Quote from KMan on October 26, 2021, 11:08 pm

Bitcoin might be a CIA creation, but I favor the idea that it is a slow-motion terrorist operation designed to wipe out wealth, the internet, or even electric grids.

What is known is that bitcoin mining is consuming ever more computer power and electricity.  This is because the encryption algorithms are programmed to be ever more complicated and require more computation to crack with time.  Estimates are that this activity is consuming as much power as would a medium-sized country.  Computer "mining" does not sound like a legitimate activity for any monetary transaction, does it?

The electrical consumption will grow until something has to give.  At that point something will crash.  When it crashes, there go all the investments into the ether, without any likely recovery.  If the internet crashes along with it for days or weeks, or the electrical demand causes blackouts, so much the better as far as the group who created Bitcoin is concerned.

As you probably guessed, I do not believe the intentions behind Bitcoin or most other cryptocurrencies are good.

Some investment advisors who advocated bitcoin are now backing away from it.  It's also revealing that China and some other countries are banning cryptocurrency transactions.  I wonder what they know that we don't.

Quote from congjing yu on October 26, 2021, 11:48 pm

Two points.

[1] American aluminum companies are unable to make aluminum parts. The reason is that the metals used to alloy those materials are provided by China. And the USA has been such a dick over the last five years that China is keeping those materials for their own aluminum industries. If you want aluminum, you MUST buy from China.

[2] Prices in processing costs are increasing exponentially. 17% is pretty much the norm. Thank Climate control technology. Now what this means is that most everything exported from China is now going to be, at the bare minimum, 20% higher in cost. Yikes!

My gut feeling is this is only the beginning.

Quote from Ultan McG on October 27, 2021, 3:31 am

And a lot of crypto enthusiasts all make one big assumption: that the internet and their assets will just keep on ticking away as if it's a draught of the ether flowing magically into our homes. Most of them grew up plugged into a device of some sort anyway-- so it's an understandable but utterly erroneous assumption.

But I don't think so-- if and when SHTF it'll be the first plug to be pulled. It's what I'd do if I wanted to keep control of the narrative during a domestic or international period of chaos planned or otherwise.

Not to mention power grid blackouts that the Domain have just warned us are incoming. MSMedia have been talking this up for months-- have u a contingency plan ready?

I'm sure China Russia have made their own contingency plans by now wrt the internet, but Puppet Land is very much dependent on that particular Sword of Damacles hanging precisely where it is thank you very much.

And another Domain prediction: every penny will be stolen and the culprits can just ride a contraption to another time line with their booty in the trunk.

50% tax on unrealized gains, indeed-- how that can be even made legal is beyond me. But it's more than likely scare mongering unless they really are getting ready for a full martial lockdown as some have been predicting for years, stateside. And everything will be just taken from you.

Hold fast, EurAngloLand friends-- and trust in the Domain to see The Other Plan through no matter what that entails. My gut instinct tells me for one to trust them-- just read the interview questions posts-- and I'm honestly not exaggerating when I say that. Could be my Abrahamic background and inherent trust in the higher Power, but whatever, so be it. It's a belief system that has served me and mine well in the past, and we can't all be free to do whatsoever we choose like our feline friends, right? We gotta take the discipline route to freedom. And that usually kinda sucks. But worth it in the end if just for the endorphins rush, 😂.

Quote from congjing yu on October 28, 2021, 10:43 am

You know, paper that is backed with hard metal commodities, has been compromised by the magic of compound interest. It's making money from nothing. And as long as the world buys into this belief, all is well.

Today, very few nations buy into it, and those that are stuck in those corrupted systems are watching their beloved empires crumble into dust.

It is so nice to believe that the paper can be replaced with electronic coins. Such is the truth with USD being replaced with various forms of bitcoin. But unless a large, powerful nation, that MAKES THINGS, and that PROVIDES tangible services uses, enforces, and polices this system, the not approved systems will collapse and go the way of buggy whips.

China has the eYuan. I'm placing my bets on China.

America is "studying the issue". The reality is...

[1] How to start it up when you have a currency that is practically worthless?

[2] The big issue is really so many people and organizations are taking endless little bites of money out of every transaction. So how to you incorporate those actions in the new electronic system?

China has no problems in regard to that. For China...

