The UsuryFree Eye Opener

The UsuryFree Eye Opener is the electronic arm of the UsuryFree Network. It seeks active usuryfree creatives to help advance our mission of creating a usuryfree lifestyle for everyone on this planet. Our motto is 'peace and plenty before 2020.' The UsuryFree Eye Opener publishes not only articles related to the problems associated with our orthodox, usury-based 1/(s-i) system but also to the solutions as offered by active usuryfree creatives - and much more for your re-education.

Friday, March 29, 2013

Bitcoin, Blessing or a Trap?

By Anthony Migchels

Bitcoin now stands at $89. It’s the most ridiculous bubble in ages and its bust will be legendary.
Not an extensive analysis this time, just calling the now obvious: Bitcoin is trouble.
Bitcoin was at a mere $6 only 15 months ago and traded at $30 last month. Combined value of outstanding Bitcoins is now almost $1 billion.
As we have analyzed Bitcoin was designed to be deflationary. As a result it suffers from a rising exchange rate, making people hoard it instead of using it for what money was designed to do: exchange goods and services. As it stands now, Bitcoin is just another completely bogus speculative item.
The whole thing is ridiculous, of course: people are paying $89 for just bits and bytes and it is basically no different than speculating with cyberland and ‘avatars’ in on-line computer games. Hardly any serious goods or services can be bought with Bitcoin.

Once reality sinks in, people are going to suffer, not only because of their losses but also because of the dream. And there is a far greater issue here: Bitcoin’s failure will provide regulators with the ideal excuse to clamp down on free market units. The whole thing is starting to look so blatant, it’s probably not unfair to suggest this is just another problem-reaction-solution operation. Considering its shady designer, CIA involvement, recent news that the Government is already looking to get it under control and what is at stake, Bitcoin has become a major liability to free market monetary reform.

NOTE: This article is originally published at this website:

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