Tag: Bitcoin

Jamie’s Ignorant Attack on Bitcoin

~ archercrosley

Just today Jamie Dimon laid into Bitcoin – again.

He’s going for a troll record.

He likened Bitcoin to other cryptocurrencies and called them all, including Bitcoin, a Ponzi scheme.

He stated that Bitcoin had been linked to sex trafficking, money laundering, ransom ware and theft.

My gosh, can’t we say the same for the US dollar?

I don’t see Jamie Dimon advocating for getting rid of the US dollar.

I’d like to know precisely how Bitcoin is a Ponzi scheme.

I have invested approximately $60,000 in Bitcoin, and my net value now is about half that.

How is that a Ponzi scheme?

Is Jamie Dimon saying that I am one of the later investors who who is being ripped off?

I don’t feel like I’ve been ripped off.

I invested in an instrument, and the instrument went down in value.

A few months before the crypto crash though, my investment had a net positive.

I knew the risks when I entered Bitcoin. I’m not complaining.

Can’t the same thing happen to the stock market?

Indeed, hasn’t the exact same thing happened in the stock market time and time again.

Is Jamie Dimon willing to call the stock market a Ponzi scheme?

I doubt it (although, ha ha, I do believe it is).

I think Jamie Dimon is confusing a Ponzi scheme with a bubble.

A bubble involves the greater fool theory where people pile into a hot market and make it go higher.

Eventually that bubble must burst.

But there’s nothing wrong with investing in a bubble as long as you retain what you pay for, and as long as no one misrepresented what you were purchasing.

A Ponzi scheme is quite different.

In a Ponzi scheme, the seller of the product typically absconds with your money and pays you a monthly or yearly return by attracting new investors.

This isn’t even close to being the case with Bitcoin.

When I invested in Bitcoin, nothing was promised to me, nor did I expect any annual return.

I had hoped that the value would go up over the years as more people used Bitcoin, and I still anticipate that it will go up.

But I don’t feel cheated because it has gone down in value.

It has gone down in value precisely because people like Jamie Dimon are driving it down by scaring the citizenry.

Jamie Dimon has no interest in seeing Bitcoin succeed.

He mistakenly perceives Bitcoin as a threat to his fiat currency.

Here’s a ticket on the clue train for Jamie Dimon: Bitcoin will not replace fiat currency just as gold will not replace fiat currency.

All Bitcoin does is give regular middle-class people a little bit of a buffer against inflation.

What is wrong with that?

Apparently that is too outrageous for Jamie Dimon and his friends.

You see, they don’t want any middle-class person being a potential threat to their rule.

They were infuriated when middle-class people suddenly became rich off Bitcoin.

So they had to put a stop to that.

Rather than encourage people to invest in Bitcoin, which would be a good thing for the people of the United States, Jamie Dimon asks people to invest in stable coins such as the JP Morgan stable coin.

The stable coin is sold to people on the basis of its reliability and non-volatility.

Ironically it was Terra USD, a stable coin, that crashed this past year which caused many people to lose their money.

Jamie says that better regulation will prevent that from happening again.

Sure, Jamie, I trust you.

Te amo, Jamie.

As to why anyone should trust JP Morgan, Jaime’s firm, when it regularly has to pay fines back to the federal government for scamming people, is anybody’s guess.

The main problem though with stable coins is that there is no fixed supply. Because there is no fixed supply, there is no protection against inflation.

Instead, the central planners will decide the exchange rate between your stable coin and the fiat currency that they are addicted to printing en extremis.

Essentially then stable coins are digital dollar bills.

How does that protect you?

Answer: It doesn’t.

In spite of this, Jamie Dimon carries a lot of weight in the financial universe. He will undoubtedly convince a lot of senators and representatives – his college chums, really – to put regulations in place that will hamper Bitcoin.

It’s too bad, really, because Bitcoin can work for the rich too.

It’s not like everyone is going to suddenly convert to Bitcoin.

After decades of being impoverished by Jamie and his Ivy League clowns, most people won’t have the extra money to put into Bitcoin, just as most people don’t have the extra money to put into gold.

But if they did have a little extra money, which is hopefully something we can work on some day, it would be a good thing for them to invest in a hedge against inflation.

That would help prevent these massive recessions, and that would benefit Jamie.

Unfortunately, he’s too ignorant of Bitcoin, too obsessed with oppressing people, too angry at middle-class people for making money on Bitcoin when he didn’t, and flat out too stupid to see it.

Sincerely,

Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

Letter to Steven Hanke

~ archercrosley

This is Steve H. Hanke. He hates Bitcoin.

Does he look like a man who would respond to my email?

Not to me. He is too important.

So I will write a letter for him to you. This is in response to an article he wrote for National Review which proclaims Bitcoin a failed experiment in El Salvador.

