Pandemic Ponzi Moves

Although this blog focuses on the evil of donald trump and his administration, there are occasionally other evils in this world that need to be pointed out.  It has recently become obvious that bitcoin is one of these evils, as are most (if not all) other cryptocurrencies currently in existence.  Bitcoin is a scam that is capable of robbing a lot of innocent people of their hard-earned money.  It may have purchasing power today, but it is based on math and technology, which means if it doesn't evolve in a controlled manner, it will not hold purchasing power tomorrow.  If you think evil is too strong a word to use to describe bitcoin, consider that it is frequently used by criminals to buy and sell illegal products (i.e. drugs, as in the Silk Road case) and it is also frequently used to avoid government sanctions because of the anonymity that it grants.  For the benefit of both consumers and investors, we offer a few important facts about bitcoin:

1) Whereas national currencies, such as the US Dollar, the British Pound and the Mexican Peso derive value based on the full faith and credit of their respective nations, there is no nation, company, association or non-profit that guarantee that bitcoin has value

2) Cryptocurrency valuation, such as bitcoin, is driven primarily by their scarcity

3) Bitcoins are scarce because it takes complex mathematical calculations to mine a bitcoin and because only a fixed number will ever be created

4) Although modern-day computers can't quickly and efficiently mine enough bitcoins to make a person wealthy, quantum computing will be able to do this

5) When Quantum computing is leveraged to mine bitcoins at an unbelievably fast rate, bitcoins will quickly become less scarce

6) When any virtual currency is no longer scarce, it ceases to hold value either as a currency or as an investment

7) Quantum computing may also be leveraged to rob bitcoins and other cryptocurrencies via hacking, as there is no established quantum-proof cryptographic algorithm in existence to secure them

8) By not regulating bitcoin and all other cryptocurrencies, the government is allowing the bubble to grow so large that it will have destabilizing macro-economic impacts when it bursts on its own

9) Traditional investments, such as stocks, bonds, commodities or savings accounts would be a better alternative than bitcoin for all investors who don't want to risk losing every dollar to their name

For the above reasons, please avoid bitcoin and all cryptocurrencies.  Don't get taken by this ponzi scheme.  Famous "sharks" Kevin O'Leary and Mark Cuban make some other good points about it.  Also, a managing director at UBS Asset Management says Bitcoin is worthless partly because anyone can make a new cryptocurrency at any time and NYU Professor and Economist Nouriel Roubini says bitcoin has a negative value due to its environmental impact.  The Bank of Canada has criticized it and regulators in the EU and Great Britain are ready to regulate it, which will ensure a financial hit.  In addition, Janet Yellen, the Treasury Secretary of the USA believes additional regulation is needed, so just avoid it.

As a fund manager has warned us, it could prevent society from functioning.