Here’s the proper way to compare “Bitcoin”, in a rant that will probably offend more than just a few, but only if the truth hurts…
Editor’s Note: I don’t really plan to make this a series, but if that plan changes, I’d better start the counter from the get-go because the number of sequels required is rather eye-popping.
WARNING: IF YOU GET EASILY OFFENDED BY TRUTH, DO NOT READ THIS ARTICLE.
Happy Thursday Stackers and other smart investors.
Just a mini rant here, because the Bitcoin pumpers have been going at it hard lately.
I’d just like to say one thing.
Well, I’d actually like to say hundreds of things that are wrong about Bitcoin, but, as someone once said, it all boils down to the simple fact that Bitcoin is a perfect “buy” for people who are bad at math, people who are bad at money, or people who are bad at technology.
If you own Bitcoin for the reason of pure price speculation, good luck jumpin’ off that gravy train before the spectacular derailment.
If you own Bitcoin for reasons other than pure speculation, then you’ve bought into one of the lies being spewed by the pumpers.
If you own Bitcoin for reasons other than pure speculation, you’re somewhat bad at math, bad at money, and/or bad at technology.
But I digress.
Here’s what I would like to say about Bitcoin today: YOU CANNOT COMPARE “BITCOIN” TO THE “INTERNET”.
The comparison is often wrapped in a bow like this:
Yet that’s one of the things the pumpers are currently doing to draw in new suckers, lure more people into the ponzi, and try to sell their whole lot of nothing which will soon have a price of $0.00000000001 (in dying US dollar terms).
‘Cause if there are no buyers?
Then the price is zero.
But I digress.
If you want to, perhaps inadvertently, participate in all of this crypto hype & hoopla in cool hipster ways, then it’s not “Bitcoin”, but rather, it’s “blockchain” that would be comparable to the “internet”.
“Bitcoin” is comparable to “Netscape” or “MySpace”, or, if you want to really get precise, “Bitcoin” is comparable to some obscure and no longer supported flavor of “Linux”, but since most people reading this article have no idea what Linux even is, I’ve chosen “Netscape” or “MySpace” since most people should know a little bit about those.
Why is “Bitcoin” comparable to “Netscape” and not to the “internet”?
Because “Netscape” and “MySpace” use the “internet”, and “Bitcoin” uses “blockchain”.
You could really drill down the example if you want.
For example: “Netscape” uses the “world wide web” and “http” to access the “Internet”
Therefore: “Bitcoin” uses a “distributed ledger” and “256-bit encryption” to access the “blockchain”.
Of course, I’m just a silver pumper, so what do I know?
That is what they say.
But I’m not a silver pumper.
I’m just a person just trying to do the best he can to get people in general, and Americans specifically, back in line with the U.S. Constitution and its requirement that Gold & Silver be our money.
An act of futility.
It’s likely a losing battle.
But then, it’s worth fighting for.
And, contrary to the people in Washington DC, who also took oaths, this is the best way I can defend it.
Frankly, I spend very little time thinking about Bitcoin, but I see lots of lies by omission out there.
They’re spewed by the pumpers who act like they are all the Gandhi’s’ of modern banking.
Which is another rant in and of itself, which I could perhaps write about in a Part II?
Because the other question left is, who is left still buying Bitcoin right now?
It seems everybody who wanted to buy Bitcoin has already bought.
So there are now way more sellers than there are buyers.
For now, their weight is supported by the pumpers.
And they have been really pumping it hard.
How will those pumpers come-back?
As Bitcoin falls to its true value?
Will reputations be saved?
If “coming-to” early?
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.