If you are thinking of mining Bitcoin, be careful you do not end up with iron pyrite. Fool’s gold is an apt description for Bitcoin. It is a fictional commodity with nothing behind it. It is the money-laundering instrument of drug dealers, pimps and thieves. It is the sanctuary of the lawless. It is a trainwreck, fueled by greed, on its way to happen.
And nobody will care when Bitcoin and other cryptocurrencies collapse under the weight of the greed. You buy bitcoin with no recourse. No bank, no nation, no legal entity guarantees it. You invest at your peril.
But if freedom to be a fool is your option, go at it. People such as the conservative’s Boy Blue—MP Pierre Poilievre—will cheer you on. Poilievre also supports the lawless who block Wellington Street in Ottawa. He is a pied piper for the Bitcoin conspiracy.
He is also running to lead the conservatives—we know not where? Poilievre attacks the Bank of Canada for fueling inflation and yet he supports the hot air balloon of Bitcoin? The advocates of Bitcoin see Poilievre as their hero and yet he says he thinks of money as just a technology to transport value. If you entered a commercial trade for goods based on payment in cryptocurrency, you would be exchanging something of finite value for something of no finite value. That would not be a fair trade. It would be gambling.
(Yes, I know Elon Musk was selling Tesla autos for Bitcoin. I also hear his net worth took a hit of $30 billion when he cancelled the offer. He could afford it.)
But, please, try not to think of cryptocurrencies as real money. It is not. Bitcoin could be just another form of false news. It certainly is not “sound money.” It is not, by any measure, real money. And it will never be “the single most important asset you could own.”
There are many misconceptions about Bitcoin. Government is not created to make laws against fiction. ‘Managing your money’ is a game for grown-ups. It should not involve fictional currencies.
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Copyright 2022 © Peter Lowry
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