Mike Adams, the Health Ranger, puts it bluntly. He’s giving credit to those who bought Bitcoin initially and are selling now. But he doesn’t have such high accolades for those who are buying Bitcoin now, calling them the “greater fool.”
“The newbies getting in [to Bitcoin] who are, frankly, incredibly stupid, ah now, if you got in early and you were buying Bitcoin at $1 or $10 or $100 even; you sell now, that’s the best bet you’ll ever make in your life. It’s the best gain you’ll ever make. But if you don’t sell it doesn’t count, so you gotta sell and cash out in order to cash in.”
But that poses a bigger problem. “And who are you selling to?” asks Adams. “The new suckers who are buying in. The new people who are now mortgaging their homes to buy Bitcoin mining rigs this is the new insanity that’s been reported in the media…well…now it wouldn’t be worth it.” Adams continued saying, “the people getting in now though, are the ones who are going to get royally screwed.”
Bitcoin is a bubble and it will burst at some point, leaving those who took out mortgages to invest in dire straights. Bitcoin’s collapse is coming, according to Adams. “That day is coming. Mark my words,” he says. “You can’t second-guess the psychology of the bubble. Nobody knows the day that people panic. Nobody knows the day that this thing turns…the day that the mob turns against bitcoin is the day that everybody loses.”
And what should those with some Bitcoin do, according to Adams?
“The name of the game now is to GET OUT,” Adams says. “Again, if you were an early adopter of Bitcoin and you’re sitting on some coinage, you know what you should be doing with that coinage? You should be buying, like, survival supplies quite frankly. You should get yourself a good rifle, a Glock, some ammo, again, only if it’s legal in your area. Get a medical blowout kit. Get yourself a good knife, some cordage…you should be gearing out.”
Your Bitcoin can vanish because it isn’t real. But if you have gear, that gear will be yours for life.
yes, buying anything in a huuge bubble is stupid.
I guess he’s now the “financial health ranger”..?
Bitcoin/Cryptocurrency is just another form of a ponzi-scheme.
Though I see a day coming where this form of “digital assets” will become the norm, while doing away with paper currencies.
Some will be gladly to accept this, but this type of money transfer system is more appropriately defined as “full blown slavery”.
Looks like time for one of my xmas poems 🙂
Twas the night before christmas and all through the whitehouse
Evil bills were being passed by every zionist louse
Knowing that on the day no one would be there
They screwed over the people without any care
And when they were finished they brought out the small boys
And passed them around, their satanic toys
Then to what did their beady black eyes did appear
The US Militia all decked out in gear
With full auto fire they blasted away
Killed all the scumbags and saved the day
Then down to wall street to take out the trash
Burned them alive the worshipers of cash
Then on to the banks they marched in a line
Killed all the bastards then all was fine
The new found freedom it had a great feel
Who the hell said Santa Clause isn’t real! 🙂
Another of my christmas poems for you all..
Their makin a list
Their checkin it twice
Their gonna find out whos naughty or nice
Federal Claws is comin to town..
They see you when your sleeping
They see when your awake
They know if you been bad or good so shut up for goodness sake
You better not pout
You better not cry
Just do what your told and never ask why
Federal Claws is comin to town
The NSA is watching
The CIA is too
The FBI is on your trail
Now whatcha gonna do?
Oh you better not pout
You better not cry
Think of fighting back you better not try
Federal Claws is comin to town..
With facial recognition
And cell phone spying too
A database as big as hell
Has all the dirt on you
Oh you better not speak
You better not type
Orwell was completely right
Federal Claws is comin to town….
FEDERAL CLAWS IS COOMMMIINNNNGGG TOOO TOOOOWWWWNNNNNNNNNN!
Thank you people thank you! 🙂
And one more for you enjoyment lol….
