It's highly appropriate that on the anniversary week of the 2008 Madoff Moment, that this dumbfuck society now places its full faith and credit in Ponzi schemes. The all-knowing Idiocracy strikes again. The society that knows everything by knowing nothing.
Who wants leveraged Ponzi?
Herein lies the problem for BitCon, and the johnny-come-latelys throwing their life savings down the shit hole:
Almost ALL of the % percentage gains from Bitcoin took place in the period prior to this latest melt-up. Whereas 2/3rds of the market cap gains took place in the last four weeks.
A true Ponzi scheme visualized:
A true Ponzi scheme visualized:
Now let's say for the sake of argument that BitCon doesn't go to infinity, but instead retests the 50 day for the sixth time this year. That would imply a -50% retracement and wipe out ~$165 billion in market cap. Meaning that all of the people who just put their life savings into BitCon would be wiped out.
And suffice to say the 15x leveraged margin calls would begin much sooner than that "routine" level of retracement.
It looks as though the margin calls in Japan could begin sooner than expected...
The land of the setting sun has proven that it's an old age Idiocracy making the same dumbfuck mistakes over and over again.
And now we're following their lead.
