Frowny Emoji: Bitcoin Falls Most In A Month On CFTC ICO Jitters
Well, Bitcoin is now down something like 9% from highs hit just a few days ago, underscoring just how volatile things are in the land of make-believe space tokens.
On Tuesday, Goldman was out reminding you that Bitcoin and cryptocurrencies in general are not "the new gold" and that comes just a week after UBS released a pretty lengthy note explaining that cryptocurrencies are not really "money" either.
And while there are all manner of reasons to be skeptical about Bitcoin - not the least of w
$4600 exactly a week ago; $5100 today (a higher price than it had ever been beforehand) so what’s the problem? No key reversal, no crash, just a small intraweek correction. Volatile?…yes. Bearish?…no.
Why no headline or article when BTC recently rocketed higher from $3000 so quickly?
…and now it’s quickly back up again to $5400, lol.
BTFD
Beware the cypto scammers:
“There is a serious new fraud centering around cryptocurrencies. There have been some trading platforms set up that are suddenly changing the rules in mid-game. People who have tried to sell things like Monaco Card etc. on these platforms have discovered that their accounts are frozen because they do not have the money to pay people. The excuse is they need to now suddenly PROVE who they are to liquidate anything. The requirements are onerous and simply a DELAY tactic.
“Cryptocurrencies are no different from any other investment product. It is a misrepresentation that they offer an alternative to the dollar. No matter how much money one made on Bitcoin, they still have to sell it to realize that profit and how are they measuring that profit? In dollars of course.
“Beware of the fraud in these trading platforms that are now suddenly freezing people’s accounts claiming security to prevent people from selling particularly the smaller new cryptocurrencies.”
https://www.armstrongeconomics.com/markets-by-sector/foreign-exchange/cryptocurrencies-the-scam/