Sell Your CRYPTO-CURRENCIES & Buy Some GOLD

Cryptocurrencies are the biggest Ponzi scheme in modern history. It is verygold-v-bitcoin similar to chain letters or pyramid schemes. The issuers make tons of money as well as many of the speculators who get in early. In the end, the whole thing will collapse and late entrants will lose everything.

The original article has been edited here for length (…) and clarity ([ ]) by munKNEE.com – A Site For Sore Eyes & Inquisitive Minds – to provide a fast & easy read.

…Most of the participants believe that cryptos will replace fiat money and even gold but, in my view, there is little chance of that. Cryptos are no different to tulip bulbs. You cannot create real money out of thin air and then see it double every few weeks.

The problems are numerous such as:

  • security,
  • regulation,
  • taxation,
  • speed of transactions,
  • false markets,
  • etc.

Prices go up on very little volume. Also from what I understand, the crypto market will not withstand any selling pressure at all. A small volume of persistent selling will take the price to zero. Time will tell.

BITCOINOMANIA – FROM $900 TO $11,000 IN 2017

Like all manias, cryptos can go a lot higher but, when the music stops, the crypto market will go back to where it started which is zero…

TRADE OF THE CENTURY

Cryptos must not be confused with gold. They have virtually nothing in common.

  • One is an electronic entry on a number of computers,
  • the other is a scarce physical element and the only money which has survived for 5,000 years. It is extremely unlikely that Bitcoin will replace gold as money for the next 5,000 years or more.

Greed drives people to instruments that appreciate rapidly in value. The Nasdaq in 1998-9 is a good parallel. It kept on doubling until every amateur investor was sucked in. Then it went down by 80%. The difference with most cryptos is that they will decline by 100%.

I know of some gold investors that are tempted to buy cryptos instead of gold but for anyone who wants to preserve wealth, now is a good time todo the opposite: sell cryptos and buy gold. It could turn out to be the trade of the century…

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