Meanwhile, Coinbase has become a total joke, seizing up private accounts and denying people access to their Bitcoins for days on end (possibly WEEKS, for all we know). The blockchain is being overrun with unprecedented trading volume, and the confirmation transaction premium keeps rising. It now costs an average of nearly $17 just to send any amount of Bitcoin to anyone, and many transactions are taking DAYS to get confirmed. In a panic selloff, it will easily cost you $100 just to sell any amount of Bitcoin.
Oblivious to risk, the zombie speculator class of newbie fools is buying into Bitcoin under the absurd impression that they can all wait for it to rise to incredible valuations, then sell at the top and convert Bitcoin into their local fiat currency.
As I explained in my analysis, 99% of them are wrong. These newbies have no clue what crypto currency is, and they have no idea how hard it is to sell Bitcoin during a panic selloff. I've mined Bitcoin for years and I understand the blockchain, peer-to-peer crypto currency and transactional bottlenecks, yet the average Bitcoin newbie just entering the market right now has ZERO understanding of any of those key concepts. (They think Bitcoin is like a corporate stock that can be easily bought and sold with high fluidity.)
People never learn. Right now, the "winners" in all this are the very early Bitcoin adopters who have held Bitcoin for five years or more and are now unloading them at premium prices to "greater fools" who don't realize they're on track to buy HIGH and sell LOW.
In case you haven't yet figured this out, Bitcoin is not a "save haven" for storing assets. If you currently own Bitcoin, you may wish to buy gold with Bitcoin and exit the Bitcoin frenzy by converting your crypto currency into physical precious metals (which, amazingly, don't disappear in a panic).
For those who are buying in at $2000 or more, Bitcoin has now become the domain of clueless, newbie speculators and tulip bulb morons. While they may yet drive the price to incredible new highs, almost all of them have no clue what they're doing... and most will lose the majority of their "investments" in Bitcoin. The smart people are the early Bitcoin adopters who are now SELLING to the newbs and banking real profits.
Mike Adams (aka the "Health Ranger") is the founding editor of NaturalNews.com, a best selling author (#1 best selling science book on Amazon.com called "Food Forensics"), an environmental scientist, a patent holder for a cesium radioactive isotope elimination invention, a multiple award winner for outstanding journalism, a science news publisher and influential commentator on topics ranging from science and medicine to culture and politics.
Mike Adams also serves as the lab science director of an internationally accredited (ISO 17025) analytical laboratory known as CWC Labs. There, he was awarded a Certificate of Excellence for achieving extremely high accuracy in the analysis of toxic elements in unknown water samples using ICP-MS instrumentation.
In his laboratory research, Adams has made numerous food safety breakthroughs such as revealing rice protein products imported from Asia to be contaminated with toxic heavy metals like lead, cadmium and tungsten. Adams was the first food science researcher to document high levels of tungsten in superfoods. He also discovered over 11 ppm lead in imported mangosteen powder, and led an industry-wide voluntary agreement to limit heavy metals in rice protein products.
Adams has also helped defend the rights of home gardeners and protect the medical freedom rights of parents. Adams is widely recognized to have made a remarkable global impact on issues like GMOs, vaccines, nutrition therapies, human consciousness.
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