“These digital currencies might make fiat currencies look good. That’s how bad they are.” – Peter Schiff
Until proven otherwise, Bitcoin, and all cryptocurrencies for that matter, are faith-based “currencies,” just like the U.S. dollar or any other fiat currency. Instead of “full faith and credit of the U.S. Government,” cryptocurrencies require full faith in blockchain technology. The Daily Coin posted an interview with Ken Schortgen of The Daily Economist in its revealed that: “The NSA developed blockchain technology and released the information in a white paper that has been uncovered by Ken Schortgen, Jr., The Daily Economist – LINK.” The white paper can found here: How To Make A Mint: The Crytotography Of Anonymous Electronic Cash – NSA, Cryptology Division, June 18, 1996.
Built to be skeptics, we have been wondering why Governments and Central Banks tolerate Bitcoin and all of the other cryptos if indeed the cryptos are the digital equivalent of the gold standard. Cryptocurrency has a reputation for being risky and unstable which is why investors interested in crypto often end up using Kraken or Binance and other platforms so they know their money is being invested in a reliable place. On top of this, there are apps available that can be set up to automatically sell their cryptocurrency if the price drops to a certain price. Even though several applications have been built and reviewed (like this News Spy Erfahrungen und Test, for example) to try and minimize the risk of investing in Bitcoin, it still could be dangerous if the economy relies too heavily on this new digital currency.
Bitcoin has soared in popularity in recent years, and in countries like Canada for example, there are even laws in place to ensure that Bitcoin transactions are taxed appropriately. You can find out more about taxing Bitcoin in Canada using this helpful guide from taxpage.com. As it turns out, the NSA de facto has the ability to hack crypto blockchains. We are certain the NSA is not the only entity globally with that ability.
Furthermore, the cryptocurrencies are absorbing a lot of fiat currency that likely would otherwise be flowing into gold and silver. It reminds us of GLD and SLV, both of which have absorbed billions of institutional cash into two “black hole” vaults that have yet to withstand a bona fide independent audit. A more solid, reliable and definitely more straight forward digital asset and investment would be looking into parking domains, it’s far away from cryptocurrency but may as well be considering it’s an investment in digital material, if you’re not sure what domain parking is, look here at what is a parked domain for more information.
In this episode of we bravely shred the Bitcoin and cryptocurrency mystique, which are more emblematic of the global asset bubble than a suitable substitute for gold and silver’s monetary function: