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July 16, 2018 - Health Ranger - Mike Adams
12:00
Everybody buying BITCOIN now is the "greater fool"
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Quick commentary on Bitcoin because it's entered the, well, the suckers phase at this point.
I gotta hand it to the early Bitcoin adopters.
You people have made out like a bandit.
You've done well if you sell your Bitcoins now to the newbies getting in who are, frankly...
Incredibly stupid.
Now, if you got in early and you were buying Bitcoin at $1 or $10 or $100 even, and you sell now, that's the best bet you'll ever make in your life.
It's the best gain you'll ever make.
But if you don't sell, it doesn't count.
So you've got to sell and cash out in order to cash in, really, come to think of it.
And who are you selling to?
The new suckers who are buying in.
The new people who are now mortgaging their homes to buy Bitcoin mining rigs.
Alright, this is the new insanity that's been reported in the media.
The guy, I don't know where he lives, I think maybe it was Australia.
He's mortgaging his home to buy Bitcoin mining rigs so he can mine more Bitcoin.
Well, I don't know if he's really bad at math or something.
But unless you have dirt-cheap electricity, all the mining hardware in the world doesn't earn you anything.
It's the cost of the power that is the big kicker when it comes to mining.
I know, because I've mined Bitcoin for many years.
I have a solar-powered mining array in Arizona, and it mines some coins.
It's just a small thing.
It's just a few panels.
No big deal.
We just had some excess power from a solarized office building there.
And so we took the excess power, just threw some mining machines on it, and just generated some Bitcoins for a while, and it paid out.
But now, if I had to pay the money to buy the solar and buy the mining rigs and everything, it wouldn't be worth it.
Because there's so much mining going on right now, the payout is so little for the amount of computations that you're doing, or hashes, Frankly, terahashes is really what it comes down to these days.
Terahashes per second.
So, the people getting in now, though, are the ones who are going to get royally screwed.
So, sell to them, because they are desperate to buy.
And they are apparently willing to pay almost anything.
Now, if you're keeping track, by the way, for the record, I began warning about this bubble blowout when Bitcoin was at about, I think, $2,500.
And I watched it go to, you know, $3,000, $5,000.
And I said, yeah, this could go to $10,000.
This could go to $100,000.
But eventually this bubble bursts.
And as of right now, it's bouncing around between $16,000 and $19,000.
You know, U.S. dollars per Bitcoin.
And it could go to $100,000, but I doubt it.
It could go to $40,000.
That's within reason.
But the problem is, how are you going to get out?
See, here's the thing.
Bitcoin is rather thinly traded.
And the blockchain itself is very inefficient.
It can only handle a certain number of transactions every 10 minutes, I think.
It's not very many.
And it's this narrow throughput of transactions that has actually helped drive the price higher.
But it will also work in reverse.
When people change their minds and start to try to get out of Bitcoin, Lots of people say, oh, time to sell Bitcoin.
It's over.
That's when you're going to have panic set in pretty quickly because you won't be able to sell very easily.
I mean, look, the blockchain right now, the Bitcoin blockchain is so slow and inefficient.
It's taking about 48 hours for a lot of transactions to clear.
And they're costing more than $20 on average.
So remember when we were told that Bitcoin was instant and free, or nearly free?
And it happened in, you know, everything cleared in like 10 minutes, and it cost you like 5 cents.
Well now, it's like 20 bucks in 48 hours.
And it's only going to get worse the more people start using Bitcoin.
But when folks try to sell Bitcoin, that's when it gets really, truly crazy.
Because at that point, When there's a large stampede toward the exits, that's when people start going, I want to get out of Bitcoin right now, so I'm going to drop the price so people buy my shares before other people's shares.
So if you're willing to sell lower, you'll get out more quickly.
And that turns into a cascade as other people try to sell lower than you.
And now you have the reverse of the situation when everybody was trying to buy and trying to outbid everybody else.
Now you have everybody trying to sell and try to lowball everybody else.
And that's what causes the price to cascade lower and lower and ultimately collapse.
And that day is coming.
Mark my words.
There have been at least five crashes in the history of Bitcoin where it crashed over 80% of its value.
Oh, and by the way, Bitcoin is heavily manipulated by insiders.
Did you know that most Bitcoin, almost half of it, actually, I guess that's not most, but roughly half, we'll say, is controlled by about 1,000 people.
So it's not this great decentralized peer-to-peer democratized situation that you've been told it is.
It's actually sort of a cartel.
And the people who own all these Bitcoins can very easily manipulate the market.
They can start a sell-off, create a panic, and cause everybody to head for the exits and do a surge of selling.
