Armstrong Economics Blog/Cryptocurrency
Re-Posted May 19, 2018 by Martin Armstrong
QUESTION: Do you think Bitcoin can survive? Or has it been a passing fad?
ANSWER: Bitcoin rose because 70% of the miners were in China. It was NOT simply because energy was cheap. Bitcoin became the LEADING means of money laundering and movement of cash out of China, circumventing their rule of law and currency controls. So do not think for one minute that Bitcoin rose because it was really a wonderful idea. It was a means to get money out of China when you could not wire money out. In Australia, they have adopted the slogan that “CASH IS FOR CRIMINALS.” They will do the same to cryptocurrencies. All they need to do is declare a law that it is illegal for a business to accept cryptocurrency under the excuse that it is money laundering. You just killed the entire industry. The government has the army, tanks, and the guns. Until the army is willing to turn against the hand that feeds them, you cannot stand with cryptocurrency and claim some magical right to suppress government. You need the power grid!
Video streaming today is because of the online porn industry (I won’t post a picture of that). They needed to sell their product and they invented video streaming. It has since expanded to everything. Blockchain can be used in many other contexts just a video streaming was not restricted to just por