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June 19, 2022 - Health Ranger - Mike Adams

14:48

But of course! Dogecoin was ALWAYS a PONZI scheme

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	And Dogecoin dropped from 74 cents, that was its high I think in 2021, to a current value of about 6 cents.
	So massive loss, you know, more than 90% loss.
	And it's going to be 100% loss.
	And why is that?
	Because Dogecoin was always a Ponzi scheme from the very beginning.
	And now there's been a major lawsuit announced against Elon Musk and I think some other individuals, a $258 billion lawsuit saying that this was all a Ponzi scheme, that Elon Musk took advantage of people, that he hyped this up using his influence and his Twitter account and so on, and he got people to buy into it.
	And then those people ended up losing almost everything.
	Well, on the surface, that argument actually makes sense.
	That's a lot of what happened.
	But it wasn't just Elon Musk, obviously.
	This is what happened across the entire crypto space.
	You see, except for very few exceptions, like LodeCoin, which is backed by actual physical gold and silver that's held.
	And I don't currently own any Lode, by the way.
	It's just they're a company that I'm familiar with.
	I'm talking to because I'm intrigued by the fact that they're backed by physical gold and silver.
	I think that's where crypto could be very useful.
	But aside from that, there are No coins or virtually no coins.
	There might be one or two others, but mostly there are no coins that are backed by anything that has intrinsic value.
	As a result, with very few exceptions, almost all of the crypto tokens are backed by nothing but, well, hype or faith or belief.
	And looking at Dogecoin, the only thing that gave Dogecoin value was the idea that other people might buy it later at a higher price.
	So people who bought in a Dogecoin, they all had the same thinking.
	It was all the same.
	And it was all greed.
	It was all, oh, I better get in now.
	You know, FOMO, fear of missing out.
	I better get some Dogecoin now because it's going to go up.
	And therefore, I can sell it later to someone else at a higher price.
	And that's it.
	That's the only argument for Dogecoin.
	Dogecoin never offered anything unique.
	It never offered anything essential.
	Never offered anything that you couldn't live without, in other words.
	It didn't innovate at all.
	It was created as a joke.
	I mean, we've called it doggy coin sometimes.
	Somebody was created as a joke, and then people started hyping it up.
	And this is the story of much of crypto.
	A lot of hype, a lot of BS, a lot of arrogance, and a lot of hard lessons that are being learned right now with Bitcoin now hovering slightly over 20k.
	Having gone to, what, 65,000, 69,000, something like that, that was its high.
	So it's lost the vast majority of its value, over two-thirds of its value.
	And I was talking with John Perez on the phone a few hours ago, because I'm setting up an interview with him next week.
	He's someone who has called this long ago.
	He said, Bitcoin's going to $4,000.
	I called him up and I said, John Perez, you're so wrong, man.
	You're too much of an optimist.
	Why do you think Bitcoin will hold $4,000?
	It's probably going to like $400.
	Then he told me, well, based on current events, he thinks Bitcoin's going to zero, actually.
	I'm not sure it's ever going to go to absolute zero like that, but Could it go to $4,000?
	That now looks almost certain.
	Could it go to $400?
	Sure could.
	Could it go to $4?
	Of course it could.
	Could it go to four cents?
	Yep.
	It absolutely could go to four cents.
	And why?
	Because it's backed by nothing.
	And now we have this cascading contagion.
	As it's called, of crypto failures.
	And so we saw the Terra Luna token crash and burn, what, a few, what, a couple months ago or whatever that was.
	$565 million worth of Luna tokens were held, I think by, I think that was what was held by Celsius.
	I'd have to double check that.
	It was either held by Celsius or Three Arrows, which is a crypto hedge fund.
	But one of those two held $565 million And then apparently now, according to some Twitter threads, that that amount that was worth $565 million is now worth under $1,000 because of that collapse.
	So then that collapse spread, and then Celsius has become insolvent, and they froze all withdrawals, and that happened just a few days ago.
	So Celsius is crashing and burning, and now Three Arrows looks like it's insolvent, and one of the VC founders is running and hiding, reportedly.
	And there's a lot of redemptions being made internally, but it's as if the founders of a lot of these crypto companies and exchanges and so on are always positioning themselves to be well off as the system is crashing and burning.
	For example, the Celsius founder Is reported to have been siphoning off $80 million a month in selling off that token, the CEL token, CEL, short for Celsius.
	He was selling that off at $80 million a month so that he would have hundreds of millions of dollars even as the system crashed and burned and left everybody else penniless.
	And that seems to be the story.
	Of the founders in the crypto industry which once prided itself on transparency and honesty and integrity and sharing the wealth and serving the 99% and everybody can be your own bank and you don't need central banks.
	And you don't need authority.
	You know, we can all be wealthy together.
	And it turns out mostly everybody's getting screwed.
	And just a few hucksters are walking away with the bulk of the money.
	That's what it's looking like.
	And I have a feeling, well, even just financially speaking, this has only just begun.
	So three arrows is about to go under is what it looks like.
	And when it goes under, This is going to take out half the crypto industry.
	I mean, Ethereum is going to crater.
	Bitcoin is going to crash and burn.
	I would not be surprised if John Perez is right about a $4,000 price point.
	And do you realize what the margin calls are going to do on this to companies like MicroStrategies that holds, what, a few billion dollars in Bitcoin, or at least they used to before it cratered?
	I don't even know how much they've got, but...
	He's borrowed a lot of money there to hold all that Bitcoin.
	And we've also come to realize that a lot of these people When they said crazy, insane things like, oh, Bitcoin's going to a million dollars a coin, or Dogecoin is going to $50,000, or Ethereum is going to be a million dollars.
	And some of these people are just out of their minds and saying, no, Bitcoin's going to be $200 million per coin, so of course you should buy everything you can afford today, and then we're all going to be billionaires, blah, blah, blah.
