Dec. 21, 2018 - Health Ranger - Mike Adams
12:49
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| Got a quick Bitcoin update for you. | |
| This is Mike Adams, publisher of bitraped.com, and of course many other websites. | |
| Thank you for listening. | |
| Just to summarize, as you know, about a year ago, actually over a year ago, I was warning that Bitcoin was a tulip bulb bubble. | |
| It was a massive bubble that was going to crash. | |
| This was when it was skyrocketing to almost $20,000 per Bitcoin. | |
| I said, it's coming down. | |
| I said, don't buy into it. | |
| It's all hype. | |
| It's all a scam. | |
| The transaction speed is slow. | |
| Lots of problems with Bitcoin. | |
| And of course, now here we are with Bitcoin hovering around $3,100 roughly. | |
| So we've seen, well, what is that? | |
| That's about an 85% loss almost. | |
| So 85% loss. | |
| And, of course, all the Bitcoin pushers this whole time, they were cultists, I gotta say. | |
| And, of course, they viciously attacked me and blamed me, in some cases, for causing the Bitcoin crash. | |
| Yes, Bitcoin is so amazing that if one person criticizes it, it loses 85% of its value. | |
| There you go. | |
| That's something that you should definitely buy. | |
| Something that loses 85% when someone criticizes it. | |
| Because it's like gold, they say. | |
| It's digital gold. | |
| And of course, now those people look like the complete fools that they have always been. | |
| But now there are more people coming out and saying, well, Bitcoin's probably going to zero. | |
| I don't know if it's going to zero. | |
| I know it's headed towards zero. | |
| But I do know that there's no such thing as, quote, fair market value for Bitcoin. | |
| All these people out there who are promoting Bitcoin keep talking about this. | |
| Fair market value. | |
| What's the fair price for Bitcoin? | |
| Well, the problem is, The very question makes no sense because Bitcoin has no assets. | |
| Bitcoin owns... | |
| It's not a corporation. | |
| There's no intellectual property. | |
| There's no hard assets. | |
| Bitcoin doesn't make anything. | |
| There's no manufacturing of something that's real. | |
| The only thing Bitcoin makes is more Bitcoins, which aren't even real, and as we've seen, can lose 85% of their value when someone criticizes it. | |
| In other words, Bitcoin produces nothing, owns nothing, has no assets, no real value, nothing. | |
| It is inherently worthless. | |
| And I always found it interesting. | |
| A lot of Bitcoin promoters this whole time, they were saying, well, don't have dollars. | |
| Dollars are risky because dollars are fiat currency. | |
| Dollars aren't real money. | |
| They would say, buy Bitcoin because Bitcoin's real. | |
| Really? | |
| Bitcoin's less real than paper dollars. | |
| At least paper dollars, you can stuff them under your mattress. | |
| Bitcoin isn't even as real as that. | |
| Bitcoin is like a shared spreadsheet. | |
| It's a shared ledger, in essence. | |
| And it only has whatever value people have been told to believe it should have, or whatever level of faith they have in it, but there's no inherent value. | |
| Bitcoins aren't physically real, and logically, they have ownership of nothing, Other than just some presumed delusion of lines on a spreadsheet. | |
| It's not even a stock. | |
| If you own Bitcoin, you don't own a share of a Bitcoin corporation. | |
| If you own Bitcoin, you don't get a share of a Bitcoin production. | |
| You don't get an annual payout from Bitcoin. | |
| You don't really own anything. | |
| And it is, well, I guess to some degree it really surprised me, but on the other hand, I'm not that surprised how easily people are fooled, especially young people who were too young to have lived through the dot-com crash. | |
| Now, the dot-com crash is the same thing that happened back in, you know, the late 1990s and crash in 2000 slash 2001. | |
| And we heard the same stories back then. | |
| Oh, dot-com stocks are going to go up forever. | |
| That it doesn't matter if the dot-com companies don't make a profit or even produce anything. | |
| It doesn't matter. | |
| As long as the stock keeps going up, everybody's going to get rich, they said. | |
