The Right Side
BITCOIN… CRYPTOCURRENCY…DIGITAL MONEY…?
By J. Gary DiLaura, Retired FBI Agent
What are Bitcoin, Cryptocurrency, and Digital Money?
To be completely honest, I don’t know because it’s nothing you can put your finger on, except that there may be two very important reasons to AVOID, at all costs, “investing” in digital currency… It could very likely COST YOU EVERYTHING, in my opinion!!
Let me explain. I investigated many fraud cases in my career as an FBI Agent. Most involved people who needed money, most were desperate, trying to obtain something for nothing.
Some were the most clever, deceptive schemes involving the most professional “setups” I ever saw! Others were “sounds too good to be true” schemes, and there were some that are floating or KITE schemes.
One such scheme involved experts at every type of fraud/theft you could think of, with over 50 subjects. One notable case they pulled off was the theft of Elvis Presley’s jet, which his father was looking after. This has nothing to do with Bitcoin, but I want you to see fraud/theft at its best, I mean, worst!
In August 1977, the month we lost Elvis, my wife, also an FBI employee, and I was on an FBI Special in Indianapolis, the biggest fraud case in FBI history to that point. These thieves conned Mr. Presley out of the plane to “replace and update the interior seats.”
In reality, they were after the Avionics. They took the plane to an abandoned hanger on a private runway, and a ‘Team” of highly trained technicians carefully and professionally removed some 3.5 million dollars worth of Avionics and Electronics and walked away. We recovered the plane and eventually arrested most of those subjects.
The simplest to explain might be the checking account “float” scheme. This is where, usually, a business is taking in a lot of cash “flowing” through their checking account, where, because of a time lag between the check sent and money paid by the bank, there appears to be more in the account than there really is…if it’s a very large company, there could be a float of thousands or hundreds of thousands. The scheme fails when the float checks catch up to “real” time.
Another example is an Advanced Fee Scheme, which is where the thieves are only interested in the “advanced fee” of, say, $50,000, which is paid for a 30-day, $1 million dollar loan to a DM (desperate man) to save his family’s business, that fell on hard times. The loan never comes!
I would liken the Bernie Madoff KITE scheme as comparable, in my opinion, to digital currency. You see, if you sell investments that are worth nothing to start with, and as long as the cash flow continued to flow…Bernie could take funds in from “investors” who bought nothing. Then took in new funds and use them to pay “interest” or “dividends” to others. As he took in more, he was able to expand, take in more…kept most, and paid phony interest until…everybody wanted to cash out.
Let’s talk about the US dollar for a moment. Again, I am not an expert in any way regarding the US dollar, stock market, different funds, or digital money…but I do have common sense and the right to an opinion and to pass my opinion to anybody smart enough to listen!
Consider these observations about our currency, the US dollar, from various sources on the internet…then you be the judge…
“For its first 200 years as an independent nation, America functioned on some version of a metallic standard.”
From 1792 to 1834, silver served as the primary backing. In 1834, the U.S. began transitioning to a gold standard, which became official in 1873.
FDR took the US off the gold standard on June 5, 1933, and now this is important… The FDIC was formed on June 16, 1933! Two weeks AFTER we came off the gold standard!
From 1933 to the present, there has never been an FDIC-insured bank that failed to pay their depositors 100% of their money. The US dollar has been backed by silver, gold, and then Full Faith and Strength of the United States of America…the FDIC!
Since its inception, the US dollar was backed by something!
What backs digital, crypto, or Bitcoin…? Answer…Nothing! Absolutely nothing, except the NEXT guy who was dumb enough to do the same as you…who unwittingly is paying the previous sucker his “interest”…think about how stupid that really is. But it gets worse…MUCH…worse! Ask some of the millions of investors who lost EVERYTHING in the past six months when Bitcoin went into the tank…twice!!!!
Keep this in mind as we move into DIGITAL internet, imaginary money.
Experts have been warning us that this administration (Obiden’s) and Obama’s previous administration, which is the same people as Biden’s current administration, wants to do away with US currency and go 100% digital.
I have been receiving email alerts for years warning about digital money but had no idea what the hell that is…I just knew that anything Obama wants us to do is not good for us… It’s to benefit him…and that hasn’t changed, not one “Bit-coin,”…get it?
Here’s the company you will be in…China is going digital, and Iran and Russia have banned their residents from using cryptocurrencies for payments, but are working to use crypto, digital money, for “foreign” trade. Iran announced its first import worth $10 million in August 2022! Foreign folks are you and me!
I finally know why Obiden wants Bitcoin…they can’t control our cash, but can very easily control our digital money and EVERYTHING else digital…think about it, for Christ’s sake…you will lose what little control you think you have over you life’s choices!!
So it turns out they were correct, because… now pay attention…even though Obiden has seen those collapses of Bitcoin/Digital money twice in the last 6 months, causing the loss of BILLIONS of DOLLARS to MILLIONS of people…Obiden STILL formed a committee to study DIGITAL CURRENCY and is moving forward to doing away with the FDIC insured US Dollar. What’s to study dipstick…Bitcoin is a fraud…my opinion and the opinion of many experts?!
The Senate refused to appoint Obiden’s attempt to make a Chinese DIGITAL EXPERT and former CEO of the US COMMUNIST Foundation, Chair of the FED!
Here’s the WHY…these experts I have been receiving emails from the claim that Obama and his minion, Biden, are planning to go to a ONE bank system, the Fed, with the Fed Chairman in charge of all digital money…did I forget to tell you they will close out all bank accounts and digital investments we citizens have, and force us to prove all that we claim we own, deeds and bank accounts (they just cleared out) and so forth.
My advice to you… get and keep paper copies of all your fiduciary statements, deeds, and rights…you may need them!
If Hussein Obama, Obiden, China, Russia, and Iran are moving to deal Bitcoin with foreign countries…that’s us, US of A… folks …in Crypto, digital Bitcoin… I want NOTHING to do with it or mining or supporting any part of their scam.
Any municipality planning on doing anything with cryptocurrency had better pull its head out of the dark place they have it stuck…at least far enough for its ears to pop free!
Research what you are planning to do with other people’s money because you are warned… that a municipality cannot pay for any employee’s court-ordered punitive damages!
I’ll tell you how to get started on your research…Google Warren Buffett’s “opinion on Bitcoin”!
Columnist J. Gary DiLaura is a decorated retired FBI Agent and author of the explosive new book “Action…FBI Crime Fighting the Way It Was!”