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March 16, 2018 - Health Ranger - Mike Adams
12:03
Why Bitcoin SCARCITY is an elaborate LIE
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Mike Adams.
You know, it's like 700,000 people have been killed by SSRI drugs alone since the year 2000.
It's unreal.
The Health Ranger Report.
The drug industry has declared war on humanity, and the prostitutes in Washington are just going right along with it.
They don't give a damn.
It's time for the Health Ranger Report.
And now, from NaturalNews.com, here's Mike Adams.
Although I was an early advocate of Bitcoin and I remain an advocate of the cryptocurrency concept in general, everything that we were promised about Bitcoin has turned out to be false.
And in fact, Bitcoin has become a sleazy con and a Ponzi scheme.
And today I'm going to explain one big reason why that's the case, an irrefutable rational logic that no one can argue with unless, of course, they're lying to you, which some people will do.
But it's very simple.
You know the claim where they say Bitcoin has built-in mathematical scarcity?
And this is what makes it real money.
Oh my god, it's got scarcity, so it must be real money.
This is what we're told.
It's complete BS. Number one, well, I'm going to give you two big reasons why.
And when you understand this, you're going to go, oh my god, that's so true.
There is no scarcity, really, in Bitcoin.
The first thing is, Anybody can create another cryptocurrency.
So there's really no scarcity because Bitcoin has nothing special against currency X or currency Y or currency Z. And there actually is a currency Z. It's called Zcash.
And there's Ethereum.
And did you know there are almost a thousand other cryptocurrencies in existence right now?
Almost a thousand.
So what does Bitcoin have that's special?
Well, the only thing Bitcoin has is that it was first...
But it's not any better.
And it doesn't have scarcity when anybody can come along and create another cryptocurrency at any time.
And in fact, nations or banks like J.P. Morgan could create their own cryptocurrency.
They might even back it by something.
There could be a gold-backed cryptocurrency, for example, which would immediately be better than Bitcoin.
Zcash has zero knowledge, which means it's more private, more anonymous, already technically better than Bitcoin.
Ethereum has the ability to run simple programs on the mining systems that help verify the integrity of the blockchain, instantly making Ethereum more intelligent.
In fact, it's called smart contracts.
That can run on that system, so it's more intelligent than Bitcoin, which is really just a shared ledger, like a public spreadsheet.
That's really all Bitcoin is.
There's nothing that amazing about the blockchain when it's just a shared spreadsheet.
People talk about the blockchain like it's some kind of miraculous magic wand that can make everything instantly valuable.
It's not true at all.
I mean, blockchain has its uses.
It's good for verifying that things have happened at a certain time and something else did not happen before that time.
It's good for things like logistics or inventory control or fraud prevention, for example, or identity control.
But it doesn't instantly make everything in the world work better.
So that's one reason why Bitcoin does not have the scarcity that you've been told it has.
Anybody can create another coin at any moment, and in fact, on any given day, somebody is creating another coin that's as good or better than Bitcoin.
Now, secondly, we're told that Bitcoin's scarcity is mathematically guaranteed, that it's limited in the number of coins by the laws of mathematics.
And yet...
We just had a hard fork in Bitcoin on August 1st, 2017, which means that a big part of the Bitcoin community all agreed to change the algorithm.
They changed the software, which means that it's not mathematically limited.
It's not limited by laws of the universe in the way that gold, for example, is limited because of its physical scarcity and difficulty in mining it out of the ground.
You can't create more gold out of thin air.
But the Bitcoin community can create more Bitcoin.
They can raise the Bitcoin coin limit, which was supposed to be 21 million but might go higher in the future.
They can change the software as they just did.
In fact, they can fork it off and change the blockchain.
Now we have Bitcoin Cash versus Classic Bitcoin or BTC. So you have two different Bitcoins now.
Which proves that it's not a good store of value.
And it also proves that the scarcity is not guaranteed.
They could create more Bitcoin at any time.
They just proved it with the hard fork.
So these are two big reasons why any person who has any intelligence at all should realize that Bitcoin...
It's not guaranteed to have scarcity.
And in fact, its scarcity is really just a selling point that doesn't hold up to real scrutiny.
And this is why Bitcoin, I think, is largely a technology fad in the same way that the dot-com boom was another tech fad and everybody thought they were going to get rich off the dot-com stocks.
And then they all got screwed big time when the whole thing cratered.
Why?
Because the valuations were insanely high and based on nothing real.
That's true in, you know, 1997, 98, 99, the dot-com stocks, just as is true today in Bitcoin.
Bitcoin doesn't do anything real.
It doesn't have any real assets.
It doesn't create anything.
It doesn't innovate anything out of the Bitcoin blockchain.
What it does, which has some utility, I admit, is it allows you to transfer the temporary perception of value from one place to another, but it's not free.
The average Bitcoin transaction is costing around $20 right now per transaction.
And it's not instant.
It's getting slower and slower because of the blockchain and the amount of volume that's going through a very narrow pipeline of mining confirmation.