[1] China's currency is backed in hard gold and precious metals, as well as a enormous functional tangible brick and mortar industry.

[2] No little hands in your wallet. China considers currency a fundamental necessity of Chinese citizenry and thus it is forever banned from being a for-profit model / mechanism.

Thus...

I would advise against betting on the bitcoin trend, but rather invest in the new electronic currencies being adopted in Asia.

Quote from keff on October 28, 2021, 2:45 pm

@bochen2021

I have been gone a couple of days and come back to this interesting topic! Thanks!

But Bitcoin is not what it appears to be, in fact its most likely the invention of the CIA

I have hunch that another purpose of Bitcoin is also to take the pressure off gold. If what pundits are saying is correct, alot of gold that is purported to be in Fort Knox is not there anymore. Apparently that is why they have not allowed an audit for decades.

As to the current investment climate, everybody has gone nuts. Bitcoin/CIAcoin selling for $64,000 is a bit like selling a Dutch house for a tulip bulb.

 

Quote from daegonmagus on October 28, 2021, 3:27 pm

I have my suspicions bitcoin was a governmental {insert which one here} project to create a self propagating AI system. We all know that AI's love data food, and that with more and more data more and more processing power is required.  What other other system do you know of that encourages its user base to continuously add to its processing infrastructure in an effort to get "rewarded"? Why bother investing in mainframes that will eventually be capped and need upgrading when you can sucker the customer into forking out to continuously upgrade the system for you? What you are looking at with bitcoin, IMO, is the first AI system that was able to be successfully  integrated within society. It is literally a fucking machine whose evolution of processing power is being wholly funded by the very customer base it promises to reward FFS. The NSA supercomputers are probably carrying out half their simulations from the mining rig room of these very same customers for all we know.
And to think it was developed by some random vaporous person known as Sakatoshi who up and disappeared practically the moment it came online. Nah the Sakatoshi story smells fishy. As the does the promise of decentralising away from the Fed Reserve. It has the hallmark of an NSA cryptographic team all over it, and as we all know those guys are big on creating digital weapons {cough....stuxnet.....cough}
And what happens when everything is mined? You really expect all these mining rigs to be just thrown in the trash? What is the bet another system takes it place and piggy back's off this same infrastructure and offers further incentives for people to keep their rigs online. I suspect there will be an "event" that will crash bitcoin and all the other digital currency vendors in which case a little known company called the IMF will swoop in and take control of it all.
Remember, as soon as quantum computers come online, digital currency is as good as fucked if it doesn't figure out how to protect from quantum hacking practices. There is also the potentiality of pirates gaining more than 50% share of the whole thing and fucking it for everyone. You really think Sakatoshi only kept a single bitcoin when "he" made it? Fuck no! I am willing to bet he owns quite a bit more than 51% share of the {real} entirety of bitcoin. I am also willing to bet that hidden bitcoin is hiding away in a system file somewhere on a NSA mainframe.

Quote from Goldleaf on October 28, 2021, 8:17 pm

In it's current form I view crypto currencies as gambling. If you want to play around, only invest as much as you're prepared to lose.

Quote from Ultan McG on October 28, 2021, 9:17 pm

'Satoshi Nakamoto' can, believe it or not, D.M., be translated into Central Intelligence! (Although Japanese and Korean do not allow definitive translations to English-- there's always wiggle-room.)

I also heard that the F.B.I. are investigating BitCoin as a source of funding for the January 6th riots earlier this year-- and that it was used as payment to the ringleaders and related activity, logistics, etc.

There's also rumours that BC is used by intelligence agencies to transfer humongous amounts of money all around the world without normal governmental oversights to fund 'colour revolutions', and other nefarious activity including smuggling of all sorts, trafficking and illegal arms trades.

That's not a lash out at the crypto space in general though, I hasten to add. Blockchain is the future and some great minds are working on it as a genuine, decentralised, alternative financial solution to EurAngloLand financial hegemony up until now-- but as Metallicman rightly points out-- without serious back-up in the 'real world' it'll remain a notion. (Many say the Russian GRU and Israeli Cyber Services (China, too?) are actually behind Blockchain-- especially ETH and ERC-20-- as it is a way to destabilize that western financial hegemony, and so is, indeed, backed by 'real world assets' in this case! Pretty effective ones, too.)

