Bitcoin - A Ponzi Scheme Which Is Actually Worth The Money.Submitted by vinceableworld on Sat, 04/06/2013 - 16:10
I need to come clean.
I've been a bit negative on Bitcoin due to selling a large portion of them at $13 thinking it was going to stay in some sort of sane range.
The fundamentals of Bitcoin are quite sound. The acceptance is growing. The "agreement" between buyer and seller is actually able to be done between buyer and seller and (granted some 15 year old doesn't find a 'smoking gun' in the code) without any middleman.
Just on a supply chain basis alone: Obviously prosperity is highest when buyers and sellers are dealing directly with each other. The danger in the SHORT TERM with Bitcoin is the following:
From what I'm witnessing trade wise (many $500,000+ trades creating large swings and lots of minor trades) banksters are heavily in on Bitcoin attempting to corner the market. They can make it go on some real wild swings if they want with very little effort. If you're in and you don't have your seatbelt on... you're going to get yourself hurt. I believe the banksters are currently using their Bitcoin horde to get people out of physical silver and gold... which will drive the price down of those metals.
If you're going to get into Bitcoin I highly suggest you do it one of two ways:
1) Grab Bitcoins as you need them to carry out your PRIVATE business online. These are short-term Bitcoins. Do not hold them for longer than a few minutes.
2) Buy for the ride. Put your cash in and do not touch it for 5 years... or obviously if Bitcoin is going crazy later on you can sell off a bit here and there to finance all pursuits of happiness in life :)
If you appreciated this advise and somewhere down the line feel the urge to thank me you can do so by donating to the americanherofund Bitcoin address:
DO NOT DO THIS: Put your last few hundred in rent down because you need food and you think in two weeks you might be able to double your money. You might be out on your arse and starving for your blind gamble.
As far as the title goes my point is the Banksters are attempting to operate Bitcoin like a ponzi scheme and leave you holding the bag by making the herd of less educated investors run you over. The reality is that 21 million divided by 7 billion works out to around .003 Bitcoin per man, woman and child on the planet.
.003 Bitcoin would theoretically cover your entire net worth, for example if everyone had an equal share. The upside to Bitcoin is truly mind-blowing and down-right astronomical when one starts running these numbers in their heads. We're talking about 1 Bitcoin theoretically being worth more than a few of the alleged Fort-Knox gold bars.
Yes there are the obvious issues with a finite currency being able to be horded however the Bitcoin model could be repeated over and over, infinitely so as well as being divided to 10 decimals if need be.
The banksters right now have quite a bit but they've only been able to maintain their lead down through history by having the game COMPLETELY RIGGED IN THEIR FAVOR! The main thing is we're all on the SAME LEVEL PLAYING FIELD regardless of how much Bitcoin we have to start with.
IMO Buy Silver. Buy Gold. Buy Bitcoin and hold for the long run if you can afford it. Don't be afraid to support other virtual currencies as well. One thing I do realize now as I consider the derivatives and hypothecation that is possible with the CURRENT total fiat system:
Bitcoin hurts banksters in the not to long run and it's a good way to say no to mass bankster financial genocide. So I give Bitcoin the green light, as long as you're into mass chaos and don't mind a bit of a financial roller coaster ride :)