Twas the night before christmas and all through the house
the smell of mash cookin drew out a mouse
it came and it sniffed the smell of good stuff
it chewed through the lid it was pretty tough
it dove in and swam in all the good grain
as he gulped down the goodness it went straight to his brain
his courage it became more than 10 fold
he thought cause Im small I still can be bold
he crawled out of the big plastic pail
his voice got real deep as he let out a wail
“come try to get me you stupid old cat”
“your geetin old and slow and so fat”
the cat heard the mouse and sneaked his ass near
then cornered the mouse with eyes full of fear
the cat said “you did what I never could do”
“get into the goods my hats off to you”
the mouse said “thank goodness your welcome my friend”
“we’ll drink till its dry until the end”
they both got their paws on a couple of straws
I guess as friends go they’re aren’t no laws
the rest of their lives were spent gettin drunk
the cat and the mouse now who woulda thunk?
3 poems, the first one is in moderation?
Genius –
Well done … that first one that held you up in Mod – that evil, evil “Z” word will do it every time, same as the “T” word that is very much related to the “Z”.
Enjoyed all three especially the cat and mouse.
Thanks, I made some of your peach cobbler! Damn man! That stuff is gooood! They didn’t have that juice so I used white grape and the only peach schnapps I could find was 99 proof. But it turned out great, thanks for the recipe. I didn’t think anything could compare to my apple pie but this certainly does and maybe even better! 🙂
They’re not their.
There, their, they’re.
Even a genius knows how to choose (or chose) lose, loose and two or too or to or potatoE. 38.88982, -77.00916.
I’m sitting here holding a few gold and silver coins admiring their beauty and considering the cushion they will provide. They are in my possession, and I can protect them.
And who will buy them in a full collapse? Can’t eat ’em. Can’t shoot or grow food with ’em. Good luck!
That’s why I have that stuff too dude.
Its ok Menzo, G-money will just use his bitcoins when the power goes out 😉
G-money: Always love the one guy who invariably brings up that you cant eat gold.
once again someone completely misses the point to PM’s long term wealth storage, and the fact you own it, not someone else.
Put a portion of your wealth into gold to preserve your wealth THROUGH the Changes and on to the other side of the Changes.
Another portion of your wealth in silver to use DURING the Changes. And maintain $10 bills in plastic peanut jars to use OUTSIDE of the banking industry.
It was good financial advice when I gave it here years ago and it is still good advice. 🙂
Peanut jars??? I prefer the #10 cans. Good Sage advice though.
Plastic Peanut Jars with $10.00 bills, cannot be detected with a metal detector like a #10 can. Plastic Peanut Jars don’t rust when buried.
Hey DK I think it was Mushroom that first came up with the crisp new $10 dollar bills…it’s in the archives Cherrio…Butch
You obviously don’t know what you are talking about.
IOTA… Google that shit…
If bitcoin is digital currency,what happens if/when the grid goes down?
I’m sure a message would appear saying:
ACCESS DENIED – TRY AGAIN LATER
I see many bitcoin suicides in the future….
Genius – good. I hope so. Darwinian selection at its finest is direly needed. Anyone who thinks Bitcoin is a reality is self-deluded. Block-chain, ‘mining’….. all b.s. Digi-geeks thinking they are creating something of real world value out of code.
Bitcoin Owner: How about I trade you one Bitcoin worth 10K for a super pail of wheat?
Me: Na, its not worth the paper its not printed on.
Cash Owner: How about I give you $10,000.00 cash in $10.00 bills for a super pail of wheat?
Me: OK, we can always use more toilet paper.
Hmmm, says 9 posts here but there is only 6? 3 of my posts just dissapeared? WTF?
I see they are back now…
Looking forward to seeing what will happen with my grandson’s two $40 bitcoin he bought just outta H.S.
i foresee a selling panic ,at the drop of a pussy- hat,
millennial woes my turn to HARI-KAKI.
Something bad this way comes.
SEC is drafting policy on dealing with all cryptos. Bitches ain’t gettin’ mine.
why, do you have physical possesion of them? do you control the method of exchange?
