The FBI's latest cryptocurrency fraud report shows a staggering $5.6 billion in cryptocurrency losses in 2023, a 45% jump from 2022. Investment frauds drove this increase, particularly through fake apps and schemes like "pig butchering.”Sep 13, 2024
That is fraud like FTX it is not CRYPTO They need to Crack down on bad actors. But the Govt wants it to seem risky to keep people out. The massive wealth transfer is going to be done on the blockchain. You have plenty of fraud in the stock market it's just not pushed as a narrative or govt propaganda. Efron, Martha Stewart, they talk about but never JPMORGAN manipulating the metals market The corruption is everywhere and if you pay to play with the govt(SEC) YOU bought yourself a partner! Merry Christmas 🎅
Bitcoin is decentralized, crypto is not. Almost all the coins people push are centralized crap. Also, crypto like the dollar and gold can be inflated by creating more. Bitcoin is set at 21 million coins and we are somewhere around 19000 right now. It is mathematically created in a way that it increases in value. Unlike the dollar that is worth less each day. That's why Trump will get a centralized coin the Government can control. Many are guessing XRP. I am guessing Tether. It's not considered a CBDC but it resembles one. Bitcoin will become the store of value backing the crap coin. Yeah, they need to replace the dying dollar and crypto gives them a programmable digital money they can manipulate. It fits in with tokenization and being able to control people. This will probably morph into a world currency. If you have Bitcoin in a cold wallet you can use it peer to peer like bartering with people off the books. Using your phone or email. sorry to ramble.
Sorry but you are incorrect. Many cryptos are decentralized with validators and have real use case ( utility) especially the ISO Tokens but a bunch more to. The problem with cryptos is that anyone can create these in forms of meme coins and NFTs and are all scams .They are built on various blockchains including Bitcoin and so you understand you can call BITCOIN CENTRALIZED Blackrock and Michael Saylor own over 550k BTC and let's not forget the US Govt holds about 230k and if that wasn't enough The NSA created BITCOIN and hold the keys to their Satoshis wallet of 900k BTC . It will be a great store of value as long as they want it to be. The ISO Tokens are the new financial system. It is the foundation of what has been built working together with interoperability. Ripple has connected most of the central Banks and the major Banks around the world. The XRPL is the main super highway of the Internet of value. Look AT QNT (Quant ) and how it's in the middle of everything with a smaller supply than BTC @14 million Tokens. XRP will do cross boarder settlement, it's not just settlement there are RWAs ( real world assets) being Tokenized Trillions of dollars worth are being done as wee speak. Blackrock and others are pushing it. US Treasuries,Bonds, Gold, Silver are all being Tokenized. This is what's coming over the next decade. So crypto as a whole is not in a bubble it's just opening its doors to the public. 95% of them will die because there is no use case. Wanted regulations and until then the casino mindset will remain. Merry Christmas everyone !
One can't increase the value mathematically from something that has no value. Multiply by zero is still zero. The only reason to give bitcoin some value is the price of the energy for mining it and for making the distributed storage. But that is a cost. So it would become a negative value. The stockmarket is in a bubble but at least those shares represent a company. Not some hot air.
Currently with all the UAP’s floating around coming from 100,000 million light years away with technology we don’t even understand if bitcoin was such a value to space aliens they would mind the remaining coins for themselves and own the planet
I really enjoy the depth of understanding that you portray in that extensive reply: “bitcorn is a scam”.
The depth of your explanation has really convinced me of your intelligence. I am so motivated that I am very much considering moving my whopping $100 investment in bitcoin. Thank you for your wisdom.
Google makes quantum computing breakthrough with new chip capable of solving computational problems in under 5 minutes, that would otherwise take the leading supercomputer: 10,000,000,000,000,000,000,000,000 years
Bitcoin is a con at this point. A pyramid scheme with ZERO underling value. It was created by the same folks who created EFS a distributed file system used by the big financial firms. It was supposed to be a compliment to TOR and twitter to get funds to agents / NGO's in the field. Perhaps you can ride the escalator and hop off with a profit but most will lose everything in the end.
