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July 14, 2023 - Health Ranger - Mike Adams
16:12
Prepare for more BANK FAILURES by warming up your "off ramps"
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I have to remind you of something very important here.
This is Mike Adams here, the founder of decentralized.tv and of course brighttown.com and this is really kind of a special report for the show.
But this is critical.
You've got to get your on-ramps warmed up into crypto, which means off-ramps out of fiat currency.
You've got to get them warmed up.
And what do I mean by warming them up?
This is, again, absolutely critical.
Let me just back up and share my experience.
So I set up accounts on Gemini and Kraken and Robinhood and I don't know who else.
And I found that very quickly, the minute I started actually using these platforms, I got frozen.
I got banned.
Now, as you may know, Kraken then reached out to me after I mentioned this publicly, and they were able to very quickly resolve that situation, and they got me re-approved and re-activated, which is great.
They're the best.
Nobody else even bothered to do that.
Gemini, it's been almost two weeks now.
Nothing.
I can't buy crypto on Gemini.
Robinhood?
After about nine or ten days or so, they did reach out.
They said they needed another selfie.
So I took a picture, took a selfie, sent it over to Robinhood.
And then they say, oh, they're working on that now.
It's going to take a few more days until I can buy crypto again.
Here's the thing.
On any of these platforms, if you go on and you...
First, you're going to link a bank account, typically, right?
You're going to link your checking account or whatever.
You might do an ACH transfer.
You might do a debit card.
You might do a wire transfer.
If you then use that money to buy crypto and you take that crypto off the platform by withdrawing it and sending it to your own wallet, which is what you should be doing, by the way, you should have self-custody.
But the minute you do that, you flag their fraud algos, algorithms.
This is what I was inadvertently doing.
I didn't realize it at first, but I was flagging their fraud algos.
Because what fraudsters do is they impersonate somebody else, they get onto an exchange platform like that, they might steal somebody's debit card, or they might steal someone's access to their bank account, and they would transfer bank dollars into the platform, then they would buy crypto, they would withdraw the crypto to their own wallets, and then they would run away having committed the fraud, you see.
Because crypto transactions are non-reversible.
And so, this fraud behavior is so common that all these exchanges have clamped down on anything that even looks heuristically like fraud, which means behavior-wise, right?
So, a day is coming when the banks are in real trouble again.
A day is coming when more bank failures are kicking in.
A day is coming when your bank accounts might be severely restricted on withdrawals or how much you can wire, how much you can send, how much you can take out in cash, how much you can write in checks and so on.
And before that day comes, it is critical, in my opinion anyway, that you set up these relationships between your bank and let's say Kraken.com, an online exchange.
Or your bank and maybe a gold dealer that you plan to buy gold from.
It's critical that you set up these relationships and start to warm them up.
So, for example, you go onto kraken.com.
You create a very basic account there.
You provide the documentation they need, the KYC stuff.
And then you transfer $500 from your bank account.
Let that ride for a couple days.
Make sure it's all good.
Make sure it clears.
Make sure you can buy some crypto with it.
Buy a little bit of crypto.
Let it sit there for a few days.
Don't take it off immediately.
I say give it like 72 hours before you take it off.
So you don't flag the algos like I did.
And I don't even know exactly how many hours it takes to not flag the algos, but I'm guessing the longer you leave it on there, the less likely you're going to get flagged.
And then withdraw it after that period of time.
And then transfer some more.
Transfer $1,000 in.
Make sure that's okay.
Make sure it works.
Buy a little bit of crypto.
You can buy Monero, by the way, right there on Kraken.com.
You can buy Bitcoin.
You can buy Litecoin.
You can swap Litecoin for other stuff that you want on other places, swap sites, which I'll talk about on a different podcast.
But as you warm up this on-ramp, then you can apply for higher levels of status with Kraken.
You start out at, I don't know, the beginner level or whatever it's called, basic, and then you go to intermediate level by providing a little bit more documentation.
At the intermediate level, I believe, you could wire up to $25,000 a day.
So you see when the day comes that banks start to fail and you freak out, you're like, oh my god, I've got to get my dollars out of the bank.
You could wire $25,000 over to Kraken at that intermediate level.
