Guest Post by Martin Armstrong
I’ve said it before and will say it again – cryptocurrencies are not a safe investment. I know it is not a popular opinion; people have had success with trading. The problems with cryptocurrencies: (1) they depend entirely upon the government; with the stroke of a pen, they can all be seized; (2) they depend upon a power grid; (3) they also become dependent upon others accepting them.
A fourth all too common issue is that crypto trading platforms can prevent people from trading with little or no explanation. Binance recently announced that users are not permitted at this time “due to a stuck transaction causing a backlog.” CEO Changpeng Zhao stated on Twitter that the issue would be fixed in under 30 minutes. Later in the day, he said the issue would “take a bit longer to fix than my initial estimate,” but would only impact the Bitcoin network. Uncoincidentally, this sudden system glitch occurred after bitcoin fell by 10% beneath the $24,000 level.
This happens more than they would like people to believe. A few years back, a friend of mine was blocked out of their Bittrex account as soon as one of their cryptos began crashing. At one point, Bittrex suspended and eliminated numerous accounts in 2017, and it took them days to respond. They claimed the issue was a “compliance review,” as these platforms can seemingly make up any excuse they please. During that instance, they did not even inform users before they were locked out of their accounts. Unpopular opinion but the fact of the matter is that cryptos are seriously flawed.
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I cannot grasp the idea of crypto-currency and I doubt the vast majority of people can, either. I think maybe that is why they exist. It sort of reminds me of the joke about rabbit droppings and smart pills.
You can literally going on youtube and watch a ten of fifteen min. video and have a better understanding than this author has of it. And if you can use email, you can use crypto, yes it’s that easy, ONCE your set up to buy it.
I just keep buying silver. The crypto guys and stock junkies sit there and criticize me for buying silver since it doesn’t offer a big rate of return. Well who is laughing now? My 401(k) has tanked, yet the value of my silver has barely moved. It fluctuates a couple cents here and there. Beats losing 15% YTD on the 401(k).
Have you ever wondered whether there’s any merit to the idea of a supremely accurate bullet…
…made of SILVER?
I just might have to spend a few American Eagles to find out.
.45 Colt, of course.
If it prints a more accurate or tighter pattern at 100 yards than, say, Federal Premium, then we’ll know the Lone Range was onto something!!!
(But speaking of silver moves — I’ve seen American Eagles selling for 50% over spot in a few places, which is something I haven’t seen before. The premium on junk silver is nowhere near 50%.)
I don’t have the smelting power to met down silver although maybe I could craft something. I already have bullet molds, so could cast a nice 250gr 45 colt round. I wonder how silver would take to rifling. Lead and copper are soft so they are no issue.
I seek out junk silver during times like these. Most people that sit on it aren’t the most serious of collectors. When in need of money they will part with it. I swoop in with a good cash deal!
Retards resent this message.
Not only is this stuff worthless, people borrow to buy it, hedge it, trade it like it is something tangible and hang onto it like it is something valuable, while all the mega players milk them like they are tethered goats. There will be nothing but ashes left. Stupid has consequences.
Buying nonexistent shit was only going to end one way.
It was always just a matter of time.
Can you explain to me “What gives your Federal Reserve Notes value” ??
They have Old White Boys printed on them and they SMELL like MONEY!!!
That, and they’re accepted everywhere we want to buy things.
“What gives your Federal Reserve Notes value?”
Government guns. Enough said.
Selling a thumbnail drive claiming to hold 1 billion in crypto during a crisis is something akin to changing water to wine.
Crypto was a joke from day one, only suckers bought into that scheme. Fools and their money are soon parted is STILL true today (even more so).
I have never been a gambler – the house always wins
^^I’m not this guy^^
hello. I’m a finance lawyer in Lagos Nigeria
I have a elctricon wallet that holds 25 milion bitecoins that a nigerian prince gave me to hold and has since died. I will share you 10 milion dollars to anyone that sends me $5000US dollars to have it legally tranfer onto an acount i will make for you.
Mewanna Ummony lawyer llc
Hit me with an address please.
Tell him he can have his five k AFTER he gives you your ten mil.
The Really funny part is the exact scam you describe is going on as I type, with your fiat Federal Reserve Note. in mass. Talk about stupid.
Don’t you have something to do in the kitchen?
I don’t trust crypto currency (33). It’s a speculative risk asset with no intrinsic value. In fact, it derived its value originally from the silk road (dark web) requiring you to acquire these free mason bitcoins in order to purchase drugs/contraband/illegal goods from the same people that control the cia. Makes one go hmmmmmm?
Crypto has existed for about thirteen years now, based on that single fact then you should understand that every financial crime before 2009 was committed with Fiat Federal Reserve Notes, brought to you
buy the Rothchild central banks and their friends at the CIA.
Unicorn farts have a better long term chance of becoming a usable currency.
https://crypto.com/us/cards ever use a visa card ?
Crypto is like fiat currency that has the additional quality of being invisible. Sounds like a sound investment to me.
I always find it amazing that people hate on crypto so much, but still willing hold onto dollars that have many of the same characteristics of crypto but worse.
Gold and silver are still the best for saving, but have issues with transactions.
