Bitcoin Madness?

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by Bob Rinear, The International Forecaster:

The topic I would rather talk about is the situation that’s taking place in Georgia with the Senate race, and then of course whatever madness is going to happen on Wednesday. But, since we don’t know the outcome to either, I’d like to just take a minute and chat about Bitcoin for a minute.

The topic I would rather talk about is the situation that’s taking place in Georgia with the Senate race, and then of course whatever madness is going to happen on Wednesday. But, since we don’t know the outcome to either, I’d like to just take a minute and chat about Bitcoin for a minute.

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If there was anyone that missed the whole bitcoin thing, it was me. When it was first introduced, it was dirt cheap, and I remember all the fanfare there was way back then, when someone actually conducted commerce with them for the first time.  One guy actually made the news because he bought a Pizza for 13 bitcoins.

Today his 13 bitcoins would be worth 409,000 dollars. Something tells me he regrets spending his coins way back then.

So, why didn’t I hop onto the bitcoin train? Stubborn. Old school. I just didn’t see how it was any different than monopoly money. They say it’s backed by scarcity. That there’s only so much of it, and that’s why it will be so valuable.

In reality, the only reason it would have any value at all, is because someone thinks it does. I had several “issues” with the whole idea of it. One being that it transacts over the Internet. For that to happen, you need 1) an internet connection and 2) some form of power (Electricity) In a worst case scenario, ( an EMP for example) you might not have either. What could suck more than having 50 grand in bitcoin, but because terrorists have taken down the grid, you can’t get to it?

Secondly, my feeling was that the central bankers, and individual sovereign state nations, were NOT going to allow unfettered competition to their precious “dollars.”  Look at China for instance. Bitcoin cannot be used for commerce in China. It’s illegal.  Well, what kind of “money” is it that you can’t spend??

So the bottom line is that I never trusted it, didn’t buy it and now it’s over 30 grand. I could have bought all I wanted in 2010 for a couple bucks. So yes, I absolutely missed what could have been lifechanging. Am I sad about it? Yeah to a certain degree. Why not?

The question is, can us dinosaurs that didn’t buy when it was 2 bucks, 20 bucks, 100 bucks, 2000 bucks…. Buy now? Well the hard core believers say it could go to 450K. JPM has said it has a “value” of about 145K.  So by those metrics, you’d have to say yes, it still makes sense to buy into this stuff.

Me personally however, will not. And it might once again prove to be a stupid move. I understand that manias can run a lot further than you would ever think, but I still don’t think they’re going to allow a competing currency that clashes with the dollar and whatever digital currency they’ve created. I think there will be a time that they pull a “china” and say you can’t use this stuff.

But my bigger worry is this; With all this covid baloney, tracking, tracing, forcing people to stay home, their control grid is getting bigger every day. They now want to use a form of social credit monitoring in determining who gets a good credit score. I’m not making this up folks, the IMF wants to look at your social media history to judge if you’d be a worthy candidate for a loan.

Reading between the lines that means this… you want to buy a house. You go to the bank. The banks don’t look at your Experian credit score, they sic a team of social justice warriors onto your facebook and twitter and Instagram. Uh oh, you’ve said politically incorrect things! Uh oh, you’ve show pictures of firing weapons at the range! Uh oh, you’ve said bad things about “the system” including banks.  Your loan gets turned down.

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