I’m human, I know the shock. I have been a major crypto fan, and specifically, of Bitcoin. I have recently been presented with enough documentation and reporting to completely reverse my advice. First off, I’m a high school drop out that happens to be on the spectrum. I hope nobody made any life changing decision based on my opinion alone. If so, that’s on you.
Bitcoin is in free-fall , and I’d love to tell you this is a dip and get out and buy. Just a much as you can, months ago when it was at $50k, that was my advice. I’ve learned a lot, and for some, hopefully most, this will be older news. For the crypto newbie, I am sure you need to hear this.
Bitcoin has a major problem. That means crypto has a problem and we are about to see a robbery that will make the past experiences pale in comparison. It is a matter of a company, or coin named Tether. This coin has been on the radar of the gurus for years. It’s just now getting legal attention from various governments. Tether was supposed to be a balanced coin, pegged to the paper dollar equivalent.
The issue with Tether and its parent company, Bitfinex, is, they’re a total fraud. This $65 Billion business has no reserves and is a total fraud ran by some Chinese criminals. The problem comes in when you establish the relationship between Bitcoin, bull markets, and Tether purchases. No problem if Tether has open , and transparent books. The company, all $65 Billion worth of it, is apparently owned and ran by like 13 men in China. Seem cool?
It’s not. They are supposed to hold a paper reserve for every digital dollar they have pumped into the market. They don’t. They have included IOU’s, scams, and other financial instruments to account for the reserve. Essentially, assets without a fixed dollar price. So this company is massive and apparently just slipped by our banking, and several other nations bakers as well.
So what right? One of 30,000+ coins is corrupt. Well, something like 80% of all of the major bull markets have coincided with massive dumping of Tether into it. In fact, it appears this Chinese gang has corrupted the Bitcoin market to an unbelievable level. They have inflated the whole run with dollars that don’t exist. Something not foreseen, but should have been caught by far more than were allowed to talk about it.
This means Bitcoin, is likely going to $1000/coin. To those who have Bitcoin now, I suggest you get familiar with shorting. You’re not likely to get rich, but timing the blips can help soften the blow. The rest of us should be using this to buy high with the intention of quickly selling higher.
Like I said before, what of the thousands of other coins? They’re garbage. 97% don’t belong on the market other than gambling. This is going to have positive effects. The stable coins, like Bitcoin and Ethereum will find their true price. The massive hoard of junk coins are going to be gone. When things shake out the improvements and lessons will have created a space looking to provide tangible assets in the way of the blockchain.
Whether that be through apps specifically designed with the blockchain features, and the coins that might fund a project. Or Bitcoin and Etherum take their place as a diversification to the dollar, at the price set by the market, instead of Chi-Com criminals.
I’m in no way down on crypto. I believe that after this, biggest financial crime in history, is sorted out, things are going to be even better. Crypto has a bright future until the dollar’s future changes. It’s not gonna make you instantly wealthy any,more, for those that it did. Those days are over. I had to put this out as soon as possible considering the advice I’ve given.
A rough time is ahead of us. Gold and silver remain the impossible to be wrong, bets. Silver appears to be at an excellent price too, just for what it’s worth.
I’m a total neanderthal that’s completely confused by the society I live in. I’m offensive, honest, and a good man. I’m, here because I pay to be here, and I will say whatever I like. Come one, come all, to the freak show of commiefornia.