By Ray Blanco
This post Ray Blanco: Angry And Right on the Money appeared first on Daily Reckoning.
Tech expert and Technology Profits Confidential, Penny Pot Profits, FDA Trader, and Breakthrough Technology Alert editor Ray Blanco called me up yesterday.
Ray’s so busy these days, he only calls when he’s excited or angry about something.
Yesterday, it was both. Right away I asked Ray if I could record the call, transcribe it, and send it to you.
I did something similar back on April 14, when I had lunch with Ray and we discussed the current state of the pot stock market.
“Sure. Everybody should see this,” Ray said yesterday when he called.
What follows is a light edit of our conversation. This time, we’re NOT talking about pot stocks.
Amanda Stiltner
for The Daily Reckoning
Ray Blanco: The Beginning of the End for Bitcoin
Thursday, May 4, 2017
12:09 p.m.
Call recorded from Agora Financial offices, Baltimore, MD
Amanda Stiltner (AS): Ray? The recording’s on now. Say that again.
Ray Blanco (RB): Book it. Bitcoin’s finished. The New York Times, on Saturday, I think it was… April 29, anyhow, said the hacker who tried to get a ransom from Netflix over the new episodes of that show…
AS: Yeah, the hacker who stole the episodes of Orange is the New Black and threatened to release them…
RB: Right, yeah. That hacker, according The New York Times, was part of another hack last year and demanded ransom payment in bitcoin. Some small charity in Indiana.
The charity didn’t pay. The hacker ended up wiping away their servers.
AS: Ok…
RB: You and I had that lunch conversation last month you recorded. You asked me what tech trends I’m negative on. I mentioned bitcoin. I’d like to reiterate that. I’d like to double down on it.
AS: Ok, not sure I follow.
RB: Forget the hack. Forget Netflix. In the grand scheme, that’s noise. Not the real story. The real story is the hacker wanted to get paid in bitcoin. Bitcoin has political risk right now like nothing else I see.
AS: What do you mean by that?
How Bitcoin Could Be Banned… Overnight
RB: Here’s a scenario. Some major hospital group gets hacked. Boeing gets hacked. Something big and important. Something where lives could be on the line. Not just episodes of a TV show. If that hacker demands payment in bitcoin, that’s it. Bitcoin’s cooked.
AS: How so?
RB: Congress steps in. Passes layer upon layer of complex regulation and basically outlaws it. They outlaw digital currency and make it the same as human trafficking or something.
AS: This is you exaggerating, right?
RB: No, it’s me forecasting. It’s me looking at a real-life situation, reading the news, and making a call on what happens next. I look at bitcoin right now, I see huge risk.
Blockchain advances all get figured out in the years ahead regardless. Bitcoin itself, it’s doomed. The end is near. Soon as Congress has a reason, they figure out how to shut it down. You mark my words. Too many banks have too much to lose. And …read more
Source:: Daily Reckoning feed
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