The shadow war on cryptocurrency

[PharaohRa]

All

If anyone has not been paying attention to the cryptocurrency market as of lately, crypto has been on a wild ride this year. Bitcoin, Ethereum, Litecoin, Ripple, Dash, even gimmick coins like Dogecoin, Potcoin, etc., have seen gains this year (some gains are astronomical). However, the cryptocurrency market by some is seen as a threat to the fiat order (and for good reason). This has been going on since the introduction of Bitcoin in 2009 and since then, the usual suspects in powerful places have tried many tactics to cut off the crypto market from the legs, even going so far as to use fake news articles dismissing crypto's legitimacy. The next step it seems is to put into place laws that will make it a hindrance to utilize crypto as a legitimate currency.

Here is one such article that I posted in the Ethereum thread
http://www.zerohedge.com/news/2017-06-14/you-wont-believe-stupid-new-law-against-cash-and-bitcoin

For noobs who still don't know what crypto (and blockchain is), an overview of cryptocurrency and some of the reasons why the elite fear it
https://m.youtube.com/watch?v=IwonV7eTQek


Now, with the supposed war going on, some people may say why is this happening or why should I or anyone care? I will put it to you this way: cryptocurrency is the next stage in the evolution of Finance and can disrupt the hold the usual suspects have on their hold on money (looking at you Rothschild). This disruption is essential in that the common man has power over how they use their intrinsic wealth and how they can store it and add value to it. Also of course, cryptocurrency is an excellent way to make cash without the usual suspects getting their fingers in them.

What can you do? First, stay informed. Knowledge is power. Second, increase awareness and spread the word to those in your circle that you trust and go from there. Third, do not be intimidated /frustrated by ignorance or those who claim to know everything but they don't. Finally, do not give up persisting in getting more people aboard about cryptocurrency and the steps needed to establish cryptocurrency as a legitimate medium of exchange for the people FREE of interference.

Feel free to use this thread as a launch board to post additional links/articles/videos with respect to the shadow war on cryptocurrency. Furthermore, don't be afraid to refer this thread to those who want to know more.

 

[Leonard D Neubache]

As something of a luddite when it comes to these things, can anyone point out a good thread or other resource that's the equivalent of "crypto-currency for dummies"?

 

[MikeS]

As something of a luddite when it comes to these things, can anyone point out a good thread or other resource that's the equivalent of "crypto-currency for dummies"?

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[Fitzgerald]

I echo Leonard. Everything I've researched on bitcoin explains the rudiments of how it works, but nada on how one obtains bitcoin in the first place. Is there a website where you buy it with real dollars, or what?

 

[britchard]

I echo Leonard. Everything I've researched on bitcoin explains the rudiments of how it works, but nada on how one obtains bitcoin in the first place. Is there a website where you buy it with real dollars, or what?

Yes, basically, unless you are a 'miner' of bitcoin you have to buy bitcoin with fiat. Plenty of websites offer the ability to do that, head over to the Bitcoin thread for much more detail.

In response to the OP, I agree. Cryptocurrency is very libertarian/liberal (in the true sense of the world liberal) in nature, which is why the elites want to shut it down. See this video where post-wall women discuss how 'worrying' a system free from the banker's greedy fingers is (I know it's quite long but worth the watch):


I suspect they will soon try and impose regulations on it, in the name of security.

 

[PharaohRa]

Nm

 

[The Beast1]

I echo Leonard. Everything I've researched on bitcoin explains the rudiments of how it works, but nada on how one obtains bitcoin in the first place. Is there a website where you buy it with real dollars, or what?

Yes, you can purchase bitcoin directly using several websites. The most popular one is Coinbase. You can then send those bitcoins to a personal wallet that is stored on your computer. You can even print them out onto paper and store it in a safe.

You can also "mine" bitcoin which is a fancy term for using your computer to generate a coin using a predetermined algorithm. It's not particularly easy to do this anymore.

Now, with the supposed war going on, some people may say why is this happening or why should I or anyone care? I will put it to you this way: cryptocurrency is the next stage in the evolution of Finance and can disrupt the hold the usual suspects have on their hold on money (looking at you Rothschild). This disruption is essential in that the common man has power over how they use their intrinsic wealth and how they can store it and add value to it. Also of course, cryptocurrency is an excellent way to make cash without the usual suspects getting their fingers in them.

Be careful Pharohra, the cryptocurrency fanboys that resides in the lifestyle section will shout you down if you bring up the somewhat obvious realities and threats that cryptocurrencies pose to the current financial system order and how those threats can potentially play out in the short and medium on price discovery.

The biggest one I know off of the top of my head is the convertibility issue. The value of bitcoin is in a massively inflated bubble right now that is being driven by how easy it is to transact currency for cryptocurrency.

That bubble will pop if a a major state actor decides to legislate an exchanges' ability to operate within that country.

A simple example of this would be if China or the US said, "Alright bitcoin exchanges, you cannot conduct business in USD/ RMB anymore because of muh terrorism and muh money laundering."

In the short term, the price would collapse and it would enter a nasty bear market. Whether it would rebound to the previous highs will still be seen.

