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THE BITCOIN SLAP! JP Morgan Says Bitcoin is a Scam - The Wholesome Truth

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Majority of you guys want a market update: 

- Trading can be risky. Meme credit: https://twitter.com/coinsiglieri  https://twitter.com/adam3us/status/907528669169639424 This isn’t professional trading advice. The number 1 tip that you hear when it comes to cryptocurrency is, don’t sell your entire position, ever. I know someone who mined a ton of Litecoin back in the day, when the price rose to something like $12 he sold everything and bought a nice house. Pretty good deal, except if he held he would be a multi-millionaire today. That’s not to say don’t take some profits, it’s important to do that sometimes, just stay in the game. There will be exceptions to this, where it was more profitable to sell your entire position, but long term for the vast majority of these crypto currencies, you would have been better off holding some at least. 

- US Debt crosses $20 trillion. https://www.cnsnews.com/news/article/terence-p-jeffrey/debt-tops-20-trillion-first-time-jumps-317645000000-1-day I do talk a lot about the American government as their economy has a domino effect on almost all of the world to varying degrees. Trump who before taking office stated he would eliminate the national debt within 8 years of office, caused $317 billion additional dollars of debt in a day. His critics would tell you with his current actions he is more likely to double national debt than eliminate it, but we will have to see how this plays out. 

- Do I think Bitcoin solves all of these problems? No. We do need a government of some kind and greed and corruption will always exist. But for everyone, it offers an alternative to corrupt government policies in conjunction with centralized banking. A famous quote from Henry Ford reads: “It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning”. 

- This is another reason why I feel it’s too late for them to stop Bitcoin. There’s too many people with too much to gain from Bitcoins success. It’s true that you can’t trust people to act altruistically, but I trust people to do what’s in their best interests. 

- With that exact saying in mind, here’s someone extremely altruistic: https://www.reuters.com/article/us-usa-banks-conference-jpmorgan/jpmorgans-dimon-says-bitcoin-is-a-fraud-idUSKCN1BN2KP 

 

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Guest Tuesday, 19 September 2017