Clearly Professor Hanke is an officer of the Empire. He has a million and one credentials. He is everything I am not. So here goes …

Dear Professor Hanke,

Hello,

I am reading your recent article that proclaims Bitcoin a failure in El Salvador.  Your arguments border somewhat on mania.  I definitely detect a bias; but you are an economist, and, alas, I am not, so it’s possible you know much that I am not aware of.

1.  You state that Bitcoin was forced upon the people of El Salvador, yet only 20% of businesses there accept Bitcoin. Accepting that as the case, how is it possible then for Bitcoin to have caused such economic travail for El Salvador?

2.  You state that the cost of implementing Bitcoin was 100 million dollars, correct?  You also state that the value of that Bitcoin is now 48 million dollars.  Is that about right?  If so, it seems a stretch to state that a 52 million dollar loss is enough to crater a country whose annual government budget is about 5.5 billion. 52 million divided by 5.5 billion is 1%. Are you stating that a 1% loss is enough to crater an economy? Applying El Salvador’s presumed loss to Archer Crosley Pediatrics, my profession, would you state that Archer Crosley’s poor choice in purchasing a fur-lined sink (Steve Martin), costing 1% of his budget, cratered Archer Crosley’s pediatric practice thus prompting his lender to panic?

3.  Is it possible that the downgrade in El Salvador’s creditworthiness is in retaliation for its decision to adopt Bitcoin?  Or are there other reasons for the downgrade in creditworthiness? Maybe the government is engaging in forms of corruption that is responsible for the downgrading of creditworthiness?

4.  If adopting the dollar was a magic cure for an economy, then why is there massive inflation in other economies that have adopted the dollar either officially or unofficially?

5. If using Bitcoin in El Salvador is only one of many options in employing currency, then how is that bad for El Salvador? Doesn’t adopting Bitcoin give El Salvador greater flexibility? What is wrong with that?

6. Since, according to your resume, you are a currency expert and connoisseur, why do you object to Bitcoin? What precisely is your beef with Bitcoin? Shouldn’t people and governments be given the free will choice to either adopt or reject Bitcoin?

7. You state that Bitcoin is a speculative investment? You are right on the money with that. But is that the fault of Bitcoin? Or is Bitcoin’s high speculativeness the consequence of man’s desire to get rich? Who is at fault here?

8. Isn’t it true that Bitcoin’s value has risen over its short lifetime?

9. Doesn’t Bitcoin offer a greater degree of fungibility over gold and silver? How is this a bad thing?

10. I notice that you were involved in taming Argentina’s inflation decades ago. Suppose Bitcoin was used in all economies of the world in the future as a backup reserve to buffer inflation. Suppose that in this future we reach a point where all the Bitcoin that can be mined has been mined. Would such an adoption of Bitcoin be a good thing or a bad thing? If Argentina had possessed such an option during the Mexican peso devaluation, could the resurgence in hyperinflation in Argentina have been avoided?

11. Shouldn’t the addition of Bitcoin on a limited basis in El Salvador (clearly the case in El Salvador) increase people’s confidence in Team El Salvador?

12. If everyone in El Salvador kept 10% of their net worth in Bitcoin wouldn’t that give them some form of a safety net to protect themselves against hyperinflation? Wouldn’t that be a better option than sequestering one-hundred dollar bills? Wouldn’t that adoption help preserve wealth for El Slavadorans thus obviating pressure upon the government to print money? Won’t the adoption of Bitcoin help mitigate future rioting?

13. If Sri Lankans had been invested in Bitcoin to a value of 10% of their wealth, would that have been good or bad for Sri Lankans?

14. Why is El Salvador talking to the IMF? Isn’t it true that El Salvador’s decreased creditworthiness is largely due to excessive government spending and not the purchase of a measly one hundred million dollars of Bitcoin? And why is the IMF pressuring El Salvador to move away from Bitcoin? Why does the IMF care? Doesn’t Bitcoin make El Salvador more resilient and therefore more able to pay back IMF loans? Or is there some truth to what people say about the IMF: that its loans are designed to fail so that the US, CA, AU, NZ and GB can buy a country’s precious assets on the cheap? If that is the case, doesn’t Bitcoin represent a threat to the scam that the IMF has been running?

15. Were you pressured to trash Bitcoin through loss of position or prestige? Were you asked to trash Bitcoin? Do you stand to gain financially or otherwise by trashing Bitcoin?

Sincerely,

Archer Crosley, MD

Pediatrician

Copyright 2022 Archer Crosley All Rights Reserved

Hope After The Crash

~ archercrosley

To those of you who have lost money in cryptocurrency, here is my advice to you.

Don’t get depressed.

Don’t turn to drugs.

The world is not going to end.

You are young, and you have plenty of time to recover.