	Of course it was BS from day one.
	And very few people were willing to say so.
	People like myself and John Perez and a few others, we've been on the record for years saying this, even as we have been advocates of the structure of cryptocurrency.
	And I'm a strong advocate of privacy coins as transactional instruments to protect your privacy, right?
	So that's why I like Monero.
	That's why I've...
	In essence, you know, advocated the use of Monero as a privacy coin.
	And it's not that I hold any Monero.
	I mean, I might have a couple hundred bucks of it sitting around that I forgot to take out.
	It's like, okay, whatever.
	I only use it when I need to buy something.
	And I bought with it VPN hosting services, for example.
	And I've used Bitcoin to buy preparedness gear from a company called Botak.
	I think it's Botak, you know, tactical company, like they sell all kinds of discounted, you know, I don't know, survival gear, like ballistic shields and stuff like that.
	And I've used Bitcoin for that and I've used Monero for certain things.
	And so I love the transactional capability of crypto, especially when it's privacy coins, so that there's not a public record of what you're doing with your coins, right?
	And crypto has a lot of advantages, being able to move money quickly across borders, you know, Being able to just control your money where the banks can't just claim it and have a bail in and so on.
	But, you know, my rational sanity on crypto has been overpowered and shouted out of the realm by all of the speculators for all these years.
	You know, the hodlers, the people who said it's going to go to, you know, a million dollars a coin.
	The people who said that Bitcoin is digital gold, which it isn't.
	The people who thought they were going to get rich and retire as billionaires without ever having to do actual work.
	I mean, there's a red flag for you.
	Any industry or scheme, Ponzi-type scheme that says, oh, you can get rich without effort.
	Just give us your money.
	That's a pretty big red flag right there because, believe me, there's no wealth that is created, not any actual lasting wealth that's created without time, money, or effort.
	And usually all three.
	You know, an investment effort.
	It's going to take some time.
	You're going to have to earn it.
	You're going to have to work for it.
	And then that was always derided as old school.
	That's what old people think.
	You know, these people that like gold.
	They're like old guys.
	First of all, I'm not that old, but I am old enough to remember the dot-com crash, which a lot of the young people today...
	They weren't even alive when that happened, and so they don't know that that's going to happen with crypto.
	The crypto crash is just a repeat of the dot-com crash with kind of new language, new concepts, but it's the same pattern.
	And people are going to learn that lesson the hard way.
	And yes, Dogecoin was always a Ponzi scheme from day one.
	And frankly, people who bought into Dogecoin I don't know why they think they should sue Elon Musk, because if you bought Dogecoin and you lost 90 plus percent of that money, you kind of only have yourself to blame.
	Why were you buying DoggyCoin?
	Did you do any due diligence?
	Did you realize there's no FDIC insurance?
	Did you realize that you should never buy crypto with funds that you can't risk losing?
	It's kind of like if you bought into that, it's your own fault, actually.
	So even though the argument that, yeah, Elon Musk was pushing it and all these people were pushing it and it was a Ponzi scheme, yeah, that's all true.
	But you bought into it because you were greedy.
	You thought you were going to get rich.
	It's your own fault, actually.
	Because Dogecoin never said, this is backed by the FDIC, and this is guaranteed, and this is all rated A++ by Moody's or whoever.
	Not that those matter in any way.
	I mean, those are all scams too, but in the traditional financial sector.
	But if you bought Dogecoin and you thought you were going to retire on that, you know, you got tricked.
	You fell for it.
	You know, hopefully you have some other funds somewhere.
	To live on, because Dogecoin was always a scam from day one.
	But then again, so were most other cryptos as well.
	So at the end of the day, folks, it all goes back to old school thinking, actually, which is if you want to do well financially in our society, you've got to offer value to other people.
	You need to provide a product, a service, you know, logistics, expertise, something that other people value.
	And it can't be just selling a row on a spreadsheet, just some digital spreadsheet that claims to be money but isn't really money at all.
	That doesn't offer anything to society.
	I mean, that doesn't mine minerals.
	That doesn't grow corn.
	That doesn't move goods on a truck down the highway.
	It doesn't do anything.
	Except occupy people's time and waste a lot of electricity and distract people and cause a lot of people to lose money.
	Basically, just like any Ponzi scheme, it was just a way to take a lot of money from a lot of people and concentrate it into the hands of the few who were scamming everybody.
	That's pretty much all it accomplished.
	It didn't create wealth.
	It just moved money around and screwed a lot of people.
	That's Dogecoin.
	And that's most coins.
	So don't expect any different results on any other coin unless it is backed by something physical like gold and silver.
	And if you like the idea of using crypto for transactions like I do, you know, Monero for privacy, then, you know, buy the Monero just as much as you need for your transaction.
	Carry out your transaction.
	And, you know, within an hour or a few minutes or whatever, and then you're done.
	You have no exposure.
	You took advantage of the infrastructure of privacy coins, but you didn't have any exposure to the total loss when coins collapse.
	That's the smart way to use cryptocurrency.
	And that's where I hope crypto actually ends up going, because it does have a practical use.
	It does have some value in the fact that it is a transactional infrastructure.
	And so that's why I think a lot of these coins, they won't go to zero, but they will go down substantially and they will lose a lot of, quote, money for a lot of people.
	But that might be a good thing in a sense because it's going to clear out all the hype and we'll be able to then use crypto after that with more stability, less speculation, kind of the BS factor might be gone and we will be able to use crypto That's where I hope this goes.
	Thank you for listening.
	I'm Mike Adams here at the HealthRanger, naturalnews.com.
	Take care.
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