Bitcoin is the Most Centralized Commodity That Exists, Cont.
Centralized Mining
Approximately 40% of the current Bitcoin mining is done using public companies, that is, those registered and heavily scrutinized by regulatory bodies. In other words, almost a majority of the new supply of Bitcoin come from & go to state-regulated companies.
This is a fundamental flaw in Bitcoin that allows mining to be done solely using ASIC computers where the more computational input = the more rewards. These devices are geared to do one thing and one thing only–> mine Bitcoin. Since there’s no random sampling of the miners, the net result is the biggest wallet wins the most the Bitcoin (the ones who can afford the most ASIC computers to mine the most). Who may these be? Well, these billion dollar companies! All the main Bitcoin supplies that come into existence go straight to the huge bucks who can buy the most amount of miners in Iceland. What is decentralized about that?
You and I don’t stand a chance at mining our own supply. This is besides the fact that there’s diminishing returns given that the electricity required to reach 21 million coins will exceed the energy consumption of Japan in a year. Do you want electricity for heating & lighting or Bitcoin? This alone should tell you Bitcoin has an expiry date. Perhaps it can go higher, but at some point it will NEED to be dumped as it will not longer be secured.
Bitcoin [Crypto] has become a great magic trick. Everybody is so entertained about how the price continues to go up to new highs that they forgot that it’s not magic–they even forgot why they got into it in the first place.
10 legacy regulated institutions now control 70% of the value flow of cryptocurrency transactions. You’re doing basically nothing to “detach” from the financial system–not to mention the stringent KYC/AML requirements that are imposed and the significant counterparty risks (not enough dollars to cover the amount of outstanding crypto).
As a result, if you go a different direction, namely preserving privacy & tapping out of the current crypto rules, they [the exchanges] won’t list you, they won’t give you a stablecoin to support on-boarding and off-boarding of purchasing the asset. Remember George Carlin, it’s a big club and you ain’t in it?
It comes down to priorities, do you want an honest shot at preserving your own financial transactions for goods and services free from surveillance & acknowledge that not everything “goes to the Moon” after buying it–Or, are you willing to gamble that your extra dollars (while they’re worth anything) now, are worth sacrificing the entire “crypto opportunity” for financial freedom. The latter has been chosen.
Bitcoin Halving–>Halved its use-case
Since the “price goes up” mentality is the priority, everybody became all excited about the prospect of Bitcoin shooting up in price amid the “halving”. Once again, many failed to see that Bitcoin’s utility (if any left) is it’s tool as a transfer mechanism. The “halving” refers to the amount of Bitcoin that are minded by miners being cut in half–effectively, this means that the oncoming supply would be reduced and it would be a deflationary event. However, given that the rewards to miners are ‘less’ Bitcoin, it means that the miners will only mine if they receive a higher reward for doing so–makes sense. However, you can see that it no longer makes sense to use Bitcoin.
I’ve seen cases where a 9 dollar transaction was 88 dollars, where a 14 dollar transaction was 201 dollars, where a 33 dollar transaction was 33 dollars, where a 89 cent transaction was 74 dollars and the list goes on. The cost to transfer this Bitcoin (that is, to incentivize the miners to secure the transaction) has made it useless in transferring it altogether. Many have elected to go for Monero, Litecoin and Bitcoin Cash which can move large sums for pennies. You may be saying, a well, people will just move their Bitcoin or use Lightning Network.
Lightning Network has been so clogged with transactions, that they too have raised fees and it hasn’t functioned for a majority of transactions (who often ask for a $200 USD fee to participate)–remind me again why you’re not using Mastercard?
The interesting part, which is yet again another nail in the coffin is the fact that a majority of Bitcoin address no longer have enough Bitcoin to move the Bitcoin.
Why are people still concerned about an asset whereby 82% of the wallets holding it don’t have enough to move it at all. Even if you still believed it was a pillar of freedom, you’re unable to utilize it.
