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March 16, 2018 - Health Ranger - Mike Adams
17:45
How Bitcoin went from liberty currency to SLEAZY CON
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Mike Adams.
Our citizens could be healthy for pennies a day.
Literally for pennies a day.
The Health Ranger Report.
It is easy to prevent disease.
The only reason that we don't tend to prevent disease in our society today is because there's no money in it.
It's time for the Health Ranger Report.
And now from naturalnews.com, here's Mike Adams.
Mike Adams.
Oh my God, the more I look at Bitcoin, the more I realize what a total scam and Ponzi scheme con system it has become.
And I'm saying that as someone who promoted the concept of cryptocurrency, and I still do.
I still think cryptocurrency has a lot of value, and I'll talk about that.
I also think the blockchain concept will become very common, but it won't need Bitcoin, nor will it involve Bitcoin.
And Bitcoin is going to crater, yet the pie-in-the-sky hucksters pushing Bitcoin have become just such sleaze artists trying to rope more people into this scam so they can sell off their coins and make more money.
It's really disgusting.
To watch that this was a creation of the liberty movement and now it's turned into a total scam.
Very disgusting to see.
As someone who is pro-liberty, I'm just...
This is why I've been warning about this.
Because I don't want people to get hurt by it.
But let me talk about why Bitcoin is such a total scam at this point.
It didn't start that way.
And I want to say on the record that Bitcoin is a genius invention.
Whoever came up with it or whatever group of people came up with it are absolute...
Brilliant geniuses, no question about it.
Cryptocurrencies have a place in the future, no question about that.
The decentralization aspects of it are really fantastic, but it also presents a very critical weakness that I'll talk about in a minute.
I just want to be on the record to let you know that, you know, I am pro-cryptocurrency.
I love the idea of a currency back in the hands of the people and decentralize and so on.
However, there are some things you absolutely need to know about this or you're going to get burned badly.
And my advice right now to most people is just steer clear.
Stay out of all cryptocurrencies until the big crash comes and a lot of crap gets weeded out.
Did you know there's almost a thousand cryptocurrencies now?
And did you know that almost all of them are going to go to zero?
It's incredible.
Yeah, everybody's creating a cryptocurrency thinking they're getting rich from doing nothing except creating another coin.
And there are very few coins that have an actual future.
Zcash might be one of them that does, by the way.
Ethereum mining is going away completely.
And Bitcoin is going to crater for lots of reasons that I'll mention here.
Now, I just completed an interview with Kevin Lawton.
His last name is spelled L-A-W-T-O-N. He lives in Austin, so I invited him out to the studio to actually do an in-person interview in my studio.
We spent a couple of hours going over some just astonishing details about Bitcoin.
He is a cryptocurrency analyst.
He's an open-source software developer.
He created for...
I should say he had a role in creating a lot of the cloud technology that's now used by other companies like Apple.
So he's been around a while.
He's about the same age as myself, by the way.
He and I sort of had a similar path in technology for some time.
But anyway, Kevin Lawton...
We did a great interview, and I really encourage you to check that out.
You can find it either on naturalnews.com, just search for Kevin Lawton, Health Ranger Interview Bitcoin, something like that.
Or you could probably find it on YouTube, Kevin Lawton, Health Ranger Bitcoin.
So look for it either place, but definitely watch that video.
We haven't actually released it at the time I'm recording this, but we will in a couple of days, and it'll be in two parts.
So look for part one and part two.
Anyway, some of the things that I learned from Kevin, who's a very informed person, and he's also like me.
He's pro-cryptocurrency, but he's very skeptical about Bitcoin itself.
In fact, he says it's nothing but speculation at this point.
A couple of things came out of this interview.
Number one, Bitcoin can only handle a very tiny number of transactions per second.
Now, any kind of Digital currency, in order for it to be widely adopted, would have to handle thousands of transactions per second.
Maybe tens of thousands, right?
To go global and to be widely adopted.
Do you know how many transactions per second Bitcoin can handle maximum?
The answer is not a thousand, not a hundred, not even ten.
It's seven currently.
According to what Kevin was describing.
Now, he says that that could be improved.
It could maybe double or triple or even quadruple if there were some heavy-duty software updates and changes to the Bitcoin system.
Yet every one of those changes is highly contentious.
And there's right now a Bitcoin civil war in the community.
People disagree about what should change and how it should change.
And the very fact that they can change it means that it's not a long-term store of wealth because they can change it.
It's like, if you have gold, nobody can change your gold.
They can't wave a magic wand and turn your gold into silver.
It doesn't work that way because gold is an element of the cosmos.
It's an element.
It's a basic element from the table of elements.
It's like copper, nickel, silver, uranium.
