Bitcoin - Political Hot Potato.

    They are being touted as the future of money but it has a ring of tulip mania to it if you ask me. It is a good distraction my the US govt to get the Chinese investing billions into something invisible while they buy up all the commodities such as silver and gold for themselves at reduced market prices before people realize they got scammed and the US JP Morgan and Co. conglomerates have made their lot secure with real assets to ride out the financial storm that is brewing and can charge ridiculous monopolistic sums for the materials humanity actually needs such as metals and foodstuffs.

Bitcoin is just one of many alternate currencies and is only worth the amount it is because of media hype and over saturation by people thinking they are going to strike it rich by buying it. Sadly for them a few people will make it rich while others pay a huge price for it.

Most people don't realize these guys who mined them when they were easy have played the biggest techno ponzi scheme ever devised and they are just buying a number, one that can be made into another 999 million numbers. Unlike gold which actually has to really be mined by human hands and is representative of at least 100 man hours of work, a Bitcoin mining rig has just been setup by some nerd to facilitate their exploitation of the stupid and naive.

There will be a Facebook to Bitcoin's MySpace you can bet your bottom satoshi and when that happens Bitcoin will lose face value and no longer look like the great investment people thought it was.

Bitcoin is slow, Bitcoin is anything but private or anonymous and Bitcoin is like a bloated puss filled putrid leech sucking the blood out of people for the benefit of a few greedy whales who in my opinion are no different to the FED and may in fact be worse in the long run. To keep an economy running things need to be spent and if people aren't buying goods and services and are instead hoarding money it can have disastrous economic consequences.

If anyone doesn't see this is a bubble they are blind as well as stupid and should be considered ignorant of basic economic strategy. Because this market is not regulated it is a stock traders wet dream allowing them to manipulate it and collude together to form buying networks who's soul purpose is to inflate prices to new paradigms and cash out again in order to crash the market and acquire more for less over and over again.

It is as though people forget the past and often it is greed that drives reckless spending by people only to see them destroyed after the fact.

I suspect the FED directors don't have a problem with it because they know eventually they will be able to exploit it by making it virtually unusable through regulation and oversight. They will make Bitcoin so heavily scrutinized that any effective use of it outside the standard uses such as paying bills or buying food that it will become extremely unattractive for privacy enthusiasts which is what made it an attractive medium of exchange in the first place. Since it will have no more use than something we already have, i.e dollars and sterling, that it will become for all intents and purposes redundant.

It will continue to go up but the general rule of thumb is what goes up must come down and I fail to see how this will be any different. Bitcoin has gained it's vast amount of value because most people are unaware there are even any other crypto available. There are so many better tools for the same job that supercede Bitcoin in every way but it will take time for them to make their way into peoples lives. Take Worldcoin for example with 60 seconds for full confirmation or Zerocoin with it's focus on anonymity for Bitcoin as was intended but is being avoided.

Bitcoin has become a political hot potato and for this reason should be suspected if only because it is supposed to be hated by the establishment but instead has been embraced by those who were meant to be it's enemies.