Up until ow, of course, the dollar hegemony was backed ultimately by the raw military might of the U.S. They could up until now print all the money they want as the world Reserve Currency-- who was gonna stop them? They could force that system on anyone they liked. But now of course things are starting to change, and if Blockchain and alternative finance are now or soon will be backed up by Russia-China-Israeli military and socio-economic might, then we're looking at a whole new ball-game, altogether.

Many demonise the Israelis, of course, but I suspect they are more obligated to the U.S. than many in the alt-right sphere would have you believe; but clearly are more culturally related to Russia and Asia historically.

Interesting times, and if you dabble in crypto, I have been advised by a Master of that space known to me to avoid BitCoin! As it's probably only a matter of time before it's confiscated.

(Tip: ETH, LINK, QUANT and VET Chain are a much safer investment, 😉)

Addendum: Many Chinese companies and engineers are actively engaged in the Blockchain development space-- AliPay uses blockchain for payments processing-- VET Chain was founded by a Chinese cyber-engineer. Sure, China has banned BC for obvious connections to western intel agencies, but you'll find very little mention of them betting against any other crypto asset-- especially the ones with real-world utility I've mentioned above. It's technology-- powerful technology-- behind WEB 3.0 which will transcend borders and regional politics. Investing in crypto assets with REAL WORLD applications now, is akin to investing in Microsoft and Google back in the early days. Not without risk back then, sure-- but look at the payoff. And if you do a bit of actual research into 'smart contracts', you'll see how that-- barring an internet plug-pull-- they are impossible to hack and guarantee 1-1 transactions-- financial or otherwise-- without ANY interference of money grab by a 3rd party or middleman. Sounds like the Chinese would be okay with that, to me. And have invested billions into this sub-area of crypto, already.

Quote from bochen2021 on October 28, 2021, 10:00 pm

A lot of people fail to understand what "bitcoin" actually IS. Bitcoin is purely software/code implementation of a distributed peer-to-peer digital general-ledger. Basically, its like an online excel spreadsheet (globally synchronized) that holds in each row a transaction between entities. And anytime anyone in the entire bitcoin network makes any transactions on bitcoin (hitting the blockchain) that transactions is logged into this excel spreadsheet and it is then updated/replicated/propagated to everyone else who is running bitcoin (or who is hosting as a 'node').... In essence, this is ALL bitcoin is, ever was, and ever will be.

Think back to the days when you were using pirating software (limewire, napster, etc) to share songs in mp3 format on the Internet... It was also distributed peer to peer (p2p) and each computer on the internet running the same p2p client (limewire, napster, bittorrent etc) that hosted or were seeding/leaching the same exact song or mp3 (torrent or magnet file) had either a full or partial copy of that song/mp3. If the mp3 was say 5MB in file size, then the p2p client automatically broke it up into like for example a hundred smaller blocks/chunks, and it was these individual blocks/chunks of data that were distributed amongst the folks on the Internet whom were uploading and downloading this file. This made it harder for the music companies to shutdown this activity since these chunks was on hundreds of thousands if not millions of computers and they couldn't exactly order any company or centralized authority to block the download of the file or to erase or delete it from an online fileserver etc...

Bitcoin works the same way, but instead of spreading/sharing a static mp3 music file, it is sharing a digital general ledger (excel spreadsheet of transactions) and this transactions is constantly kept in sync and being written to as changes/updates happen on the bitcoin networking, meaning that as more people use bitcoin to make/conduct more transactions this bitcoin file (also called blockchain) grows larger and larger over time...

A Bitcoin is entirely made up. An analogy would be say you created a new excel spreadsheet on your computer and titled it "sheet money" and then allocated each unit of money in this made up accounting system by stating that one cell/row could represent a single coin/unit of the new currency you just made up... Now if you get someone to "buy in", that is, someone else in the world to give you 'real money' (be it dollars, yuan, gold, barter for real things/goods/services in exchange) etc to swap for one of these excel units of money that you basically made up out of nowhere, then that becomes a transactions on your excel spreadsheet which then gets updated between you and the other person and all other people that use or will eventually use your spreadsheet accounting system.

