“Bitcoin: Analogous To Gold… Fool’s Gold” – Seeking Alpha | $17,010.53

2008 – The deception begins, “The steady addition of a constant amount of new coins is analogous to gold miners expending resources to add gold to circulation.” Satoshi Nakamoto 2008.

Fact – Bitcoin mining has no similarities to gold or mining gold, but plenty of similarities to the deceptive glitter of fool’s gold (iron pyrite, chemical formula (FeS2)).

The deception continues, introducing the term “Gold 2.0” to reinforce the deception of similarity to gold. The “valuation” of Gold 2.0 switches from sunk cost to a price discovery basis.

The deception continues, with the “real-world value” of Bitcoin being deduced from entirely speculative trading on Bitcoin exchanges subject to price manipulation, together with the introduction of futures markets.

Next step, SEC approval of Bitcoin ETFs, followed by triple leveraged ETFs, and the Bitcoin scheme is poised to wreak financial havoc and contagion leading to GFC 2.0.

Eulogy made by Robert Honeywill

Source

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.

Leave a Reply

avatar
  Subscribe  
Notify of