You have a lot of years left in you.

Things are never as bad or as good as they seem to be.

Take a few deep breaths and try to learn from this experience.

Write down on a piece of paper the lessons that you have learned.

If you have lost all your money, or a sizable chunk of that money, you now understand that the media always goes to extremes.

The media always looks on the bright side when the market is going good; the media always looks on the dark side when the market is going bad.

That’s why the vast majority of the people lose their money.

The media is often not your friend.

You always have to employ equanimity when evaluating the markets. You have to temper your greed, and you have to temper your fears.

Secondly, never bet more than you can afford to lose.

As a smaller investor, you don’t have access to all the information that is out there. You have no idea what these CEOs and their lieutenants are doing.

They could be robbing the company blind, and you wouldn’t know it.

And, yes, they do lie.

If you are going to bet the ranch on anything in life, bet the ranch on yourself.

Never bet the ranch on somebody else.

Thirdly, nobody can predict the future.

Nobody.

The best thing you can do is avoid all these technical analysts who claim they can predict the future by looking at graphs from the past.

It can’t be done.

It looks like it can be done because they point to events that have already transpired. Then they direct your attention to patterns that preceded major recessions.

They make it look easy.

If it were that easy, everybody would do it, and everybody would be a billionaire.

But everybody isn’t a billionaire.

A better approach is to think about the vehicle that you are investing in, read as much as you can about it, listen to as much as you can about it, and then think about it some more.

Ask a lot of questions along the way.

It’s also helpful for you to invest in stocks and vehicles that you believe in.

In my life, I made a significant amount of money in Apple Computer and Las Vegas Sands. I made that money because I used those products, and I believed in those products.

Currently I have my money invested in Amazon and Bitcoin.

That’s it. Just those two.

I use Amazon. I like Amazon. I will continue to use Amazon.

Amazon makes my life easier. I don’t have to run out to a store and waste hours looking for something that isn’t there.

It is that belief in the company that will sustain me when the fearmongers move into action.

Now, of course, I am not going to be stupid. I’ve only invested a certain portion of my money with Amazon.

I’m going to hold money back because I don’t know where the markets are going. Maybe the markets are going down.

As it turns out, that’s where I believe the markets are going. I believe that the Fed has not been aggressive in taming inflation and that the stock market will drop another 10 to 20% more off its high.

I want to have some money in reserve so I can buy more Amazon when the market falls.

I believe that Amazon is the Sears Roebuck of this century.

Still, I’m not going to be totally stupid. I’m not going to invest every last dime I have in Amazon, because I have no idea what the future will hold.

Just as Sears Roebuck fell, so will Amazon fall someday. Maybe this will happen tomorrow.

Therefore I will temper my greed and buy less than I would like to buy.

The same goes for Bitcoin.

I believe in Bitcoin. I think Bitcoin is a valuable store of value for me.

When Bitcoin falls, I will buy some more, but I am not going to bet the ranch on Bitcoin.

I’m not going to bet the ranch because I have no idea what the government and the whales will do to it.

One more piece of advice, please.

Don’t put too much faith in these CEOs who show up on television.

They’re there for a reason.

They are there too sell their company, not necessarily to look out for your best interest.

There are many examples of hucksters who look impressive and effective on news shows and commercials.

The benchmark for me is Robert Brennan of First Jersey Securities.

When he was pitching his firm, he would show up in front of a helicopter.

He would ask you to grow with him as he flew over the Grand Coulee Dam.

It was a very effective ad.

He looked like a man of action. His company, First Jersey Securities, looked like it had its shit in gear.

Unfortunately, First Jersey Securities was a pump and dump scheme.

Robert Brennan was convicted of securities fraud and was sentenced to nine years in jail.

First Jersey Securities went bankrupt.

Caveat Emptor.

These are the lessons that have taken me a lifetime to learn.

If I had learned these lessons at the age of 20, I would’ve been a wealthy man by now.

I’m doing OK, but I could’ve done a lot better.

I want you to be a wealthy person when you are my age.

Don’t give up. Don’t kill yourself. Don’t descend into drugs and alcohol.

There is hope.

Sincerely,

Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

Yippie Ki Yay

~ archercrosley

I want you to enjoy the ride of the roller coaster that is Bitcoin.

I don’t want you to get scared.

If you’ve only invested what you can afford to lose, hold on tight and enjoy the ride.

It’s a steep roller coaster, and we are on the steepest slope to the bottom of hell.

Wheeeeeeeee!

Don’t get upset.

Don’t get mad.

This is the price you have to pay when you invest in a stock, a bond, or any other type of asset.

I believe that the price of Bitcoin will go down to $7,000.

That’s just my gut. Nobody can predict the future.