| Same story with Bitcoin. | |
| They were like, it doesn't matter if Bitcoin produces anything. | |
| It doesn't matter if nobody can use Bitcoin. | |
| Oh, it's digital gold. | |
| Digital gold, just keep buying. | |
| If everybody just keeps buying, everything's going to be awesome. | |
| That's what they said. | |
| Whenever you hear that, you should... | |
| Sell everything and run. | |
| Because that's when you know the fools have taken over. | |
| And I love how there's been this whole incredible industry around Bitcoin, of all these analysts. | |
| Oh yeah, Bitcoin's going to go up. | |
| Bitcoin's going to have, you can take profits in this little bump right here. | |
| And it's got price support at this level. | |
| All this technical analysis of something that's not even real. | |
| The whole thing's fake. | |
| And a few years ago, they were talking about, oh, Bitcoin's going to be adopted by millions of retailers. | |
| It's going to overthrow Visa and MasterCard, and American Express is going to be put out of business. | |
| Bitcoin's going to overthrow the world's central banks and take over the dollar. | |
| Everybody's going to buy Bitcoin. | |
| You're going to pay for gas at the gas station with Bitcoin, they said. | |
| Meanwhile, the entire system could only handle, I don't know, a handful of transactions per minute. | |
| It was insane. | |
| Like, if the whole world had to use Bitcoin, the world would, you know, it would grind to a halt. | |
| Nothing, no transactions could get done because it's all one big bit bottleneck. | |
| But that didn't bother the Bitcoiners. | |
| They said, ah, no, we'll just imagine that it's fast. | |
| We'll just imagine that it has value. | |
| We'll just tell each other that it's valuable and If we all just trade something that's not real with each other for higher and higher apparent values, then we'll tell each other that we're all rich. | |
| And that's what they did. | |
| So they created Bitcoin billionaires, people who thought they were worth billions of dollars because they had a sufficient number of Bitcoin that have no inherent value. | |
| Where are the Bitcoin billionaires now? | |
| Oh, history. | |
| They're gone. | |
| There are no Bitcoin billionaires, man. | |
| They're gone. | |
| Yeah. | |
| And by the way, even if you are a Bitcoin billionaire today, if somehow you still had that much Bitcoin, the only way to realize that profit would be to sell your Bitcoin. | |
| You're not a billionaire until you sell it, right? | |
| You've got to convert it into something that's actually usable money, such as currently dollars or euros or something like that. | |
| And when you do that, guess what? | |
| You crash the price of Bitcoin. | |
| Or maybe you say, no, I'll just buy mansions with Bitcoin. | |
| Well, first of all, you've got to find a seller who's willing to sell you a house in exchange for Bitcoin, which means that seller would have to be taking a massive risk of a total collapse. | |
| So they would charge you a lot extra, by the way, to take that risk. | |
| And as soon as the seller got your Bitcoin, what would they do? | |
| They would sell the Bitcoin. | |
| They don't want to hold your Bitcoin risk. | |
| So people out there are like, no, you can buy stuff in Bitcoin. | |
| Yeah, but the person you're selling to is going to sell that Bitcoin. | |
| Because they don't want to hold something that's going to lose 85% of its value for no apparent reason, just shazam, it's gone. | |
| Bitcoin has no inherent value, but it has very high transactional risk. | |
| Whereas if you buy something with dollars, people are pretty confident at the moment that dollars will still have value tomorrow. | |
| Now, dollars may have no value 20 years from now. | |
| You know, because all fiat currencies do fail sooner or later. | |
| But tomorrow the dollar will have value, but tomorrow Bitcoin may be zero. | |
| That's a very realistic understanding that people have about this. | |
| Dollars aren't going to vanish tomorrow, but Bitcoin could be over. | |
| Because they've seen it drop 85% almost. | |
| So think about that. | |