People say Bitcoin is a scam yet have tens of thousands of dollars (or more) in the bank. Have fun being forced into CBDC which will be completely centralized and controlled, unlike Bitcoin
Sorry Greg but I have to disagree with you on Bitcoin. It is not money as recognized by common law. It is a speculative asset. Ownership is complicated by the blockchain. If used in a crime in the past, you may lose ownership due to its inherent non fungible nature. Also Bitcoin is very volatile.
Currently Bitcoin is showing all of the hallmarks of a very big bubble that rides with the nasdaq index. Hard to tie Bitcoin to any credit due to Bitcoin’s record of volatility.
But hey if you make some gains and don’t pay out the nose in fees on the off ramp to convert to credit ie federal reserve note, go for it.
I see that you just wrote; “I have to disagree with you, Greg…“, Then you go onto explain exactly why there is profit available by having followed his exact advice.
If you have followed him, he is now running on money that he has made in bitcoin profits… He’s already sold and got all of his cash. Initial investment back. Seems like he’s ahead of me by quite a ways.
I have followed Greg since his very beginnings as a non-investor, just somebody curious about new understanding of Macro economics… And I follow a lot of folks. I am so blessed to have been able to follow Greg.
I am not an investor of any substance, but the knowledge has definitely helped to keep my brain alive! THANK YOU! GREG!
I’m disagreeing with Greg that it’s an economic speculation bubble which it is. Been watching Greg for years also. Like I said, if you can make a buck like on the tulip bubble or cabbage patch kids, good for you. Bitcoin is driven by momentum buyers. They pile in when it’s going up and run for the doors when it starts to crater.
Let’s hope Greg tells everyone when to bail out of Crypto.
"1. The asset must be widely held, meaning that very many people own/hold it, which Bitcoin is not. In fact, the entire crypto space is extremely thinly held. (So right there goes the “bubble” theory)."
Where is the evidence behind that? A bubble price is when the universe of buyers that want to own something drives it up to where that universe is all in, however large that universe might be. As I have penned, Bitcoin uses a P/I, a price-to-imagination. The bigger the imagination, the cheaper it looks. Since I have no idea how large that imagination could be, I certainly can't say it is in a bubble, but it does not require all possible investors to own something to take that measure. Maybe it is, maybe it isn't.
SHe is a smart girl she knows the whole deal on CBDC. I know shes not a person saying the sky is falling I know many of the folks she talks about its darn entertaining to me but her little group very awesome at what thye do.
Dont worry about a bubble worry about a hit on a big buyer or rug pull because these funds have a basis of 75k our higher older people have a base from about 20K to 55K and its not 1 or two coins older whales individual have about 3000 coins right now aoll stored in a battery backup wallet and in a depost box the phrases are in another box usually in another security company.
Bitcoin is just a derivative of the dollar. When the dollar goes, and it will, so does Bitcoin. It’s funny how everyone is trying to get you into Bitcoin while Central Banks and countries are buying gold & silver. Just a matter of time….
Bitcoin is a scam, and it's simple to explain. If you wanted everyone to move to crypto, then you would create the supply for everyone and then everyone would transition to it at the same price. Then the price would be stable. The way they do is, they create a limited supply first, and someone owns it all at like 0-10 cents a coin. Then as more people slowly start buying in it goes to $100k a coin. Then eventually it goes to $100m a coin. So how is that not just inflation that a coin goes from 10 cents to $100m for no purpose other than dissemination? Another simple illustration. If I actually took a 2 year loan of 1 bitcoin, then I have to pay the bitcoin back in 2 years. So, the coin appreciates in real value by 100% in that time, so I have to pay back twice a much in effect. But the coin isn't appreciating cause real goods all went up 100%, it's just by virtue of limited supply. How's that going to work, and how's that not just inflation? It's just a fiat currency backed by nothing, where the money printing was just done all up front. When they traditionally created currency it was tied to something already valued properly like gold. They eventually transitioned off a gold standard but it was long after it was in wide use. You can't just start a currency with it not pegged to anything that no one holds, that's just a ponzi. How would you even value it in any way?
Bitcoin has been a hugely successful speculation. Maybe it will continue to be for some time. It is really unknown. It has not weathered a stock market crash yet so it will be interesting to see what happens in that scenario.