At the pro level, which requires more documentation and more proof of funds and things like that, at the pro level, then you can wire, I think, it's like $100,000 a day.
And you can even apply for levels beyond that if you have a lot of liquid cash and you want to wire, you know, a million dollars a day or something, there's a way to get there on Kraken.
And I strongly suggest that you build this up on Kraken.
And I wish I could recommend some other platform, but I can't.
I've tried other platforms and they just don't function.
Not for me.
You know, I used to recommend Gemini, but as you know, they've just frozen all my stuff and they don't respond and they're involved in a big lawsuit with their parent company.
So they're probably busy with a lot of interesting stuff going on there.
So warm up with Kraken.
I don't know, maybe try Robin Hood, whatever, but get these pathways up and running so that if the day comes that you need to transfer $25,000 out of your bank, that you're able to do so.
And in the process of doing this, by the way, you're going to, of course, need crypto wallets.
And in those various wallets, you're going to have seed phrases and you're going to need to...
You know, organize how you protect your seed phrases.
And you're going to gain literacy and experience in using all these things.
And that's absolutely critical.
Because the future of money is digital money.
That's what CBDCs are going to push, is digital money under the government's control.
Well, if you don't want to be a wage slave living under that system, you're still going to need digital money know-how.
Especially when it's your own money with your own custody and you have responsibility for it, which is...
The way it works in crypto, decentralized money, peer-to-peer.
You're going to need these skills no matter what.
And I think that the next big banking collapse that takes place, which I have no doubt will happen this year.
We're probably not far away from it.
I think you're going to see a mad rush of people out of fiat currencies and into gold, silver, and crypto.
Gold, silver, and crypto.
Now, if you're wondering who I recommend on gold, of course, we have a sponsor there.
They do not pay me affiliate fees.
They've been a longtime sponsor.
They offer very competitive, very honest dealers of gold and silver.
They're one of the largest, well, their sister company is one of the largest wholesalers in North America, by the way.
They're called Treasure Island Coins and Precious Metals, and you can find them at metalswithmike.com if gold and silver are right for you, or perhaps they're right for you in the future.
But it's not a bad idea to pick up some gold and silver from them or somebody, even locally if you want, or whatever dealer that you prefer to work with.
But make sure you know how to buy gold and silver, How to wire the payment, how to take delivery, you know, how to shop for gold and silver.
Make sure you know what's the difference between a Canadian mint and a U.S. mint versus other third-party private mints, a Perth mint and whatever, and the difference in liquidity and valuations and purity of coins.
I mean, silver coins are mostly three nines and some are four nines.
There's all kinds of things that it's important to know.
And then take delivery and have custody of those coins.
Then they're yours.
But you've also got to learn this in crypto.
In my opinion, we've got to become proficient in crypto.
How to buy.
And that's hard.
It's hard to buy crypto.
Did you know it's harder to buy crypto than it is to buy gold?
It really is.
Because a gold dealer doesn't ask as much from you as a crypto exchange.
That's what I learned, which was kind of shocking to me.
If I buy gold and take delivery of the gold, that doesn't flag fraud algorithms at the gold dealer.
But if you buy crypto and take delivery of the crypto, you're going to flag all the fraud, the fraud signs.
And then you're going to lock up your account.
Like I said earlier, that's what's happened to me over and over.
So gold is actually easier to buy than crypto.
And same thing is true with silver.
Silver is easier to buy.
But here's what's interesting.
Gold and silver are harder to sell Crypto is easy to sell because, well, crypto transactions are irreversible.
So if you join an exchange like Kraken and you sell your Bitcoin to them for cash, they will gladly credit you the cash and then you can wire that back to your bank.
Now, there's going to be a tax event that takes place right there if you earned money on selling crypto.
You have a taxable income at that point, and Kraken's going to issue you probably a 1099 or whatever, and you're going to have to report all that to the IRS if you're an American.
So I just want you to know that.
But selling crypto is easy, whereas selling gold and silver is more effort.
You have to package it up, you have to ship it back, right?
And you have to package it in a certain way, you have to insure it, you have to use the certain protocol to make sure that it's not lost in the mail.
Whereas crypto is just sent in minutes electronically and it's done.
So you see?
There's some asymmetry in both of these classes of assets.
