James Corbett: "There Is No Anonymous Use of Cryptocurrencies"

James Corbett: "There Is No Anonymous Use of Cryptocurrencies" by Rory - The Daily Coin

The past several months I have demonstrated time and again that cryptocurrencies are not what most people believe them to be. They are not anonymous and they are not decentralized, period. This is to say nothing of the dangers they pose as being a "pirate currency" that can create real world problems for a persons life. If you don't believe me simply ask Randall Lord, Ross Ulbricht or anyone that has had their "wallet" hacked or stolen on any number of exchanges where cryptocurrencies are bought and sold.

I am all for free markets and free market innovations. I have been and will continue to be skeptical of a technology that was introduced to the world by a ghost. You remember ghost, right? From your childhood? Something that comes out of the ether, has no material being and is not part of this world. Well, doesn't that describe Satoshi Nakamoto? Is it a little suspicious the "bitcoin" white paper was introduced to the world on Halloween 2008 at the very height of the financial meltdown or is it just me that sees this through a lens of skepticism?

Is a little suspicious the foundation for Satoshi Nakamoto's white paper was actually developed by the NSA and MIT in 1996?

The evidence continues to mount that shows these cryptocurrencies are part of a beast system intent on enslaving the masses. The evidence is coming not only from governments and bankers but more importantly from the cryptocurrency experts themselves. The more that I know the more terrifying cryptocurrencies become.

I have been told time and again that I just don't understand and I just need to research and study how cryptocurrencies work. Well, I have been studying and researching, but I am not interested in what the "charts" are telling me or "how rich I'm going to be" or how cryptocurrencies are going to revolutionize the currency system. No, let's research what the policy makers are saying and, more importantly, what the policy makers are doing. Well, come to find out, they are saying and doing a lot about a handful of "pirates" attacking" their source of power and control. Seems as if no one in the cryptocurrency movement is very concerned about this aspect and they certainly are not paying any attention to what we are publishing. It doesn't matter what the crypto-crowd says and it doesn't change the facts.

We have reported what Andreas Antanoppolis stated a couple of years ago when ask the question - "do you have a totalitarian government? because I don't want to live under that type of government." Well, Andreas you already do. You just haven't bothered to look around, earnestly, to see the walls closing in on your life, property and wealth.

It's no secret that governments around the world are being strangled with unplayable debt. It is no secret the banking system, the too big to fail banks, became insolvent in 2008. These corrupt enterprises need a new "game" to continue the ponzi scheme charade and continue tricking the people into believing that government has all the answers and banks are how you conduct financial transactions. Neither of which is true but the mass of people do not understand this and, therefore, continue to allow these corrupt enterprises to dictate their lives.

Enter a "way out" of the banking system and way around government control - a new currency called cryptocurrency. The magic bean has been discovered! There is just one problem - it's not magic and it doesn't work as purported by 97% of the people telling you how great cryptocurrencies are and how freeing cryptocurrency are for the masses.

We recently reported on a debate between Peter Schiff and Peter van Velckenberg. Peter V, is a bitcoin advocate and was debating the virtues of bitcoin with Peter S. Only one problem. Peter V told the truth about bitcoin and spoiled his own party.

Now the non-traceable is the other aspect I wanted to address. We talked about the fundamental innovation as to how this thing (bitcoin) works. It works because there’s a ledger. Not only is that ledger traceable, with perfect fidelity, and there’s only one version of it; not a bunch of records kept by five different international correspondent banks that don’t record beneficial ownership of shell companies that open accounts. There’s one ledger it’s called the blockchain. If you know that someone received a payment at an address on that blockchain you see with perfect fidelity every transaction into and out of that address and this is exactly the type of technological tool that law enforcement has used to apprehend the people that have used these networks for bad purposes. Ross Ulbrecht, the guy that created the Silk Road he was caught with his laptop in front of him. They opened it up, they found the public address where he was receiving payments from the Silk Road drug market and that’s unimpeachable evidence that he benefited from every single atomistic transaction for drugs or heroin that happened on that website. Source

You see Peter V simply explains, in plain english, how perfectly well the blockchain tracks 100% of your transactions and ties 100% of your transactions together with ALL transactions - that's right, 100% of every transaction, one ever makes! Every time funds come into your account the blockchain ties 100% of the transactions leading up to you receiving those funds back to all those transactions associated with those funds and every time your account sends funds out it tracks all those transactions and ties it back to you regardless of where those funds came from or where they go or how they are used - it is now tied directly to you as well!

Let's say you receive funds from someone on the blockchain and 47 transactions prior to you receiving those funds someone used some of those funds to make an illegal drug deal. The funds in your account are tied directly to that illegal drug deal. Not only did you not know anything about the drug deal you don't know any of the people involved. Then you send some of those funds out and 138 transactions later someone uses some of the funds in an act of terrorism. You are now associated with both acts and it doesn't matter that you don't know 99.9% of the people before or after the funds arrived/leave your wallet you are still associate with those illicit transactions. Pretty cool, aye? This is exactly what Peter V explains above - please re-read what Peter V said and let me know what I missed.

Now, we learn from one of the smartest people in the alternative media space, James Corbett, that bitcoin and cryptocurrencies in general, are not all they are what we have told they are. If someone would like to have a battle of wits with Mr. Corbett on this subject you would do well to have all your information gathered properly as I can assure you he has done the deep research and has all the tools necessary to present his side of the debate.

During a five-plus-minute span of the video below James explains, perfectly, what bitcoin is, and is not, along with the value of cryptocurrencies or should I say explains the lack of value that cryptocurrencies bring to the market. Without the current government issued fiat currency system cryptocurrencies have exactly zero value and zero worth. Please don't take my word for it, allow someone with years of bitcoin and crypto knowledge to tell you himself.

The video below begins at the 13:00 mark where Mr. Corbett over the next five minutes will explain everything one needs to understand about bitcoin, cryptocurrencies and the lack of value these digital-illusions bring to the market. And let's not forget that The Daily Coin has been attempting to explain this same exact message to anyone that will listen for the past several years. Can you hear me now?