Here's why I'm not jumping on the Crypto Market.
🤔💭 Theory 😲💡
I see a scheme, and I don't like it.
It goes like this:
- Be Central Banks
- Create a non-physical, intellectual currency with good prospects of banks being unable to "print more money"
- Pump it up with a lot of fiat money to make it appetizing
- Use controlled opposition to prop it up further and encourage organic support
- Get all the political right, moderates, liberals and conservatives alike to invest in crypto
- Quickly implement legislation that bans cryptocurrencies and seizes the ethernet blockchain using the FBI and the Central Bank's leverage over the legacy markets.
- The US Government would then own all the crypto certificates, and now the only way to cash them in is to turn it back into fiat dollars.
I'm not saying that's what is happening, but it doesn't seem outside the realm of possibility.
I don't like the odds on it, and I'd even say out-of-hand gold and silver schemes like Charlie Ward is pushing is also running the same scheme.
What are your thoughts? Am I being overly paranoid? Did I miss a step with crypto?
It's my understanding you might own the coin, but only the certificate issuer can "cash you out". If that were the Federal Reserve or the FBI, then what happens when they say you must cash out with fiat notes? Am I wrong on that?
The government, which we can’t trust, shut down American Liberty Dollars. This was real money, backed by commodities.
https://en.wikipedia.org/wiki/Liberty_dollar_(private_currency)
Satoshi Nakamoto (pseudonym) created Bitcoin. We really don’t know where it comes from. Bitcoin has been allowed by the government to flourish. That tells me everything I need to know.
When I think darkly, I think it is used as compensation for human trafficking and other nefarious enterprises.
You don't need to know where it comes from, you got the full source code and the white paper. That itself acts as foundation for all the alt coins. It's just a low level protocol.
For comparison, do you know who invented http? how can you trust http? do you realize that this site, just like every other site in the world is served over http?
https://datatracker.ietf.org/doc/html/rfc2616
Yes, we do know who created it.
And you trust them blindly to 100%. Never even bothered to actually look into the protocol itself, understand how it works?
See how this works, http is also a protocol that can be used both for good and evil. But you don't seem to have any objections against that.
HTTP isn't used for encrypted traffic. HTTPS is.
Still, HTTPS is used to perform transactions when dealing with traditional banks. I do think about these transactions being intercepted, decrypted, and spied on; although newer cypher suites supposedly prevent this using "forward secrecy". Still, the benefits outweigh the risks.
Now, Bitcoin is cryptocurrency that uses blockchain as the cryptographic mechanism in order to create a supposedly mathematically tamper-proof public ledger whereby the actual currency itself is derived from blockchain.
It is one thing to perform TRANSACTIONS using HTTPS. It is another for the currency to actually be derived from a cryptographic mechanism where we don't even know the creator. And, for all we know there may be a back door.