by Bix Weir, Road To Roota:
Both Jim Sinclair and Martin Armstrong have expressed their beliefs that Bitcoin is not worth purchasing. They have held these views during most of the life of Bitcoin and those that have followed their advice have mostly NOT endeavored to either buy any Bitcoin or even LEARN about Bitcoin on their own.
They are not yet bringing their Billions of $ of investment power into the Bitcoin market place…but they will when Bitcoin is much, much higher in price!
Jim Sinclair’s argument against Bitcoin shows his total lack of understanding and ignorance of what Bitcoin is.
Bitcoin is a virtual game that is being made look better than gold or silver, to sell the concept of a world wide virtual currency.
It should change its name to “Nintendo Virtual Foolishness,” as it’s purpose is to win the hearts and minds of a public. After that to construct a “Dollar Index Bit Coin” backed by tickets to Mars from Space Inc. with a picture of Elon Musk.
There is no computer game that can not be hacked, and there never will be.
It’s disingenuous to make a statement that Bitcoin can be “hacked” and not tell anybody what you are referring to. The Bitcoin protocol is an open source software program and the Blockchain is a public ledger so there is nothing to “hack.” It’s all right there in front of you.
Maybe he didn’t mean “hacked” in the defined definition (hacking = to use a computer to gain unauthorized access to data in a system) but maybe he meant Bitcoin was “flawed” in some way such that it would not be viable in the long term.
If Bitcoin is flawed in some way Jim should tell us because in the 8 years it’s been around the best computer coders and central bankers in the world have yet to exploit these flaws. How does Jim come to his grand conclusion or is he just saying what he WANTS to believe is true?
Jim gets one thing right though when he says “it’s purpose is to win the hearts and minds of the public.”
Bravo Jim! That’s exactly what Bitcoin is doing and at the exactly perfect time!
The hearts and minds of the public are SCREAMING for an alternative to the current centralized unbacked monetary system and Bitcoin is a very, very good solution so WHY shouldn’t it win the hearts and minds of the public?
As for Martin Armstrong’s latest anti-Bitcoin post he claims that the reason behind the rise in the Bitcoin price is because the Big Money in China is using Bitcoin to circumvent capital controls.
He points out that 98% of Bitcoin trades in the last 6 months are taking place in China, which seems to be true, but he then makes the following claim…
“The Chinese have been buying bitcoin onshore, selling it offshore for another currency, and then moving the money to a bank account.”
Really? That’s quite a leap to make that suggestion so I’m still looking for the facts to back this claim up. It may seem sensible in Martin Armstrong’s view of the world but for someone who understands Bitcoin WHY would they cash out of one fiat and cash into another?? From a Bitcoiners perspective his conclusion doesn’t hold water and actually, there is PROOF that this claim in NOT true.
In his previous statement he said that 98% of the trades are happening in China. If the Chinese were using Bitcoin as a pass-through entity WHERE’S THE OTHER SIDE OF THE TRANSACTIONS?? Volumes should be matching China’s in other countries where these people are supposedly “selling it offshore” but that is not happening. As a matter of fact, the 2% of volume everywhere else in the world over the last 6 month is rather a CONFIRMATION that the Chinese are buying Bitcoin and choosing to HOLD their funds in Bitcoin!
The two main reasons that the Chinese exchanges have so much volume are the following:
1) There are NO trading fees on the Chinese exchanges which is a wet dream for any trader.
2) The majority of Bitcoin mining companies are located in China so the newly mined coins need to be sold in China to get the Yuan needed for BTC mining costs which are significant (hardware, software, power, maintenance, staffing, etc).
And let’s not forget, Bitcoin exchange trades are NOT Bitcoin transactions as they are confined within the 3rd party trading exchanges until the Bitcoin is REMOVED to the owners own Private Bitcoin Wallet. Remember all those people who lost the Bitcoin they thought they owned in Mt. Gox?!
It is clear to me that Sinclair and Armstrong are no closer to understanding Bitcoin than they are to admitting that there are millions of tons of Secret Gold in the world waiting to be revealed.
Golden Secrets by Bix Weir
So I will continue to wait for the many Billions of Dollars that their followers control to flow into Bitcoin at some date in the future when they finally throw in the towel and buy their first Bitcoin.
Most likely the price will be many multiples of where it is today!
May the Road you choose be the Right Road.
Order your copy of my report on the latest Economist Magazine Conspiracy today…before it gets too exciting!
“The World in 2017” A Road to Roota Analysis by Bix Weir