But if you ever want to hold crypto, which allows you to move money quickly, it allows you to have a wallet in your mind just by memorizing the password, it's mobile, it's permissionless, it's borderless, and certain types of crypto are private.
Nobody knows how much you have.
If you want to ever have that option available to you, you need to warm up an account.
And again, Kraken.com, K-R-A-K-E-N is how it's spelled.
I should have mentioned that.
It's spelled with a K. Kraken.com with a K. They've been treating me well lately.
So go there, set it up, warm it up, start using it.
Just get some crypto purchases in and out.
Get some dollars transferred.
Just make sure it works.
Because the day that you need that, the day that people panic across America...
Exchanges like Kraken are going to be overwhelmed, and gold dealers are going to be overwhelmed on that day as well, and silver retailers.
Just like what happened in March with Silicon Valley Bank.
I mean, the phone was ringing off the hook at these precious metals dealers.
You couldn't get through because they were all jammed up.
You couldn't even get through.
That's how crazy it was.
And what I found with Gemini and Robinhood is their customer service is just overwhelmed.
If there's a mad rush into crypto because the dollar is just rapidly collapsing instead of just sort of gradually collapsing as it is now, but if it starts to really rapidly collapse and everybody all at the same time decides they want to go into crypto, you're not going to get any response from Gemini or Robinhood or Coinbase probably.
It's just going to be overwhelmed, overrun.
Get it set up beforehand so that you can use it when you need it.
That's my advice.
Now, you know, take it or leave it or use whatever portion of this is right for you.
Don't take this as financial advice.
I'm not your financial advisor, of course.
You notice I'm not recommending any specific coins or any specific prices or speculation, any of that garbage.
I'm not into that.
Even gold and silver.
I don't speculate on prices of gold and silver.
I'm talking about asset classes that will still be around when the banks fail, right?
So will gold outlast the failure of Western banking?
Yes, absolutely.
That's obvious.
Will crypto outlast the collapse of Western banking?
I also think the answer is obvious.
And I think the answer is yes.
There's no doubt in my mind.
Because Bitcoin is bigger than Western banking financial institutions.
I don't mean in terms of just dollar value.
I mean it's global.
The nodes are run all over the world.
It's accepted all over the world.
It's recognized everywhere.
And it's not subject to the problems that the banking system has because the banking system has no limits on how much money can be created by the Treasury and the Fed, which is devaluing the dollar and leading to ultimately a debt collapse.
And by the way, the Federal Reserve doesn't set interest rates on Bitcoin.
They're always mucking around with interest rates.
Kept it at zero for years.
To create hyper-expansion of money and debt, and then they slapped it up to like, what is it now?
Almost 6%.
It's about to head to 6%.
That's the interbank rate.
And what did that do?
Oh, it contracted money and debt and leverage and caused a collapse of businesses and a collapse of banks and so on.
Well, that doesn't happen in Bitcoin.
There's no Jerome Powell setting interest rates on Bitcoin.
It just has an emissions rate from the mining, which is equivalent to about, I don't know, what, a 1% or 1.5% increase in the Bitcoin supply every year.
There's a very slight controlled increase.
And then that ends at 21 million coins, and that's it.
It's one of the reasons why I say Bitcoin is an honest ledger, while the dollar system is a dishonest ledger.
They cheat.
They print more money and add it to the supply.
No one can do that to Bitcoin.
Therefore, the scarcity is actually mathematically limited, algorithmically limited.
So, anyway, just some things to think about, folks.
I'm just trying to give you a heads up.
The next banking panic is right around the corner.
And when it happens, you need to have all your on-ramps and your off-ramps all warmed up and ready to go so that you can be mobile with your money.
Wherever you want to put it, whatever you want to do with it.
You want to get it out of the bank?
You want to get it in cash?
You better have that channel warmed up.
You want to buy gold?
Warm it up.
You want to buy crypto?
Warm it up.
You want to buy real estate?
Get on it.
Time's running out.
Get these channels working and well lubricated so that they don't seize up when you need them.
Thanks for listening.
Be sure to check out my new show, Decentralize.tv, and you'll find all the episodes there.
Enjoy.
I'm Mike Adams.
Take care.
A global reset is coming, and that's why I've recorded a new nine-hour audio book.
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