To say nothing about the mining incentives, to utilize Bitcoin transactions as a global reserve currency, the mining power required would be larger than the entire energy consumption of Japan in a year. Do you want Bitcoin, or to heat your house? It has an expiry date and nobody seems to notice
Who the F*ck is buying?
Similar to the question that some in the alternative financial media question–> Who the fuck is buying all these government treasuries to support the extreme spending… I pose the same question but only redirect it to Bitcoin.
You check the onchain flows to see that Bitcoin Spot ETF providers now hold 95% of the Bitcoin supply. It’s all held by just 3 custodians.
Just recently, someone bought 26,000 BTC which seems impressive and sexy at first until you breakdown the details of such a purchase. In one transaction (with seemingly no legal team or anything surrounding it), at the time of purchase is moving 1.32 BILLION dollars worth of Bitcoin. Just to remind you how much this is… That’s 2640 YEARS of receiving 500,000 USD annum salaries.
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Just Do The Numbers
To which I pose the question, why are so few people considering that the CIA is behind or at least heavily involved with all-things Bitcoin? It’s alarming that so few consider the CIA as being capable or responsible behind the buying. That single swap (26K BTC) is 0.132% of the supply, in one transaction. That amount is ~ #Turkey’s ownership of above-ground gold, consider how many years & empires reigned from this great territory.
The Bitboys never seem to consider is the question of, “what billionaire has that in cash? & would want to buy at 51K a coin?”. Even if they did, nothing changed with the blockchain–so why would they do buy it now?
Zooming into the 1% of 1%, its amazing to see the reality is that a high majority of billionaires themselves would be putting a ginormous part of their net wealth into that single transaction–to get zero production. No dividends. No interest. No crop yield. Simply volatility. Check out this link here to see what we mean. https://bloomberg.com/billionaires/?embedded-checkout=true…
It would mean selling the entire 150 year old businesses in fashion, technology, cosmetics, real estate, leisure & entertainment or food production just to buy a digital coin for 51K a coin to sit on your computer.
Over 80% of all the Bitcoin is owned by 1% of the wallet addresses. Believe it or not, the Dollar is far more decentralized than Bitcoin.
Aside from the narrative that Bitcoin is “freedom” which is so far removed from reality, it puts into question, are people going to get hurt by this? If 95% of the Bitcoin is owned by institutions, governments and large corporations and 5% are the “little guy” on the street, it has ceased to become what everybody thinks it is. It has been relegated to an unregistered gambling game on the internet, controlled by the states of the world who see no viable opponent. The price will be dictated by the 95% ultimately, which means that the 5% who ‘bet the farm’ will get crushed forever. And believe us, there’s LOTS who bet the farm.
Sinister Salesman
“Go mortgage your house and buy Bitcoin with it“– CEO of Microstrategy Michael Saylor
Saylor recently said, “We’re buying it to hold it 100 years…that $66K to $16K crash. That shook out the tourists. That shook out the non-believers. When it was 16K, we were all ready to ride it to zero. And that’s what you’ll find w/the Bitcoin maximalists” <– Believers? Maximalists? Sounds like cult talk rather than asset talk.
Additionally, he further tried to touch on people’s nerves by saying the following in an interview a week later, ” the group of the smartest people in the world (he calls them the cyberhornets) recognized bitcoin’s value a long-time ago. They encouraged their friends and family to buy. But no one listened”
Even Grant Cardone, you remember, the fella who would be embarrassed & commit suicide who made *only* 400,000 USD a year, says that Bitcoin is going to be bigger than real estate and immediately pivots to create a bitcoin investment fund, where he promises you he will generate 20% yield on your bitcoin.
“Offensive” Prediction & Closing
Cryptocurrency, from what I can tell, was born out of the need to be decentralized away from banking systems to transact over the internet in a private anonymous sense while holding custody of your own wallet (Monero). Some have argued that this was an NSA project from the beginning, others have argued it was a foreign attempt at destabilizing the current financial system. At first, it was quite interesting given it’s cryptographic ability to remain private (and hence fungible) to bypass the banking system entirely. Although, exposing the blockchain (similar to any other blockchain such as SEPA or SWIFT) to the public caused a permanent record of those who sought to “opt-out” of the fiat system. Case-in-point, nobody uses Bitcoin any longer on the “darknet”. Instead, they opt for private forms of cryptocurrency without a transparent ledger.
