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March 15, 2018 - Health Ranger - Mike Adams
12:35
Bitcoin enters PONZI scheme stage
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Mike Adams.
The pharmaceutical industry as it exists today is a giant fraudulent racket.
It's a joke.
The Health Ranger Report.
It's not based on real science.
They don't help people.
They make people sick.
It's time for the Health Ranger Report.
And now from naturalnews.com, here's Mike Adams.
Well, Bitcoin has entered the Ponzi scheme stage.
It's a pump and dump scam at this point.
And I know this because a lot of the top Bitcoin hustlers are now attacking me personally for my commentary.
It's all based in rationality and reason and mathematical analysis.
And by the way, for the record, for everybody who's listening to this, I make nothing if Bitcoin goes down.
And yet the people attacking me, they have a conflict of interest.
They make money if Bitcoin keeps going up because obviously the more people they get to buy in, the higher their current Bitcoins become in terms of value, which they will eventually try to sell off to other people.
I'm not in Bitcoin except for a very tiny amount.
I think I own.35 Bitcoins at the moment.
I have a solar Bitcoin mining farm in Arizona.
It generates some Bitcoinage and every time I get enough to buy another ounce of gold, I just sell the Bitcoin and buy gold.
So I've been using sunlight to generate gold.
And, of course, gold doesn't disappear when people come to their senses, but Bitcoin will.
Bitcoin can vanish instantly.
Bitcoin can vanish in a nuclear war, in a grid-down scenario, a solar flare, an EMP. Bitcoin is not real.
Gold is real.
Gold is an element.
You can't destroy the element of gold.
So no matter what happens in the world, gold will always be there, which is why gold is the real store of wealth and other precious metals like silver.
And Bitcoin is not a store of wealth.
And those who are describing it as a store of wealth are really not well informed.
It's not a store of wealth.
Bitcoin can best be described as a computational hologram.
It appears to be real because of the holographic nature of the distributed peer-to-peer blockchain, which is a ledger, a distributed ledger system.
And the peer-to-peer structure of Bitcoin is really cool, and the blockchain is also really cool.
There are many things about Bitcoin that I've always said are fantastic innovations.
I love a decentralized cryptocurrency.
We know that the central banks are total fraud operations, and printing money is stealing money, essentially, from everybody else.
Bitcoin has now entered the hustler stage, the casino, the con artist, Ponzi scheme stage, because people are pushing around all these numbers, throwing them around that claim Bitcoin is going to go to a million dollars a coin.
I mean, I predicted, yeah, it's possible that Bitcoin could go to $10,000 a coin, just depending on how long this delusion lasts.
It might even rise higher than $10,000 a coin.
But it could also crash tomorrow by 50%, as it has done many times in the past.
So, Bitcoin is highly volatile.
And yet, the promoters of Bitcoin are saying that it's going to go to millions of dollars per coin.
I've seen estimates as high as $2 or $3 million a coin.
And one article I recently cited said that Bitcoin is not in a bubble because it hasn't yet reached the entire market capitalization of the United States of America.
So obviously that doesn't make any sense, but that's the logic that people are using to try to defend Bitcoin.
And the reason I know Bitcoin is so fragile is because I'm being attacked so maliciously by some of its promoters.
If Bitcoin were really solid, you wouldn't need to try to shut down criticism.
If Bitcoin were such a rock-solid idea that couldn't be swept off its current pedestal, then...
Why spend so much time attacking people who say Bitcoin is overvalued?
The answer is because Bitcoin is very fragile.
And all it takes is one little glimpse of reality from people to start a sell-off.
If just 1-2% of people start selling their Bitcoins, the whole thing crashes.
I've seen...
I've done the math analysis on that.
Small volumes of Bitcoin...
Remember, there are currently 16.4 million Bitcoins in circulation.
A very small sell-off of...
A lot less than 1%, like 0.01%, can cause major, major price moves on the downside in the marketplace.
So if just a few of the big Bitcoin holders decide to unload large amounts of Bitcoin, it's going to crash it.
And what's happening right now is that people in Asia are buying in, the housewives of Japanese businessmen, for example, It's kind of a classic Mrs.
Watanabe story.
She's buying into Bitcoin, thinking it's going to be her retirement fund, thinking she's going to make a bunch of money.
Same thing's happening in Korea, where they have these network marketing schemes where you've got to pay people money to buy in.
It's like a pyramid scheme.
You get some Bitcoin, and then you get a little bit of a Bitcoin override on your downline.
And so Bitcoin has become literally a pyramid scheme.
In Asia, places like Hong Kong and Korea.
The problem is, you know, like right now, the early adopters in the United States and Europe are selling their Bitcoins to the noobs coming in in Asia.
But who are the Asians going to sell their Bitcoins to?
You see, this is the problem with Ponzi schemes.
Eventually, you run out of new suckers to buy into the system.
And so it collapses, and most people lose almost everything.
And that's what's going to happen with Bitcoin as well.
Because there's not an endless, infinite supply of people to keep buying into Bitcoin.
And once the new people coming in stops, the whole thing craters.
And that day is coming.
We don't know when it is, but it's coming.
You know, the other thing is that people don't understand that Bitcoin doesn't have any real assets.
Bitcoin isn't a company.
It doesn't make a product.
It doesn't sell anything.
Bitcoin has no revenues.
It doesn't have earnings or a PE ratio.