Secondly, it seems that the majority of the value from the cryptocurrency "bubble" is coming from Asia as speculators are looking to make money from a bubble. There are very few people using any cryptocurrency as a store of value or for transactions. China in particular has been the one driving the bubble which leads me to this article from Zerohedge:
http://www.zerohedge.com/news/2017-06-15/peoples-bank-china-manipulating-bitcoin-price

China’s dominance of the bitcoin network is incredibly concerning to the digital currency’s techno-libertarian purists, who fear that the concentration of mining power in the world’s second-largest economy is threatening to subvert bitcoin’s democratic nature. With more than half of the network’s hashing power resting in their hands, giant Chinese mining pools like AntPool, Bitmain and the other massive bitcoin-mining conglomerates can effectively monopolize control over the bitcoin blockchain.

Given bitcoin’s stated aim – to bypass the authority of central banks and governments and return control of the world’s money supply to individuals – many have noted the incongruity between the currency’s democratic aspirations, and the Chinese government’s apparent willingness to tolerate, and even nurture, the country’s bitcoin industry.

“Bitcoin Uncensored” explained one theory for the Chinese government's embrace of bitcoin: The People’s Bank of China is using its jawboning powers to manipulate the price of the digital currency to benefit politically connected elites.

“The CCP is not out to kill bitcoin – at least not right now. Since China can have such a huge impact on the price of bitcoin, why wouldn’t the Chinese government use this power to its advantage? Chinese government regulators can, in theory, exert a huge influence on the global price of bitcoin. So, if you own bitcoin, well, the value of your money can be heavily influenced by the whims of the world’s largest authoritarian regime.”

As the theory goes, the massive swings in bitcoin’s valuation witnessed back in 2013 were engineered by the PBOC when authorities prohibited local financial institutions from dealing in the digital currency. In early September of that year, one bitcoin was worth $100. By late November, the price had ballooned to $1,000. Then the price came crashing down seemingly overnight. Chinese authorities were widely blamed for the drop, which created what should’ve been an incredible buying opportunity.

This speaks volumes to me and from my penny stock speculation days, it's only a matter of time before someone who is hoarding a metric ton of coins drops them on the market and collapses the price.

So in short, if you're looking for a good opportunity to speculate (ie GAMBLE), cryptocurrencies are the best asset right now for that. I dropped $1k on a bunch of coins when it was around $250 and took some healthy profit along the way.

If you're looking for a long term investment, stick to blue chip stocks.

 

[Slam]

I echo Leonard. Everything I've researched on bitcoin explains the rudiments of how it works, but nada on how one obtains bitcoin in the first place. Is there a website where you buy it with real dollars, or what?

+1 for Coinbase. Just create an account and buy bitcoin or ethereum.

Do a web search for 'top cryptocurrency exchanges' or something like that to get an idea of what exchanges there are. New ones pop up all the time. Try to go for established, well reviewed, big volume ones. Note that if you are trading a large amount, most of them will have KYC (know your customer) rules which require you to fill out all sorts of personal info. Comes with the territory.

Then in order to obtain other cryptocurrencies, you just send the bitcoin or ethereum from Coinbase to the other exchanges or wallets. And trade the bitcoin / crypto pair.

That is the simplest way to get on top of things.

There are a dizzying amount of alt coins now. Do your own due diligence.

 

[Razor Beast]

People say fiat currencies aren't backed by anything, but that isn't true. Global currencies are backed by central bankers and elites of global society. Until they abandon those currencies cryptocurrencies are at a major disadvantage.

If the shit hits the fan, would not be surprised if governments outright ban the use of cryptocurrency. Online poker was also in a regulatory gray area for a long time and lulled people into a false sense of security before they ultimately pulled the plug on it.

Bottom line - its rampant speculation, one of the canaries in the coal mine for the enormous asset bubbles existing in the global economy resulting from easy money policies from ECB, BOJ, and Fed.

I also suspect there are a small number of people who are hoarding a massive amount of bitcoins from its first few years of existence which substantially reduces the float making it prone to these wild moves. If and when they dump the crash will be ugly.

 

[nomadbrah]

I echo Leonard. Everything I've researched on bitcoin explains the rudiments of how it works, but nada on how one obtains bitcoin in the first place. Is there a website where you buy it with real dollars, or what?

I think this says a lot about Bitcoin, everyone thinks its a great idea, no one uses them.

 

[Oz.]

In before the crypto crowd starts commenting and this turns into a shit coin thread.

 

[...]

In before the crypto crowd starts commenting and this turns into a shit coin thread.

I lost count of how many crpto threads there are on the forum. 5? 6?

Seriously tho, we need a shitcoin thread....we can all organize some pump and dumps together. ManosphereCoin, and promote it on the other manosphere (cuck) forums and let the cucked soy boys pump it only for us to cash out.

We could even sell the coins at a discount if they subscribe to an email listing to where we can peddle them third rate online courses, books, and coaching constantly....and promote new shitcoins. Well all of those things are equally shitty.

 

[Travel Museums]

I like the idea of rooshcoin. We can send roosh to North Korea too. Potcoin was genius doing that. Clearly illustrates the absurd speculation and hype driving the crypto market. Still time to get in on an ICO before the current wave ends. I'm serious this would generate millions. People are that dumb.

 

[RatInTheWoods]

I tried to set up an account a while ago and buy some bitcoins, but they wanted name, address, bank details, blood type etc.

Not very cyber anonymous, kind of defeats the purpose....

 

[BURNΞR]

Muh article will be posted on ROK soon when it is edited. I think it will serve as a introduction into cryptocurrencies. What OP is talking about is true and will be a good lead up article to it.