Bitcoin buyer beware

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They say that no press is bad press, but that may not be true for Bitcoin. The cryptocurrency has been getting a lot of negative publicity lately, with both the Wolf of Wall Street and the CEO of JPMorgan (ahem, they’re two different people) calling the digital dollars a “fraud.” The investors’ concerns stem from the fact that the increasingly popular monetary system currently has no government backing and is based on “artificial scarcity.” Despite this lack of government support, federal regulators are certainly taking notice of Bitcoin. Last month, the U.S. Commodity Futures Trading Commission charged a hedge fund company with fraud, misappropriation, and issuing false account statements in its operation of what they called a “Bitcoin Ponzi scheme” that bilked $60,000 out of investors. Meanwhile, the Securities and Exchange Commission recently charged both a real estate and diamond sales company with defrauding investors after prompting them to sink money into an “initial coin offering” (ICO), the first of its kind. A New York Times columnist described ICOs: “Imagine that a friend is building a casino and asks you to invest. In exchange, you get chips that can be used at the casino’s tables once it’s finished. Now imagine that the value of the chips isn’t fixed, and will instead fluctuate depending on the popularity of the casino, the number of other gamblers and the regulatory environment for casinos. Oh, and instead of a friend, imagine it’s a stranger on the internet who might be using a fake name, who might not actually know how to build a casino, and whom you probably can’t sue for fraud if he steals your money and uses it to buy a Porsche instead.” Buyer beware!

 

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US Federal Government debt.

1990: $3.2 trillion

1995: $4.9 trillion

2000: $5.6 trillion

2005: $7.9 trillion

2010: $13.5 trillion

2015: $18.1 trillion

2022: $31 trillion

Buy Bitcoin , Bitcoin has $0 debt.