Posted on 05/19/2021 5:44:18 AM PDT by Presbyterian Reporter
Bitcoin price slump continues. Now trading at $37,550.
For those who bought Bitcoin at $63,000 a month ago, they are likely having some buyer's remorse.
“Did you know that when one coal mine flooded in China it shut down a powerplant that in turn knocked out 35% of the bitcoin mining going on. China is pretty deeply involved in bitcoin.”
Just about all China’s coal is in its West and far west. This is where the cheapest Chinese electric is. Where the ChiCom BitCoin miners operate. Which is amusing because most of China’s factories and economic action is in Guangdong and other coastal provinces. Add in that China’s West to East railway system is very lacking. So rather that transport the coal to the East and burn it there... What China does (tries to do) is generate electric in the West and send it East via v high voltage transmission lines. Dittos for The Three Gorges Hydro-Electric generation. Which is more in the middle of China.
Another reason for scepticism of it.
I can't wrap my head around the whole concept, being the dumb rube that I am.
Investors have now lost almost 20% in the past 24 hours.
Maybe.
I believe Musk is the public face of the Alliance's take down of BTC. The DS created BTC, and would keep it if that was an option to them.
There are a LOT of directions from which attacks on BTC are occurring to make sense of it all difficult. And, IMHO, there are many more directions not [yet] mentioned here.
But, sense can be made of it... by laser focus on what is ultimately driving this all: take down of the DS and the fiat money for which they have infinite supply of to fund all their operations. To do so, focus on NESARA/QFS. Then all "the directions" are merely the tactics being engaged to take it down.
The dirty little secret with bitcoin is something like 95% of all bitcoins are owned by just 4% of bitcoin holders. Easy for the big whales to manipulate.
“What are you implying the U.S. Dollar has never been used as a ransom payment?”
Actually, no. Have you wondered why there is a Euro denominated as 500 while the largest dollar note is only $100? That’s because billions of dollars were being held in cash by drug lords. Cash issued, but not circulated, is like a free loan to the issuing country for that amount. When the Euro was conceived, they wanted an even bigger note so they could use that free loan mechanism. The larger the note, the less the logistics of moving cash and storing it.
Not kidding. That was part of the initial Euro discussions. The 500 Euro was a compromise. The accounting, auditing and collections sections of governments work very much like the Mafia, but with better retirement and dental. So, along comes a currency that might threaten to dump countless billions of dollars and Euro’s back into circulation and THAT is a threat.
The first attacks against Bitcoin have started with the US demanding payment records of all US citizens from the exchanges that handle those payments. The theory is that US citizens are using Bitcoin to avoid taxes and, that when they make money on Bitcoin, they are not reporting that money. The attacks so far are at a pretty low level. But once the government(s) really start paying attention, I think Bitcoin and other crypto currencies will be relegated to footnotes in financial history.
Bitcoin dropping 40% from ATH is a feature of Bitcoin, not a flaw.
“ The fact that Bitcoin was used as a widely publicized ransom payment may have doomed the currency. There’s probably nothing this administration will do, as they are focused entirely on Trump, abortion and “gay rights.” But there are still adults in the government and I’m sure they made notes.
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OAN also reported the Chinese government has BANNED their business from using Bitcoin. They’re outlawing it probably to help avoid ransom attacks.
Additional info -
Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.
“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” they said in the statement.
“They’re outlawing it probably to help avoid ransom attacks.”
The Chinese currency is not convertible. Nor, does it belong to the person who earns it. The Chinese government finances growth, or now, just employment, using the savings of the Chinese people. (That and just printing however much money they want.) The people who can have been moving whatever wealth they can out of China, which, is illegal. (Unless you’re high enough up in the CCP that it is “legal.” And, it is only legal until the CCP decides to take it and execute you.) The Chinese have been looking for ways to move wealth out of China, so that it becomes THEIR wealth instead of group wealth which is owned by the CCP. (This is also why there are entire cities in China that are not occupied. Buying a house was okay and it was a place to store wealth that was not in the direct control of the CCP.) So, to cut off another path of moving wealth out of China, the CCP has outlawed Bitcoin and others. I believe they have instituted their own electronic currency, however, as in the real currency, it isn’t owned by those who earn it.
Why?
“Investors have now lost almost 20% in the past 24 hours.”
Crypto is not an investment, it’s speculative gambling.
BINGO!
My guess would be Wells Fargo and JP Morgan. Both have stated they will set up ETFs based on bitcoin.
China’s ban on banks and financial services firms providing services on crypto transactions rings funny in light of their mining most of the bitcoins. Maybe the CCP is engaging in the well-used hedge fund practice of denouncing a stock (or currency) in order to accumulate more at a lower price?
Actually, crypto is no more imaginary than the US dollar. Most dollars are electronically created by the Federal Reserve with nothing backing them The full faith and credit of the US government means less every day.
In a SHTF scenario, it’s doubtful you will be able to buy a can of beans with US currency. Have you seen the pictures of devalued Venezuelan money littering their streets? Or the ones from pre WWII Germany of people pushing wheelbarrows of money?
I figure it's a good hedge against inflation and it will probably be more useful than anything else in SHTF.
1964 was the last year silver coins were oficially minted.
A gallon of gas cost a quarter.
Today, that same silver quarter sells for at least $7.00, at least 2 gallons of gas at inflated prices.
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