Saturday, September 24, 2022

The Death of Bitcoin

The cryptocurrency crisis – the death of Bitcoin – uncovered a huge scam, carried out by a small group of investors, mostly located in China, India and Russia. 

To be clear about the situation, I will explain some data.

So far, 85% of the 21 million possible Bitcoins have been “mined” (manufactured), that is to say that “there should be” almost 18 million Bitcoins in circulation, but in reality, more than 25% have been requested, for different reasons. Both manufacturing and safety errors, that is, there are less than 14 million units left on the “market”.

Taking into account that, at this moment, a Bitcoin is around 30,000 dollars, the total of Bitcoin would be worth about 420 billion dollars, but today we discovered that 70% of those Bitcoin are in the hands of “only 64 agents or investors”, which They move the value of the cryptocurrency as they please, knowing when it will rise or fall, harming the remaining 30%.

The original lie was to promote the idea that cryptocurrencies were destined to have no central authority, promising an open, anonymous, democratic and egalitarian financial system that would not depend on the traditional rules of the world economic system, allowing people to save or speculate. at that value.

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The truth is that only the amount is anonymous, not the investor, since it has been shown that there are many ways to see the data of who is trading the currency, this allows government agencies and tax agencies to know the path of each Cryptocurrency .

As we can see, in reality, cryptocurrencies are not anonymous, they are not democratic or egalitarian, because the vast majority are in the hands of a few, the only original idea, which is decentralized, today harms small investors, since it does not have any law or international economic system where to make their claims in the face of the fall in value, generated by large investors.

In the last three months, cryptocurrencies entered intensive care, with very little chance of survival, because by not responding to initial expectations, investors are quickly moving away, perhaps in a decade there will be a new and reliable system, but until in 2030 it is not advisable to enter this “mined” territory…

Cesar Leo Marcus was born in Buenos Aires, Argentina.
Doctor (PhD) in International Logistics and Foreign Trade, and Master (MBA) in Economic Sociology, he was professor of both chairs at the Universities of Madrid (Spain) and Cordoba (Argentina).
A journalist, he publishes in newspapers in California, Miami, and New York. He is a writer, he published twelve books, and a literary editor, director of Windmills Editions. He currently resides in California.

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