The folk “banking” on Bitcoin are ridiculous. There’s no physical currency they give you which you can take anywhere else to trade for most of the goods and services you consume.
With Bitcoin, you’re only as secure as your access to a high speed internet connection and electricity. And these mofos are planning to fully turn over the internet to private corporations on top of everything else! So, what happens when Verizon strikes a deal with the U.S. government to block access to sites where communities buy/trade/sell Bitcoin? What happens to your “millions” then, Rich Uncle Pennybags?
There are people mortgaging their houses to buy into a system some people have used to launder money and do all kinds of nefarious sh!t. That’s the system you want in on? Why don’t you just find the nearest child traff!cking ring and ask to invest in it? Same thing.
According to smartasset.com, the average credit LIMIT for everybody is $7,500 for people with a credit score between 661 and 780. The average credit LIMIT is a little over $2,600 if your score is between 500 and 660. That’s not even broken down by race. For black people, the numbers seem abysmal. Only 33% of blacks have a credit score above 720, according to creditcards.com.
According to Intuit.com, $1,000 dollars is worth 7.76 in Bitcoin. But you’re trying to get in on this “sure thing”, right? FOH. -_-
The people who allegedly “need Bitcoin”(ha!) the most don’t even have enough credit (let alone cash) to purchase what will be required to sustain themselves… assuming they have the magical powers required to flip it back into dollars.
The real problem here is that many people who are jumping on the Bitcoin train don’t want to use it as another form of currency. They want to drive up the price of Bitcoin then convert that money back into spendable U.S. currency. This is a recipe for disaster.
1st point: Look, when you buy into Bitcoin, you’re purchasing air. You’re purchasing AIR! Air, mixed with the hope that you’ll be able to turn that Bitcoin back into dollars and use it in this market. That’s basically what you’ve done. You’ve traded your American-backed currency for some random amorphous mess which is not protected by any one government. This irrational exuberance is not new. And there’s always a fcking crash afterwards that leaves black people in a worse position than before.
I watched an old PBS documentary about the 1929 stock market crash. They talked about how the ‘whales’ pumped up RCA stock so much that everybody ran into the market to buy it. When the whales pulled in enough suckers, they started to sell as more and more people got in. By the time the ‘whales’ were through, all hell was about to break lose. We all know what happened after that (Starts at 17 min 48 seconds).
https://youtu.be/kDRTf_hWnxY?t=17m48s
2nd point: What is the federal government’s incentive in protecting a currency that is it’s competition? When you are engaging in… whatever… by using a currency your government can’t control, how long before the capitalistic nature of that government kicks in?
Yall love Capitalism, right? The capitalistic system is about to show you the power of that word once Bitcoin becomes attractive enough to either steal it or k!ll it. The biggest shark in the world right now — the American government — will decide how this goes, people. They will first try to control it. If it continues to be a problem, they will use the mechanisms in place to crush it. I don’t know HOW yall can’t see the brick wall this train is about to hit.
By the time “we” ever heard the phrase “Bitcoin” it was already too late to make any real money in it. I’m talking about real money, not ‘move my mama into a stable community’ money. I don’t care how that makes some of yall feel. By the time you knew it existed, it was already too late for you to make any real money from it. The people who are making the real money are the Pied Piper ‘sharks’ that are leading you into this trap. The sharks are the ones strengthening their generational wealth by using your hope… your fear… your desperation.
3rd point: How can yall feel comfortable with a global currency when Europe tried to tie countries together under a single currency and is facing all kinds of problems?
When the Euro was created as a way to tie a bunch of different countries together, Great Britain still kept the British Pound. Why? Because they control the Pound, and if all hell breaks loose — like it did in 2008– they still have a central bank and a functioning system to act as a “shock absorber” to prevent a Great Depression in their country.
But yall are turning in government-backed dollars for sh!t you can’t even use anywhere you need to in order to get goods and services? When you buy Bitcoin, you’re trading a currency backed by a central bank for something completely unregulated or protected by an entity answerable to you. These people are trading dollars that spend anywhere in America for…what? Does Bitcoin even give you anything physically to hold? Even Discover and American Express give you a plastic card you can use damn near anywhere. But you don’t even get that with Bitcoin. Lose your computer and your sh!t is gone with Bitcoin!
You can only trade Bitcoin with people who have chosen to accept it. In comparison, how many thousands of businesses in America take cash and credit cards ? Does AAA take Bitcoin if you need to call them? If you’re out of bread, can you take that Bitcoin to the grocery store and trade it for food?
4th point: Even if lightening strikes, you’ll only be a millionaire as long as the electrical grid is up. If foreign countries have already figured out how to bring d0wn e|ectr!cal grids, suddenly you won’t be able to move your sh!t, mine it, or cash out. (I’m already worrying about that in terms of credit.) What will you do? Will you run around showing people a screenshot of your Bitcoin account on your phone? And you better hope you charged the battery before the power went out. -_-
5th point: In addition, you’s a goddamn fool if you think the NSA doesn’t or can’t find out who owns Bitcoin currency. STOP IT. The real people who are making money in this shady process may also know how to effectively use false identities in a way that makes the C!A jealous. But yall are buying Bitcoin using an app on your incredibly hackable mobile phone with GPS and location enabled.
The minute you install that app, the people who need to know who you are ALREADY know who you are. Are you’re buying Bitcoin by transferring money from a bank account with your name on it? You had to provide a social security number to open a legit account. They ALREADY know who you are. So, tell me WHO doesn’t already know you unless you are legitimately on some fraud or identity theft sh!t? You’d have to be a real crook to actually hide yourself in that system.
6th point: The legal problems around this currency is real. You don’t know who will do what with the Bitcoin you sold to them. And since this currency is used in secret, you could find yourself caught up in some mess.
Desperation kills analytical thinking, and I’m DONE with yall and this Bitcoin mess. At the end of the day, you’re not even a paper-millionaire. You’re a “millionaire” because a group of people — people with no government financial backing and no military — said so.
What happens when they say this over and they want to move to their next conquest because cryptocurrency has become boring? You will be a$s-out like so many of “us” (not me) who wanted to buy houses and flip them for higher prices because white financial gurus said the market couldn’t fail. Keep buying into those ‘white dreams’ if you want to. I’ll continue to keep my eye on HOW the ‘whales’ and ‘sharks’ are really making money: begging/bribing/buying government. -_-
I’m truly waiting on the Frontline documentary that is sure to come where they talk about ‘The Rise and Collapse of Bitcoin’. I’m sure an episode of ‘American Greed’ focusing on Bitcoin will follow. -_-
https://www.creditcards.com/credit-card-news/race-age-gender-statistics.php
https://www.suretybonds.org/surety-bond-cost
http://images.blog.turbotax.intuit.com/swf/Bitcoin-calculator/index.html
https://smartasset.com/credit-cards/the-average-credit-card-limit
http://foreignpolicy.com/2011/01/06/the-euro-is-dead/
https://www.forbes.com/sites/realspin/2016/11/04/what-brexit-means-for-the-euro/#1ec7d9ac1a7c