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Bitcoin , Most Crypto Currency Are No Better Than Investing With Bernie Madoff And Maybe Worse.

 Just because you see an elevator going up and a lot of people wanting to get on it does not mean you should too.  The Media, Tech Media and some financial institutions are now trying to mainstream cryptocurrencies for savings and investment.  The only real message they have is you will miss the elevator going up if you don't get in. Get in Now.  Don't miss going up. 


You can make you an instant fortune others already have . Some have become instant billionaires why not you?  All you are buying is an empty data box on computer servers.  With Bitcoin there is no intrinsic value.  Not even a fraction of a cent par value.  All you buy is trust that others, later on, will pay as much or more than you have later on.  So you trust the biggest stock market investors to buy your stock from you for more than they think it is worth? That would be like Warren Buffet giving away money instead of making it in the market.  


It does not matter how slick your cryptocurrency broker online is. That just makes it too easy to throw away your money.  Easy to buy and trade until everyone tries to sell all at once and that usually happens in a panic when people desperately need cash, real cash, to pay real bills or settle debts.  That is what happened when Bernie Madoff's operations when he failed and his real scam was exposed because he had nothing in the bank to pay his sucker investors.  Same with crypto.  Not one cryptocurrency trading house or agency guarantees any base intrinsic value for most types of crypto.  When some big traders are forced to sell there is no bottom. Small traders can get more for less but as more people see the momentum down they join the selling.


Instead of burning kilowatts to "mine" crypto like bitcoin crypto should be traded in kilowatt units sold to paying customers.  That would make it a non-fiat currency.  Don't get sucked in. If you want something that is a currency that can stay above the rate of inflation buy electric public utility shares, not a hyper Madoff investment based on libertarian trust.  As a kid, I remember gas stations giving away president and other tokens made of base metals or aluminum.  those could prove to be worth more than cryptocurrency as scrap metal or a trading item on eBay.

Bernie Madoff sucked his marks in with a sales pitch that he kept hush hush to get people to ask him to let them in.   Once in he fabricated reports on how well their investments were doing and managed to keep most people invested instead of selling until the market crash.  Bitcoin is not hush hush it is growing into trillions invested with zero underlying value.  With a US dollar, you get full trust in value which is not gold now but the US has real underlying value. It owns millions and millions of acres of land, trees, the spectrum and a lot more....like the ability to tax your labor.  what underlies bitcoin? nothing not even a promise.


Comments

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