Bitcoin is not 1 to 1, each new bitcoin that comes into existence does that pair with nor match with a corresponding amount of new resources/good/services that have been added to the planet. It merely dilutes and takes away from the total purchasing power of all other currencies/coins/monies already in existence!

When bitcoin first started back in 2008, each bitcoin initially sold for a single US penny (1 cent) and then it later on stabilized at 10 cents (dime) for a while, before jumping up to being one bitcoin costing a dollar (USD)... The single (whole) bitcoin that costs $67,000 USD nowadays is EXACTLY and PRECISELY the SAME COIN (with no difference whatsoever) than the coins that were sold for a penny or dime back say 12+ years ago...

Bitcoin is the buying and selling of "units of accounting" in this entirely made up fictitious "accounting system" that is backed by nothing and has zero intrinsic value, nor is it a resource or source of energy. It is this units of accounting itself that is being speculated and pumped up...

Money is an abstract human construct that is supposed to be a symbolic proxy representation of real goods/services/resources out there in the world. Instead, people are using government fiat money to buy and sell essentially cells/rows on this digital excel spreadsheet, bitcoin is essentially a second or third order derivative of a derivative of money.

Bitcoin miners will do whatever it takes to make a profit, even if the profit margin is small. As long as its more than breakeven, mining will happen. This means if each bitcoin is hyped up to say $67000 or more then miners will be willing to spend (on average) close to $67000 in real world money to buy mining machines and electricity from power companies to expend real money, energy, resources, power, etc in order to digitally mine for these fake virtual cryptocoins... But unlike mining for coal, uranium or drilling for oil, which are net positive EROEI (energy returned on energy invested) activities, a virtual bitcoin is not an energy source, it is not a physical resource (unlike say gold, copper, silver, etc) and cannot be used for anything other than a digital unit of accounting in a made up new accounting system! While even ethanol which itself is a scam (net energy sink of using oil to convert to fertilizers to grow corn to then convert back to fuel etc) at least ethanol provides some energy back to the system.... whereas bitcoin from an EROEI standpoint is entirely net negative, an EROEI of negative infinity! Does it make sense that it costs the global society $67000+ USD to make a single bitcoin that itself has no intrinsic value whatsoever? Heck when the Feds mint a 100 dollar bill it only costs something like 15 cents to print a physical 100 dollar bill, can you imagine it costing $67000 USD to physical make a single $1 dollar or even $100 dollar bill?

Gold was created in the belly of a dying star during its supernova.... we cannot create gold. (we can in very tiny amounts using particle accelerators but that’s like saying sending trash into space is a way to solve the landfill problem here on earth) however those that say bitcoin is capped at 21 million total bitcoins and thus this is what defines its "value" do not realize that bitcoin has NO intrinsic value whatsoever as a digital distributed bookkeeping entry and that in fact right now its speculative value is only propped up by the "social networking effect" and in reality there is no limit to the infinite number of other alt coins that can be created based on the same underlining blockchain protocol...

The important point about Bitcoin is that it does NOT create wealth, (nor is it itself wealth) is it merely a reshuffling of wealth that already exists somewhere out there, a reallocation of wealth (goods and resources and promise of services etc) from some group of people to some other group of people.

In this regard bitcoin is exactly like the Tulip mania of the 1600's in which at the peak a single tulip (or rather even a tulip future/contract) could fetch an entire house! Obviously the tulip didn't make society wealthier, it was just a speculation/hype instrument used in the pyramid scheme and that is what we are doing right now with bitcoin... Bitcoin will never make society wealthier and all it ever does is a reallocation/transfer of wealth from future suckers aka bag holders to those who got in earlier than them, a classic multilevel pyramid scheme... In fact Bitcoin is like the buying and sell of a futures contact of a nonexistent flower that no one has ever even touch or seen! 

Now ask yourself who benefited the most so far from this massive global ponzi pyramid scheme? Bitcoin also serves to mask the symptoms of the infinite printing of fiat currency and it is meant to forestall the impeding implosion of the US dollar... as more and more suckers become digital millionaires or even cryptobillionaries via the rise of bitcoin and other alt coins, like all pyramid schemes it encourages the latecomers, the average everyday joe six packs to forego spending their dollars and "invest" them into bitcoin, having the net effect in society of discouraging real consumption and encouraging holding phantom wealth that will disappear once the elites have converted all their dollars into other real assets like gold, silver, land, buying up other real commodities and real assets while the average joe is "HOLDDING" a bunch of worthless digital coins that can be bubble popped at moment’s notice by something as simple as NSA releasing a long held zero-day or secret vulnerability in the blockchain security cipher...

