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I recently interviewed Peter Schiff for my new show with Infowars it's called counter think and you can watch the episodes at counter think calm by the way it's a great show I've already put in a couple of episodes one with Peter Schiff one with Jon Rappoport got more coming up and I asked Peter Schiff about cryptocurrency and the ico fraud that we've both seen and his answer I think is quite fascinating and also in line with my thinking on the subject Peter said you know Bitcoin for those early adopters who got in early and bought Bitcoin low you know they they're able to cash out but people who are getting in late now are not gonna see the returns that they want you know Bitcoin there was a lot of hype talking about it was gonna go up to a hundred thousand a coin or a million a coin and it started to go parabolic between 10,000 and 20,000 a coin and you know a lot of people got suckered into that and they thought that this is just gonna go up forever it became a fanaticism and a bubble mentality what you see in every bubble throughout history you just see this this sort of crowd psychology people jumping in but as Peter said in in my interview on counter think you know sooner or later you run out of new participants and right now the Bitcoin holders are trying to find new people to sell to but you don't have you don't have an unlimited number of people on the planet and you know being that Bitcoin isn't regulated and being that it isn't real or physical there's a lot of skepticism out there about Bitcoin and and you know getting in now seems kind of late in the game actually and I don't know anybody who now believes bitcoin is going to a million dollars a coin well I'm sure there are some out there I just I haven't encountered any of them and I gotta tell you this was all so predictable of course and I'm I'm not here trying to say that that you know Bitcoin is a horrible thing I think it was a great experiment I think it was a proof of concept and blockchain has many many uses for you know identification logistics and supply delivery fraud prevention things like that but you don't need Bitcoin to do blockchain blockchain can be put in place in a you know a million different ways without using Bitcoin at all and there are better crypto currencies outside of bitcoins so a lot of people have been saying you know there's there's a lot a lot better systems out there now and bitcoin is not what it was hyped up to be that's obvious because it crashed from almost 20 thousand down to like six thousand and it's been bouncing around you know seven thousand eight thousand maybe nine thousand range for the last few weeks and it could go to zero you know some people thought this was just gonna go up forever well why why would it go up forever what people would have to keep buying it and why would people buy it when transactions with Bitcoin are so slow and so expensive the average transaction price last time I checked was like twenty three dollars so remember the first promise we were told you could buy a cup of coffee with Bitcoin you could use it for everyday transactions it was gonna replace all other forms of money that's what we were told because it was fast it was cheap it was easy well it's none of those things it's not fast it takes two days for many transactions to clear it's not cheap you know it's $23 at average transaction cost per transaction so if you buy a cup of coffee for five bucks you're gonna add $23 for the Bitcoin fee on average I'm saying so now you have a $28 cup of coffee wouldn't it be cheaper to just pay with a five dollar bill there's just greenbacks yeah of course it would be and it's faster to you hand them the five dollars they have the five dollars it's done in Bitcoin you got to wait two days for someone to get the money you're gonna stand there holding a cup of coffee in one hand and and your bleep in the other hand for two days waiting for your Bitcoin transaction to clear I doubt it so you know a lot of the original hype has collapsed and now people are getting more sober than realizing you know this Bitcoin thing was kind of kind of overhyped maybe maybe the health Ranger was right about I've heard that more recently because I lost bit raped calm over a year ago I believe bit raped because I knew that bitcoin was going to crater and a lot of people would lose a lot of money some people were mortgaging their homes in order to quote invest in Bitcoin you're not investing in anything it's not an investment it's pure speculation you know investing in something is when you hand your money over to let's say a company that manufactures something they use your money to become more efficient or gain greater market share and thus generate a profit based on production and sales of something a product or a service or even patents or what have you but Bitcoin does none of those things Bitcoin has no assets Bitcoin isn't a company it doesn't earn money Bitcoin doesn't have it doesn't make anything bitcoins all just a bunch of shared delusions frankly it's just a bunch of people agreeing to share this online spreadsheet to say oh you've got 0.1 bitcoins and I've got point 1 bitcoins and all these other people have bitcoins and we'll just share this transaction log and then we'll sell these these entries in this online spreadsheet ie the blockchain ledger to other people and we'll try to convince people to hand us you know $10,000 per quote coin which is not a coin it's an entry in a spreadsheet it's an integer in a shared digital ledger that was the whole Bitcoin thing it's just like how do we convince other people to give us money for nothing that's that's basically what what Bitcoin turned out to be no again it was a great experiment in blockchain technology or decentralized currency and it will forever be seen as a pioneer in this space but it in the last couple of years it really became pretty scammy it was just like come on everybody buy and if everybody would just buy in then we all do great sounds like a Ponzi scheme to me sounds like every in history including tulip mania there's Dutch West Indies companies for the railroad bubbles of the 1800s in America I mean you just look at all the bubbles in history it's all the same thing if everybody would just buy in we'd all do great yeah well there's a reason why the more wise members of society like myself called BS on this pretty early because we knew what was coming we could see the pattern we've seen it before I warn people about the dot-com bubble of course back in 1998 and 99 before the bubble burst and I warn people about the housing bubble in 2006 and 2007 before the housing bubble really burst you know the subprime mortgage debacle which really hit hard in 2008 of course and I was able to see that Bitcoin was gonna crater as well doesn't mean it won't go higher temporarily but ultimately bitcoin is probably going to zero and even the last-ditch effort of the Bitcoin promoters is oh it's a store of value you should just buy it and hold it yeah what what a scam that's that sounds like CNBC telling people to buy corporate stocks and hold it don't sell don't sell you might spook the market you know you're supposed to buy Bitcoin and hold it and wait for what wait for Bitcoin to become more valuable what if it becomes worth nothing then you're left holding nothing because when you're holding Bitcoin you're not holding anything you traded your money you gave somebody your money in exchange for a digital entry on a shared spreadsheet and that's all you have and it's not even subject to laws or regulations for the most part and the Bitcoin exchanges are being investigated now by the New York Attorney General I believe that coinbase and other exchanges are under possible criminal investigation right now and I think some of those operations you know the Bitcoin exchanges online I said some of them are fraudulent some of them are engaged in criminal behavior some of those people are going to go jail make no mistake that's coming not to say that there aren't crimes in the regular stock market Wall Street system or the banking system because there are you know bankers or crooks - it's just that they're a lot more heavily regulated you know there's the SEC involved in insider trading and things like that not that they do a great job because they don't but at least is something Bitcoin has essentially no regulatory oversight so anything goes and that's why these online exchanges are just front-loading their trades or just ripping people off and the seizing accounts of people using their bitcoins to do other speculative trading and then stealing Bitcoin accounts I mean look at Mount you know bottom line is the bubble is over and watch my interview with Peter Schiff to learn more it's a counter thing calm and it's with Infowars it's in the new show called compensation check it out my name's Mike Adams thanks for listening learn more at health ranger report.com thank you for watching if you want to support our mission visit us at health Rangers store.com for the world's largest selection of lab verified superfood and nutritional products for healthy living it's at health ranger store calm
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