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March 22, 2018 - Health Ranger - Mike Adams
13:04
Bitcoin is a Ponzi scheme! MtGox implosion and theft explained
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Time Text
Alright, I warned everybody a year ago about Bitcoin and now look what's happened.
MT Gox has collapsed, it has crashed, hundreds of millions of dollars have disappeared.
Gee, where have they gone?
Hmm.
I wonder.
This is Mike Adams, the health ranger.
I normally don't cover financial news anymore, but this development is a big deal.
So here's the article I just posted.
As Bitcoin exchange MT Gox collapses, the man who predicted the crash, that's me, implores Bitcoin holders to stop being suckered into a digital Ponzi scheme.
Now, check this out.
Here's what I said in April of 2013 in this other article.
Let me show you that article.
Here it is.
April of 2013.
A year ago.
Almost a year ago.
This is what I said.
Quote...
The Bitcoin infrastructure is subject to the whims of just one person running MT Gox, who can arbitrarily decide to shut it down whenever he thinks the market needs a cooling period.
This is nearly equivalent to a financial dictatorship, where one person calls the shots.
Guess what just happened?
MT Gox shut its doors.
Here's the message.
Oh, isn't this lovely?
We'd like to kindly ask that people refrain from asking questions to our staff.
They've been instructed not to give any response or information.
How's that for customer service?
Yeah, you can actually get better service at a JPMorgan Chase bank run by the Federal Reserve.
For now, anyway.
Isn't this incredible?
So, basically, this is MT Gox telling all of their customers, F you.
You're screwed.
We're in Japan, possibly with all your money in our pockets.
Mm-hmm.
No wonder it's no longer being called Bitcoin, but...
I don't like to curse in these, but it starts with S-H and rhymes with Bitcoin.
That's what it's being called.
Now, so I don't want people to be harmed by this, which is why I warned people a year ago.
Oh, yeah, and just to let you know, here's what I said a year ago also.
And I was attacked over this by the Bitcoin delusional cultists.
I said, keep in mind that MT Gox makes money off Bitcoin transactions, meaning the organization has every reason to spin bad news and keep the market churning so that more transactions are taking place.
Listening to Bitcoin advice from people who are making money off Bitcoin transactions is like listening to Obama promise you how he'll protect your liberty.
You are a fool, if you believe anything now coming out of the Bitcoin cult.
And of course, lots of people were fools, and still are fools, because it's so seductive, this idea that you can make money without effort.
Buy Bitcoins!
Trade your hard-earned US currency for virtual Bitcoins, and if you and enough other people can convince A sufficient quantity of yet more people to buy into bitcoins, kind of like a multi-level Ponzi scheme, then you can all make lots of money without effort.
Boy, it's seductive, isn't it?
It's like multi-level marketing for virtual currency.
That's what it was.
It was a get-rich-quick scheme.
That's what I call it.
Multi-level marketing currency Ponzi scheme.
And now it has imploded on a great many people and it's going to harm a lot more people because the current rise in Bitcoins is really only because there are new suckers still to be found.
When the truth about Bitcoin gets out of how it's completely unstable and backed by nothing and run by some criminal elements who are just out to steal all your money, Everybody's going to bail.
It's going to crash hard one of these days and be worth, well, zero.
So, by the way, I want to explain some background to this.
A lot of people know that I'm a pro-liberty person.
A lot of people have heard me speak about liberty and individual freedom and the coming collapse of the US dollar.
I'm not against the concept of a peer-to-peer, decentralized, encrypted virtual currency.
I think it's a cool idea at many levels.
But the deployment of it in this case has unfortunately attracted a lot of unscrupulous players and thieves and con artists.
And a lot of people have been suckered into it and a lot of people have been harmed by it.
I'm not in favor of Of globalist currency controls by the Federal Reserve.
I don't like the inflationary monetary policies or the currency debasement policies, the Federal Reserve pumping of money into the global money supply, effectively stealing productivity from the American workers.
I'm not in favor of any of that, and I'm well aware of the history of banking and the creature of Jekyll Island, for those of you who know what that is.
I'm well aware of all of that.
I love the concept of Bitcoin.
I love the concept of individuals having a currency that's truly free from oppressive government controls.
I think it's a great idea.
And Bitcoin promised that early on, but now look at what's happened.
When I saw it changing, that's when I started warning people about a year ago.
And I called I called a crash, in fact.
Let's see.
There it is.
Here's the article.
It crashed during yesterday's panic sell-off, I wrote.
Oops.
Oh, that's the MT Gox press release, which they have removed from their site.
But here's what happened.
I actually called this crash right here at the top.
And then it crashed within 24 hours of me warning about it.
And one year ago, I explained that Bitcoin is a failed currency experiment not ready for prime time.
Merchants will not embrace this currency.
It's too volatile.
And once again, once again, I was right.
I warned people, sell now while you still can.
And a lot of people called me...
Uh, crazy because everybody was out there drinking the Kool-Aid.
Yep.
All you Bitcoin cult is out there.
You're drinking your Bitcoin Kool-Aid.