These are basic elements.
You can't transmute them unless you toss them into exploding stars.
Gold remains gold forever.
But Bitcoin can change.
And even if they change it, it will never have the capacity to be able to be widely adopted.
So this whole idea, you have all these people out there pushing Bitcoin, saying, oh, it's going to go to $500,000 a coin.
I think John McAfee said that recently, and he added that if it doesn't, in three years, he's going to, quote, eat his own dick on live television.
That's an actual quote from John McAfee.
That should be interesting.
I've never actually seen someone at a dick salad feast buffet, but maybe we'll see that in three years.
Nevertheless, in order for Bitcoin to go to $500,000 a coin, or some people say, oh, a million dollars a coin, whatever, blah, blah, blah.
They're just making it up, total crap.
In order for it to do that, it would have to be widely adopted by everybody, or not everybody, but a huge number of people, a huge percentage of the global population would have to be using Bitcoin.
All the time, every day for everyday transactions and so on.
That would generate thousands of transactions per second.
Yet Bitcoin can only handle seven.
So do the math, people.
Bitcoin can't scale.
It cannot scale to what it would need to be to ever achieve $500,000 a coin or something.
It simply can't scale.
And one of the reasons is because the blockchain is distributed.
There are so many people doing mining and doing...
Transaction confirmations on the blockchain that it's really a large, cumbersome system.
And in fact, the amount of electricity being used by the mining organizations and the blockchain calculation companies, the amount of electricity being used right now would absolutely astonish you.
According to Kevin Lawton, it's over 1 gigawatts of electricity.
That's 1,000 megawatts.
We're talking about an amount of electricity that can run a small city.
That is how much electricity is being used just to run the blockchain on Bitcoin right now, even when it is barely known by most people in the world.
In other words, if you believe Al Gore and the global warming hype, then Bitcoin is causing global warming because most of the mining is being done In China.
And it's being done with dirty coal power.
So Bitcoin is powered by dirty coal.
This is another thing that a lot of people don't recognize.
Now, I think Al Gore is totally full of bunk.
I just mention that because it's a hilarious thing.
I guess Al Gore thinks that Bitcoin mining is going to raise the ocean levels and flood New York City.
Whatever.
He's welcome to his weird opinion on that.
But nevertheless, it is true that Bitcoin is using a lot of electricity.
And it's entirely unnecessary.
This is another thing that Kevin mentioned, that this mining operation was never intended to be this large and to consume this much electricity and all the hardware resources and everything.
It was never intended to be that way, and that's why Ethereum is moving away from mining completely.
They're phasing it out because it doesn't scale.
And it's a horrible application of resources, of electricity.
And computing hardware.
So Bitcoin is stuck in the mining model because that's what it started with.
And it worked great when it was a very, very small startup cryptocurrency.
Mostly it was an experiment to see what could happen.
And the experiment was so successful that it became a monstrosity in terms of its size and scale to the point where it could really no longer scale much more.
And that's where Bitcoin is right now.
Another thing that came out of our interview that's very noteworthy is that Bitcoin is a digital fiat currency.
Now, a lot of people who are in hard money, like gold bugs and so on, and I guess you might consider me kind of a gold bug.
I'm a big proponent of gold, owning physical gold.
And silver.
Gold, I mean precious metals.
But a lot of us gold bugs, we talk about the dangers of a fiat currency and how the U.S. dollar is really counterfeited all the time by the Federal Reserve and the U.S. Treasury.
And because it's a fiat currency backed by nothing, and by the way, it was Richard Nixon who delinked the U.S. dollar from gold back in, I believe, 1971.
And he made a big television announcement and said, we're going to protect the dollar.
By delinking it from gold, and that was the end.
From that day forward, the fiat currency parade was on.
And of course, it's only going to destroy the dollar in the long run, but that's politics for you.
That's Richard Dixon.
In any case, it's a fiat currency, which means it's going to collapse because that's ultimately what happens to most fiat currencies.
It's backed by nothing, so a corrupt government can create unlimited supply of their fake money and use it to fund their debt spending and their entitlement programs and buy more votes and prop up failing globalist empires that are engaged in widespread foreign occupation and so on.
That's the U.S. dollar.
Now, a lot of Bitcoin people were also commenting about this when they were promoting Bitcoin.
They said, look, the dollar is going to collapse.
You need to go to Bitcoin.
Well, what they fail to tell you is that Bitcoin is a fiat currency, too.
It's just a digital fiat currency backed by nothing.
Bitcoin is backed by nothing.
Nothing.
Not even a guarantee of scarcity, which is another point that the Bitcoin scam artists have been pushing.
They say, oh, it's built in scarcity.
It's only going to be 21 million coins.
