{"id":116206,"date":"2022-05-16T08:19:30","date_gmt":"2022-05-16T12:19:30","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=116206"},"modified":"2022-05-16T08:27:52","modified_gmt":"2022-05-16T12:27:52","slug":"if-bitcoin-is-a-global-pyramid-ponzi-scheme-then-all-cryptocurrencies-are","status":"publish","type":"post","link":"https:\/\/stateofthenation.co\/?p=116206","title":{"rendered":"

If Bitcoin is a global Pyramid-Ponzi scheme, then ALL cryptocurrencies are!<\/b><\/h2>"},"content":{"rendered":"

CRYPTO CARNAGE and market mayhem foreshadowing the \u201cmother of all collapses\u201d to come<\/strong><\/h1>\n

By Mike Adams<\/p>\n

(Natural News<\/a>) The absurd but often-hyped claim that \u201ccrypto is digital gold\u201d has collapsed. The LUNA token, part of TerraUSD \u201cstablecoin\u201d ecosystem, turned out to be entirely unstable, collapsing to zero after a massive hyperinflationary LUNA token creation event (combined with a redemption \/ selloff factor) that plunged into a death spiral this week. All LUNA investors are completely wiped out, and the very idea of a \u201cstablecoin\u201d has taken a huge hit in credibility. (Only in the crypto world could something described as \u201cstable\u201d by the entire community collapse to zero virtually overnight, with almost no one calling out the irony.)<\/p>\n

As I\u2019ve repeated warned for many years,\u00a0crypto is a technology with many significant advantages, but don\u2019t ever make the mistake of thinking crypto is a \u201cstore of value.\u201d<\/strong>\u00a0It isn\u2019t. If you want to hold on to something with value, buy physical gold and silver. Crypto is for transactions, not savings, and all the crypto \u201chodlers\u201d have been pleading with people to \u201chodl\u201d their coins (avoid selling them) solely because that was the only way to keep the Ponzi pyramid intact. But if the \u201cvalue\u201d in crypto depends on nobody ever redeeming it or selling it, then there\u2019s really no depth to that \u201cvalue,\u201d is there?<\/p>\n

Bitcoin has plunged nearly 60% from its highs, and the bloodbath of crypto carnage that unfolded this week was psychologically jolting to crypto \u201cinvestors\u201d who have long thought that crypto would go up forever, never facing corrections or reality checks.<\/p>\n

For the record, I\u2019m a strong advocate of decentralized currency, and I recently recommended Monero, the privacy coin, due to its vastly superior architecture and its privacy-protection features. In my view,\u00a0Monero is everything that Bitcoin promised to be, but failed to deliver<\/strong>. (Disclaimer: At the time of this podcast, I held zero Monero tokens. I currently hold less than US$300 worth of Monero, since I don\u2019t \u201cstore\u201d assets in crypto. I only keep enough around to use for transactions as needed.)<\/p>\n

Here\u2019s that podcast:<\/p>\n