All Episodes
Previous Next
March 20, 2018 - Health Ranger - Mike Adams
10:14
Bitcoin just PROVED it is NOT a store of value
| Copy link to current segment

Time Text
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.
It is now proven by Bitcoin itself that Bitcoin's days are numbered.
Bitcoin has managed to survive its hard fork of August 1st, 2017, where it split the blockchain into two.
We now have BTC versus BCC, or Bitcoin Cash.
So we have two different blockchains now.
And what it proves is that Bitcoin is not a permanent store of value.
It proves that Bitcoin can be altered at any time.
It proves that Bitcoin is not actually limited by the laws of mathematics as it has ridiculously been claimed, but rather that Bitcoin can be altered at any time by a consensus of developers or miners who are all benefiting from the Bitcoin scheme.
In other words, Bitcoin is a really kind of a...
What's the best way to describe it?
Bitcoin is a scheme.
It's...
It can be changed.
It's not permanent.
It's not real.
People who have been describing Bitcoin as the future of money have no idea what they're talking about.
Bitcoin is very young.
It hasn't been around very long at all.
It's been along for no time compared to gold.
Gold is an element of the cosmos.
It's on the table of elements.
Gold cannot be destroyed, except in exploding stars or things like that.
But gold is permanent.
Bitcoin is not permanent.
Bitcoin just proved that it can be changed at any time.
And Bitcoin also proved that there's a lot of uncertainty about how these changes might take place.
Coinbase and other online wallets shut down transactions because they didn't know what might happen during this hard fork.
There's a lot of uncertainty, a lot of unknowns.
Does that sound like a place you want to store your wealth?
Something that's uncertain and unknown and highly volatile.
Is that a good store of wealth?
No.
It isn't.
Gold is known.
Gold is real.
Gold doesn't vanish because somebody had a programming error.
All these people who are saying that Bitcoin is the future, that Bitcoin is going to be worth a million dollars a coin, they're full of bunk.
Totally full of bunk.
By the way, read my website bitraped.com to stay informed on this, or bitcoincrash.news.
Again, that's bitraped.com or bitcoincrash.news.
You see, I am 100% confident that Bitcoin's days are numbered.
Now, Bitcoin was a really great pilot project, a proof of concept.
It did some interesting thing.
It established some amazing milestones.
And I remain pro-cryptocurrency in a general sense.
I love the idea of decentralized money.
But Bitcoin is not where it's going to end up.
Bitcoin was a great...
It's not proof of concept, but it's not.
It can't survive itself.
For example, just the mining aspect of Bitcoin isn't scalable.
It's going to implode, no question about it.
Why?
Well, because right now Bitcoin is almost using as much electricity as a city of one million people just to run its mining infrastructure.
That's right.
It's headed towards one gigawatt of electricity being used by mining operations all over the world.
So much electricity, it's unreal.
If you believe in global warming, you have to say that Bitcoin is contributing substantially to global warming.
It's producing more carbon dioxide emissions than some small countries.
Seriously, that's not an exaggeration.
It's factually true.
And a lot of it's being done in China where the coal is very, very dirty.
So you've got the dirtiest coal power plants in the world producing electricity for the mining operations of Bitcoin, which seems like an incredible waste of energy.
Why would you want to burn coal to support a cryptocurrency that's obviously a bubble market anyway?
You're just burning CPU cycles.
For no reason other than to make it difficult to do so there's sort of artificial scarcity built in.
But mining, as it's conducted today, it can't scale.
Bitcoin can never become the currency of the world because if it were, you would use as much electricity as entire nations just to run the infrastructure and it would be slow and the cost per transaction would be high.
And to solve that problem, they create these hard forks, which proves that Bitcoin isn't permanent.
It can be changed at any time.
So Bitcoin is a giant con, really.
But a great proof of concept.
An interesting innovation.
Long term, what will happen is, we will have some interesting blockchain-based cryptocurrencies and other services.
And there probably will be a cryptocurrency that is adopted.
Very widely by the world at some point, but it's not going to be Bitcoin.
It's going to be something else.
Something that offers more privacy and has less mining required or no mining whatsoever.
Something that is more flexible and doesn't have an artificial limit of 21 million coins that's probably going to be altered anyway.
There are a lot of better things that have come along since Bitcoin, like Zcash, for example, that are just technically vastly superior.
Bitcoin is sort of like 1.0.
I mean, why would you drive around the original Volkswagen Bug, Beetle, If you've got much better Volkswagens today, why would you want to use version 1.0 when better cryptocurrencies have come along and Bitcoin is stuck in a system where it's very hard to change the structure?
It's almost impossible to eliminate mining of Bitcoin because you can't get consensus that would cut out the miners because the miners are making money.
And yet they're running into a brick wall, a hard stop, when they hit 21 million mined coins.
That's supposed to be it.
That's supposed to be the limit.
Well, who's going to spend all the electricity to mine when there are no more coins to be mined?
The answer is, well, nobody.
Who's going to burn electricity for free?
Nobody.
So they'll either have to expand the number of coins available, which is kind of a quantitative easing of the Bitcoin system, Or they'll have to raise transaction fees, considerably making Bitcoin very expensive to use for transactions, which sort of contradicts the whole purpose of the system in the first place.
And in the meantime, there are competing cryptocurrencies that are far better.
And Ethereum is already on track to become larger than Bitcoin anyway.
And there are others that aren't far behind.
So don't think that Bitcoin is going to be the final answer.
To all of this, it's far too cumbersome.
It's far too inefficient.
It uses far too much electricity.
Too difficult to scale.
Has a built-in coin limit that will have to be violated probably at some point.
And it does not have a good upgrade mechanism because there are too many parties who have financial interest in the current system.
So, again, you can't ever really get rid of the mining operation because you'll piss off all the miners.
And they'll form their own block, and they'll have a civil war, and then you'll have all kinds of problems from that.
So the milestone that has been reached now, just to sum all this up, is that Bitcoin has proven that it is not a permanent store of value, that it can hard fork at any given time, that the developers can take it over and alter it, change it, and just the fact that they can do that means that Bitcoin is not a place to try to store wealth.
Just by definition, a place to store wealth is something that can't be altered, that can't just disappear.
And Bitcoin can vanish.
If something happens to the internet, power grid, failure, solar flare, all that vanishes because it isn't real, people.
It isn't real.
It's a virtual currency.
It's a virtual fiat currency backed by nothing.
Nothing.
There's nothing behind Bitcoin.
Absolutely nothing.
It's not backed by gold.
It's not backed by a corporation.
It's not backed by assets.
Nothing.
It's not backed by the ability to tax a population like the U.S. Treasury is.
Bitcoin is backed by nothing.
And that's one day what it will be worth.
Nothing.
It may take a long time to get there.
It may go up significantly.
It may hit 5,000, 10,000.
Who knows?
But eventually it's going to be worth zero because it's based in nothing.
And zero is a good representation of that concept.
Stay informed at BitcoinCrash.News and thank you for listening. Learn more at HealthRangerReport.com.
If you want to support our mission, visit us at healthrangerstore.com for the world's largest selection of lab-verified superfood and nutritional products for healthy living.
▲
Export Selection