Now you lost your Bitcoins.
Uh-huh.
And you can't buy Kool-Aid with Bitcoin.
So now you got to pony up some actual dollars, but you're out of dollars because you traded them for currency that somebody else ran off with and is now hiding out in Japan.
You know, people who are fans of natural news and my work know that I can be brutally honest and sometimes don't win friends that way.
But over time, if you listen to my warnings, you're going to be much better off than if you don't.
That's what people have learned most of all.
I can't tell you how many comments on Facebook are like, Mike Adams was right!
Again!
He warned you a year ago you didn't listen.
You got screwed.
Now, Mark Dice, by the way, is also warning about this.
Here's his video on Bitcoin, which he says was created by the Illuminati to roll out a cashless society.
That's an interesting take on it.
I haven't delved into that particular angle on it.
Not sure yet if I agree with that angle.
My angle is just that it was pushed with a lot of greed and it's a Ponzi scheme.
That's my angle.
And that's sufficient to get the hell away from it as quickly as you can.
Yeah.
And there's going to be other things like Bitcoin that come along.
And I hope you don't get harmed by those.
I want you to be safe financially.
I don't want you to waste your money.
I don't want you to be a victim of this kind of thing.
And I realize sometimes my advice can be a little bit harsh.
I call people fools if they act foolish.
I call people cultists if they act like they're members of a Bitcoin cult.
If you throw rationality out the window and you're suckered and seduced by greed and a get-rich-quick scheme, you know, I'm going to shove that fact in your face and ask you to rethink what you're doing.
You know, reality can be harsh, but you'd be better off listening to me up front and saving your financial neck from this kind of stuff in the long term.
Let me tell you my real advice.
This is the best advice you're ever going to get.
On finance.
Buy an actual farm with a water supply and good soil in a climate that can support food production and start figuring out how to grill your own food.
It is the best investment you can make long term.
It is an investment that can save your neck, save your finances.
I'm not saying spend a fortune buying tractors and cattle and everything.
Just have the land and the water supply, the soil, that's real.
Well, all these people are losing their virtual Bitcoins, gone into the ether.
You've got a piece of land.
A piece of land is much harder to have taken from you.
Sure, the federal government can proclaim eminent domain at some point and take it from you, but it's much more difficult for them to do that.
There's a much higher threshold of executive action required for that.
And you can fight that.
When your Bitcoins are gone, you don't even know who took them.
You can't fight that.
You don't even know where to look.
You're just screwed.
And believe me, when it comes down to it, with what's really coming down the road, the food supply crashing, the coming dust bowl of California, which almost nobody's talking about, The fact that the food supply is deliberately poisoned, which I talk about in this article here, the food apocalypse, the battle for humanity nearly lost because the food supply is deliberately engineered to end life and not nourish it.
I'm telling you, the most valuable thing you can have is a water supply that's clean on a farm with good soil.
Sunshine, a working aquaponics food production system or some other system.
That's what you need, folks.
You don't need a hard drive full of bitcoins.
What are you going to do when the internet crashes, when the power grid's down, where the bitcoins are stolen?
What are you going to do then?
How are you going to eat?
Are you going to eat your bitcoins?
You know, I don't know how many calories are in encrypted bitcoin files, but it's probably not enough to keep you alive.
Your pathetic thumb drive that used to have a million dollars worth of Bitcoins on it will not get you anywhere in an economic collapse.
Believe me.
So that's why I urge you.
Yeah, maybe bluntly, but with a sense of compassion, believe it or not, I urge you to reconsider your strategy while you still have time.
Listen to what I have to say.
Save yourself or ignore it and watch yourself get screwed By being suckered into a digital Ponzi scheme.
I guess the choice is yours.
I'm long past the age and the time of trying to twist people's arms into doing what's good for them.
I figure some people are ready to take advice that's going to help them and some people aren't.
And that's their choice.
That's their liberty.
That's their freedom.
I believe you have the freedom to go walk off a cliff and kill yourself if you want to.
I would advise you not to.
I would hope you don't.
But if you do, if that's your choice, it's not my place to get in your way.
If you want to waste all your life savings on bitcoins, that's your choice.
I hope you don't do it.
I strongly urge you and advise you not to do it.
But if you do it, that's your choice.
That's your lesson.
That's your life.
And I'm not going to interfere with it.
If you don't want to take my advice on buying an actual farm or buying some real physical gold to have as a backup currency, If you don't want to take my advice, that's your choice.
I respect your freedom.
Live how you want to, but deal with the consequences of the way you live your life.
That's what adults do.
I would love to live in a world where adults act like adults instead of little whiny children who think they were all victimized because they made bad decisions.
Throwing all your money at Bitcoin is a bad decision.
So if you've done that, learn that lesson now.
Grow up.
Make better decisions in the future.
And the return on investment on that lesson will be huge for you if you are humble enough and intelligent enough to learn from it instead of trying to blame somebody else.
If you got screwed by Bitcoin, you are to blame.
Period.
Harsh lessons I know, but we've all learned harsh lessons, myself included.
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