Friday, July 28, 2017

The Globalist One World Currency Will Look A Lot Like Bitcoin

If I appeared to be ambivalent about crypto-currencies like Bitcoin, it's because I was.  I penned a blog on why Bitcoin was a legitimate currency back in 2013 <click here>, and its mainstream acceptance since then has proven that point beyond doubt.

But I also later wrote other blog entries around my concerns about crypto-currencies <click here>, namely how a backdoor in the encryption allowed access which isn't necessarily desirable <click here>.  Could the trapdoor loophole be a creation of the NSA, Secret Service or US Treasury?  Perhaps.  Edward Snowden believed so.  And if Bitcoin has an upper limit of 21 million units, what's to prevent other crypto-currencies from emerging?

For true Bitcoin nerds, here are two insightful articles about crypto-currency encryption algorithms:  <click here> and <click here>.

The first concern is playing out as law enforcement authorities are capturing criminals conducting business and stealing crypto-curriences.  Pseudo-anonymity is not anonymous, frankly.  And the second  concern is materializing as thousands of other crypto-currencies have been created via ICO's (Initial Coin Offerings)--most of which have been funded by Bitcoin or Ethereum, thereby driving up demand for both.  It's analogous to calculus gone bad, as first-order and second-order derivatives are spiraling out of control in an endless positive feedback loop.

At the end of the day, these and other reasons I've mentioned previously are why I remain skeptical about the long-term prospects of crypto-currencies as safe haven assets.  Bitcoin may be a currency, but it is not sound money, in my opinion.

This article by Brandon Smith sums up the future role of the IMF's Special Drawing Rights and crypto-currencies well.

No comments:

Post a Comment