MIKE ADAMS, NATURAL NEWS–In case you having been paying attention to the world of crypto currency, Bitcoin has now collapsed almost 40% from its high, plunging from $3,000 to nearly $1,800 in anticipation of the “Bitcoin civil war” that’s rapidly approaching.

From July 21st through the end of the year, a timeline of serious obstacles threatens to crater the speculative Bitcoin marketplace. One of those events has been called a “Bitcoin civil war” and could threaten the very existence of the crypto currency. That’s why people are taking profits right now, selling their Bitcoin holdings and driving the price downward. (See BitRAPED.com for more coverage.)

Remember: Bitcoin isn’t backed by gold. It isn’t backed by anything at all. There’s nothing technically superior to Bitcoin compared to other crypto currencies such as Ethereum or Z-cash. As a result, nearly all the growth in Bitcoin over the last few months was based on speculative greed, where people hope to cash in on the bubble of crypto currencies even though they don’t understand the real risk.

The Bitcoin promoters telling you that you can’t trust the dollar because it’s fiat currency usually fail to inform you that Bitcoin is crypto fiat currency, backed by nothing. In fact, one of the “fixes” being discussed by the Bitcoin community right now would result in lifting the limit of 21 million Bitcoins, allowing potentially unlimited future Bitcoins to flood the marketplace, thereby devaluing presently-held Bitcoins. Quantitative easing, it seems, isn’t just for central banks…

I’ve explained all this in more detail in my studio video, below, recorded on June 7th, 2017, long before the Bitcoin market began to really crumble. For the record, I support the idea of decentralized crypto currency and rendering corrupt central banks obsolete. However, Bitcoin is so far lost into the depths of greed and hucksterism that I can’t stay silent on this issue. I especially don’t want the millions of readers and fans who follow my work to be harmed by the Bitcoin collapse, which is why I began publicly warning people about all this a couple of months ago:

  • medicis

    I thought about investing in bitcoin …. based mainly upon clif high’s rec. But am glad I decided not to do so. Gold and silver at least put something in my hand that has intrinsic value. So, for better or for worse… I did silver …. which my budget allowed. No cripto crap for me. To hell with the US crypto dollar…as well.

    • Edward

      Regrettably for so many, Clif is another bullshit artist who prays on the gullible and makes money off of them. He should have gone to law school.

  • TheJokool .

    Bitcoin adds a little colour to our grey in grey lives….A little chance, a sliver of hope, to escape the BS that washes over us daily…..and its not going away……So chill

    • Edward

      I commiserate and I understand but I have this strange gut feeling that it is going to tank.

  • gmatch

    There are only a few place on Earth where one could use the crypto-currency in the real World and this is just a gag of for fun.

  • Aidan Brexit

    You said the same thing a month ago and it rebounded to record highs. It’s had a 33% retracement (bullish) and is still up 100% from last year. Use more vagisil chicken little.

  • Randy Conn

    Bitcoin is backed by the electricity invested to create its accounting structure.

    • richardwicks

      It’s based on the fact that very few people bother to understand how block chains work.

      I can PERSONALLY destroy any cryptocurrency by simply releasing a virus. But nobody listens to anybody that knows how it works, so who cares?

      • Zaphod Braden

        Anything that can be coded, can be hacked.

      • Aidan Brexit

        It would be front page news IF you could. Of course, you can’t, but makes for good phony thesis on your part.

        • richardwicks

          It would be front page news IF you could.

          Oh, of course it would be!!!

          You see, a 7 year old child (as reported by US “media”) by the name of Bana al-Abed was in Aleppo last year when it was being bombed to rubble. Although the entire city was basically leveled, her Internet connection still worked fine as she spouted anti-Assad propaganda on Twitter EVERY DAY.

          Oh, and let’s not forget that Assad is a REALLY BAD MAN, who for some reason keeps using chemical weapons to kill civilians, including women and children, because this is the only weapon he could possibly use to guarantee the US will bomb Syria. And despite how blood thirsty (and stupid) he is, he didn’t bother to kill that little shit. I wonder why? In fact, he never bothered to use chemical weapons against the “moderate rebels”, that are trying to kill him, ONLY his civilian population. How odd…

          Oh, and let’s not forget Gaddafi was a VERY BAD MAN, who (according to US media) was using Viagra to rape his own women and that the United States HAD to do something (for humanitarian reasons of course), so they bombed Libya, and now it’s in a state of civil war ever since. Good humanitarian intervention there.

          Hey, Obama bombed 7 nations over the course of 8 years. Can you name any besides Libya, Syria, Afghanistan, and Iraq? Surely you’re told why.

          Find those weapons of mass destruction in Iraq yet? Well then, you must surely know who is responsible for that “mistake” – right?

          You think reporters do any reporting. They’re propagandists. The truth is, people are just fed up with you sheep. These people lead you to slaughter, so… bye bye, good luck, you know best.

          Of course, you can’t, but makes for good phony thesis on your part.

          I’m not going to even bother to explain how the blockchain depends on the network, as a whole, being trusted. MtGox is your biggest authenticator, you know, Magic the Gathering Online eXchange?

          I’ll give you, you useless twat, a hint. Look up the number 51 in relation to bitcoin. This has been repeatedly explained, and it’s absolutely useless to do. I’m putting in no more effort. A few weeks ago we had a world wide attack of ransomware, instead, they should re-direct their effort to become the overall network. It’s trivial to do with the tools our idiot CIA released in Vault 7.

          There’s just no financial incentive to do this, because it won’t make any money, it will just make bitcoin useless. All block chain algorithms have this problem.

    • Zaphod Braden

      No, because the electricity no longer exists.

  • SpeedersKill

    Bitcoin is a banker scam. They tell us it’s not gold and it’s not fiat but — it is fiat. All the limitations on how many bitcoins can exist can be changed overnight. OTOH to get more gold you have to physically mine it.

  • Aidan Brexit

    Now over $2600 4 days later. Chicken little
    Strong uptrend