Bitcoin prices fell from a high of $1,240 to a low of $870 this morning. This is according to data from Bitcoin exchange Mt. Gox.
That $370 drop can by characterized as a 30% crash.
Earlier today, the People's Bank of China warned that the controversial electronic currency carried risk. It also instructed financial institutions not to trade it.
"Is this a bubble in Bitcoin?" asked former Federal Reserve Chairman Alan Greenspan Wednesday on Bloomberg. "Yeah it's a bubble."
"This is worse than the tulip mania," said Nout Wellink, former president of the Dutch Central Bank. "At least then you got a tulip [at the end], now you get nothing."
Bitcoin has bounced back a bit and it's currently straddling the $1,000 level, which means it's down by around 20% from its high.
Here's a look at the chart from Clark Moody.
Most of the drop is over with. Gold cannot go much lower, if it does, mining operations would shut down because it wouldn't be worth it to keep the machines running to mine
General Robert E. Lee Surrenders
In 1865, a few days after General Robert E. Lee surrendered to the Union forces, all the Confederacy's gold was shipped to Florida enroute to the Bahamas.
Jefferson Davis Led The Exodus
President Jefferson Davis fled with what remained of the Confederate Treasury. Some sources say that the money was on route back to Virginia; others say that it was to be shipped to France by way of Savannah.
Five Wagons Filled With Gold
The gold was loaded onto five wagons on the morning of May 24, 1865. They made it as far as the Chennault Plantation where they were attacked by armed raiders. The gold disappeared.
Judah P Benjamin Stole The Gold
Benjamin was born a British subject in Saint Thomas, but the family fled after a swindle. In 1824, he attended Fayetteville Academy in North Carolina, and at the age of fourteen he entered Yale Law School. In 1832 he moved to New Orleans, Louisiana, where he married into a rich family and became a slave owner, and established a sugar plantation in Belle Chasse, Louisiana. Plantation.
Confederate President Davis appointed Benjamin to be the first Attorney General of the Confederacy on February 25, 1861, remarking later that he chose him because he "had a very high reputation as a lawyer, and my acquaintance with him in the Senate had impressed me with the lucidity of his intellect, his systematic habits, and capacity for labor." Benjamin has been often referred to as "the Brains of the Confederacy."
After Robert E. Lee's surrender, Judah P. Benjamin fled south with Jefferson Davis.
Benjamin Flees To London
In 1866, he was found in London, a attorney employed by the Rothschilds. He died on May 6, 1884, and was interred at Père Lachaise cemetery.
Logic Says Who Did It
The Zionists started the Civil War, they were the War Profiteers, and when the South was wrecked they slithered in as the Carpetbaggers. The gold was taken south to Florida where Benjamin Judah was going to take it to the Bahamas. But somehow 'Bandits' learned of the route and robbed poor Benjamin.
Now they say...it may be a decent entry point, but hint not to buy it because it is going down.....
They don't really want you buying it now, but just to wait more so you can get a better deal.
Sounds like the Iran deal will fall apart. Pushing the gold back up into the $1500 range. There is too much speculation in Iran now to be pushing the metal down so rapidly at this moment.
There are men who want trouble and higher gold profits. There are men who control corporations who want gold to lower and prosperity to take over. People are sick of the doom and gloom. Except that is the puppet masters specialty.
Something makes sense, but only the puppet masters know exactly what.
I can only imagine.
The price of gold goes up...then sell your gold.
It goes down.....hurry up and sell your gold.
The Rothschild banking cartel is the supreme controller of the gold price, and they are in collusion with the federal reserve. The game is rigged. With the national debt incomprehensibly high, gold should be $2500 per ounce right now. The fed is printing money like crazy. Logic is right out of the window. Nothing makes sense.
I wonder who the conglomerates are?
One day there is a report..." Gold & Silver Plunge", and then the next day "The short-covering rally".
How many hands are there I wonder?
Gold transfers from the weak hand to the strong hand. Then back and forth again. One hand is large and one hand is small. The large hard puts it out there and wants, while the little hand holds onto it. The hook nose says: I want it, and I wont pay a penny more". The little hand says "these are the terms, I won't take a penny less". And these is what people believe makes them so smart?
We know who controls the gold. We know what is going on over there. We know how they are. It is by the will of his choice, of course.
If you can't beat them then join them.
shut your trap PM GURU. the gold shares trade in fiat money. moron! the dollar is not going to $0. you peter schiff reading moron! the miners will go up but not for the reasons u think.