The dark side of Bitcoin
Please check out the blog that I wrote yesterday, "Achilles heel for Bitcoin", before reading this one.
Before I start, I want to make absolutely clear that I am not against cryptocurrencies and in fact, I firmly believe that they are the future currency for all transactions. I merely want to warn those who are trading these thinking without understanding them and their purpose. Without this understanding, it is like trading art pieces without understanding what the art piece is all about.
First, when you hear Bitcoin, likely that you will immediately jump onto Satoshi Nakamoto as the creator of this currency. There is even a Wikipedia page on him! But in reality, he doesn't exist. This currency was created by CIA as an experiment.
Second, Bitcoin is convertible into US$ and Chinese Yuan. This is the point which should shake you considering that Yuan is not freely convertible. So, technically speaking using Bitcoin you can convert Yuan into US$. And that was the purpose of creation of this currency. Back in 2008, it was becoming clear to the US that it is going to get increasingly difficult to get the investment money out of China, so this mechanism was devised. This is also the reason that Chinese government tried hard to squash the bitcoins but failed. So once the investments are out of China and safely back home, the need for this currency will cease to exist.
Third, currently, it hides your identity as you can have multiple wallet addresses and can have anonymity. This is where the rub is. No banking cartel can allow that. So what's going to happen is as people are getting comfortable with this currency and experiencing a euphoria of ever increasing wealth, a banking cryptocurrency will be instituted and after initial soft peddling, the wallet addresses will be forced to be made permanent. Once your wallet addresses are permanent then all transactions are visible and known to the government. This also means that there will be automatic tax deductions. This, my friend is the final version of our life that will play out in 2018.
I am sure there are bound to be reactions here, so please do leave your comments. Also, upvote, follow and resteem to keep me motivated to do more research on the topic.
The second item is very intriguing because it gives motive. It makes a lot of sense that there needed to be a financial underground railway per say out of China. Sheeesh, this world is so crazy!
Following!
I love conspiracies myself but can you back up your claims about the CIA money laundering connection?
it is impossible to back-up anything that CIA does, Wikileaks leaks is a good example of what CIA is capable of. However, the very fact that Bitcoin can be converted to US$ and to Chinese Yuan is a tall tale sign that this was designed to overcome the restrictions on free-floating Yuan. If it didn't have the backing then it would have been forced to shut down.
True but it can be converted to Euros, Roubles whatever.. it's a weapon against all fiat currencies. As for Bitcoin, it's spawned all these altcoins in its stead, that even if Bitcoin dies, they've created something, an idea, that cannot be stopped.
Totally agree and that's why I stated that I believe that cryptos are here to stay. The form may change but concept will be the same, more controlled than what it is today, but it is not going away.
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Thanks steemitboard. I appreciate the reward - keeps me motivated. I did notice that my posts for yesterday and today didn't get much reward despite higher number of upvotes and comments from previous posts. So how does it work? Will appreciate the explanation as I am not sure how the points are given.