Bitcoin – sounds sketchy to me

Terrorist money? Anarchy? A scam? Or real value? 

I see some of my liberty minded friends getting worked up over Bitcoins, but personally I am very hesitant. Especially in the long-run. Although the value will go up, so will the manipulations and what happens when governments and big banks start buying bitcoins in mass?

Bitcoin is open for hacking, fraud, bots etc etc. Sure, our regular, everyday Fiat money is counterfeit legalised by the powers that be and it too can be subjected to those things and government(s) do their best to make sure that our notes are turn into toilet paper – but, at least in theory, fiat money has intrinsic value; your hard work and the country it’s based/made in. As long as a government can keep the scam rolling and extract enough founds from subservient idiots and as long as they can pawn the country with big banks and other countries, you could argue that there is value behind our money - a dwindling value subjected to a hidden tax sure, but a value of sort nevertheless.

Bitcoin? Where is the value in that? A few 1´s and 0´s? Code? I keep seeing harden spokespersons of bitcode arguing it is just like gold and there is only one specific amount that cannot be tampered with. This is of course complete nonsenses. Gold has not just monetary value; it’s also a very usable metal that can be used in both technology and for jewellery. Gold hold its actual value over time and it does not fluctuate up and down like bitcoin, and gold has both historical and factual existence that should not be ignored.

If you look selling and buying volumes the volume only seem to be going up whenever those “insiders” (smart money, experienced traders, Goldman Sachs… whoever…) is selling bitcoin, otherwise its going down – which is very weird for a commodity with a (supposed) fixed amount.

Also the prices are impacted severely, both negatively and positively, by political decisions. Latest we saw a dip in bitcoin prices because China introduced restrictions in trading. If bitcoins really holds real intrinsic value and the number of bitcoins stays about the same regardless, then such a Chinese decision should increase bitcoin value/volume (and price), not the opposite.

But enough about my arguments, both technical (probably in some parts wrong) and economics and instead I will say this: bitcoins make me nervous.

I do get it, in a limited space and for a specific purpose bitcoins or any equivalent is great, probably a lot better, than any other payment or currency. In games for example, on specific websites, localised and for a specific audience it’s a great idea. It may even be a good investment, at least in the short- and medium term, but as an investment or even as a currency? 

I do not trust government(s) to keep their filthy mittens of this, or any other similar project. I guarantee that there are already super computers logged in keeping track of the “anarchy” of bitcoin with Government stooges closely following the, in the eyes of our politicians, horrible users of this currency. Likewise I guarantee that there are plans to take over the entire system, topple it, or turn it into another government owned controlled idiocy. What I mentioned about volumes, prices and political decisions above seem to, already now, verify this notion. 

It would not even surprise me if the entire thing was invented in a CIA bunker somewhere in Guam.

For now I stay away from bitcoins as I do stay away from bonds and stocks. The world economy will crash, burn, implode, explode in a decade or two from now and after that the real mayhem will start. Bitcoin is not a safe haven from this, not even close. I instead suggest that you invest in tangible intrinsic values such as gold, silver, real-estate and farming. But if you do buy bitcoins, sell them before everything crashes (just as you would with any asset). Perhaps Bitcoin and this new technology is the future and I have not yet understood how it exactly would work, but for now at least I remain very sceptical.