Nearly five years ago, Mike Adams, the Health Ranger, released a video mocking Bitcoin and what he called "crypto-lunacy." In light of the recent events surrounding the collapse of FTX, that video – watch below – is more relevant than ever.
Adams released the video as part of a Counterthink.com animation series warning people about the "speculative bubble" nature of Bitcoin and other cryptos, which have only increased in number since that time.
Today, there are nearly 21,000 different crypto coins in existence across a variety of subsectors, including metaverses and decentralized finance. Many of these cryptos are Ponzi scheme scams – some would argue that all of them are.
While there is plenty of actual money to be made if you know how to trade some of these cryptos, the fact remains that they are not, in their current form, a store of value. Most of them are wildly volatile and depending on where they are stored (i.e., a centralized exchange like FTX), they can disappear in an instant.
Be careful with crypto
At the time, Bitcoin had plummeted 50 percent from its previous all-time high. Since then, Bitcoin ended up rising in price dramatically to more than $60,000 per coin, only to now be hovering around $16,000 per coin, as of this writing.
Those who got in very early with Bitcoin are doing well, but those who bought in well above the current price are sunk. This is the nature of these highly speculative coins, which generally speaking, are price-unstable.
The situation with FTX is a bit more complex in that the exchange platform traded all sorts of cryptos, including Bitcoin, Ethereum, and many others. Those coins are still in existence, but FTX is not.
Those whose coins and funds were left in FTX at the time it collapsed no longer have access to these digital "assets" because they were not held in private wallets. It turns out that FTX was also using people's digital assets to fund deep state operations such as a study "debunking" the benefits of ivermectin for treating the Wuhan coronavirus (Covid-19).
Adams says even Bitcoin itself is a "Ponzi scheme" because there is no actual capitalization involved. It is not a corporation and it has no assets. It is not even a tangible entity of any kind, just a bunch of 1s and 0s on a blockchain.
The same can be said for Federal Reserve Notes, of course, which are little more than monopoly money. The only thing that gives them value is the perception that they constitute real currency.
The crypto debate will continue to rage on with one side convinced that digital coins are the future of money while the other sees them as a scam. Whatever the case may be, Adams in many ways predicted more than four years ago what we are now seeing with the implosion of FTX – and you can be sure that there are more dominoes soon to fall.
Finance in general is a Ponzi scheme since central banks print as much money as they want and need while eroding the value of the dollar. Think of it like stock dilution that happens constantly for the purpose of funding deep state operations both here and abroad, including in Ukraine, which appears to be one of the major money laundering capitals of the world.
"Crypto = shopping at Amazon in the future in a cashless, chipped world," wrote a commenter at Natural News about how digital currency is part of the Orwellian future new world order.
The latest news about crypto scams can be found at BitRaped.com.
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