BTC & The Relentless Onslaught - Part 1
The War on Bitcoin
In case you haven't noticed there is a full on war on Bitcoin (#warofthecurrencies) and the reasons are as old as time it self, Power & Money.
Image Source - The Atlantic, 2017
Back in 2017, The Atlantic, described the Crypto Currency (crypto) as "a dilution that could conquer the world" and most invested in crypto would focus on the positive meaning of this phrase. There is however a different side to the coin because that which can be conquered will not die without resistance.
Few people out there know what the resistance is, let alone being able to partake in a debate on the subject. The resistance is the Fiat Currency (Fiat) System and those individuals benefiting from it. To paint the picture we must first understand what the difference is between the two as seen in the image below (Source 1).
It all boils down to three small words "STORE OF VALUE"
The people with the most power in the Fiat Currency System makes hundreds of billions in Fiat every month through the constant devaluing thereof. The process through which they manage this is known as Quantitative Easing and some politicians are infuriated by this system but it never tends to make waves in the media. The difficulty in devaluing a crypto currency through copying or generating more of a coin is where the crypto market draws its value from. It is true crypto has no intrinsic value but at least it is much harder to devalue, unlike Fiat.
FUD FUD & More FUD!
What you sure do hear a lot of in the media is the constant onslaught on Bitcoin and some of the recent incidents that made me take notice were the following:
Bitcoin Could Become Illegal Almost Everywhere, After Shocking Discovery in The Blockchain
Image Source - Science Alert
They spew Fear Uncertainty & Doubt (FUD) like:
The Bitcoin world is coming to grips with a shocking revelation that could potentially threaten the very existence of the world's foremost cryptocurrency.
An analysis of the Bitcoin blockchain – the publicly accessible ledger of transactions upon which the system is built – has revealed this vast trove of data is irrevocably tainted with unremovable links to illegal child pornography, which are inevitably distributed among and by all users of the currency.
In their analysis, the researchers uncovered more than 1,600 inserted files on the blockchain, over 99 percent of which are texts or images, including links to child pornography, copyright violations, privacy violations and more.
That's the view of a team led by researchers from Germany's RWTH Aachen University, who sifted through the blockchain to examine how much "arbitrary data" it contained.
Take note of the cleaver word play in this article. They go as far as to say that over "99 percent of the inserted files are text or images" after which it is stated that there is also "links to child pornography, copyright violations, privacy violations and more." which makes it sound like 99% of this content is vulgar, sickening and illegal. Although it is not contested that such activity cannot be tolerated it should not be forgotten what made this all possible. It was Fiat Currency, and if we are willing to ban bitcoin for hosting illegal content we should also consider banning Fiat currency for making it all possible or how about we ban the web (Yes, that's how ridiculous this argument is).
The article was written by Peter Dockrill (a Senior Writer for Science Alert) on 22 MAR 2018.
Image Source - Science Alert
The article refers to a paper that was completed in large by staff of the Communication and Distributed Systems at RWTH Aachen University. The lead writer Roman Matzutt(image seen below) is mainly interested in blockchain technology and the design of privacy-enhancing systems. His aim for writing the paper was to limit the harmful potential of single instances of objectionable blockchain content, as stated in the final sentence under the conclusion section of the paper. Also, it is clearly stated that the majority of the 1600 files that could be retrieved from the blockchain consist mostly of harmless content and most laughable of it all is the fact that they mention links to illegal content (links only and not the content). With this information in mind, try and figure out why it was necessary for Science Alert and a few other outlets to pursue such a hostile attack on Bitcoin (If you have a theory other than FUD please leave it in the comments).
Image Source - COMSYS
Bitcoin.com's news section in response to this nonsense probably best explained the situation in a simple meme as seen below. Their article that elaborates on this FUD is titled No, There Isn’t Child Porn on the Bitcoin Blockchain
Following Part 1
The subjects to be discussed after part 1 is as follows:
- Breaking news ~ Bitcoin & Binance Attacked From Multiple Sources; and
- Cryptocurrency Users Being Tracked By The US National Security Agency – Snowden Leaks Show
For more information on the difference between Fiat Currency & Money see my earlier posts:
- Post 1 - Your money diluted like shares. Not that complicated really!
- Post 2 - If you save in Fiat Currency, and that includes stocks and pension funds I am afraid the news is not good.
- Post 3 - True Wealth Is Your Time & Freedom.
Production of dpl
Consider donating should this post have been of value:
BTC - 18atWSWrN2bDxNWeoc3Q68coQBEk69FvUY
ETH - 0x71844057eec156843af64b2b8021daf3615b0e06
Appreciate the post. It does not pay for us who use Crypto to put our heads in the sand or up certain orifices. There is indeed a war being waged against Bitcoin, and by association all Crypto's. Fortunately the Cabal, banksters, elite (whatever we might call them) are engaged in saving their Empire through wars (they desperately want a new conflagration in Syria), a major trade war with China, and the ongoing drama in the EU trying to keep the member states in line, and so forth. But, Steem is somewhat different... it is tied to a blockchain. I just saw today that there is a new gold-backed crypto out now. Interesting idea. Anyway its the same old story: freedom vs slavery. May you be blessed. Oh, and if I hit the big time I'll answer your plea!