And it can disappear at any time because of the volatility of Bitcoin.
So you can have markets can crash 50% in one day.
Or they could rise 20 or 30% in one day.
And we've seen this happen in the history of Bitcoin.
So if you have Bitcoin, you don't know if you're going to have the same amount of Bitcoin two hours later, or two days later, or two months later, and certainly not two decades later.
But if you have gold, it's still gold two decades later.
In fact, it's still gold two million years later.
Will Bitcoin be around in two million years?
Of course not.
Will gold be around in 2 million years?
Absolutely.
Because it's an element of the cosmos.
It's part of the table of elements.
AU. Look it up.
Just go to webelements.com and you'll find gold right there on the table of elements.
You don't find Bitcoin on the table of elements.
Why?
Because it's not real.
It's a fictional construct.
It's a money-making scam at this point.
And because it is, it's going to crater hard.
And, you know, a lot of people fooled themselves into thinking, ah, it's a revolution, man.
It's going to change everything.
It's almost like pretty soon people are going to say, oh, Bitcoin's going to put airlines out of business.
And you say, how's that?
And they'll say, well, you can just, like, upload yourself to the blockchain, man, and then you transfer yourself to your destination city, and then you download yourself from the blockchain, and there you are.
Like, all the airlines are going to go out of business, man.
I mean, that's the kind of nonsense that we're hearing from Bitcoin.
He's going to make everything obsolete.
No, it isn't.
It doesn't even do anything.
Bitcoin is going to make nothing obsolete except Bitcoin.
Nothing is going to be obsolete due to Bitcoin.
Bitcoin is a game.
It's like a massively multiplayer online role-playing game where people have gold coins and some of them sell their gold coins on eBay in exchange for actual money in the real world.
Or actual fiat currency, which is sort of the one-step remove from actual money.
But you get my point.
People buy and sell gold on World of Warcraft or whatever.
Whatever they're playing.
Afterlife.
I don't know what the games are these days.
But that's what Bitcoin is.
It's like a big online game.
Yeah, you can buy and sell virtual coins in your online game.
But that online game doesn't do anything in the real world.
Just because people will accept Bitcoin doesn't mean that much when all they do is turn around and sell the Bitcoin for something else that's more real because nobody wants to hold Bitcoin if you're a merchant.
Too much risk.
Because you could lose it.
It doesn't have staying power.
Merchants are freaking out.
That's why most merchants don't accept Bitcoin.
And the few that do try to sell it as quickly as possible.
So there's some truth about Bitcoin you won't hear from the Bitcoin cult that has become so incredibly deceptive and dishonest that they're just trying to insnare.
More people into the Bitcoin scam so they can make more money.
Ultimately, just by selling Bitcoin.
In other words, they need you to buy it so they can sell it.
Think about that.
They need you to keep buying it so they can sell it.
And remember, Bitcoin isn't real until you sell it.
It doesn't mean anything until you sell it.
If you just have a big Bitcoin wallet and you've got, I don't know, 100 coins in there, it's not even real until you sell the Bitcoin.
Because you can't buy a car with Bitcoin.
You can't buy a house with Bitcoin.
You can't really buy things that are real in most cases with Bitcoin.
Although I admit that that is changing somewhat.
There are some smaller merchants that will accept Bitcoin.
But again, all they do is turn around and sell it as quickly as possible.
And even if you could find someplace to buy a car with Bitcoin, same deal.
They would take your Bitcoin and then sell it for dollars or whatever as quickly as possible because no one wants to hold currency.
As a merchant, there's too much risk.
Hope it all makes sense.
Be careful out there, folks.
Be careful.
It's a lot of hype.
A lot of deception, and a lot of people are going to get burned by Bitcoin.
I don't want you to be one of them.
Read my website, bitraped.com, or go to bitcoincrash.news.
And long-term, I think cryptocurrency is a really cool invention, and it has a place in our world.
But Bitcoin isn't the one that's going to be the winner.
It's going to be something else, something more advanced, frankly.
And something, hopefully, with less volatility.
That's what we need, is stability.
Not pie-in-the-sky Ponzi schemes where everybody thinks they're getting rich overnight and claims that anybody who doesn't agree with them doesn't understand the blockchain.
Really?
Maybe you don't know enough about the history of bubbles.
Maybe you're not old enough to have lived through the dot-com crash or the Black Monday crash.
Maybe you are the one who doesn't know what you're doing and you're just kidding yourself into thinking that you've stumbled onto something revolutionary that's going to change everything, but it's just a fad.
Yeah, if that doesn't sound familiar to you, go back and read the history of the dot-com boom and crash, which I publicly and repeatedly predicted years before it happened.
And yet, people lost everything.
They didn't listen, and they thought they were going to retire like kings and queens, and now they're working as readers at Walmart because their investment funds got wiped out by the dot-com crash.
It's true.
It's true.
Be careful, folks.
Take care.
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