I don’t know if your definition is accurate as most everyone who wants Bitcoin probably already owns it. I don’t see it ever being widely held. Other than its increasing price on a shaky hypothetical value, what real use does it have? Yes I can cross borders with it and take my bitcoin with me. Nothing else compares in that aspect. One the other hand, how many people need that feature? Not average Joe.
I could be wrong but it still is a very speculative investment and not even sure it qualifies as an investment. If a company fails you at least have the real estate, machinery, or other things of some value left. Bitcoin fails you have nothing of value. It is strictly supply vs demand. It seems more like buying beanie babies than a monetary asset.
It becomes more rare over time. Yes, so does my grandmothers washboard. Rarity doesn’t equal more value. It can in some cases but it isn’t a given.
That’s just my opinion, but tens of thousands of others think similarly. They won’t be buying into it anytime soon.
I don’t see Uncle Sam or major corporations buying it. Is Boeing investing in bitcoin to supplement their profits? Or ford or Chevy investing in BTC? I think not!
I am not sure BUT, California congresswoman Maxine Watters sure invested in crypto. She was all smiles in that photo with Sam Freidbankman from that silicon valley bank before it collapsed, then got magically bailed out. Everyone was rapidly made whole!
Bitcorn is a scam
Yes it is and Gregories first argument is not valid. If you have a bubble in a small group is even a bigger bubble
Ok let me get this!
Bitcoin is not in a bubble but the stock market is...Hmmm
$5.6 billion
The FBI's latest cryptocurrency fraud report shows a staggering $5.6 billion in cryptocurrency losses in 2023, a 45% jump from 2022. Investment frauds drove this increase, particularly through fake apps and schemes like "pig butchering.”Sep 13, 2024
I wonder what the FBI's fraud report found for scammers/criminals using the US dollar is compared to BTC?
That is fraud like FTX it is not CRYPTO They need to Crack down on bad actors. But the Govt wants it to seem risky to keep people out. The massive wealth transfer is going to be done on the blockchain. You have plenty of fraud in the stock market it's just not pushed as a narrative or govt propaganda. Efron, Martha Stewart, they talk about but never JPMORGAN manipulating the metals market The corruption is everywhere and if you pay to play with the govt(SEC) YOU bought yourself a partner! Merry Christmas 🎅
Bitcoin and crypto are two different things.
(Bitcoin and crypto are two different things)
Please explain to me how they are different cuz I am not as intelligent as you are...
Bitcoin is decentralized, crypto is not. Almost all the coins people push are centralized crap. Also, crypto like the dollar and gold can be inflated by creating more. Bitcoin is set at 21 million coins and we are somewhere around 19000 right now. It is mathematically created in a way that it increases in value. Unlike the dollar that is worth less each day. That's why Trump will get a centralized coin the Government can control. Many are guessing XRP. I am guessing Tether. It's not considered a CBDC but it resembles one. Bitcoin will become the store of value backing the crap coin. Yeah, they need to replace the dying dollar and crypto gives them a programmable digital money they can manipulate. It fits in with tokenization and being able to control people. This will probably morph into a world currency. If you have Bitcoin in a cold wallet you can use it peer to peer like bartering with people off the books. Using your phone or email. sorry to ramble.
Sorry but you are incorrect. Many cryptos are decentralized with validators and have real use case ( utility) especially the ISO Tokens but a bunch more to. The problem with cryptos is that anyone can create these in forms of meme coins and NFTs and are all scams .They are built on various blockchains including Bitcoin and so you understand you can call BITCOIN CENTRALIZED Blackrock and Michael Saylor own over 550k BTC and let's not forget the US Govt holds about 230k and if that wasn't enough The NSA created BITCOIN and hold the keys to their Satoshis wallet of 900k BTC . It will be a great store of value as long as they want it to be. The ISO Tokens are the new financial system. It is the foundation of what has been built working together with interoperability. Ripple has connected most of the central Banks and the major Banks around the world. The XRPL is the main super highway of the Internet of value. Look AT QNT (Quant ) and how it's in the middle of everything with a smaller supply than BTC @14 million Tokens. XRP will do cross boarder settlement, it's not just settlement there are RWAs ( real world assets) being Tokenized Trillions of dollars worth are being done as wee speak. Blackrock and others are pushing it. US Treasuries,Bonds, Gold, Silver are all being Tokenized. This is what's coming over the next decade. So crypto as a whole is not in a bubble it's just opening its doors to the public. 95% of them will die because there is no use case. Wanted regulations and until then the casino mindset will remain. Merry Christmas everyone !
