Thursday December 21, 2017
Total BTC mined: 0.41505692
Total BTC mined USD: $6539.64 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $0.00
The pullback continues as every major cryptocurrency is down and with momentum seemingly shifting to smaller altcoins, it looks like more profit taking is on the horizon as investors look to cash out altogether or invest in another penny currency hoping that John McAfee or some other form of human trash will pump it to the moon for a quick double up.
I’m calling out McAfee in particular because he is the epitome of everything wrong with cryptocurrency. Earlier this morning he tweeted out reasons to buy Electroneum, an alt coin that I had never heard of and is only available on one exchange. Of course you know where this story goes, the price jumps 41% in a day with predictable waves of profit taking in hourly increments.
This is everything wrong with cryptocurrency, it’s become a popularity contest where rumors, influencers and herd mentality can take a worthless product with no adoption or technological value and suddenly turn it into a $100 million asset in a matter of minutes. I was trying to think of ways to compare it to the Apple rumor mill where a positive or negative story can add or subtract hundreds of millions in market value but this is entirely different.
Whereas a rumor of a new phone or leaked photo of an experimental project could move a stock 3-5 points, cryptocurrency rumors can move assets 100-300 points with the difference being there is no underlying value whereas at least Apple has 500 stores, 120,000+ employees and a net income for $48 billion. We the cryptocurrency community, by design, are the only ones that can fix this mess and unless something is done, the dilution of currency and rampant market manipulation will destroy everything that has been gained.
This is the zero hour.
Today’s picture comes to us from Carol Von Canon