Bitcoin is close to becoming worthless
Just one year has passed since bitcoin enthusiasts forecasted that the cryptocurrency would hit a price of $1 million. But that was then. With the price of bitcoin having fallen almost 80% from its peak, and now trading well-below the support level of $6,000, everyone is wondering where it goes from here. Bitcoin is now entering a death spiral…
~ Foreword ~
What follows is lifted from an email which I received on December 3, 2018 from a long-time listener and friend from Idaho, who also was Secretary to a true American Patriot, the late Jack McLamb. Of all of the people I know, she is one of the most well versed on the subject of Crypto Currency (BitCoin, etc.). Her email was extended to me in regard to several comments which I had made on the air this Friday past.
In addition, her words are also somewhat of a response to the above headline and from yesterday’s ‘Dateline’ post, which we are resubmitting to you as part of this ongoing education.~ Ed.
Jeff,
Our experiences with crypto-currencies – and their performances – have thus far left many questions, and a lot to be desired. You may or may not know that, thanks to the unexpected actions of our control-freak U.S. government, we and all clients in America found ourselves suddenly and unceremoniously cut off, orphaned and left in limbo. The one “hot draw” that got my attention and interested ME in the movement was the expressed vision and promise as laid out for us by the Founders of our cutting edge East European-based company – namely, the prospect of operating financially, peer to peer (INTERNATIONALLY), totally free of governments and free of banks. That was the promise, and I believe it to be every bit as true-blue and legitimate today as ever…..the arbitrary U.S. government decree notwithstanding.
Hard to believe now, but even as recently as 3 years ago, I had not yet fully realized the extent of the greedy tentacles of U.S. financial power which showed it could not abide the prospects of any such freedom. Thus, within a mere 6 months of my involvement, the SEC moved to declare crypto-currencies to be “commodities,” thus regulate-able by its totalitarian regime. This declaration left our company – already well established and doing business in over 200 countries worldwide – with no choice but to immediately cease all business activity with our United States membership, simply jettisoning us, so that its other 3-1/2 million members could continue as before, right on toward the stated goal of making cryptocurrency indeed the Future of Money, globally.
Which brings me to this comment, Jeff: Obviously, I’ve never questioned the intrinsic, lasting value of precious metals, nor the wisdom of owning them. That said – and with all due respect to our U.S. Constitution – money does NOT need to be backed by anything – EXCEPT by the good faith and trust of the two parties momentarily involved in its exchange. (And here, for example, is where something like crypto-currencies figures in.)
Now, IF ONLY operations on this planet could be free and just and fair, our instruments of exchange called “money” could likewise be ever-so-simple and inexpensive (with hand-to-hand barter being perhaps the simplest form of exchange of all.) Beyond that, however, comes paper scrip. In short, whether such is issued for use within just a neighborhood, a township, a city, county, state, nation…. or the world, a piece of paper (commercially, albeit an officially issued certificate) suffices for the exchange.
Similar to paper currencies used today (minus any usury charges, of course) these recognized and trusted paper certificates would each bear a number or denomination: 1, 5, 10, 20, etc. Like always, we use these notes to “pay” one another some mutually-agreed-upon amount, according to the value of the goods, service, or whatever transacted. The one simple reason that this “backed by nothing” certificate serves and suffices in the exchange, is that the receiver trusts and knows for a fact that it can be taken in turn and used to acquire the same number of units of whatever it is that he or she wants or needs. Nothing more is necessary…..and the very same payment principle works in the digital realm (such as in exchanging units of crypto-currency.) Only if and when wanted by the parties transacting, would a government or a bank be involved. ‘Nuff said on that for now.
As for OneCoin, our being in lock-down as we still are here in the U.S., we’ll just have to wait to see if we ever see a return on our money. If not, then “good thing it’s only money!”
