Bitcoin Flash Crash

A few days ago I asked the question, “What Will Crash First Bitcoin or the Dollar?” The answer is Bitcoin.

Watch the flash crash live at 11:30 in this video.

Now I would like to hear all of those Bitcoin holders tell me again that I don’t get it and that it was not a Ponzi Scam.

For all of you laughing at the insanity of Bitcoin, you better think again if you are holding dollars. The collapse of the dollar will not be as fast but the real world brutality of the collapse will have no comparison in human history. Get out of your stocks, bonds, real estate, 401k, IRAs any paper asset and get into real tangible assets. Read the Silver Bullet and the Silver Shield.

8 comments to Bitcoin Flash Crash

  • SilverGunSlinger

    So you dont want to own realestate during the crisis? What could happen if you have positive cash flow in realestate and the dollar fails? I know a few people that recently just bought a new home.

    • Silver Shield

      Absolutely not as an investment.

      What is the value of a home without a 30 year subsidized mortgage?

      What is the chance that the title to the property is tied up in the MERS debacle?

      What will local governments do when they become squeezed for cash?

      What will the cost of utilities do in a hyper inflation?

      What is the availability of renters when the unemployment is 25%?

      What is the chance that the property is involved in riots that will happen in urban areas?

  • SilverGunSlinger

    …. is it because it’s backed by dollars and debt? Maybe a light bulb.

  • Justin Keith

    It’s as much of a Ponzi scheme as those who built gold and silver mines in the past when such metals were more easily mineable had an advantage over latecomers.

    The flash crash was caused by the largest exchange playing fast and loose with their security and getting hacked in a big way, not with the fundamental encryption which undergirds BitCoin. I could claim that Von NotHaus was a fool for not compartmentalizing his organization so that he had no knowledge of where his organization’s bullion was stored making it safe(r) from seizure. I wouldn’t claim that the raid on The Liberty Dollar was a problem with precious metals.

    I currently hold silver in case SHTF. I think it will be more recognizable and widely accepted than BitCoin, and it doesn’t require that the internet continue working. It’s probably harder for the government to stop (though they can strongly incentivize major businesses to stop accepting it by making private ownership illegal), but BitCoins, like precious metals, are international and there is a limit to America’s hegemony – especially as its monetary power is waning.

    Any system that helps break the backs of the banking cartels should be applauded – unless, of course, it is indeed a scam. The fact that BitCoins give the early adopters an advantage and the fact that they are electronic do not make it a scam. The fact that an exchange got hacked does not make it a scam. It could be the next Dutch tulip craze, but what it represents is revolutionary.

    I want to close with an assertion that, unless one is trading in physical specie rather than scrip backed by it, precious metals are prone to fractional reserve games and give the powers that be centralized targets to go after.

  • jimbo

    With dollars, the “value” is not the paper but the print on it. With bitcoins, its the ones and zeros on the harddrive. With gold, it’s the metal itself. Dollars and bitcoins can be created to infinity. Gold is limited in supply. That is the heart of the matter.

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