Bitcoin - the slow dying of a dinosaur
For some of you it might be brutal to face the truth, but rest assured that it is best for you and other crypto enthusiasts to wake up now.
Some of you might think right now ‘what the heck is he talking about’, rest assured, in a few minutes you will understand.
Bitcoin (BTC) is dead! Well, its heart is still beating, but it is the heart of a slowly dying dinosaur. And most of its babies, thousands of so called cryptocurrencies, are dying as well. Why? Because many of them are scams, initiated by fraudsters who want to make some easy money. Statistics say that bad guys collected billions of dollars thru fake ICOs and they are still gearing up to collect more.
Now what about the honest ICOs? At least there is a little chance for success. But most legal ICOs are nothing else but start-up companies, and as we know, about 99% of all start-ups fail. No matter how good a project or business idea might sound, 99% of them fail.
This is not like I want to wash your brains and give you some fairy tale. Open your favorite search engine and look for how many ICOs did fail and you will see the numbers. Even from the 2017 ICOs, already more than 50%, are gone less than a year later. Open your eyes and understand what’s happening out there. Billions of Dollars destroyed. No matter how good a project may be, it fails.
But hey, the BTC itself
is no start-up, it is not a business idea, it has been praised as the future of
payment processing, as the new global money for future generations. Well…
sounds nice, but what about the reality? Let us check some facts:
When you ask BTC enthusiasts about the advantages of BTC, here is what they tell you:
1) Bitcoin allows 100% anonymous transactions.
That is true, and it makes BTC the most wanted and most used currency for fraudsters, dealers, terrorists, in short words; BTC is the currency of the bad guys. In return, if you buy BTC at any exchange or marketplace and you don’t know who is selling, you are supporting the bad guys. You might help a fraudster to whitewash money that he just stole from your neighbor, or money from selling child porn, or money to build a bomb. Of course, you don’t want that, but just by buying BTC you participate in a system that is supporting crime. Think about it!
But Bitcoin has more
2) According to the fans, BTC transactions are fast, secure, cheap and convenient.
Have you heard that before?
Well, I say, BTC transactions are slow, risky, expensive, and totally complicated. Have you ever tried to explain the process of opening a wallet, funding it with some BTC, and making a first payment to an average person? I tried and I failed. There is no secure and convenient solution to make BTC payments, and you must wait up to 2 weeks to have the payment processed. Minimum waiting time is 30 minutes, which feels like a year at the cashier in a restaurant for example, or wherever you want to pay with Bitcoin.
And I know that the BTC fans will say “We have the solution!! What about BTC?” It‘s funny to build another system on the Blockchain to make BTC faster? It makes no sense if you think about it. Be realistic. Collect the facts and think about it.
3) Often you can hear
that Bitcoin is the digital gold. And just because supply is limited, and
because it is more and more difficult to mine new BTC, the value (therefore)
MUST go up!
Really? Let us check on the real gold. What is happening with a gold mine when it is too expensive to dig for gold? I can tell you… they close the mine! And you can see exactly the same happening for the Bitcoin mining industry. Since the BTC price imploded from US$20,000 to US$3,900 (more than 80% decrease in value), more and more professional miners are going bankrupt, closing their businesses, or simply disappearing with all the money they have collected from average Joes.
Don’t believe in fairy tales! Check the facts!
4) With Bitcoin you can
make international payments without governments, authorities and banks involved.
Honestly, I don’t see why this is an advantage, especially when you realize that governments around the world won’t allow for the long-term, these kind of transactions. It might be possible now, but what about in 2 years, in 5 years, in 10 years? Do you really think that they will allow a system that is supporting crime, terrorism, money laundering, and tax fraud? THEY are making the laws, and while we are talking, they are working on international laws and rules for cryptocurrencies. Read the news, (don’t just believe me), read the news, and you will find evidence that I am right.
Bitcoin was the first to try to establish a new technology, the blockchain technology. Unfortunately, the first try is very seldom the best try.
Do you know the name of the first Internet search engine that has been online? It’s not AOL. Lycos is another old one, that’s not it. And no, it is not GOOGLE.
Most of them - the market leaders-are not even there anymore. Because building a search engine on the internet was a very good idea and very helpful for all of us, but the first guys did not make it.
Do you know the name of
the first on-line social network? Guess
what? It is NOT Facebook. It was a great idea to create a social community and
social network, but it was not the first guys who made it. It was a great idea
to have a social community, a social network, however it was not the first guys
who made it.
Next question: do you
know when the first automobile was invented? Not the one who patented it. Those
were the German guys, Daimler and Benz. And, they are still there, for sure.
It’s not FORD, guys! You won’t believe it: It happened in the 1670’s, somewhere
in the XVII Century! That was the first automobile, but it was not that handy
so it did not make it. The same thing for the first airplane, the first TV.
None of the first movers survived. It has been always some smart people who
learned from others' failures or who saw the potential of an invention that was
made by someone else.
We did not invent
digital currencies; we did not invent the blockchain. But we can see the
potential, and we are one of a few, if not the only project that is working
hard on creating our own economy around a real cryptocurrency that is built to
fulfill all legal requirements that might be established in the near future.
Some rules are already in place, but most of the market is simply ignoring them. I can tell you that it is never a good idea to ignore an authority, especially if it is the IRS. By law, you are in charge of every transaction in your name; you are in charge of bookkeeping of the values; you are in charge of reporting to your tax authorities.
But with the given system of most cryptocurrencies, it is very difficult, if not impossible to do so. Do you think the IRS is interested in any excuses? No, they will dig deeper, they will find your transactions, and they will sue you for tax fraud. And if you think you can hide, please have in mind that all blockchain transactions are public and transparent.
The main purpose of a
currency is to pay for goods and services. And it is your duty to pay any taxes
due. The only digital solution I know is the Rainbow Currency (YEM) in
connection with the TwnklChain and a PerNum Wallet.
Back in March, the
German Department of Finance informed all national tax authorities about the
legal rules for the usage of cryptocurrencies making payments for goods and
services within the EU.
Rainbow Currency is fulfilling all requirements and we are proud to be the first who bought real estate with cryptocurrency, and to be the first who sold a car through a dealership in Germany for Rainbow Currency.
Registering a liability company with YEM
And we are reaching the next milestone by registering a ‘limited liability company’, in German GmbH, and paying the liability capital in Rainbow Currency!
Some of you might not understand how big this is - let me tell you that it is like being the first human being on planet Mars. This is bigger, like one million times bigger than having our real estate deal, because for a real estate deal, it’s between two private parties. Registering officially a company means (at least in Germany) that you have to pay in CAPITAL, and the official registry is confirming (through a notary) that the capital is fully paid in, so that even if it is a Limited Liability Company, this limited liability is covered by a value, by capital. And we are using Rainbow Currency for that. This has never ever been done before, but we are doing it! And yes! That will be in the news and that will attract more people to say “What are you doing there? How did you do that? This is impossible to do.” Well this is possible! You need to think it first, and then you just need to do it. But you need to do it right, because we are talking about authorities here. We are talking about handling notaries, lawyers, CPAs, the contents, judges, because in Germany when it’s about being registered as a company, there is a special court for it.
With all that said, we are not willing to open our currency for anonymous transactions, which would attract the bad guys; we are not willing to open our currency for wild west trading, like all the other cryptocurrencies that are traded; we are not willing to hide from authorities like so many bogus projects out there. We are here to stay, we are here to disrupt industries, and we are here to make history.
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