China proves the case that crypto's are fool's gold

A good number of young, inexperienced people that I know were telling me how bitcoin was all the rage, that I was too old to "get it".  They rapidly spewed their pseudo economics about it being limited in issue, distributed control, etc.  They were euphoric because bitcoin had been going stratospheric and so they completely ignored my age, 20,000+ of study in the field of applied economic and Elliott wave market timing.  I just laughed with them as they laughed at me for being so clueless because of course crypto in general and bitcoin in particular were the new gold.

I told them it was near a major peak and they just laughed.  About 1-2 weeks later it went into freefall and is still only half the price that it was in late 2017.  I hope they learned a good hard lesson about this but I suspect they learned very little.  I'm not saying bitcoin can't rise from current levels and in fact I suspect it will.  But it is in no way the new gold. It is not a safe store of value.  Too many things can go wrong.  Today I want to point out just one example from China.  All a corrupt government has to do is declare war on the competing currency and make up new rules so that it cannot operate.

Disgusting Eurocon Christine Legarde has been talking about government crypto for a long time now.  This is definitely coming.  They are just waiting for the current fake money system to collapse so they can create a new one that is even more dangerous and harmful to citizens.  And that will be crypto based.  Legarde has gone out of her way to say multiple times that it should not compete with other cryptos or try to put them out of business. Well, you don't know something is true until the official denials are deemed necessary.  Everything that spews from their lips means the exact opposite of the words used.

When big governments decide that retail crypto is a nuisance they will call it a national security threat and will villify cryptos as being the tools of drug dealers and terrorists and money launderers.  And they will be right because who would know better than the world's biggest criminals and money launderers? 

Gold and silver have been money forever.  Nothing is going to change that.  Don't believe made up stories to the contrary.  You do need to save for retirement but you don't need to invest.  You simply need to save in real money instead of fake money.