My Thoughts on Crypto Currency
I've changed my mind
Since I’ve started studying how the Federal Reserve, the IMF and other central bankers really work I’ve changed my mind about crypto currencies. I used to be a big fan of crypto currencies. I’ve even been to the annual Bitcoin conference in Miami to talk to the movers and shakers in the industry.
I like these people. Almost to a man (and woman), they are Libertarians. They don’t trust the government, they hate the tech and privacy intrusion that is happening, and they are opposed to the Federal Reserve and all forms of centralized banking. I agree with them on all of these points.
I also believe that the future of money should be a free market of different monies, each competing against the other to prove which one is the best, most stable and most reliable. Which I also would like to see.
These crypto-bugs are absolutely fanatical about cryptocurrencies, even moreso than gold bugs. Many crypto-bugs beleive that one Bitcoin will someday (soon) be worth $500,000 or even $1,000,000 or more. More than this, they believe that the Federal Reserve will adopt Bitcoin as the new digital currency. They also believe that gold is old fashioned and that it will decline into nothing.
That’s fine. They can believe what they want to believe, but I think they are totally wrong.
Here’s why I think Bitcoin will die…
The Federal Reserve and other central bankers only care about their own power. Nothing else matters to them. They don’t want competition, and soon they will lay down the gauntlet and crush all other forms of currency, or at least they will try. Most cryptofans don’t understand how powerful the Fed is and they think that Bitcoin and other cryptos are invulnerable to attack, but the full weight of the government, the military and the NSA will be fully behind any Fed initiative.
The reason that the Fed has allowed Bitcoin and the other cryptocurrencies to survive so far is because they wanted the public to accept digital currencies in a big way (which cryptocurrencies have not done very well), and they wanted to observe what developments happen in the crypto field so they can take these developments and use them in their own digital currency.
There is no way in hell that the Fed will adopt Bitcoin!!! The Federal Reserve is going to create its own digital currency. Their goal is to gain total and complete control over us, and the monetary system. Unlike Bitcoin, which is decentralized, the Fed Coin will be totally centralized and will track every single transaction that is made. Digital currency is something the Fed has wanted for a long time because it will give them absolute power over us, and it will give them many more ways to manipulate the economy.
At the same time, China has already announced that they are creating a digital currency, which will probably be backed by gold and will become the dominant currency.
It will be a little while before both of these systems will be up to speed, and we will have to see if people buy into the Fed’s new program. During this period, Bitcoin and other cryptocurrencies will be allowed to survive, but at some point both the Fed and China will attack Bitcoin and other cryptos. I feel very confident that the NSA already has figured out 10 ways to take down the Bitcoin Ledger, which they will blame on China.
And here’s the thing about cryptocurrencies, they are simply “1’s” and “0’s”. There is no tangible wealth connected to a Bitcoin, and if the network is attacked and taken down you will lose everything.
At the same time, central banks around the world have been loading up on gold. Gold is a proven asset that has a 5,000 year history, and when the US dollar crashes, having gold-backed money will be the only solution for gaining public confidence again. As soon as this happens, the price of gold will shoot up.
TO SUMMARIZE…
While there are a lot of people who are really FANATICAL about Bitcoin and cryptocurrencies, I personally think that crypto currencies are a risky place to store your wealth. I am a fan of physical gold, not cryptocurrencies. Of course, do your own research and do what you want to do.
Tell me what you think in the comments!
Bitcoin will also be useless in the case of a massive grid/power failure or a massive hacking attack or EMP. It relies totally on cyberspace and on people living in cyberspace.
I agree, crypto has only been permitted to exist as a beta-test of sorts. This is simply a test to see if the masses will embrace world-wide digital currency, and to determine what is preferred and rejected.
When the internet goes down, how could one access crypto? With all of us constantly surveilled, how could one possibly assume that access to their crypto is 100% secure?
These are just a couple of questions that many are not asking.
As for our household, we do not stockpile gold. We store up our treasures in heaven and prepare for what is foretold. :)