You trade your hard work and assets for fake dollars, what’s the difference? Any medium of exchange is a function of perceived value solely i.e. can I take this from you and go buy what I want. Cryptos are as valid as any fiat if I can exchange them for goods and services.
As to your comment about the exchanges, I agree, but so is all fiat within the reach of TPTB. The trucker convoy proved your bank funds are easily seized and with what they have done to Russia regarding the SWIFT system and blocking the ruble it just further proves this point. Bitcoin and crypto were never designed for centralized exchanges as they are being traded on now. For any store of value to be truly useful, it needs to become a medium of exchange in its own right without the need to convert it to some other store. Same holds true for gold and silver.
Smartest guy on here.
Bashing Bitcoin is not a defacto endorsement of fiat currency, madam.
Good lord, the commenters here are a stupid as the author who clearly knows zero about crypto. What was the point anyway, the writing itself is entirely uninteresting, presents nothing new, and nothing of value. Why it was even posted I’m not sure.
I am a primitive minded person. Electrons in a pattern are inconsequentially valuable, nearly free. My wife takes really good pictures, she’s talented, I encourage her to use all the electrons she wants hitting the subject until she’s satisfied, then delete the junk and keep the good electrons in pattern. Crypto loses me because it depends on functioning electrical power and a functioning internet. In the absence of either it ceases to exist altogether. If I’m going to depend on operating services I might as well play with stonks as crypto, back in the day there was reason to the stonk market even if there isn’t today. If you can’t put your hand on it you don’t really own it, whatever it is.
(2) they depend upon a power grid
BINGO
Dependent on the internet and power. Any kind of EMP, Cyber Attack; your fuced. Prepare for the “cyber attack” by “Russia” before the Nov. “S”election.
The author doesn’t understand crypto at all. Number one. FALSE, doesn’t depend on Govt. if taken off the exchange meaning you accept custody of the crypto yourself there is no way they can find it, load it on a cold storage wallet and lock it up where ever you want, same as your silver/gold stash. Crypto is a true threat to Fiat money, currently backed by NOTHING, The Federal reserve isn’t federal and has no reserves, grow up. While one country/state/city/business might not accept it, other’s will. Number two FALSE and btw Really ? dumbest shit ever, depends on the power grid, well so does your credit card, your debit card, your cell phone, your banking app, the ATM, the Cash Register, the gas pump and your tesla, yes it’s really this dumb. Number three, FALSE Look around, it’s acceptance grows every day in every sector of the economy, you can now buy a house with crypto. https://www.cnbc.com/2021/08/19/united-wholesale-mortgage-will-accept-bitcoin-other-cryptocurrency.html . The numbers of daily btc transactions has remained fairly steady. https://ycharts.com/indicators/bitcoin_transactions_per_day Some of the Newest NFL players are being paid in crypto look it up.
Now for the best part, Like it or not, you are gonna HAVE to make a choice and soon. If you are like most you’re already use digital money for the most part, credit, debit cards, hell a lot of walmarts wouldn’t accept cash during the scamdemic, remember that ?? So I suggest you start looking up the house and senate bills for the federal reserve fiat digital money, the Central Bank Digital Currency or CBDC. There are a bunch of bills in the works for this, but here are a few highlights, It will be “PROGRAMABLE”, meaning if they want, they will program your account to not allow you to buy that new AR or AK, no mags, no ammo, oh look to much on gas this month, you have hit your carbon credit limit so we have to turn off your account for the gas station purchase. LOOK IT UP, Don’t believe me, for Christ sakes look it up for yourselves. While the nation will also still have to pay INTEREST to use the Fiat CBDC, backed by nothing, created by electricity and spent using electricity, yes there it is again…
Just Dumb and UN Constitutional to say the least, that will all continue right along but with a whole bunch of new rules.
So remember all currency right now is tied to the dollar, gold and silver guys, what do you think will happen to your metals value when the fed stops manipulating the price of the metals by being forced to stop the selling of paper certificates ?? You want your metals to brake free of the manipulation right ? the banks are the ones manipulating it. Now with crypto, all this crap you see going on in the crypto world, is them trying to figure out how to manipulate the price of crypto, they have been doing this with metals for decades, they have that down to a science. But crypto is a totally different animal. De-Centralized-finance is the way to go, no middle man, the bank. Totally portable, try hauling around a few thousand bucks worth of silver.. Crypto, no problem. So true peer to peer transactions is the way, Taxes, oh don’t even get me started on that. Imagine if Nancy Piglosi or Joey B wanted to ship another non traced, don’t know where the hell it’s really going 50 billion to Ukraine, well guess what, if we had crypto as currency, they couldn’t just keep barrowing and barrowing from the fed, and if they did use crypto and send them that, it is traceable, until someone puts it in a cold wallet, and that would be a problem. Folks it literally cuts up the Govts. credit card. So go back to a true gold standard, the metals guys aren’t going to like that, the Govt. fixing the price of gold and silver again good luck. I have savings, metals and crypto, all three. We shall see which way it all goes, but I will say this, YOU will have the choice, the Fed is crashing, they have two mandates, keep inflation in check and keep the people employed, one question for you, how do you think they are doing ???
Tell em bout NFT’s.