Despite the lack of usage as a currency, the price has gone crazy to form a mania (caused by “printing” of so-called stablecoins) of tremendous levels & tapped into deep dopamine stores in the brain of cryptocurrency folks–To use a recent #fintech quote, they wanted to see “higher for longer”.
At this point, I believe…
That Bitcoin & most of the largest cryptocurrencies are either a PsyOp or a CIA conspiracy to do the following:
- destroy the financial system; we are working on a separate article
- destroy the individual’s freedom; contrary to how Bitcoin is being marketed and sold, I believe this is an excellent tool to remove freedom from the lives of many eager to get ahead. Despite a majority of the market caps being “fake” stablecoins, the reality is that very few Americans and Europeans (who still remain the richest on the planet) have any savings whatsoever–& they are still whole hog into cryptocurrency. “Pulling the plug” on these folks would set them back generations of becoming dependent on credit cards, lines of credit, government stipends and unnecessary welfare.
- After the notion of Bitcoin has entered the minds of the masses, it’s far more easy to usher in “digital dollars” or a CBDC. It would ensure that future generations will become slaves to the banks/government and an excellent way to gain a monopolistic overview of financial transactions. It’s being sold as something fantastic by many for a reason.You catch more flies with honey than you do vinegar.
I believe that the ample magnitude of the crypto sphere, Bitcoin in particular, can only be supported by extreme forces with a money printer of their own. The public, seeing the mass adoption are generally unaware that it’s likely that Washington, London & Paris are the buyers who are real bolshevik-types. Once you begin to understand there is nothing they will not do or try, screwing with some innocent young men on the internet is nothing… - Trap the people. Naturally, as inflation raves on the tendency for people to escape the current fiat system rises. People can gravitate towards real estate, gold, silver, equity shares, art, etc. By harnessing cryptocurrency (or at least owning the [future] supply to the point where you control it), you have created a large enough net to capture the citizens trying to escape the fiat system. They believe they’re in a form of safety and are content to stay in that atmosphere because “price goes up” but they fail to realize their decentralization is an illusion.
The giant lie that it’s an authentic, future global market that couldn’t possibly involve the CIA is so naive it’s hard to believe. For such naivety to hold, the utmost belief in the blockchain tends to resemble faith in a cult as well. And similar to any religious cult, once it starts to move against them or the narrative is even slightly questioned, it’s a perfect time to ‘double-down’ with buying more or recoil with extreme anger & dismissal.
The Egyptians, Romans, Aztecs, Incas & many other advanced civilizations did the same–when the Gods didn’t honour them with rain, sun, healthy soil or newborns for farming sustenance–they sacrificed their men & women for these very same gods. Ironically of course, these men and women were the farmers they needed to sustain their lives–which meant less food production–which meant more sacrifices–well, you know how this goes. I see a similar set up here whereby the utmost belief and faith in Bitcoin leads to a horrible ending. The doubling-down occurs until there’s no more money & just like those prior, people are removed from participating in an advanced civilization.
Cryptocurrency has become another financial asset, like real estate, tech stocks or government bonds in a hyper bubble. Bitcoin is an expensive, slow, clunky, centralized in its mining, centralized in its ownership, transparent, institutionalized ledger system fuelled by a stablecoin scam surrounded by a considerable level of propaganda & deliberate enticement to buy now. Given the heavy centralization of ownership and suspension of price, I suspect that some very serious actors are involved for sinister long-term goals–and the cult believers will be HODL’ing till the cows come home. To me, the smart ones who have figured out how to use a yet again another tool to withdraw money from its’ citizens.
Do you think this article is bullshit? Let us know. Post your opposition arguments here to let the world know why you believe Bitcoin/Crypto is fantastic for everybody
#StayOnTheBall