| If you're buying things and the party selling to you has to take this huge risk, Then that's not a very good transactional currency, is it? | |
| That's why fewer and fewer people accept Bitcoin. | |
| There was a time where we even accepted Bitcoin in our online store. | |
| And guess what? | |
| As soon as we got your Bitcoin, we sold the Bitcoin. | |
| Why? | |
| Transactional risk. | |
| You don't want to carry the risk of Bitcoin. | |
| You sell it immediately. | |
| And that's what other merchants are doing as well. | |
| I actually bought physical gold with Bitcoin because I, I don't know if you recall, I mentioned this in previous podcasts, but I had excess solar energy at an office installation in Arizona where, of course, there's a lot of sunlight. | |
| And so I was using that extra solar power to run Bitcoin mining machines and generate Bitcoin. | |
| So I was turning sunlight into Bitcoin and then I sold the Bitcoin and bought gold. | |
| So I turned sunlight into gold. | |
| Now, Bitcoin is almost worthless, but guess what? | |
| I still have the gold. | |
| The gold is worth a lot of money just the same day as what it was worth the day I bought it. | |
| And there were people that were laughing. | |
| Oh, you sold your Bitcoin for gold? | |
| It's so stupid. | |
| Gold doesn't go up. | |
| No, gold is a store of value, you morons. | |
| That's why you buy gold, because it stores value. | |
| Gold is the ultimate savings account. | |
| Bitcoin is not a store of value. | |
| And those people who called Bitcoin digital gold, they were just con artists trying to market it to people who were suckers and fools. | |
| If it's digital gold, why did it lose 85% of its value? | |
| If it's digital gold, then how can it be hacked and changed and altered? | |
| You know, you can't change gold into anything other than gold. | |
| Gold is gold. | |
| It's an atomic element. | |
| But Bitcoin, they can fork it. | |
| Someone can hack it. | |
| They can have a 51% attack. | |
| Your wallet can get compromised. | |
| The internet can go down. | |
| Your thumb drive can melt in a fire. | |
| You know, Bitcoin is subject to all kinds of risks that gold is not subject to. | |
| So to call Bitcoin digital gold, it's a contradiction. | |
| It's like jumbo shrimp. | |
| There's no such thing as digital gold. | |
| Gold has value precisely because it's not digital. | |
| Gold is the antithesis of digital cloud bullshit. | |
| Gold is real. | |
| Gold is physical. | |
| Gold is an atomic element. | |
| Bitcoin is an atomic wedgie. | |
| It's bad. | |
| It hurts. | |
| Atomic wedgies. | |
| I think all the Bitcoin promoters who made other people or convinced other people to buy all their Bitcoin, they should be punished with atomic wedgies. | |
| That would be the appropriate punishment. | |
| You know, atomic wedgie. | |
| That's where the underwear goes up over your head. | |
| Where the waistband of your underwear is turned into your headband while you're still wearing it. | |
| That's an atomic wedgie, in case you didn't know the definition. | |
| And that is what the Bitcoin pusher has deserved at this point for causing so many other people to waste their money on something that has no inherent value. | |
| You should have bought tulip bulbs. | |
| At least you could plant them and have tulips. | |
| You would have been smarter to buy tulip bulbs. | |
| You would have been smarter to invest in Bernie Madoff and his Ponzi scheme. | |
| There was a settlement. | |
| People got like 30% back. | |
| Did you hear that? | |
| In other words, if you invested in Bernie Madoff's Ponzi scheme, you got more money back than if you bought Bitcoin and have now lost 85%. | |
| In other words, Bitcoin is worse than... | |
| Then the Ponzi scheme. | |
| That's just incredible. | |
| And it's true. | |
| Absolutely true. | |
| In any case, read more at bitraped.com and check out my other websites like newstarget.com as well. | |
| Thanks for listening. | |
| If you still own Bitcoin for some reason, for God's sake, sell it while it still has any perceived value. | |
| Otherwise, you're just going to get stuck riding it all the way down to ground zero. | |
| Take care. |
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