While doing some online archeology, I stumbled upon a three-year-old article by Jason Bloomberg titled “Anti-Semitism Drives Irrational Response To Cryptocurrency Warning.”
I don’t know if Bloomberg is a wealthy man, but had he thrown a few grand into Bitcoin, Etherium or even Chainlink back when he wrote the article, he would surely be wealthy now.
Bloomberg, who apparently hasn’t published any articles since 2019, berates crypto-enthusiasts for their belief that:
… the fact that governments and banks are in charge of money impedes personal freedom and power, and thus a fully decentralized approach to money is a revolutionary technique for regaining this freedom and power for the people.
If you’ve been paying attention to the way bankers have been treating dissidents recently, then you already know that they’re right; the cryptocurrency movement actually DOES regain freedom and power for the people. Just ask the folks at Red Ice or American Renaissance, who can no longer avail themselves of the services of big banks, including PayPal, or even credit cards. He who controls the money also controls thought – at least when it comes to the many people who, thanks to Big-Bank cancel culture, have no exposure to alternative perspectives.
Due to massive government spending and handouts, the US Dollar has an uncertain future, even in the short term. Inflation seems certain, maybe even hyperinflation. Those whose wealth is stored in Dollars are seeking alternative ways to store that wealth. Wisely investing in stocks is one way to do this. Precious metals is another. For some, real estate fits the bill.
If you clicked on the above Bitcoin, Etherium and Chainlink links, then you’ve seen how explosively these online currencies have increased in value. I wish I had jumped on this bandwagon sooner, but it’s never too late. If you’re poor, you might want to consider Dogecoin. Each Dogecoin costs, as of this writing, only a few cents. A friend of a friend of mine made a lot of money through Dogecoin.
Crypto-currency seems to be very volatile, and Elon Musk’s recent endorsement/investment in Bitcoin seems to have stimulated all the other crypto-currencies as well.
In other words, “Thare’s GOLD in them Thar Hills!” Since poor people can only do so much to advance their pet causes, I encourage y’all to look into this. Don’t be reckless, but don’t be afraid to try it out either… and the best of luck to you!
PS. I’m sure my friend and financial guru Soviet Men has something to say about this, so please chime in Mr. Vladivostok.
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The thing about bitcoin is that, for psychological reasons, it’s better to try to acquire it in the form of payment/donations/etc. than to purchase it. The volatility makes it very difficult for someone who’s put money into it to maintain discipline and hold it through the downturns, especially because there’s a cottage industry of pundits whose main line is bashing bitcoin at every turn. Some of them have been at it for at least 8 years now, and I’ve yet to see any of them throw in the towel.
Having a group of naysayers gleefully claiming their predictions of btc going to zero have been vindicated whenever there’s a sudden >10% drop helps drive the “buy high, sell low” tendency that many short-term crypto speculators fall into. And the flip side is, it’s hard to feel comfortable selling during an upswing, because you never know when some random event might drive the price even further. For example, I sold .8 btc for a little over 25k early this year, figuring that I didn’t want to risk not cashing anything after it had gone up 3x. Whoops.
Personally, I started acquiring bitcoin through poker freerolls on Nitrogen Sports in the boom of 2017—back then, they were still giving away .3 btc in open-to-public free rolls every week. Took them till spring of 2018 to nerf how much they were handing out. Their freerolls might be a reasonable option for people coming to bitcoin now, as long as you’re patient. They give away a few .0006 btc tournament entry tickets each weekday, and .0012 tickets on weekends. The player pool is so small, however, that those typically end up as small sit & go tourneys, so it’ll take a fair amount of time to grind it into something meaningful. (And the rake in the cash games is absurdly high, though if you’re disciplined you can effectively nullify it completely through their points-based freerolls.)
Note they require a deposit and plenty of playthrough before you can withdraw freeroll winnings, but you can hold off on purchasing the deposit until you’ve played your way up to a proper bankroll. I used bitcoin faucets to accrue the .005 minimum for free weekly withdrawals, but I doubt that’s viable anymore.
(I put my Nitrogen referral link as my website, feel free to remove it if you prefer not to have such things in your comments.)
One other thing that’s worth bearing in mind is that, with Dems back in control, there’s likely to be an open renewal of Operation Choke Point with expanded targets. It won’t just be open dissident sites getting debanked, but any industry sufficiently filled with undesirables. Better to be prepared for alternatives in advance.
Plenty of the sort of people Paul Graham refers to as “aggressive conformists” want to see cryptocurrency outright banned due to its ability to facilitate transactions they’d rather see controlled, but I wonder if the Fed might consider that too large a risk. I mean, what happens if the U.S. bans crypto but the crypto markets bounce back within a couple of years? If you check the volume rates on coinmarketcap, it would seem the vast majority of crypto trading volume takes place on exchanges that (nominally) ban U.S. customers, though Lord only knows how many of those numbers are legitimate.
People speculate on if/when the dollar will lose its world reserve status, and an attempt to squash crypto that falls flat feels like the sort of event that could precipitate the dollar’s downfall.