I don’t know what’s going on with Michael Saylor, who must be one of the bigger Bitcoin investors, but his company, Microstrategy, might be in for a tough ride if his pockets aren’t deep enough.

I’ve never been certain of Michael Saylor and his relationship with the powers that be.

He graduated from MIT, so we know he’s a smart guy, and a member of the club.

What I don’t know is whether he is secretly working with the powers that be, or whether he has betrayed the powers that be.

I can’t know that because I’m not in the club.

To begin with, the club is not in favor of Bitcoin. The club is not interested in Bitcoin succeeding, at least not for you the regular investor.

The club loves its fiat currency.

The last thing that the club wants is for regular investors like you to be investing in Bitcoin. That’s why they’re taking it down.

They’re trying to scare you into selling everything you own in Bitcoin.

Michael Saylor is doing the opposite.

Michael Saylor is currently working against the club’s interest because he is telling everybody to invest in Bitcoin.

If he has truly betrayed the club, and is not playing a game with us, then the club will take Michael Saylor down in spades.

It’s one thing for me as a non-club member to go against the club’s wishes. I’ve never received any perks from the club, at least none that I know of.

Michael Saylor, on the other hand, has received all the perks from the club.

He may not know that.

He may think that he was the one who built Microstrategy into a billion dollar enterprise.

I don’t want to say that he didn’t help build it into a billion dollar enterprise, but it was the club that made it a billion dollar enterprise.

No club, no billion.

It was the club that got him all the contacts and customers that made Microstrategy the company that it was.

There are huge advantages to being a member of the club.

At the same time there are huge responsibilities to being a member of the club.

Being a member of the club means that you do what the club wants you to do.

Being a member of the club means that you don’t go against what the club wants you to do.

Since Michael Saylor has clearly gone against what the club wants (unless he is a mole and is playing a game with us) the club is going to teach him a lesson in spades.

They are going to cut him down to size.

They are going to make him bleed to his last drop.

For that reason I think Bitcoin will go down to $7,000 and possibly lower.

Enjoy the ride.

If Bitcoin plunges to $7,000, I will still be hesitant about buying, but I probably will buy. I’ll probably borrow some money and invest in Bitcoin.

The money I’ve invested already, as far as I am concerned, is gone, out the window.,

I don’t want to afford to put in $20,000 more, but I will if I have to.

Until then, I will enjoy the ride as it plunges into hell.

Wheeeeeeeee!

Yippie Ki Yay, mother.

PS: It is possible that Michael Saylor is acting secretly on behalf of the power elite as a Pied Piper of Hamlin – leading innocent people into buying and then selling into a plunging market, thus fleecing them out of their money. Then, when the coast is clear and nobody is looking, he flips the purchased Bitcoin back to the power elite who have been secretly supporting him all along.

Sincerely,

Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

Bitcoin’s Future

~ archercrosley

Here, I want you to look at this.

I plotted out average Bitcoin prices for these years.

2015: 325

2018: 3,250

2021: 33,250

Let’s extrapolate with some hedge room.

2026: 330,000

2031: 3,330,000

Now, would you accept that as a return for any Bitcoin you have now?

I think you would be crazy not to.

So then why doesn’t everyone do this?

For the same reason I didn’t do it with stocks: I got scared.

We see the troughs that bitcoin goes through when it plunges. Plus, the media scares the daylights out of us.

No one can scare you like the media.

Whether it’s enlarging sunspots, Joro spiders parachuting down into your community, Y2K, or any other type of calamity they happen to dream up, nobody can scare you like the media.

Don’t forget about the near-miss asteroids.

The media’s programming of fear is relentless.

Fortunately, none of these issues the media warned us about was of any significant consequence.

Generally speaking, the stock market and Bitcoin have recovered from tremendous losses before.

This isn’t to say that you shouldn’t look into things when the media begins scaring you.

What I’m trying to tell you is that things aren’t always as bad or as good as they seem to be.

The media has a way of always looking on the upside when the markets are up, and always looking on the bad side when the markets are down.

If you want to be a successful investor you have to employ equanimity.

I invested in $51,000 in cryptocurrency the past year. I have converted all of that into Bitcoin. My net investment is now worth about $21,000.

That looks like a bad deal, right?

It looks like I should sell, especially since they are predicting that Bitcoin will fall to $7000.

Well, even if they do I’m going to have to stay in for the ride.

That’s what I did about a decade ago when I invested in Las Vegas Sands. I purchased Las Vegas Sands as it was plummeting.

The reason I kept buying was because I believed in the product. I would stay at the Venetian all the time before and after the 2008 collapse.

It was my home away from home.

I knew they had a good product. I knew they had a future. I read the income statements and balance sheets. I knew they were expanding throughout Asia. I would listen to Sheldon Adelson on conference calls. He didn’t seem worried at all. He remarked sardonically on one conference call that the media thought that his company was going to hell in a hand basket.

