{"id":333555,"date":"2017-11-04T18:03:28","date_gmt":"2017-11-04T17:03:28","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/burt-blumert-on-bitcoin-lewrockwell\/"},"modified":"2017-11-04T18:03:28","modified_gmt":"2017-11-04T17:03:28","slug":"burt-blumert-on-bitcoin-lewrockwell","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/burt-blumert-on-bitcoin-lewrockwell\/","title":{"rendered":"Burt Blumert on Bitcoin &#8211; LewRockwell"},"content":{"rendered":"<div>\n\t\t\t\t\t\t\t                            \t<!-- S3 Cache --><!-- S3:S3:Original -->\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>The sage Burt Blumert once<a href=\"https:\/\/archive.lewrockwell.com\/blumert\/blumert81.html\"> wrote<\/a> about chartists,<\/p>\n<blockquote>\n<p><em>I\u2019m talking about those arrogant snobs who promote the belief that the future performance of markets can be predicted from analyzing yesterday\u2019s lines and dots on a page.<\/em><\/p>\n<p><em>This group is deadly dangerous: They leave empty bank accounts and broken spirits in their wake.<\/em><\/p>\n<p><em>Look, if there are customers willing to pay the Gypsy lady to read tea leaves, that\u2019s OK with me. After all, she entertains her clients \u2014 but never presents herself as possessed with a body of scientific knowledge.<\/em><\/p>\n<p><em>Even the Voodoo Priest who predicts the future by reading animal entrails, never confuses the source of his dark knowledge with human reason.<\/em><\/p>\n<p><em>Of all the mystics, only the Chartist pretends a rational basis for his gobbledygook. The Chartist further elevates his status by including himself in a larger, even more virulent group that label themselves as \u201cmarket-technicians.\u201d<\/em><\/p>\n<\/blockquote>\n<p><em><strong><a href=\"http:\/\/www.cmi-gold-silver.com\/blog\/buy-old-us-gold-coins\/?utm_source=LRC_Text_Ad&amp;utm_campaign=buy_old_us_coins\">Time to buy old US gold coins<\/a><\/strong><\/em><\/p>\n<p>With crypto-favorite Bitcoin now trading at $7,317.44 as I write, and Main Street along with Wall Street suddenly interested, the technical analysts are judging the price action, rather than just the cryptocurrency evangelists who say, as a friend summarizes: \u201cBitcoin is gold-squared. Bitcoin is good. Trade bitcoin, Use bitcoin. Liberate the world. Money doesn\u2019t matter\u2013freedom does. Bitcoin will make us all rich. But especially you.\u201d<\/p>\n<p>Omkar Godbole explains on<a href=\"https:\/\/www.coindesk.com\/bitcoin-price-first-signs-of-a-tired-bull\/\"> Coindesk.com<\/a>,<\/p>\n<blockquote>\n<p><em>After the cryptocurrency printed a fresh record high of $7,454.05 on Coindesk\u2019s Bitcoin Price Index (<\/em><a href=\"https:\/\/www.coindesk.com\/price\/\"><em>BPI<\/em><\/a><em>) earlier today, BTC has failed twice to hold above $7,400 mark.<\/em><\/p>\n<p><em>The price action, when viewed on the technical chart, shows a \u201ctextbook\u201d bull market exhaustion pattern \u2013 the first legitimate sign of a tired market after&#8230;<\/em><\/p>\n<\/blockquote>\n<\/div>\n<p><a href=\"https:\/\/www.lewrockwell.com\/2017\/11\/doug-french\/burt-blumert-on-bitcoin-maybe\/\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sage Burt Blumert once wrote about chartists, I\u2019m talking about those arrogant snobs who promote the belief that the future performance of markets can be predicted from analyzing yesterday\u2019s lines and dots on a page. This group is deadly dangerous: They leave empty bank accounts and broken spirits in their wake. Look, if there [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-333555","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/333555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=333555"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/333555\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=333555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=333555"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=333555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}