Mike Adams has been conducting an extensive critique of Bitcoin, the cryptocurrency, generated by a mathematical algorithm, which has taken decentralised money folk by storm. The basic idea is that no central bank can control this cyber-currency, so people have a freedom that normal fiat currency denies them:
I don’t understand how the algorithm actually works, and how “mining’ occurs: https://en.bitcoin.it/wiki/Block_hashing_algorithm
but the one person I know who swears by it, doesn’t either, but has put most of his savings in it. I referred him to the Mike Adams critiques which he savaged, and made him aggressive, but I suspect that Adams would have a come-back. Maybe he is right, and that this really is a cult. Stranger things happen today, by the minute.
Here is Adam’s latest attack, arguing that Bitcoin is a Ponzi scheme, which is fast unravelling: http://collapse.news/2017-09-14-cryptocurrency-house-of-cards-collapse-accelerates-five-new-health-ranger-podcasts-school-economic-reality.html
He has pointed out that governments now can regulate Bitcoin, and that China is controlling Bitcoin, like everything else in the Leviathan state:
“Shanghai-based bitcoin exchange BTCC has announced it will be closing down its China-facing trading operations effective September 30.
In statements on Twitter and on China-language social media, the oldest cryptocurrency exchange platform in the world’s largest market said it would immediately stop onboarding new users, but that its mining pools and international exchange would continue to operate normally.
At press time, the statement is the latest to seemingly confirm China may be on the verge of a broader effort to curb domestic cryptocurrency activity, following yet another report by a local financial news source indicating that regulators are preparing a formal ban on domestic bitcoin exchanges.
Bitcoin prices, of course, plunged yet again, now dropping 25% from its recent high. As MarketWatch reports, $23 billion in Bitcoin valuation just evaporated in mere hours.”
Ok, so where do we go from here? Most of the American economic doomsters have a fetish for gold. Yes, it is a shiny metal that has fascinated humanity for thousands of years, maybe having some psycho-sexual connection in our primate brains. There is some extremely weird stuff by psychologists about this, probably showing that Psychology is weird, as well:
The simple man’s approach to economic collapse is to move to a minimalist lifestyle, live simply, get out of debt, and make weekly stockpiles of physical goods that you will need for the “zombie apocalypse,” as it is now called, food, clothing , weapons etc. etc. After all, one can’t eat gold, and trading in some post-apocalyptic market place, will be dangerous.