Obviously he was of a different opinion.

I kept buying into Las Vegas Sands because I had confidence in him and the company.

That is what calmed my media-induced fears.

I feel the same way about Bitcoin.

Now, of course, there is no CEO of Bitcoin that I can listen to on a conference call.

But I can listen to people who know more than me, people like Max Kaiser and Michael Saylor.

They don’t seem worried, and I assume that they have large investments in Bitcoin, just like Sheldon Adelson had a large investment in Las Vegas Sands.

Listening to their arguments, what they say seems to make sense to me.

Now, I don’t think that Bitcoin will have the huge returns that it did early on, but I still think there is room for significant growth.

There is even more room for growth when Bitcoin plunges some more.

Will I buy more, if Bitcoin plunges to $7000?

Probably not because I’ve already exceeded the limit that I have set for myself when investing in any particular stock or asset class.

Just because I have confidence in something doesn’t mean I’m going to bet my whole fortune on it.

Now if you were asking me to bet on my Pediatric practice, of course I would invest in it. It’s mine. And I get to call the shots on what I do on an every day basis.

Unfortunately, for Bitcoin, there are a lot of enemies out there who can do a lot of damage to it.

I can’t control all those factors.

Nor can I ever afford to underestimate the ruthlessness and greed of the misguided power elite who currently view Bitcoin as an enemy. There is a reason why the power elite are rich, and that reason is not altruism.

Nevertheless, I think the future for Bitcoin is bright, regardless of the fear the media conjures up.

Copyright 2022 Archer Crosley All Rights Reserved

All in on Bitcoin

~ archercrosley

I’ve spent some time today listening to Peter Schiff talk about Bitcoin and his arguments against this particular cryptocurrency.

To begin with. I like listening to Peter Schiff. He’s one of the few economists out there who is able to communicate effectively without devolving into eco-babble.

That’s probably why he has been a successful author.

He has an engaging personality.

Nevertheless I disagree with his arguments against Bitcoin.

I will go over a few of his arguments with my comments.

Number one, he says that Bitcoin is not unique. He states that anyone can make a cryptocurrency. This argument is as valid as saying that anyone can make a burger.

Yes, this is true, but not everyone can be McDonald’s.

McDonald’s is a multi-billion dollar corporation because they have figured out a way to make a reliable burger that is tasty. McDonald’s value also comes about because they invest a tremendous amount of money in advertising.

This is Bitcoin‘s primary advantage. They were there first, and they are always in the news.

That’s a big advantage. That’s why they’re number one.

If Ethereum had been first out of the block, they would have been the primary cryptocurrency.

The same could be said of Polkadot or Cardano.

But they weren’t. Bitcoin was first.

Secondly, Peter Schiff makes the argument that there is no value in Bitcoin.

He says that you can’t eat it like a commodity. You can’t wear it like a piece of gold. It doesn’t provide interest as a bond does, nor does it provide a dividend as a stock may do.

All of this is true. And yet it is not true.

Bitcoin does have value in that it provides a store of value. That’s what Bitcoin is. It is nothing more than a giant ledger that is distributed out on thousands upon thousands of servers around the world.

The whole point of Bitcoin is to provide a standard which cannot be inflated by man.

Peter Schiff points to the wild swings in Bitcoin as evidence that it is a pyramid scheme.

He sees those wild swings as evidence that Bitcoin is nothing more than a scam in which the early investors sell to the suckers who come in later.

Well, perhaps to a certain extent that is true. I don’t doubt that there are people who are cashing in their winnings.

But isn’t that also true of the stock market?

I’ve listen to Jim Cramer for years now, and he is always advising people to sell high and buy low.

That’s just human nature.

But does that mean that the stock market is a pyramid scheme?

Not necessarily, although I do believe it is. Ha ha.

I suppose if we look at the stock market and Bitcoin as a market place where early investors sell high and make a profit, we can view it as a pyramid scheme.

But that doesn’t mean that everyone is viewing the stock market or Bitcoin in that way.

There are many people who are investing in Bitcoin because they are tired of fiat currency destroying the value of their money.

There are many people who are investing in Bitcoin because they feel that the ledger that is Bitcoin will grow in value as more people come on board.

That’s one of the reasons why Bitcoin is increasing in value.

Bitcoin is increasing in value because more and more people are buying into the concept of this distributed ledger as a means of safeguarding their money.

Just as McDonald’s increases in value through goodwill, that intangible asset that signifies that this company provides a valuable service, Bitcoin is also increasing in value through goodwill.

That’s part of the reason why Bitcoin exploded in value.

Nevertheless, Peter Schiff demeans Bitcoin while extolling the value of gold.

To begin with, gold is not all that useful a metal when it comes to industry. Silver is the far more useful metal. Gold is used more for ornamental value – jewelry.

