After working for “the man” for decades, the liberation of having one’s own business is indescribable. Those who have read followed my entire 15 years of public commentating – on Precious Metals, financial markets, and Bitcoin – know I rarely pull punches. However, now that I am deeply entrenched in the most exciting, and undervalued, investment of my life - which can not only make holders wealthy, but dramatically improve the world; and no “boss” to suppress my views; I have not the slightest reservations of what I publicly say.
Those who followed me in Precious Metals know I defended the community like a pit bull - as I’m doing in Bitcoin now, given my recent realization that it has usurped gold and silver’s historic monetary leadership…never to turn back, now that the Digital Age has commenced. To that end, if you follow me at CryptoGoldCentral.com, the World Crypto Network, and other podcasts, you know I’ll do ANYTHING to expose fraud, propaganda, and unethical behavior – which after 15 years in the equally small, and easily manipulated, Precious Metal community, I’m attuned to more than ANYONE.
Those reading my Tweets know I relentlessly attack bad actors of all kinds – from Vinny Lingham to Roger Ver, and everyone in between…and now, Tone Vays - who I believe has, like Lingham and Ver, changed from one of Bitcoin’s most positive, empowering figures to a negative, counterproductive force. I’m not going to focus on him in this article – as you’ll find all the ammo you need in my Twitter feed, @andy_hoffman_cg; but suffice to say, my profile description of “mercilessly attacks Bitcoin FUD” couldn’t be more apropos.
Instead, this article focuses on what I watched for 15 years in Precious Metals – and now, 2½ in Bitcoin. Which is, the power of FUD, conspiracy theories, and those claiming “inside knowledge” to generate clicks; subscriptions; fees; and often, a cult-like following, no matter how inane their ideas…or how much money those adhering to them lose. It’s demagoguery 101 - which throughout history, has worked on millions of weak minds, as effectively as the Jedi Mind Trick. As when it comes to money, “80 percenters” desperately want to believe someone…anyone..knows what will happen. In this case, how ironic is it that so many are willing to believe Bitcoin will go down – when thus far, it’s gone up, in an environment of ever-improving fundamentals?
In the Precious Metals community, as in Bitcoin, countless “TA gurus” purport to be “short-term bearish, long-term bullish” – which, when you hear that description of one’s investment outlook, should immediately drive you away. Most, bordering on all, have little understanding of the fundamentals – or care, for that matter; as the way they generate income is from subscription fees – of gullible investors seeking solace in “proprietary” TA and/or “connections” that never pan out…and “incentives” - from junior mining company stock options in the PM space, and free altcoins and ICOs in cryptocurrency.
Yes, numerous commentators receive ICOs and altcoins as compensation for marketing and/or promotion – but it’s not like they “harm” the Bitcoin community, as no one is forcing you to buy them. However, the amount of “TA gurus” is mind-boggling, dwarfing those in the PM community by many multiples. Their motivations are varied; and “skills,” for the most part, useless. Moreover, few, if any, have your best interest at heart – particularly given the FACT that 90-plus percent of traders lose money. Worst of all, are those trying to “make a name for themselves” with wildly bullish or bearish calls – who you should run as fast as possible from.
Way back when, I coined the phrase “good, smart people” to describe the handful of people who both know what they’re talking about and have your best interests at heart. If you can identify them, you are way ahead in the due diligence game…particularly in Bitcoin, where fundamentals have never been stronger!
New strategy: everytime Tone says "bearish", long Bitcoin on Bitmex
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