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Question By World_Traveler
Viewed: 7,111,094
6 months 3 weeks ago
6 months 3 weeks ago
Why CNBC and certain Wall Street insiders Hyping/Pumping (arguably worthless) BitCoin
Topics:
Social Welfare, Scams & Frauds, Money
Fiat Zero
Fiat Zero
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1st, what is BitCoin? It is a so called Crypto Currency Asset created by an anonymous person, repeat an anonymous person, supposedly called Satoshi Nakamoto based on a white paper that you can see here

But then BitCoin is not a currency at all, since you can cash a currency at any Bank counter which you cannot with BitCoin at all. Since a currency is accepted by all Central Banks, and ZERO Central Banks accept BitCoin. You can use a currency to buy goods and service at 100% of merchants while at best 0.001% of merchants, those hyped by CNBC, accept BitCoin. Which merchants are of course effectively getting free Advertising from CNBC by claiming that they accept BitCoins and thus being featured on CNBC

And BitCoin is not an Asset at all, since an asset is based on some underlying real thing such as real estate, factory, commodities such as oil, sugar, corn, etc.. The keyword here being "based". So a Commodity or Stock or Real Estate are Assets because they are "based" on an underlying real item. Such as a House being so real that you live in, you take showers in, you sleep in it, you raise your kids in it, you stay warm in it from winters cold and comfortable from summer heat, etc.

So what is BitCoin? It is simply a digital record. That is all it is, it is a freaking digital record as you have digital records on Facebook, Linkedin, Anoox, etc. for free. With your only means of converting BitCoin to a real currency being Crypto Exchanges such as CoinBase. So were US Government to shut down Exchanges such as CoinBase, as Chinese Government has, as Indian Government has and many other Governments have, then you will have just about Zero means of cashing your BitCoins to real currency

2nd, there are 1000s of other Crypto Currencies a list of which you can see here. In fact as of last count there were 5000+ such Crypto items. Why are there so many Crypto Currencies, aka Fake Currencies? Because anyone can create their own Crypto currency since it is based on the open source code available on GitHub, here. To be exact you need to have C++ programming expertise and about 1 week time, to create your own Crypto Currency. So to say that there are Infinite supply of Crypto Currencies, is to put it mildly. This ridiculous fact is so real that people have even created Joke Crypto currencies such as DogeCoin, yet even these Joke Crypto currencies have Billions of Dollars in so called market Value

Now when you list above facts about Crypto currencies and BitCoin, which show that it is worthless, Crypto SCAM pushers will respond with these comments:

1- "Real currencies such as USD or Euro are Fiat currencies"

The answer to which non-sense is: USD, Euro. etc. are backed by full might of US Governments, the European Union, etc. That is by all their Taxing authority by their Navy Air-force Army and all the Land and Sea and Commodities of these sovereign Countries. So if USD, Euro. etc. are Fiats when they are backed by full force and might of these Governments, then what the hek does that make Crypto such as BitCoin that are backed by ZERO full force and might of ZERO Governments? It makes BitCoin and other Cryptos Fiat-Zero

2- "There are limited number of Crypto currencies such as BitCoin unlike Fiat"

The answer to which non-sense is: so what that there is a limited number of BitCoins. There are limited number of bricks on my House, that does not make each Brick on my House worth $10,000, but the price of a brick which is $0.001. There are limited number of Screws on the Eiffel tower, that does not make each Screw of Eiffel tower worth $50,000, but the price of a screw which is $0.01

Based on above Math (aka Facts), one can clearly see that Crypto such as BitCoin are worthless

So where does the value of BitCoin come from? It comes from only and only a "bigger fool" paying you more for it. This means BitCoin is very much, not exactly, but very much so, a Ponzi Scheme, since its value only and only comes from someone else being a "bigger fool" to pay you more for it

How is it then that BitCoin which would be insanely over priced at 5 Cents to Euro, has reached $52,000 as of this writing?

Answer: CNBC and certain Wall Street Billionaires such as Tim Draper, Michael Saylor, etc. been hyping this Fake Currency on daily basis

In particular CNBC has been a 24/7 Propaganda Media machine to hype this Fiat-Zero. As an example check out this article on CNBC from Feb/9/2021 and lets look at the non-sense (Hype) in it:

Cramer: "I view the crypto currencies, like Gold, as a store of value and protection against inflation" - This is absolute non-sense, since:

A- Gold has limited Supply [see ]
B- Gold has many industrial uses [see ]
C- Gold is worn as Jewelry and applied to great many items to make them more beautiful

NONE of these REAL values of Gold, NONE of them, applies to BitCoin Fiat-Zero

3- Cramer: “Bitcoin is exciting”

But he does not go to say Why “Bitcoin is exciting”, since again the only exciting thing about Bictoin is that a "Bigger fool" may pay you more for it because CNBC is hyping it as being exciting

And we have great recent reminder and parallel to BitCoin such as Bernie Madoff whose Madoff funds was at one point considered to be one of the best investments you can make, when in fact it was a colossal 65 Billion Ponzi scheme and once "Bigger fools" stopped putting their money in it, it crashed to Zero and bankrupted and destroyed many lives. And keep in mind Madoff was once the chairman of NASDAQ, this means he was in much higher position of financial authority than any of the People who are now hyping Fiat-Zero such as BitCoin. And here lies the ultimate answer to those who are hyping Fiat-Zero. Because when you list all the above facts about what a worthless entity Fiat-Zero such as BitCoin are. The BitCoin Pushers on CNBC etc. will pull their final Trump cards, which are:

1- BitCoin is not worthless because it is Up in Value X000% and has made so many people Rich

Answer to which non-sense is: Well, people who invested with Bernie Madoff too made lots of money, or at least seemed to, for a long time

2- Elon Musk Tesla has just bought BitCoin so then BitCoin must be good investment if such savvy investors are buying it

Answer to which non-sense is: Many Big names also invested in Bernie Madoff such as Steven Spielberg, Bank of Austria etc.. And Elon Musk/Tesla as a so called Publicly traded company can issue Billions on Wall Street on a drop of hat. This means they are effectively using Public's money to buy BitCoins so where BitCoin to go to Zero that would make small dent in Musk's fortune

So all of this would be a comic sideshow if innocent people weren’t at risk. But ordinary people are investing some of their life savings in Fiat-Zero Crypto such as BitCoin. But CNBC, the key Propaganda Media machine behind pumping these worthless Fiat-Zero Crypto Currencies, rather than showing how people can loose their life savings in this Mega Bernie Madoff SCAM which is BitCoin, instead it runs articles showing how families are becoming Rich and living life of luxury and traveling the World by selling all they have and putting into BitCoin

So questions are:

1- Why is FCC not regulating CNBC for hyping and pumping the worthless Fiat-Zero Crypto such as BitCoin?

2- Above all, why are so many People falling for the worthless Fiat-Zero Crypto such as BitCoin just as they did with Bernie Madoff?

Now to see how pressing these issues are, as I was to post this discussion the headline on CNBC reads that Fiat-Zero of BitCoin has passed $55,000 in value thus passing $1-Trillion in value
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