“bitches” already HAVE yours. Or more accurately, bitches fooled you into thinking they exist.
And right below this article:
“How To Get Bitcoin In Your Stock Portfolio”
Mac’s gotta pay the bills *eyeroll*
I don’t think people get that it’s a passive vehicle or medium of exchange, with no inherent value. Pure liquidity does have a purpose — to move — not as a solid, long term store of wealth.
i have my crypto’s in my hand-i have a physical wallet.
go ahead-fight the future.
Hmmm, this kind of reminds me of the early 90’s when the Koch Bros were trying to corner the market on silver, more than a few former co-workers were buying silver at $50 to $75 an oz and then the bottom dropped out and they were left holding silver that was going for maybe $3 to $5 an oz. History repeating itself???
Wrong name. It was the Hunt brothers, and the reason ended up taking a bath on silver was government interference in what was then a much more true and pure free market than what we have today.
You do make an interesting comparison, though. I personally believe Bitcoin is more likely to fall off a cliff than rocket to the moon. It simply is not consistent with the bedrock principles of a true and pure free market. You can not move money, wealth or capital quickly and efficiently with it. Nor can you move money, wealth or capital where it needs to go to get the job done without the names of the parties in the transaction attached to it. Even worse, once said money, wealth or capital gets to where it needs to go, it is not exactly freely convertible from Bitcoin into any other currency, gold or silver.
Bitcoin is where it is simply because there are people out there looking to get out of dollar denominated fiyat any way they can, at any price. It makes more sense to mortgage the house to buy gold or silver. Even if you get booted out the door for default, you still have hard assets to acquire physical assets to reconstitute yourself.
The irony in your comparison is that silver is more likely to go to the moon than Bitcoin. I caught a podcast that spelled out the production ratings for physical silver. Mexico mines 180m to 200m ounces per year, versus 35m to 40m ounces mined by the US. Mexico does not produce a lot of its own coinage because it needs to export the silver for fiyat dollars to pay its dollar denominated bills. The US mints between 40m and 48m silver eagles per year, meaning the US does not mine enough silver to cover its eagles and needs to import. This doesn’t even factor in silver rounds and bars. What happens when the dollar is no longer the global exchange currency? Mexico is no longer forced to take them for its silver, which would create a major shortage in the US and cause prices to go much higher and stay that way. In short, take away reserve status, US can’t import silver and prices will accelerate upward, then stay there.
Never heard of the Health Ranger so I’m not so sure he knows nothin of nothin or nothin of sumpthin. I do wonder though if he is related to the Rump Ranger. Anyway.
I’ve been stopping by this site for years, snooping, reading and hoping to get the few and far between snippets of useful info.
Most of the time it’s opinions and commentary that makes irritated I wasted my time reading the drivel posted here.
Crypto currencies are here to stay and a few will become standards for some. Likely not Bitcoin or Ether or pizzcoin, but it’ll be a digital coin. Yeah, I know, I can’t eat it or what if the lights won’t come on.
Can’t eat my gold or silver rounds either, and if the lights don’t come on they likely won’t be worth much either.
Then again I can’t eat the 1000’s of rounds I have either.
Can’t really eat the health, home, cars, life, keyman, disability, insurance policies I got and pay for – but got em anyway.
I could eat all the stuffs I’ve accumulated over the years that feed quite a few for a long time , that i’ve also lied to my missus about being the last box I’m gonna buy.
yeah, I’ve got a cabin in the mountains as my bugout, but I’m not so sure I could even get there or if it’s ideal. Probably not as my wife wouldn’ t go until my kid in college made it home in a shtf situation.
Anyrate, just an ole boy scout that still lives by the motto of “Be Prepared”.
In this day and age that also means some crypto currencies.
Bit coin?
Bit in the ass!
Bit by bit by bit by bit by bit…
That’s BY bit.
Not BUY bit!
– the Lone Ranger