One can't increase the value mathematically from something that has no value. Multiply by zero is still zero. The only reason to give bitcoin some value is the price of the energy for mining it and for making the distributed storage. But that is a cost. So it would become a negative value. The stockmarket is in a bubble but at least those shares represent a company. Not some hot air.
Currently with all the UAP’s floating around coming from 100,000 million light years away with technology we don’t even understand if bitcoin was such a value to space aliens they would mind the remaining coins for themselves and own the planet
I really enjoy the depth of understanding that you portray in that extensive reply: “bitcorn is a scam”.
The depth of your explanation has really convinced me of your intelligence. I am so motivated that I am very much considering moving my whopping $100 investment in bitcoin. Thank you for your wisdom.
Google makes quantum computing breakthrough with new chip capable of solving computational problems in under 5 minutes, that would otherwise take the leading supercomputer: 10,000,000,000,000,000,000,000,000 years
Bitcoin is a con at this point. A pyramid scheme with ZERO underling value. It was created by the same folks who created EFS a distributed file system used by the big financial firms. It was supposed to be a compliment to TOR and twitter to get funds to agents / NGO's in the field. Perhaps you can ride the escalator and hop off with a profit but most will lose everything in the end.
... hop aboard Willy Wonka's magic BTC-ride - I want my digital gulag and I want it now!!
People say Bitcoin is a scam yet have tens of thousands of dollars (or more) in the bank. Have fun being forced into CBDC which will be completely centralized and controlled, unlike Bitcoin
Finally, someone who actually understands what he is talking about.
Even if they track it they can’t control it. Also there are privacy coins that they can’t track.
with Bitcoin they can see the transaction but not who sent or received it.
Am I wrong in thinking that nobody ever knows the sender and receiver and the verification is that 20,000,000 other BTC ledgers were "CC" on it?
Sorry Greg but I have to disagree with you on Bitcoin. It is not money as recognized by common law. It is a speculative asset. Ownership is complicated by the blockchain. If used in a crime in the past, you may lose ownership due to its inherent non fungible nature. Also Bitcoin is very volatile.
Currently Bitcoin is showing all of the hallmarks of a very big bubble that rides with the nasdaq index. Hard to tie Bitcoin to any credit due to Bitcoin’s record of volatility.
But hey if you make some gains and don’t pay out the nose in fees on the off ramp to convert to credit ie federal reserve note, go for it.
I see that you just wrote; “I have to disagree with you, Greg…“, Then you go onto explain exactly why there is profit available by having followed his exact advice.
If you have followed him, he is now running on money that he has made in bitcoin profits… He’s already sold and got all of his cash. Initial investment back. Seems like he’s ahead of me by quite a ways.
I have followed Greg since his very beginnings as a non-investor, just somebody curious about new understanding of Macro economics… And I follow a lot of folks. I am so blessed to have been able to follow Greg.
I am not an investor of any substance, but the knowledge has definitely helped to keep my brain alive! THANK YOU! GREG!
I’m disagreeing with Greg that it’s an economic speculation bubble which it is. Been watching Greg for years also. Like I said, if you can make a buck like on the tulip bubble or cabbage patch kids, good for you. Bitcoin is driven by momentum buyers. They pile in when it’s going up and run for the doors when it starts to crater.
Let’s hope Greg tells everyone when to bail out of Crypto.
$BTC is widely misunderstood by most retail investors. That's another reason it's not in a bubble.
Right on. It is amazing there are so many luddites in this chat.
"1. The asset must be widely held, meaning that very many people own/hold it, which Bitcoin is not. In fact, the entire crypto space is extremely thinly held. (So right there goes the “bubble” theory)."
Where is the evidence behind that? A bubble price is when the universe of buyers that want to own something drives it up to where that universe is all in, however large that universe might be. As I have penned, Bitcoin uses a P/I, a price-to-imagination. The bigger the imagination, the cheaper it looks. Since I have no idea how large that imagination could be, I certainly can't say it is in a bubble, but it does not require all possible investors to own something to take that measure. Maybe it is, maybe it isn't.
