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I have been telling people for years, Bitcoin was and is a ponzi pyramid scheme. An elaborate one as it was able to last for so long which is impressive. But nonetheless it was just that...a scheme. There was no way it could continue with it's insane spike from last year.
Ask yourself the most basic question, what would makes this currency spike to ungodly values as it has in the last year? The answer is manipulation and falsifying the value of a currency that is theoretically unsustainable when other conventional currencies US dollar/Yen/Sterling/Euro cannot increase in value at the rate that Bitcoin was doing. And those currencies have been around for ages, they are trusted currencies that are traded worldwide. If you can wrap your head around that, you will know that Bitcoin and all these Crytocurrencies are a scheme. And like all schemes, eventually the bubble will burst and you will see a sharp downward spike like you are starting to see with Bitcoin.
All the bitcoin nuthuggers and experts cannot give you a legitimate reason why the currency has taken a tumble because they are either in denial or they are in on the scheme. The whole "everyone was withdrawing money for the holidays" excuse Crytocurrency experts was giving for the devaluation during the christmas/new years holidays doesn't fly because it's still dropping like a brick now. Considering a lot of people are still foolish enough to invest more money into Bitcoin now thinking it will rise again. Shouldn't the Bitcoin be rising in value then from all of the "new" money coming in vs the money that is being withdrawn? Or at the very least, the devaluation should be slower rather than the rapid decline we are seeing now?
Use common sense and you will always see why guys like Jerry Jones, Bill Gates, Larry Ellison, Oprah Winfrey have not poured their networth into Bitcoin. If there is one thing Billionaires love is to make more money yet, they are not foolish enough to buy into the Bitcoin hype...ask yourself why..
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