And yes, I am aware of all the ‘fundamental’ reasons for Bitcoin’s rise. I have read them all. Everything from the USD losing 99% of its value against Bitcoin in a hyper-inflationary crash, to this being the future world currency. Yes, yes, just as Pets.com was going to dominate all of commerce.
If you are not familiar, here is how a good penny stock pump and dump works.
Step #1: Identify a worthless target selling for a few pennies: Bitcoin
Step #2: Take a sizable position.I present to you……
- Bitcoin Has A “Whale” Problem: 1,000 Investors Control Nearly Half The Market
- Bitcoin shorts face massive losses if Winklevoss’s call hits the mark.
Step #3: Pump it up in any way you can. The more coverage the underlying asset gets the better. Message boards, email lists, newspapers, TV, etc….. Make up crazy, but reasonable stories. Better yet, create positive feeder loops. The higher the price goes to more legitimate everything sounds. I wonder how many of the “whales” above are working together.
Step #4: If done properly or with any luck, watch the price of your underlying asset skyrocket.
Step #5: Dump your stake on unsuspecting FOOLS
Step #6: Watch the underlying asset collapse back to its original price or worse.
Now, I will let you decide where Bitcoin is today, but it should’t take a genius to figure it out. As the saying goes…..
If you have been in a poker game for a while, and you still don’t know who the patsy is, you’re the patsy.
If you would like to find out exactly what happens next based on our Timing and Mathematical work, please Click Here.