Whitney Webb set these folks straight
Lets hope Whitney has shorted Bitcoin and will learn FUD does not equal intelligence or truth.
SHe is a smart girl she knows the whole deal on CBDC. I know shes not a person saying the sky is falling I know many of the folks she talks about its darn entertaining to me but her little group very awesome at what thye do.
Dont worry about a bubble worry about a hit on a big buyer or rug pull because these funds have a basis of 75k our higher older people have a base from about 20K to 55K and its not 1 or two coins older whales individual have about 3000 coins right now aoll stored in a battery backup wallet and in a depost box the phrases are in another box usually in another security company.
When Whitney Webb and Martin A caution against, and the powers that be push, I listen
I truly enjoy her and her little friends its about the only reporting I enjoy now days.
Bitcoin is just a derivative of the dollar. When the dollar goes, and it will, so does Bitcoin. It’s funny how everyone is trying to get you into Bitcoin while Central Banks and countries are buying gold & silver. Just a matter of time….
Bitcoin is a scam, and it's simple to explain. If you wanted everyone to move to crypto, then you would create the supply for everyone and then everyone would transition to it at the same price. Then the price would be stable. The way they do is, they create a limited supply first, and someone owns it all at like 0-10 cents a coin. Then as more people slowly start buying in it goes to $100k a coin. Then eventually it goes to $100m a coin. So how is that not just inflation that a coin goes from 10 cents to $100m for no purpose other than dissemination? Another simple illustration. If I actually took a 2 year loan of 1 bitcoin, then I have to pay the bitcoin back in 2 years. So, the coin appreciates in real value by 100% in that time, so I have to pay back twice a much in effect. But the coin isn't appreciating cause real goods all went up 100%, it's just by virtue of limited supply. How's that going to work, and how's that not just inflation? It's just a fiat currency backed by nothing, where the money printing was just done all up front. When they traditionally created currency it was tied to something already valued properly like gold. They eventually transitioned off a gold standard but it was long after it was in wide use. You can't just start a currency with it not pegged to anything that no one holds, that's just a ponzi. How would you even value it in any way?
I think its valued by speculation. What else is there? Thats the problem
1. Whales hold majority an control price not peons.
In the end it will blow up.
2. People r hurting and can't buy small amounts.
3. Power consumption is enormous and bitcoin is hackable . Ask government
Great points
Using those metrics only housing and certain stocks are in a bubble Greg. I agree with you that Bitcoin is not in a bubble.
What do you think about the crypto president not owning any Bitcoin? He knows something you don’t I believe.
Bitcoin has been a hugely successful speculation. Maybe it will continue to be for some time. It is really unknown. It has not weathered a stock market crash yet so it will be interesting to see what happens in that scenario.
I don’t know if your definition is accurate as most everyone who wants Bitcoin probably already owns it. I don’t see it ever being widely held. Other than its increasing price on a shaky hypothetical value, what real use does it have? Yes I can cross borders with it and take my bitcoin with me. Nothing else compares in that aspect. One the other hand, how many people need that feature? Not average Joe.
I could be wrong but it still is a very speculative investment and not even sure it qualifies as an investment. If a company fails you at least have the real estate, machinery, or other things of some value left. Bitcoin fails you have nothing of value. It is strictly supply vs demand. It seems more like buying beanie babies than a monetary asset.
It becomes more rare over time. Yes, so does my grandmothers washboard. Rarity doesn’t equal more value. It can in some cases but it isn’t a given.
That’s just my opinion, but tens of thousands of others think similarly. They won’t be buying into it anytime soon.
I don’t see Uncle Sam or major corporations buying it. Is Boeing investing in bitcoin to supplement their profits? Or ford or Chevy investing in BTC? I think not!
I am not sure BUT, California congresswoman Maxine Watters sure invested in crypto. She was all smiles in that photo with Sam Freidbankman from that silicon valley bank before it collapsed, then got magically bailed out. Everyone was rapidly made whole!
I love it, Gregory. You are now on the side of the angels and are being rewarded.
Charles Ponzi and John Law love Cryptos.