Yes, it’s true you can’t wear Bitcoin like you can wear gold.

However, Bitcoin is far more useful as a fungible asset than gold.

I don’t want gold bars being shipped to my house. I don’t want to have to worry about someone stealing my gold bars.

I don’t fully trust these gold funds either.

Bitcoin is attractive to me because I can purchase it on my phone and I can access it readily. If I want to dispense of it I can do that also, and I can do that very easily. That makes Bitcoin extremely useful and therefore valuable to me. Actually, it makes it more attractive and more useful than gold.

These are the reasons why I am investing in Bitcoin.

To tell you the truth, after this recent drawdown, I took the rest of my cryptocurrencies and converted them into Bitcoin.

I got rid of everything else. I got rid of Ethereum, Cardono, Polkadot, OMG, Ankr, Dogecoin, Shiba.

I am all in on Bitcoin.

Just so you know, my initial investment was 53,000. Today my value stands at 20,000.

I don’t like taking the hit, but I have to go with my gut.

I don’t think the powers that be will shut down Bitcoin. I think they would be fools if they did.

Bitcoin cannot only serve the needs of the regular people, it can also serve the needs of the rich. The rich need a hedge against inflation also.

Bitcoin will never replace the dollar or other national currencies, nor should it.

In that respect, Bitcoin is necessary and therefore valuable.

Sincerely,

Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

All In on Bitcoin

~ archercrosley

I’ve spent some time today listening to Peter Schiff talk about Bitcoin and his arguments against this particular cryptocurrency.

To begin with. I like listening to Peter Schiff. He’s one of the few economists out there who is able to communicate effectively without devolving into eco-babble.

That’s probably why he has been a successful author.

He has an engaging personality.

Nevertheless I disagree with his arguments against Bitcoin.

I will go over a few of his arguments with my comments.

Number one, he says that Bitcoin is not unique. He states that anyone can make a cryptocurrency. This argument is as valid as saying that anyone can make a burger.

Yes, this is true, but not everyone can be McDonald’s.

McDonald’s is a multi-billion dollar corporation because they have figured out a way to make a reliable, tasty burger. McDonald’s value also comes about because they invest a tremendous amount of money in advertising.

This is Bitcoin‘s primary advantage. They were there first, and they are always in the news.

That’s a big advantage. That’s why they’re number one.

If Ethereum had been first out of the block, they would have been the primary cryptocurrency.

The same could be said of Polkadot or Cardano.

But they weren’t. Bitcoin was first.

Secondly, Peter Schiff makes the argument that there is no value in Bitcoin.

He says that you can’t eat it like a commodity. You can’t wear it like a piece of gold. It doesn’t provide interest as a bond does, nor does it provide a dividend as a stock may do, or at least used to.

All of this is true. And yet it is not true.

Bitcoin does have value in that it provides a store of value. That’s what Bitcoin is. It is nothing more than a giant ledger that is distributed out upon thousands upon thousands of servers around the world.

The whole point of Bitcoin is to provide a standard which cannot be inflated by man.

Peter Schiff points to the wild swings in Bitcoin as evidence that it is a pyramid scheme.

He sees those wild swings as evidence that Bitcoin is nothing more than a scam in which the early investors sell to the suckers who come in later.

Well, perhaps to a certain extent that is true. I don’t doubt that there are people who are cashing in their winnings.

But isn’t that also true of the stock market?

I’ve listen to Jim Cramer for years now, and he is always advising people to sell high and buy low.

That’s just human nature.

But does that mean that the stock market is a pyramid scheme?

Not necessarily, although I do believe it is. Ha ha.

I suppose if we look at the stock market and Bitcoin as a market place where early investors sell high and make a profit, we can view it as a pyramid scheme.

But that doesn’t mean that everyone is viewing the stock market or Bitcoin in that way.

There are many people who are investing in Bitcoin because they are tired of fiat currency destroying the value of their money.

There are many people who are investing in Bitcoin because they feel that the ledger that is Bitcoin will grow in value as more people come on board.

That’s one of the reasons why Bitcoin is increasing in value.

Bitcoin is increasing in value because more and more people are buying into the concept of this distributed ledger as a means of safeguarding their money.

Just as McDonald’s increases in value through goodwill, that intangible asset that signifies that this company provides a valuable service, Bitcoin is also increasing in value through goodwill.

That’s part of the reason why Bitcoin exploded in value.

Nevertheless, Peter Schiff demeans Bitcoin while extolling the value of gold.

To begin with, gold is not all that useful a metal when it comes to industry. Silver is the far more useful metal. Gold is used more for ornamental value – jewelry.

Yes, it’s true you can’t wear Bitcoin like you can wear gold.

