As I shared with you sometime ago that crypto- currencies, especially the Bitcoin are the enemy of the State. And that we must not be complacent and should not expect the banksters and their governments just stand still watching their power gradually evaporating back over the thin air from where their fiat papers and digitals derive.
We have witnessed the assault on Bitcoin at first as a psy-op in order to scare people from joining in. They have employed rumors, trolling and scare tactics. They failed. Now they have threatened with the ultimate brute force: their law! But they all stopped short at banning/ criminalizing all crypto-curencies. If the Bitcoin and other crypto-currencies are so destructive to the economy and society, then why didn’t they criminalize Bitcoin as they did to many other things?
But first, let’s have a closer look at the fluctuation of Bitcoin and other crypto-currencies in term of “fiat values” in the last two months or so .
With the uneven distribution of bitcoin-ownership at this moment, who do you think would have a financial capacity to move a large scale of Bitcoin to change “its fiat price” in such a dramatic way? I suspect for the last months or so, the central banks have rapidly hoarded up Bitcoin and then flooded them back into the market in order to test its market and user responsiveness. Remember that TECHNICALLY, central banks can “print out” their fiats to buy all the Bitcoins in the market!
Remember that in this current situation, the majority of bitcoiners is small amount owners, who do not have a good financial position to buy a large amount of Bitcoin even at the current price (11000-13000 USD) and as quickly as expected. The majority (of small bitcoin-owners) tends to keep their Bitcoins as their assets rather than spend it as money (medium of exchange). That partly explains the slow recovery of Bitcoin in term of dollar tag.
What about large amount owners? These owners trade Bitcoin through coin-bases with their bank-accounts, therefore, with all the current “crackdown” threats from Governments they tend to sit back and watch, neither selling nor buying . That’s why you would see a slow movement in blockchain.info
At any rate, no matter what they have tried, Bitcoin will retain its deflationary nature, and will go up very soon as more and more goods and services, especially more high price items are now being traded in Bitcoin such as houses and yatches, even gold and diamond.
My guess is that Coinbase exchange sites will gradually give way to more local direct brokers, where you can walk in to buy Bitcoin with cash.
I said that that technically governments can “print” out their fiats to buy all Bitcoins available in the market and just throw away the password! Why didn’t they do it?
There are two reason Governments will not do it. First, it will be very costly to do so in term of inflation, and ineffective. For the fact that Bitcoin is just the first and the most successful one so far. There are more than a thousand other crypto-currenncies, both public and private, are now functioning as medium of exchange outside the control of Banksters and their bought and sold Governments. Governments technically can buy them and then destroy them with their infinite printing money , but cannot stop other new crypto-coins from being born and step in. That means Governments have to buy crypto currencies for ever, which in turn encourages crypto creators to introduce new ones just to “sell” to Governments!!! Paul Craig Roberts surely did not understand this!
Why didn’t Governments just ban/criminalize them all together?
Again, If Crypto currencies are so dangerous to the heath of society, why did not Governments just ban/criminalize it completely as they have done to drugs and other things?
The answer firstly is they just cannot!
Have governments ever successfully banned anything at all? Ask the most repressive modern governments such as North Korea and Arab Saudi for the “answer.”
Besides, crypto currencies are independent virtual entity, which goes hand in hand with computerized devices and internet devices. If they cannot stop BitTorrent, how can they stop crypto- currencies which are far more “illusive”, far more benefiting and much loved and cherished by far more people around the world than BitTorrent.
We don’t know what in the mind of those liberty lovers, but one thing we all know that with modern computer and internet technology these liberty lovers are working hard to device a better Modus operandi among themselves and for the people at large! History has proved that these liberty lovers always do successfully.
Thus, the “better way” is to let them operate under “our control.”
Can Banksters and their Governments bring crypto currencies under their control?
Before you answer this question, just think about how well they have “controlled” their very own fiat papers and fiat digitals so far. I must remind you that fiat money has only about 7-10% of it in physical cash form. All the rest is digitized. Just look at your Bank Cards! And last but not least, if they could possibly bring all cryoto-currencies under their control, are these blockchain-crypto- currencies at all?
Before the Bitcoin and other crypto-currencies were born, how many big and small financial frauds and crimes had been committed by individuals, organizations, institutions, and governments themselves? Remember the Fed 16 trillions give away? Let alone the fact that the so-called QE (Quantitative Easing) and Fractional Reserve are frauds!
Most importantly, how can they control what they have no control at the first place?
Since they cannot destroy them, ban them, cannot successfully control them, and definitely cannot let them be free either! The only usual governmental option is to make it hard and painful to anyone who use them. Just as they have done to anything that people love and cherish. e,g marijuana! That’s what exactly they are trying to do.
The fortunate thing is that Bitcoin and other crypto-currencies are not marijuana or any other tangible things.
Crypto currencies are here to stay and people will find the better way to use them for their freedoms and liberty.
I personally love crypto currencies especially the Bitcoin, because they have, in the most peaceful and quiet way ever, started a greatest and most fundamental revolution in human history, it’s monetary and financial revolution which throws out the most heavy yoke off people necks. And on its way, it has exposed the stench of the true nature of the Banksters and their Governments.
IMHO, by no accident or even coincidence that the creator / creators of the Bitcoin name is “Satoshi Nakamoto”, which in Chinese (中本哲史) –zhōng běn zhé shǐ, or Trung Bản Triết Sử in Vietnamese, means the “Center (fundamental) root of wisdom in (of) History”. Or more precisely, if one prefers “the main root of bright history”.
Bitcoin crashes to 6-week low as regulator crackdown escalates
Bitcoin slumped by almost 15 percent, trading at $11,816 as of 10:30am GMT. The cryptocurrency’s market capitalization currently stands at around $198 billion.
Other virtual currencies including ethereum and ripple have also dipped significantly. Ethereum was trading at $1,090, down more than 18 percent in the last 24 hours; while ripple fell by almost 26 percent to $1.37 per token.
Regulators across the globe, in countries including China, India, Brazil and South Korea, have been warning investors about the risks of trading in cryptocurrencies.
According to recent reports, authorities in China are planning to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading.
Regulators will also target people and companies that provide market-making, settlement and clearing services for centralized trading.
Bitcoin users in India have been facing difficulties with deposits and withdrawals after the country’s banks blocked all crypto-trading. Last month, the Indian Income Tax Department raided bitcoin exchanges across the country, seeking to identify cryptocurrency traders. The raids were conducted because of alleged tax evasion by exchange customers.
“The pullback seems to be coming from a lack of buyers in Asia,” Mati Greenspan, senior market analyst at eToro, told CNBC. “Japan and South Korea usually dominate this market but over the last few days, the volumes have been dropping steadily. This morning the combined volumes from these two countries dropped below 30 percent,” he said.
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