Bitcoin is High Reward & High Risk – Warren Pollock
By Greg Hunter
USAWatchdog.com
June 18, 2017
Geopolitical and financial analyst Warren Pollock says you should study up on Bitcoin before you buy it. Pollock says, Bitcoin (and crypto currencies in general) carries “high reward, but also some very high risk.” Pollock explains, “First of all, Bitcoin and these other crypto currencies are not currencies. Most of all, they are not efficient ways of having transactional exchanges between people. They just don’t work the same way the credit card network does or the check writing does. In fact, the speed in which Bitcoin can clear a transaction is downright pathetic. . . . I was able to obtain Bitcoin transaction speed at about 6.9 transactions per second. That’s what I evaluate the network capacity to be. . . . Right now, in America, you take your Visa card and up to 50,000 people can transact concurrently per second. So, there is a tremendous lack of horsepower in Bitcoin.”
Now, there is pending legislation in Congress to force owners of Bitcoin to disclose they have it or face big penalties. The legislation has not passed yet, but it looks like it’s coming in the future. Pollock contends, “Bitcoin has captured the imagination of people, but it has also captured the imagination of our politicians, and they have vivid imaginations. They see problems where there are no problems, and they will see their ability to capture money with something that is an emerging technology. It is a data base technology. It’s not a currency. It’s going to be like foreign banks accounts. If you have more than $10,000, you better fill out that form for the Department of Treasury at the end of the year . . . otherwise, you will be subject to tremendous penalties. Bitcoin will fall into a similar kind of net. It’s a fait accompli.”
So, could you be considered a criminal for using Bitcoin? Pollock says, “Yes, you could. More so, what’s really more important than prosecuting you as a criminal is really gathering information on you for future use should it be convenient. So, you make yourself a target. Not so much if you have a little bit of it, but the threshold will be set pretty low eventually, and that number is $10,000.”
Switching gears, Pollock gives his thoughts on the chaos going on in Washington, D.C. Pollock says it’s like the fake fighting of a TV wrestling match. Pollock explains, “Technically, I think Trump has been neutered. His personal lawyer does know how to deal with the politics at hand. In fact, he took Mr. Comey and he eviscerated him and actually made Comey a target. In our last talk, we brought up obstruction of justice. Not that it is credible, it’s probably just as incredible as this Russia nonsense, but it is a great amount of entertainment. It’s a great amount of propaganda. It provides a great smokescreen, and it basically allows the looting to go on another day. The more Trump can be neutered, the more it can be business as usual. . . . There is systemic propaganda that is all over our news media.”
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with political and financial expert Warren Pollock.
(There is much more in the video interview. Programming note: There is a speed problem with the video on the Pollock side of the interview that could not be fixed. That said, the audio for this interview is informational and compelling.)