However, Bitcoin is far more useful as a fungible asset than gold.

I don’t want gold bars being shipped to my house. I don’t want to have to worry about someone stealing my gold bars.

I don’t fully trust these gold funds either.

Bitcoin is attractive to me because I can purchase it on my phone and I can access it readily. If I want to dispense of it I can do that also, and I can do that very easily. That makes Bitcoin extremely useful and therefore valuable to me. Actually, it makes it more attractive and more useful than gold.

These are the reasons why I am investing in Bitcoin.

To tell you the truth, after this recent drawdown, I took the rest of my crypto currencies and converted them into Bitcoin.

I got rid of everything else. I got rid of Ethereum, Cardono, Polkadot, OMG, Ankr, Dogecoin, Shiba.

I am all in on Bitcoin.

Now, with that stated let me make one more point. Gold was not chosen as a standard for money in years past because it was flashy, useful, or had a return on the dollar.

It was chosen because it was rare. It couldn’t be suddenly inflated. And it was unlikely to be thrown in trash.

Bitcoin shares those qualities. If administered in an uncorrupted manner Bitcoin can work for everyone.

Sincerely,

Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

OMG! Others Can See My Bitcoin Transactions! SFW!

~ archercrosley ~ Leave a comment

OMG, Bitcoin doesn’t have privacy!

Quick, ring the fire bell!

Lack of privacy is the latest broadside attack against Bitcoin.

Moment of Awareness Statement: I think the government and the criminal elite do understand why regular people desire Bitcoin.

I think the rich who have hijacked our government do understand why regular people desire Bitcoin.

They know full well the threat that Bitcoin poses to them.

Everyone needs a protection against inflation and government mismanagement, even the honest rich.

The latest and most recurring attack on Bitcoin is that it’s not really private.

Because it’s not private, the wealthy elite argue, the government can now immediately know what you’re spending your money on.

No shit, Sherlock.

And, umm, yes, I did eat at Bobby’s Barbecue last week.

SFW!

I don’t give a flying fuck if you know that I ate there because a) I’m not a criminal, and b) I haven’t done anything wrong. But, even if I had done something wrong, I understand that my true salvation lies within the truth, not in “getting away with it.”

Perhaps the rich care about hiding their financial chicanery, but most regular people do not.

Regular people don’t care about hiding their finances; they don’t care because they’re not doing anything illegal.

They aren’t sequestering stolen loot in Panama.

In addition to that most transactions have been recorded for decades now as people have increasingly used credit cards to buy everything at their local Targets and Walmarts.

If the government really wants to know if there was a local “commie” meeting at Bobby’s Barbecue, they already have the ability to cooperate with their puppets at the credit card companies to gather information to prove that ten “commies” were eating there at the same time.

You go, girl!

Early adopters of Bitcoin couldn’t care less if the government knows that they bought a can of shaving cream last Sunday.

Bitcoin adopters are willing to trade financial anonymity for security in the money supply.

That’s why Bitcoin is becoming popular.

Bitcoin is being adopted because regular people are tired of governments inflating the currency artificially while awarding the bulk of it to wealthy families who build bombs, incendiary devices and lots of other stuff that’s used to kill people.

Bitcoin didn’t accelerate in value because the government decreased the amount of Bitcoin which is the opposite of what happens in regular currency.

Bitcoin accelerated in value because people recognized the benefits of Bitcoin. What occurred was increased demand in the face of a controlled supply of Bitcoin.

Bitcoin is a political statement as well as an economic statement.

People are saying to the government: You don’t have any right to manufacture money and give it selectively to people who have paid you off. You don’t have the right to steal our money.

The criminal rich, who love anonymity, and who prefer to steal money from regular people through their government cronies and government puppets, continue to not listen to the desires of the people.

Ultimately, as the centuries go by the regular people will win.

It is a moral good that people be able to protect them selves from thievery.

The rich who have acquired their money legitimately should recognize this as well.

The current system of privately owned anonymous cash isn’t working.

There exists too much counterfeiting of money both illegally and legally.

Too much effort is expended on catching the illegal counterfeiters, and no effort is spent on catching the legal counterfeiters in the government.

Bitcoin adopters are stating that this must stop.

The wealthy elite who are making their money legitimately and not through government chicanery should welcome Bitcoin as well.

Yes, we will have to give up a bit of privacy, but we are doing that already.

Honest people should have no fear of Bitcoin.

OMG! Others Can See My Bitcoin Transactions!

So Fucking What!

Sincerely,

Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

Charlie’s Looking Out For Us

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Here’s another laugher.

Guy Spier, one of Warren Buffet and Charlie Munger’s puppets and mouthpieces, has rushed to the defense of Charlie Munger.

Here it is, right here.

He says that Charlie Munger did small investors a favor by calling Bitcoin “rat poison” back in 2013.