And then they can buy back the Bitcoins when the price is lower.
And so that's how they've been able to accumulate Bitcoins over the years by using the weight of how many coins they own, where they can buy and sell in large numbers and they can move the market.
This has been done in the history of money with currency traders.
If you could control the currency exchanges, as people like George Soros did, for example, you could make billions of dollars.
By moving the markets in the direction you want and making sure that's aligned with the bets that you've placed on currency moves.
Well, Bitcoin, if you own a lot of Bitcoins, let's say you have, I don't know, a thousand Bitcoins, you can move the Bitcoin market very easily because it's thinly traded.
You can drive that market higher or lower.
Especially if you, I mean, you'll need some cash to drive it higher.
But if you've got a stash of coins and a stash of cash, Like a couple million dollars worth of coins and a couple million dollars worth of cash.
You can easily use that if you have no ethics.
You can use that to manipulate the market and earn more cash and more Bitcoins very quickly while everybody else is getting screwed.
And that's why I've told people, be cautious.
Don't get into this trying to short the Bitcoin market.
You know, you can short it now.
You can sell futures of Bitcoin.
Yeah.
The CBOE is already trading Bitcoin futures.
So if you want, if you have the stomach for it, you can try to short the Bitcoin market.
I've told people, don't even try.
And you know why?
Because it's manipulated.
And also because you can't second-guess the psychology of the bubble.
Nobody knows the day that people panic.
Nobody knows the day that this thing turns against the mob.
You know, when the mob turns, I guess is a better term.
The day that the mob turns against Bitcoin is the day that everybody loses.
You know, they say that Bitcoin has got over, what is it, $200 billion in market capitalization at this point?
I like to ask people who own Bitcoin, where is that $200 billion?
And they say, oh, it's in Bitcoin!
No, I'm like, no, literally, where is that $200 billion?
Is it in a bank account?
Is it...
Because Bitcoins aren't real.
Bitcoin's just a spreadsheet.
Where's the money?
Where's the moolah, buddy?
And they can't answer me.
I don't know.
It's in there.
It's bouncing around.
People are sharing it.
Really?
Because I got an answer for you.
That money doesn't exist.
The $200 billion market cap of Bitcoin is an illusion.
It's not there.
It doesn't exist.
And when the market turns against Bitcoin, that so-called market cap can vanish instantly.
Or it can lose 80% or 90% or 99% for that matter.
If it does drop 99%, I might buy some more Bitcoin.
Just saying.
But people don't know the money's not there.
They think Bitcoin is like a giant bank account.
Because we're still stuck on the mindset of banks.
And the people who are buying in now, they have no clue what cryptocurrency is.
They're not libertarians.
They don't believe in decentralization.
They don't understand the blockchain.
They don't know what cryptography is for that matter.
These people are just speculative, greed-based morons.
Buying Bitcoin because somebody told me it's going to go up forever.
My cousin told me.
My cousin told me it's going up forever.
Mortgage the house!
It's like, wow.
Dude, I've never met someone who wanted to buy their house twice.
So, you pay for it once, you mortgage it again, you blow that on Bitcoin, you're going to have to buy your house back from the bank a second time.
That's lunacy.
But that's what's going to happen to some people.
Because they don't get out.
So the name of the game now is to get out.
Again, if you were an early adopter of Bitcoin and you're sitting on some coinage, you know what you should be doing with that coinage?
You should be buying, like, survival supplies, frankly.
You should get yourself a good rifle, a Glock, some ammo.
Again, only if it's legal in your area.
Get a medical blowout kit.
Get yourself a good knife, some cordage.
Buy, like, 5,000, 10,000 feet of 550 paracord, you know?
You should be gearing out with your Bitcoins because that Bitcoin can vanish.
But if you have gear, you got the gear for life.
That's what you should be doing.
And then, you know, gold and silver on top of that, maybe have some barterable coin in your pocket that's real coin, not Bitcoin.
Just one Bitcoin today can buy a huge amount of supplies.
And yet some people, most people would rather sit on the Bitcoin and That doesn't exist, rather than convert it into all the gear that does exist that can save your life.
You could have like a 10-year supply of stored food for the price of one Bitcoin, but people would rather keep the Bitcoin.
I don't get it.
Check out my website, bitraped.com, to stay informed on all of this as the crash unfolds.
I've also got a website called Risk.News.
Risk.News.
Check that out to stay informed and learn more and be careful.
Everybody, now is the time to sell.
Yeah, now is the time to sell.
The bubble's coming down.
It's just a matter of when.
Learn more at HealthRangerReport.com Thank you for watching.
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