Bitcoin doesn't own any factories or distribution centers.
It doesn't have any employees.
It doesn't own any patents.
Bitcoin is nothing but a hologram.
It is a decentralized system of faith-based currency.
And like every faith-based currency, it will eventually come to an end.
And in the case of Bitcoin, that can happen literally overnight because other cryptocurrencies are far better in terms of a technical point of view.
You know, there's Litecoin and there's Zcash and there's Ethereum and there are a bunch of other cryptocurrencies and many of them are far better than Bitcoin.
For example, Bitcoin is not a zero-knowledge cryptocurrency.
So you can trace transactions through the Bitcoin blockchain.
It's not as private and secure as it has been said to be.
So you got to use like a Bitcoin washing system or you got to convert Bitcoins to Zcash and then back to Bitcoins and go through other things if you want to really eliminate the trackability of Bitcoin transactions.
A lot of people don't know that.
They assume all Bitcoins are completely anonymous and they aren't.
In fact, most of what people have been told about Bitcoin is a big fat lie.
They've been told that Bitcoin transactions are virtually free.
Well, no, they're not.
They're now running $23 on average to clear every Bitcoin transaction, which is called confirmations.
It's part of the transaction mining process.
So it's getting expensive to transfer Bitcoin, and that's only going to get worse as the transaction load increases on the blockchain ledger.
But the Bitcoin Ponzi scheme can only continue to exist as long as they can convince new people to join in.
And this is just like Bernie Madoff.
And you need to study the history of Bernie Madoff and the Madoff-Ponzi scheme and why that collapsed because the same exact thing is going to happen to Bitcoin.
As soon as they run out of new people, the price increase can no longer be sustained.
It settles, it plateaus, and then eventually it starts to fall as people go to some other more exciting cryptocurrency.
Believe me, if somebody introduces a gold-backed cryptocurrency, it's over for Bitcoin.
If China introduces a goldbacked cryptocurrency, it's over for Bitcoin.
Why?
Because everybody in Asia will dump Bitcoin and buy into the goldbacked cryptocurrency from China.
Russia could introduce a cryptocurrency backed by gold, for example, or somebody else.
There could be something else that comes along.
You see, Bitcoin is not that unique.
There's nothing that special about it.
There's so many options, and people can get out of Bitcoin and change their minds in an instant, although it's hard to sell sometimes, but they can change their minds and go to something else.
There can be a mass exodus from Bitcoin as people start talking about the next big thing.
And then Bitcoin will crash, and then most people will lose everything, and there'll be a bunch of new billionaires who jumped into the new currency at the leading edge.
And hey, for all I know, I might be one of those people because I will support cryptocurrency in the long run.
I am pro-cryptocurrency.
There might be another currency that I buy into at some point.
I'm not in anything right now, but if I see something that I think has long-term viability, then I might go ahead and pick up some of that coin.
But right now, Bitcoin is vastly overvalued, and the hucksters and the con artists who are pushing it are totally dishonest.
They're unethical people.
My only interest is in making sure that people don't get hurt.
That's it.
I don't make anything off Bitcoin crashing or falling.
That's not any kind of a play.
I wouldn't short Bitcoin because you could still lose a lot of money if it goes higher, and I can't second-guess people's psychology.
Because the faith is what's keeping it going, and faith could continue to go up for quite some time.
I'm not saying Bitcoin is definitely going to crash tomorrow.
I'm saying it's going to inevitably unravel.
We don't know when.
So betting on the downside is actually a very dangerous play right now, which is why I'm not doing it, and why I don't recommend anybody else do it.
I'm just saying steer clear of Bitcoin.
Don't buy in now.
But if you already own coins from a few years ago, you should think about selling them, in my opinion, and trading them for gold.
Get gold and then you don't have to worry about the volatility in the marketplace.
No matter what happens to Bitcoin, you still have your gold.
A lot of people are going to get hurt by this and what looks like it's going to unfold is that a lot of Asians are going to be the last people holding the bag when the music stops on this little game of Bitcoin musical chairs.
So a lot of Americans and Europeans will actually have done very well.
They will get out by selling to the Asians and the Asians are going to get totally screwed.
That's what it's looking like right now.
So, for more analysis, check out naturalnews.com.
I'm also launching a new site called bitraped.com, B-I-T-R-A-P-E-D.com, bitraped.com, which is going to document some of the crash and some of the harm and some of the lies and distortions that were going on in the Bitcoin mania as it starts to unfold.
So, you know, look, I'm pro-cryptocurrency, but I'm really saddened by the number of hucksters who are ruining the reputation of cryptocurrency by all of this just false and misleading and unethical promotion of Bitcoin.
Sadly, they're ruining the whole thing, and the mainstream media is going to just go at Bitcoin big time when all of this happens.
They're going to run stories about how many people were harmed and people committing suicide and people who lost their retirement funds and all of that.
That day is coming.
And when it comes, it's going to discredit all cryptocurrencies.
And frankly, it's these huckster promoters of Bitcoin who are to blame for pushing all of the mania that is leading people to these irrational investments that's going to end badly.
So my only incentive here is to protect the reputation of cryptocurrency in general and to protect people from getting harmed in this Ponzi scheme.
So thank you for listening.
My name is Mike Adams, the Health Ranger for naturalnews.com.
Learn more at healthrangerreport.com Support our films for humanity.
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