He was looking out for us, you see.

Charlie Munger was actually looking out for us.

Yes, it’s true.

Charlie Munger was scaring us away from cryptocurrency because he didn’t want us to lose our money on a speculative investment.

Is that a joke?

Of course he didn’t want us to lose our money on cryptocurrency. If we lost our money on cryptocurrency, how would we ever lose our money to him in the casino that he and Buffet are running?

Thanks but no thanks, Charlie.

Thanks but no thanks, Guy.

Then amazingly, Spier goes on to say that Charlie Munger probably doesn’t give the same advice to his wealthy friends as he does to the rest of us suckers.

Is this guy brazen, or what?

Well, of course he’s brazen. Guy Spier is one of the anointed elites.

One only has to look at his résumé to see this. He attended both Oxford and Harvard.

That makes him privileged, stupid, and entitled.

Only someone who attended Harvard and Oxford could get away with saying something so stupid.

The rationale behind such a statement was that cryptocurrency was a speculative investment, unlike stocks, and that investing in cryptocurrency was like betting in a large poker room.

Some of the tables in the poker room, according to Guy Spier, are speculative scams in which we are likely to lose our money.

The average investor, according to Guy Spier, isn’t smart enough to pick the right table.

Savvy investors, however, most likely Charlie Munger‘s friends, are able to pick out the better tables and are therefore more likely to win.

Do you mean like the stock market, Guy Spier, a contrived, phony casino if ever there was one, a rigged joint where whales like William Ackman can short a stock and then get on television and trash companies like Herbal Life into submission so that they can make a fortune.

Do you mean like the stock market, Guy Spier, a good old boy game, where, in the midst of an IPO, wealthy elites at the major investment banks dole out hundreds of thousands of shares of stock to their friends for nothing?

Do you mean like the stock market, Guy Spier, a Texas Hold’em table if ever there was one, where large investors can afford to pay Harvard trained quants to write sophisticated high-frequency trading programs that run over high-speed networks in order to see everybody’s pocket cards before fleecing them out of their money?

Are you talking about that legitimate poker table?

I’ll tell you what, Guy Spier, why don’t you and your scam-meister, Munger, let us figure out what’s legitimate or not.

Or maybe we already have.

Maybe that’s why people are investing in cryptocurrency, fuck face. Maybe they already have figured out Munger’s game.

Maybe that’s what you don’t like.

Sincerely,

Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

A Wolf in Sheep’s Clothing

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Hey, Bitcoiners, do you trust Michael Saylor of Microstrategy?

Michael Saylor is the founder and head of Microstrategy. He is also a big proponent of Bitcoin.

Now, he came to the game a bit late, but he is still a big player in Bitcoin.

So do you trust him?

I don’t.

I don’t trust him at all.

He’s a mole.

I did at first, but I didn’t know who he was.

Then I found out that he went to MIT.

MIT is one of the Empire’s top schools.

Michael Saylor is a billionaire who made it big on Microstrategy

I can tell you right now, that he wouldn’t have gone anywhere near the heights that he did unless he’d had the Empire’s backing.

His story is one of rags to riches.

He made it big because the big boys invested in his firm.

He owes his bones to the Empire.

Here’s rule number for those of you caring to join.

Never betray the Empire.

Never.

The Empire can make you and break you anytime they want, and betrayal is the only crime we never forgive.

We say we forgive; we lie. We are not noble.

Michael Saylor doesn’t look like a fool to me.

Nor does he look like a stupid guy.

This guy is betting the ranch on Bitcoin.

If he’s betting the ranch on Bitcoin, he has the blessing of the Empire.

If he has the blessing of the Empire, nothing is going to happen to him financially if Bitcoin crashes.

Somehow, someway he will be able to escape with selling his Bitcoin early should the price crash to zero.

He’s not going to get hurt. The Empire won’t allow him to get hurt -not in the real sense of getting hurt.

If he makes money on Bitcoin, it will be because the Empire plays the same game with Bitcoin that they play with the stock market – take it up, take it down, take it up, take it down.

In such a scenario, the regular guy loses out.

One way or the other, Michael Saylor isn’t going to lose.

So what’s his game?

How should I know? I am not him. I am not the Empire.

Whatever it is, it’s not good for us.

What Michael Saylor is doing is bringing the big boys into Bitcoin. That’s not what we want.

What we want is for Bitcoin to grow organically from the bottom up until one day it surprises the Empire and crushes it.

Michael Saylor is one of King Louis’s advisers waking him up and letting him know that the French citizenry is unhappy and is planning a revolt.

That’s not what we want.

Michael Saylor has allowed the big boys to come in and exploit Bitcoin and play their stupid little stock market game with it.

That’s bad for us.

King Louis has awoken.

Sincerely,

Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved