Bitcoin will be declared a Ponzi Scheme by the SEC; Elon Musk knows this

Archive: https://web.archive.org/web/20220223154122/https://www.naturehacker.org/2022/02/bitcoin-will-be-declared-ponzi-scheme.html

So with Proof of Stake coins soon to be labled securities by the SEC, we might have thought that bitcoin was safe.  Think again.

The definition of a ponzi scheme is a scheme that lures investors and pays profits to the earlier investors with funds from later investors.  This is exactly how Bitcoin works.  Bitcoin lures investors with the notion that due to its permanently limited supply people in the future will have to pay more for coins, making the investment go up over time.

To be safe get coins that are proof of work, preferably an energy efficient form like GPU and CPU minable coins, and that have a fair distribution model like Dogecoin, GRIN, Monero, Raptoreum, Ravencoin, Ethereum Classic, or Ergon.  Each one of these continues to offer coins upon mining forever, and eliminates the potential of bieng a ponzi scheme and eliminates economic rents on later investors.  The most fair are Grin and especially Ergon.

Will bitcoin die or will it get around this?

It will probably introduce a tail emission of say 0.1 bitcoin to try to get around this regulation, but that will come after the impact has already been done and dogecoin takes the top spot.  I am more hopefull that bitcoin cash (BCH) will be nimble and avoid significant damage when this happens.

In 8 years (or less) cryprocurrency will be accepted everywhere

I started naturehackerproducts.com in 2014.  At that point none of my suppliers accepted paypal.  So I had a real merchant account that deposited money directly into my account.  All in all it cost me about $100 a month to do that, $40 a month up front and then fees for every purchase.

After a couple of years of that,  I couldn't afford it anymore.  A few of my suppliers started accepting paypal and then I made the transition to paypal which took no monthly fee.

 A couple months ago every single one of my suppliers accepted paypal.  So paypal went from very low adoption to full adoption in just 8 years.

Everything was good up until a couple months ago when paypal started reporting everyone who made over $600 a year to the IRS.  Not wanting to be tattled on (which would grossly overestimate my income and I would have to prove to the IRS that almost all my income was expenses) I switched teefpowder.com to only accept crypto.

A couple of my suppliers accept crypto now, and I can even buy postage with crypto.  So if crypto follows paypal adoption within 8 years crypto will be accepted everywhere for anything you could need.  I suggest businesses get a jump on it sooner rather than later.

Despite the lies of the Canadian Government and others that they can sieze crypto accounts, they cannot.  All you have to do is withdrawl your crypto from an exchange and onto your own wallet that you have sole control of and it can never be taken away from you or frozen.

How far America will fall to hit rock bottom

The low for our society might not be quite as bad as you think.

This mini-tribulation, complete with 2 witnesses, a beast  and an antichrist will be here soon.  It starts 2024 and lasts until 2031.  This time will be difficult and good people will have to come out of the beast system, and they have begun forcing moral people out since 2020.  God doesn't want his people working for the beast by working for corporate america.  Also another big one is that good people need to leave the financial system, which is the lifeblood of the beast.  Crypto, gold and silver and barter is the way.

So what is the low, do we have to go back to the stoneage?  Not quite.  Expect lengthy periods of disruption for power and internet.  There might even be massive amounts of electronics and cars destroyed via emp's.  Also supply chain disruptions will become crippling and you will need to find alternatives to grocery stores for food.

But part of our republic will survive unscathed.  The Judicial system.  Congress and the executive branch will falter.  There might be permanent government shutdowns.  But local courts will continue to function.  Just like the Israelites first started with Moses solving disputes and later this was delegated to 70 judges.  In our society judges will use state and national contstitutions to decide disputes between people and groups.  And this will be the only part of the US government that continues.  The fall of the legislative and executive branches of government will be the rock bottom and we   build from there, using Givism instead of capitalism or socialism; the rock carved without hands that will destroy all the governments on earth.