Bitcoin: The Bernie Madoff Coin Most Americans Can’t Afford to Buy
The hottest craze in Bitcoin, the “Bitcoin Casino”, is attracting folks from around the globe who view the crypto-currency much like a corporate stock, so contends the folks behind Political Vel Craft.
BetOnline now accepting Litecoin
The point being made is that most folks buying into the craze assume Bitcoin and other crypto-currency are regulated.
These assumptions are, of course, completely false. Bitcoin is an entirely different beast… which is what some of us really liked about the Bitcoin structure in the first place (decentralized, peer-to-peer, NOT regulated, etc.)
But when people are jumping into Bitcoin without an understanding of what it is, they are placing “bets” in a very risky casino system that they don’t really understand. This is where the danger lies for noobs [new].
A single Bitcoin is equal to $2,900.00 as of June 11 and increasing.
The risks are many.
If the power grid goes down, gold doesn’t disappear. If the Internet goes down, Bitcoin does.
There is nobody to sue if you lose or become a victim of theft. Likewise, nearly all the people who are rabidly promoting Bitcoin have a conflict of interest: They own Bitcoins.
Political Vel Craft provided this possible explanation as to why the price of Bitcoin continues to skyrocket:
One explanation is that the Federal Reserve has decided to rid itself of a competing currency and is driving up the price with purchases while accumulating a large position, which then will be suddenly dumped in order to crash the market and scare away potential users from Bitcoins. Remember, the Fed can create all the money it wishes and, thereby, doesn’t have to worry about losses.
The site offers this parting thought:
At this point, Bitcoin is a casino. It didn’t start that way, but thanks to unscrupulous promoters, it has become a kind of Ponzi scheme where a never-ending supply of new buyers is required to keep propping up the price… mostly by convincing technically-ignorant noobs that Bitcoin is a magical source of endless wealth creation that has somehow been brought to Earth from an alternate universe.
- Aaron Goldstein, Gambling911.com
