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A Goldbug's look at bit coin

Bit Coin Image

I been reading posts on Bit coin to get an idea about it's use as money. There are many ideas on that subject pro and con that are insightful. One in particular is of the sentiment that "We appreciate the effort of the private citizens who gave us this option". That is an excellent way of putting it "We appreciate the effort" if in fact the effort is being done by the private citizens.

 

But it should be kept in mind that the powers that be work with and on problem-action-solution! So could the problem be, or maybe I should say, (the action that starts the problem) be the closing of the gold window by Nixon, (knowing what would be possible with computers in the near future), Have the problem be the world a wash in fiat currency. Then knowing that they (the causers of the problem would never be trusted to come up with a solutions) let the (or have a) crypt-private citizen (s) come up with the solutions. Which would be what they wanted all along, crypto-currencies?

Remember what Arron Russo Told Us!

Everything On That Chip! "That sounds like a Bit Coin Block Chain to me!"

And being that they are holding almost all the known connection points they (the currencies) would be under their control in a short time. This would also explain why the fed thinks its a good idea, and the governments are not after the makers. What really worries me is that after seeing that maybe it's not so cryptic (Silk Road) and that it has other problems that have come up. Like people having their bit coin vanish, or server errors.

This statement was just made by insiders of the Bit coin Foundation General Counsel "Using bit coin for illicit transactions is really, really dumb," said Patrick Murck, the Bit coin Foundation's general counsel. "Bit coins are so easy to track." So they can track illicit transaction, but everything else is not tracked, Is that what I'm hearing?

But let's say that the information leak was not because of the government defeating the encryption that matters not, because we know quantum computers brake encryption as easy as I brake my java script programs. I wonder if the Bit coin community have seen this?

512 Qubit Quantum Computer, NSA Surveillance To Be Turned Over To AI Machines

So no more talk about encryption OK!

My view on the subject of Bit-coin is that it may not be fiat money but it's just as bad morally! Because it allows money (if that is how it is viewed) to be created without end, and here is the problem with that. You take power from those who make money ie. from the old Alchemy and give it to the new). Sound good huh?

"The ancient alchemists sought (it is believed) in vain to convert lead into gold. Modern alchemists have succeeded in that quest. The lead bullets of war have yielded an endless source of gold for those magicians who control the Mandrake Mechanism. The startling fact emerges that, without the ability to create fiat money, most modern wars simply would not have occurred. As long as the Mechanism (easy money creation) is allowed to function, future wars are inevitable."

G.Edward Griffin
The Creature from Jekyll Island

Abridged text in bracket

In a somewhat related story... Did Max Make a fraudulent slip?
Did he say bit coin is all in his head?

 

 

Disclaimer: There is Very little chance that bit coin, lite coin and the other crypto-currencies WILL NOT GO UP in value. Even more so if it's really invented by a private citizens. Keep in mind that this is a Silver Bug's Conspiratorial View!

gold nest eggAs for me, give me a few Oz, of Silver or Gold...

March 23 2014 : Consider Mt.Gox and the need for "Government Regulations"!

I think if you really want to use Bitcoin just wait for your friendly government to produce it for you.

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