Bitcoin “Plunges” Yet Again

Whoever (or whatever) it is that keeps up the pretense that bitcoin is worth something is apparently losing its fortitude:

I would normally call this a “plunge” in the value of bitcoin, but as near as I can tell the value of bitcoin is entirely artificial to begin with. However, it must cost something to keep the hoax going, and the funders behind this are apparently either getting tired or else running out of money or something.

Alternatively, there’s money to be made from intermittent panic selloffs, so they engineer one every few months. Beats me. All I know is that I can’t think of any bitcoin “millionaires” who have bought a yacht yet.


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It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

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It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

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Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

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