Scam of the Century

Bitcoin is the scam of the century.

By now most people already know that America is owing $35 trillion in debts as of today, which is more than 120% of their GDP of $28 trillion.  This is highly dangerous and may result in a market crash; causing hyperinflation and widespread unemployment and suffering.

So what do the Americans do?  They are not able to repay such a huge amount of debt, or even bring it down to an acceptable level of 60-80% of its GDP.  Suddenly they had a genius idea.  Why not ask everyone else to help us pay off the whole debt?

Now who is going to do that?  All their allies are themselves up to their necks in debt.  The rest of the world, even the rich, are not willing to help anyone pay off their debts.  After all, why should they?

Then the Americans had an even more genius idea.  Create a cheap or better still, worthless, product and get the world to buy from them.

The idea of Bitcoin was born.  It might as well have been any other product out of the fairy tale books.  Now what is Bitcoin? 

1. Bitcoin is something that can appreciate from 1 cent to 1 dollar.  From 1 dollar to a thousand dollars.  And from a thousand dollcars to a hundred thousand dollars today.  And based on such track record over just a decade, who is to say it will not appreciate to a million dollars and beyond?
2. Warren Buffett said that Bitcoin (and hence all other cryptos) have no intrinsic value.  Why, Bitcoin is money that you can't see and touch, and you can't buy anything with it.  So what kind of money is that?  Money that you can't transact with and can't store as value (it's too volatile; it has depreciated by 99% overnight) is not really money, is it?
3. But Bitcoin can appreciate!  That's the awesome part.  It has appreciated from 1 cent in 2009 when it first started, to $100,000 today in 2024 - a short period of only 15 years.  As such, people today get confused.  Without financial intelligence people can't tell the difference between price and value.  They think these two words have the same meaning  Right now with Bitcoin at historical high you can't convince anyone that Bitcoin money is not real.  They will say you are the one who is crazy.  Hey!  You can easily convert Bitcoin money back into fiat money and vice versa.  So, why do you still say Bitcoin is not money?  You see, the poor blokes are clueless.  Now you know why no government or school in the world teaches us about money.  Bitcoin fans who keep cheering it up all the way are actually useful idiots who can't be blamed for their ignorance.

So Bitcoin was invented.  By someone called Satoshi Nakamoto. Conspiracy theory says it's just some smart American programmer combined with an economics genius.  Now the whole world is paying insane money to buy Bitcoin which cost nothing and is worth nothing.  America, through its proxies, are collecting all this Bitcoin money amounting to trillions and will use it to repay all its creditors, with excess to put into her own pocket.  In a way the whole world is "forced" to help America repay its huge debt because they are greedy and want to speculate on Bitcoin's appreciation.  The whole world then (especially the richer ones) unwittingly helps America to repay her debts.

The crooks will also eventually lose their ill-gotten gains and illegal money which they can no longer hide in Swiss accounts.  They must keep buying Bitcoin in order to keep raising its value.  They stand to gain a lot by storing the value of their illegal money anonymously under Bitcoin.  If Bitcoin finally crashes as predicted by Warren Buffett and his late lifetime business partner, Charlie Munger, then the crooks will receive punishment of sorts when their money disappears in a crypto crash.  But then again these crooks are so powerful that they may be the first ones to be alerted to the event of a crash and they will remove their money from Bitcoin and place it elsewhere.  In that case, the other legitimate rich guys, together with lots of poor guys, will eventually become the fall guys when rugpull happens.  (Rugpull is a technical term used in crypto circles to mean an overnight disappearance of money value stored in a crypto coin,

So, there you have it.  Bitcoin and alt-coins are shooting through the roof.  Everyone is tempted to jump on the bandwagon.  FOLO is stronger than ever.  Fear Of Losing Out.  People are saying, why not we let others worry about the moral and ethical part of the investment?  After all, we are just small investors looking to make a bit of money.  So they enter the market with something they can afford; say, a thousand bucks.  That thousand bucks  quickly becomes ten thousand bucks and they keep investing, without taking any profits.  They think that the more they invest the more they will make.  So why take out any money at all.  That's stupid, they think.  They will keep pushing Bitcoin higher and higher until it breaks and they will lose everything overnight.

Don't be greedy.  If you really want to play the game, keep taking your profits away from the table and put it into property or stocks or business.  Let the rest of your profits run.

Be smart.  Good luck!

Stay healthy, stay safe.

Teacher Tan,

Bangkok

December 2024