The Bitcoin Bubble: Hidden Risks And The NSA

“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. 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 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:

6 thoughts on “The Bitcoin Bubble: Hidden Risks And The NSA

  1. “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.”

    Speak of the devil, I’ve been trying to do my due diligence into the SPDR Gold Trust (GLD). Anyone know why there is a clause in the GLD prospectus that states GLD has no right to audit subcustodial gold holdings? Why would the organizations behind GLD forfeit this right and create such a glaring audit loophole? I have not heard a single good reason for the existence of this loophole thus far. It also doesn’t help that GLD claims to be fully backed by physical gold bullion but yet it refuses to give retail investors the right to redeem for any of these ‘claimed’ gold bullion. There are a number of other red flags as well from what I’m reading:

    “Did anyone try calling the GLD hotline at 866▪320▪4053 in search of numerical details on GLD’s insurance? The prospectus vaguely states “The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody.” When I asked about how much of the gold was insured, the representative proceeded to act as if he didn’t know and said they were just the “marketing agent” for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.”

    “I remember there was a well documented visit by CNBC’s Bob Pisani to GLD’s gold vault. This visit was organized by GLD’s management to prove the existence of GLD’s gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this “GLD” bar was actually owned by ETF Securities.”

    1. I’ve known that since 2004. James Turk did a seminal piece on GLD when it filed its S-1 with the SEC. I follwed with an in-dept research piece in 2009. Since then the GLD and SLV prospectuses have become even “looser.”

  2. Hey guys really good stuff as one whom has been told I have my head somewhere besides in the sand on BC I truly appreciate the NSA link on this subject. Confirms the hair on the back of my neck standing up when I hear the BC pitch is just the logic mechanism working in my brain.

    One more time the greed bubble has found a new host in BC and its itinerant peddlers (perhaps unknowingly) seeding the clouds of scam and governmental fiat fraud. Some things never change

  3. “Satoshi Nakamoto” =A hook to Satanism (among many other scrabble variants suggested on the web, like ” So a man took a s**t” or: “Ma, I took NSA’s oath”).
    That name alone, referring to a hitherto unknown person or persons, reeks of an intel op. And the whole Bitcoin shtick is run by unknown “software developers” who charge increasing fees for its use and have been coopted by banking interests. They are playing with their victims. So let’s say your thumb drive has gone up tenfold in value in the last 6 months and is worth a few hundred 1000 dollars US . You plug it in to conduct a transaction and get an error. Who do you call — Satoshi himelf? Anyone have his phone number?

    1. Good point! I can’t believe the insanity that is going on with this! How the heck can regulators keep quiet and let this garbage happen? Instead of shutting down this pyramid scheme they play coy, even hinting at approving a so called ETF for this!

      1. Probably, as Dave and others alluded to, because the regulators ARE the con-men.

        Putting aside all of the technical mumbo-jumbo, in the end crypto-LEDGERS are just…the poor man’s stock market! The major differences being: Anyone can get in, regulations against fraud are almost non-existent, anyone can create their own con-coin with enough marketing know-how, and there’s the potential for back-door spying. Yet talk to any of these crypto-fanboys and they’ll outright reject the obvious and refer to the power of math or some nonsense.

        It’s just insane. The fact that very few, if any, buyers of cryptos actually use them for their slated purpose (as a transaction clearing service for real goods) should be enough to convince most people to stay the hell away. Since they have no non-monetary uses (unlike gold and silver, for example), and marketing hacks have taken over the narrative, they’re only being bought for sale to the next sucker for about 99% of the trades. Anyone who says that’s not a ponzi-scheme should have their head examined!

        The worst part of it, is that like any good ponzi-scheme, the early adopters win out and attract more victims in their wake. Meanwhile, fanboys retort that the rise in price is due to inflation revealing the true value of cryptos. This is partly true, yet totally ignores the prices of virtually every other REAL commodity out there (which, by and large, are falling). In an environment where, clearly, the demand for cash-balances is rising (due to the fraudulent derivatives market) nobody can convince me that this boom is sustainable.

        Eventually, the holders of these “coins” will find no buyers, because with mass poverty comes the realization that real assets are what we break our backs for. No wonder Sotoshi (if that’s his real name) disappeared; he knew he’d be hung high once the masses figured this game out!

Leave a Reply

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload CAPTCHA.