Armstrong Economics Blog/Cryptocurrency Re-Posted Jun 11, 2021 by Martin Armstrong
QUESTION: Dear Martin,
I was wondering, while blockchain technology claims to limit the inflation of a cryptocurrency, what stops infinite iterations of cryptocurrencies from being created (there are several now, with more planned) and how is that different from currency inflation? Is there something I am missing?
BTW, are NTFs just a different version of cryptocurrencies?
ANSWER: Cryptocurrency is only in name. They are no more a currency than using a bag of rice. For anything to be a “currency” it must be universally accepted. Not even Bitcoin is in that category. All the claims that cryptocurrency is the alternative against fiat are really laughable. What are they even backed by?
The world is predominantly digital. That is different than crypto using blockchain. With digital, they can only trace a single transaction. You bought a subscription to Socrates – end of the story. However, if you paid with Bitcoin, the government can trace that Bitcoin back and see it was illegally obtained in a drug sale. Under the current laws, a clever prosecutor could then confiscate the Bitcoin from me arguing that it was proceeds from an illegal transaction even 5 transactions prior. Under the Civil Asset Forfeiture laws, it is the money itself that is the crime, not the people passing it. Cryptocurrencies are funding crime. The hackers of the pipeline got $90 million in Bitcoin before shutting down. Using Bitcoin is entirely traceable. Why do you think governments are pushing for national cryptocurrencies using Bitcoin and ending all cash? Already they are tracing and getting back the money paid to the hackers. Anyone with 10% of a brain will figure out you can’t use Bitcoin for a crime.
In the Colonial Pipeline issue, the FBI was able to recover a sizable amount of the Bitcoin paid. Ransomware can often be traced and it is possible to find their network within hours. It all depends on how sophisticated they are and then there are money laundering operations operating with Bitcoin. I believe the entire agenda of the World Economic Forum is elevating these cyber-attacks has been for the sole purpose of pushing a governmental cryptocurrency and the elimination of paper money to defeat crime. The mere fact that the FBI could recover a portion of the ransom proves the point that moving to national cryptocurrency will not end FIAT, it will enhance the governments of the world to hunt down all money.
This entire push for Blockchain is to eliminate paper money so every transaction will be traced. The governments are allowing the cryptocurrencies to pop up to get people confidence in them, and then they will confiscate all cryptocurrencies and swap them out for the new improvised government crypto. Just as governments do when they cancel paper money, they will ask you how did you get this much? Where are your tax receipts? This hacking is to drive more and more people into the arms of the Great Reset. Look at was all of sudden hacked – red meat and fossil fuels. The very things the WEF wants to end.
Sorry, Schwab. I like a good hamburger! I like sports cars, like your fearless leader, Bill Gates who has a Porshe 959 – a very fast car.