Well, until they update the software and make it, and then they're going to make it 42 million coins, or they're going to make it 100 million coins or whatever.
They can change it in time.
And there are already proposals out there to change it.
So Bitcoin does not have built-in scarcity.
That's a lie.
It's a convenient lie that's told to you by the Bitcoin, you know, shills and prostitutes.
Because they want you to buy more Bitcoin, so they want you to think there's magical scarcity.
But there isn't.
It was simply an agreement in the original code, but it can be overridden at any time.
So Bitcoin is a fiat currency.
It's backed by nothing.
I've even pointed out, you know, the dollar is at least backed by the ability of a coercive police state government to confiscate wealth from the taxpayers.
That's why treasury bills still are purchased by investors around the world because they know that if things get bad, You know, the U.S. can always confiscate more money from the people.
Well, Bitcoin isn't backed by anything, not even coercion.
It's not like if Bitcoin starts to crash, some, I don't know, Bitcoin bots or something can go out and just steal money from everybody to prop up the Bitcoin.
That doesn't exist.
So Bitcoin is backed by nothing.
Absolutely nothing.
In fact, there's not even a corporation behind it.
There's no government behind it.
There is nothing.
And that's why there has been so much Bitcoin theft and hacking and, you know, fake attacks on the ICOs, the initial coin offerings and so on.
51% attacks.
You name it.
There's been all kinds of chicanery and fraud and deception, subterfuge on the Bitcoin, in the Bitcoin cosmos, if you will.
So Bitcoin is, it really can't be trusted.
It's also very, very new in the history of money.
Bitcoin is barely an infant.
It has just begun, you know, to get started, and it hasn't stood the test of time at all.
It hasn't even made it through the first cryptocurrency crash, which is probably looming at some point here.
So Bitcoin is unproven.
The whole concept of cryptocurrency is unproven.
If you look at the history of money, And how long gold has been around?
Thousands of years.
And Bitcoin has been around what?
Less than 10?
So Bitcoin, come on, give me a break.
It's not something that you can count on long term.
It hasn't stood the test of time at all.
Not even close.
So watch out for Bitcoin hype and Bitcoin hucksters in all of this because most of the things that they're telling you about Bitcoin are totally false.
For example, Bitcoin can't really be used for micropayments because the transaction cost is now too high per transaction.
The last time I checked, and this may have varied by now, but the average transaction fee was over $20 for Bitcoin.
So, wow, you mean if you send $50 worth of Bitcoin to someone, you've got to pay $20 on top of that?
Yeah, that's on average what it has been.
Very much so.
So sending $50 costs you $70.
Well, that's not very efficient.
That's not what we were promised about Bitcoin.
We were told it was almost free.
You could send money almost instantly all over the world for almost nothing.
That was Bitcoin.
That's what we were all told.
That was the fake promise of Bitcoin.
And it's obviously false at this point.
And now we're told another fake promise.
Oh, it can scale up.
The whole world's going to use Bitcoin and it's going to be a million dollars a coin.
BS. Can't handle more than seven transactions a second in its current form.
And that's a killer.
That's a fatal structural problem.
I mean, what are you going to do?
Are you going to try to funnel a thousand transactions a second through a system that can only handle seven?
And then just start backlogging all the transactions and everybody has to wait a month for their Bitcoin transaction to go through?
See, that's where this is going.
Seriously, that's where it's going.
You might have to wait a month if it gets really bad.
And that's where it's going.
So that's why they're trying to change the Bitcoin system and upgrade it and make it work more efficiently.
But that's also setting off the civil war and causing all of the confusion and internal chaos and attacks among the software developers versus the users and the miners.
That's why there's such a Bitcoin war happening right now internally.
And depending on how that goes, they could crater the whole thing.
They could end up ruining Bitcoin.
Or they could fork it into three or four different forks and nobody knows which one is the real Bitcoin and everybody panics and sells out of one coin and gets into another coin and then people lose all their money and transactions get lost.
The blockchain gets all...
Overstuffed with transactions.
Nothing gets processed.
Premiums go through the roof.
The thing is just ripe for a total disaster.
In any case, be careful.
That's all I'm saying.
Be careful because this thing is going to have extremely high volatility and it's probably going to crater at some point as well.
So watch out for that.
Check out the website bitraped.com and we also have a new website called bitcoincrash.news.
So check out bitcoincrash.news to stay informed.
Thank you for listening.
Mike Adams here, the Health Ranger.
Always telling you the truth about Bitcoin or anything that's on the radar.
You can check out my website at naturalnews.com.
Take care.
If you want to support our mission, visit us at healthrangersstore.com for the world's largest selection of lab verified superfood and nutritional products for healthy living.
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