Re: Bitcoin-Part 2

Kindergarten teachers in Japan now convinced that Bitcoin is a magical, rainbow-powered unicorn for earning money without effort

Of course, noob Bitcoin speculators in Japan and Korea don’t understand any of this, so they don’t comprehend the risk they are undertaking when they trade in their retirement funds for virtual currencies. “…[B]itcoin is going mainstream in Asia, attracting Mrs Watanabe – the metaphorical Japanese housewife investor – South Korean retirees and thousands of others trying to escape rock-bottom savings rates by investing in the cryptocurrency,” reports Reuters. “Asia’s moms and pops, already regular investors in stock and futures markets, have been dazzled by bitcoin’s 100 percent surge so far this year.”

Reuters covers the Bitcoin mania as follows:

“After I first heard about the bitcoin scheme, I was so excited I couldn’t sleep. It’s like buying a dream,” said Mutsuko Higo, a 55-year-old Japanese social insurance and labor consultant who bought around 200,000 yen ($1800) worth of bitcoin in March to supplement her retirement savings.

“Everyone says we can’t rely on Japanese pensions anymore,” she said. “This worries me, so I started bitcoins.”

“Right now, it’s a form of speculation, like stocks,” said Park Hyo-jin, a 27-year-old South Korean who owns around 3 million won ($2,700) of bitcoin. “I don’t think anybody in South Korea buys bitcoin to use it.”

Rachel Poole, a Hong Kong-based kindergarten teacher, said she read about bitcoin in the press, and bought five bitcoins in March for around HK$40,000 ($5,100) after studying blogs on the topic. She kept four as an investment and has made HK$12,000 tax-free trading the fifth after classes.

“I wish I’d done it earlier,” she said.

Yep, kindergarten teachers are now buying Bitcoins and thinking they should have bought in earlier. If this isn’t a sure sign of a “mania” bubble in the process of heading toward a catastrophic collapse, then nothing is. The Bitcoin mania has even spawned multi-level marketing “pyramid” schemes across Asia, where Bitcoins are the “reward” for recruiting others to blindly buy into the system:

The bitcoin frenzy has spawned scams, with police in South Korea last month uncovering a $55 million cryptocurrency pyramid scheme that sucked in thousands of homemakers, workers and self-employed businessmen seduced by slick marketing and promises of wealth.

Seminars in Tokyo, Seoul and Hong Kong promote similar multi-level marketing schemes that require investors to pay an upfront membership fee of as much as $9,000. Members are encouraged to promote the cryptocurrency and bring in new members in return for some bitcoins and other benefits.

The funny thing about all Ponzi schemes, however, is that they all end in catastrophe. It’s just a matter of how many fools can be suckered into the scheme before it reaches a point of unsustainable irrational exhuberance, after which the collapse is almost instantaneous.

I hope I don’t have to be the one to tell Mrs. Watanabe that she’s going to lose everything when Bitcoin mania comes to its inevitable end. When the vast majority of new suckers entering the Ponzi scheme are total noobs, you know the mania bubble is approaching its inevitable collapse.

Bottom line? Don’t get caught holding Bitcoins when the music

stops. http://www.naturalnews.com/2017-06-05-bitcoin-end-game-japanese-korean-kindergarten-teachers-magical-source-endless-wealth.html