Bitcoin is just the newest kid on the block and I believe its purpose is to be a absorber of excess USD and to create a culture of "investing" into this intrinsically worthless scheme in order to mask the USD QE infinity problem of hyperinflation and to suck up the excess dollars whereby creating the sort of lock-in effect of artificially encouraging the common everyday sheeple to voluntarily and unwittingly forego purchasing/consumption of real goods/products and thus hiding the peak oil / supply chain problems by via global "demand destruction" as the bitcoin ponzi grows ever more exponentially larger...

Rich people "invest" most of their money and only consume a tiny fraction of their income as the 99.99% of it is disposable money they will never spend/convert to actual resources... the problem is but as we slide down the slope of Olduvia Gorge and fall off the EROEI energy cliff it will also require and also take the masses to also reduce their real consumption in order to adjust to this new world order of scarcity for all... and what better way to have vaccine passports and COVID shutdown as the reset/circuit breakers in a post-PeakOil world, after all when push comes to shove would you rather use oil to grow food or use oil for overseas trips and cruise vacations? The elites of the world cannot just openly admit to this new reality so they have to take advantage of the 'crisis' in order to reshape the postPeakOil world and I believe bitcoin is another fabrication for the purpose of cleverly getting the masses/sheeple to willingly defer consumption and to "invest" in this new scheme thereby masking (for now) the collapse in real standards of living and the reduction in worldwide CONsumption...

Even if hypothetically America and US/Mossad intel agencies cannot control bitcoin after its release into the wild they would still stand to benefit from its rise and adoption... Since bitcoin is not a creator of energy nor wealth, its rise comes at the expense of all other currencies and monies already in existence today. If say even CIA/NSA/IDF cannot "control" Bitcoin then its fair to say no one else can either, not the Russians nor Chinese... If the dollar's decline long term is inevitable anyway, the US government would rather the world adopt bitcoin that is controlled by no one than for the world to jump on board the DCEP or digital Yuan etc which would go towards boosting Chinese hegemony.

The way any pyramid scheme works is you have exponentially more suckers buy into the scam at each additional layer or subsequent generation of the multilevel scheme... when it gets to the point that average joe on the street is using their stimulus money to "invest" in bitcoin, versus converting dollars to real assets or hard value etc... it has the net effect of artificially depressing the price of everything else from gold to silver to land and real estate etc... enabling the elites and superwealthy to buy them up on the cheap while the masses and public are left holding the bag (scamcoin)

Bitcoin is gaining institutional adoption which means the average joe could be "investing" into the scam and not even aware of it, if you contribute to a 401k and your hedge fund is invested some part in bitcoin then in effect you've started to jump on this bandwagon even if you never heard of bitcoin or don't have any idea what is a cryptocurriency etc

Bitcoin is the greatest theft/transfer of wealth from the masses to the elite and superrich. Its true purpose is to buy enough time for those on top of the power structures of society to convert their fiat back to hard assets and real wealth while the unsuspecting masses are collectively left to hold the biggest bag of digital excrement that has ever existed in the history of mankind...

Bitcoin also has had the affect of propping up prices of graphics card, GPU is not just used for gaming and mining its also used in all AI applications. America is the greatest net benefactor of this rise of bitcoin as its companies like Nvidia were best positioned to skyrocket from bitcoins boom and indeed Nvidia has rebranded itself as top AI company and set sights to buy out ARM and even do chip fab. Tesla self driving car tech for example uses Nvidia GPU. In affect the world, by and through its adoption, mining, and usage of bitcoin has indirectly subsudized, crowd funded, and propped up the US development and advancement of AI, the supreme irony is at the end of the day adoption of bitcoin mostly benefitted America, which is not unlike the USD petrodollar hegemony, indeed the parallels are quite striking.

It is any wonder then that the China has banned bitcoin mining and also made illegal the buying, selling and holding of bitcoin? (CIACoin)