible for the rise. If the rise is also Fed-caused, that seriously undermines the case of the bitcoin enthusiasts.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

I don't think it undermines

I don't think it undermines bitcoin. Though I do believe destroying credibility was their intention!

With all govt actions comes unintended consequences and I believe the central banks have helped many people become overnight millionaires. I'm sure a lot of people sold and got rich. And good for them!

Bit coin crashed and it will recover over time. The booms and busts will just spread the timeline out further (in terms of credibility). Everyone will jump into bitcoin sooner OR later. I think bitcoin is here to stay.

Not necessarily so. Using

Not necessarily so.

Using their massive size to drum up volatility, could (I'm not saying I believe they do) be a way to make Bitcoin appear less useful for anything other than silly gambling.

Guys selling 1 oz of gold yesterday for 6 BTC, are going to have an awfully hard time today, unless they spaced their BTC/USD/GLD trade pretty tightly. Same goes for other business processes, many of whom are conducted in a way that implicitly depends on some semblance of value stability of the currency they use.

Of course, just as people are free to use Bitcoin to avoid being pillaged by the Fed, the Fed is free to make it as hard for them as they please. Over time, mechanisms for dealing with volatility will evolve, and perhaps become integral to those conducting business in BTC. Even Wall Streeters may be good for something, you know, even besides than target practice..

well i think it's just

People decided a plateau was reached. They're selling high and probably converting to gold/silver. If/when it sees a new low then they will buy again. I love how paranoid you guys get every time the price falls lol.

Homeland security statement: patriotism is now considered terrorism.
I love www.isidewith.com shared it with everyone I know. If anything they realize its not just a red and blue idiot running for reelection.

They bought it huge and now

They bought it huge and now selling it off causing everyone else to panic sell

If that's the case....

...then the Fed is responsible for the recent price increase as well.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

Yup...the volume of trade

Yup...the volume of trade orders creates more hype.

Q: Other than hype, what is there?

...rhetorical question.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

why is it so hard for Bitcoin haters to understand?

Bitcoin is not a store of wealth at this point.

It is an opporunity to transact with no fees and create a mercantile community beyond the reach of the central banks and corporations.

Use Bitcoin to pay for online shopping.

Do not use it to speculate or hold your savings.

The Red Coats are coming!

Why would anyone want a

mercantile community? I assume you do understand what mercantilism is right..

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” – Dresden James

It's an opportunity to do

It's an opportunity to do what you want with your justly earned wealth. If you want to engage in risky behavior, you should be able to do so. You should also never expect to be saved from the results of foolish decisions.

Mercantile =/= mercantilism

Mercantile just means "of or pertaining to commerce."

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

How many people...

...are buying bitcoins for the reasons you cite (low cost transactions) versus the number buying it to speculate on price increases?

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

If Alex jones can impact the price of bitcoin that much...

...that doesn't say much about the fundamental strength of bitcoin, does it? Anyway, whether AJ caused this collapse or not, the recent parabolic move up in bitcoin was a classic speculative bubble - I'd go further and say the entire rise in bitcoin from the beginning has been driven by speculation, since it certainly was not driven by end-use demand for bitcoin (there is none to speak of).

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

SteveMT's picture

Bitcoin Tumbles 25% In Hours

Is this currency stable? Is this another pump-and-dump?

Bitcoin Tumbles 25% In Hours
The dramamine ride aboard the BTC rollercoaster continues. After crossing $200 yesterday and hitting $260 this morning, Bitcoin has since tumbled to $200, or a 25% drop in hours, on surprisingly light volume. Only adults should be on board this particular rollercoaster because if the mysterious buyer(s) decide to offload their amassed positions, there will be no stops protecting on the downside.
http://www.zerohedge.com/news/2013-04-10/bitcoin-tumbles-25-...

Drop now at 40%

Last price $156 as of 2:26 EST.

Lloyd Blankfein and Jamie Dimon are playing with themselves

Lloyd Blankfein and Jamie Dimon are playing with themselves over the idea of Bitcoin going to ZERO dollars ZERO cents, cause that'll mean Max Keiser is broke.

So far, Max is probably not worried, but soon he may have to trade his trademarked images of scantily clad ladies with their "Max got me into bitcoin at $3" for toothless bag ladies cackling "Max f***ed me for bitcoins at $260"

I see it coming.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"