It’s so hard to know where to start with so many lies inside of lies…
I just read some of the commentary from the G20 Summit regarding cryptocurrency.
Cryptocurrency; A word that has lost it’s meaning, but not by accident.
Most people think of Bitcoin, or some other first-generation pile of crap copycat that doesn’t work properly (ETH, LTC, the list goes on and on).
It’s a scam!
It’s a Ponzi!
As of 2014, those claims are true, because the government mandated it and you never knew it happened.
Sure, Cryptocurrency has been abused as a speculative get-rich-quick scheme.
But, what you didn’t know is that this was the government’s plan for it.
“The Government? That seems like a pretty generic tinfoil hat thing to say, Internet boy…”
Yeah, pretty much every government, so there’s no point being more specific.
The Cryptotards gave the government the best idea for destroying Cryptocurrency. We see the G20 latching onto it very tightly.
You’ll note I keep calling it Cryptocurrency.
I don’t abbreviate it as “crypto” for a reason.
The first generation of any technology, especially the very first iteration, usually sucks.
In 2014, the IRS was the first group to recognize the path to destroying Cyptocurrency; regulate it as an Asset, even though it’s not meant to be.
But, it sure acts like an asset… It’s not good as a medium of exchange because of transaction malleability, waiting around for confirmations, double-spends… So it really isn’t a currency, is it?
Did the very first cell phone have an AMOLED screen?
But more importantly, we don’t use Gold for everyday transactons for the same reason we don’t use Bitcoin for everyday transactions; it’s not fit for the task. It’s clumsy. It lacks features we need money to have.
So, what is Bitcoin to do? Fix the problems, or walk back Satoshi’s vision to a lesser concept?
Bitcoin chose the latter.
They refused to fix it. Typical nerd arrogance. Getting a nerd to admit his technology has a defect is the most impossible thing in the universe. They just won’t do it. that’s why tech support is so frustrating; it has to be you doing it wrong. Nerds don’t make mistakes… Neither does government… Is it any surprise Silicon Valley has teamed up with the Judicial Branch to overthrow the Republic? The have the same interests and arrogance… But, I digress…
Well, uh, it’s like, totally a store of value and stuff. See, it’s an asset! We’re in compliance! Says the cryptotards…
2018 says otherwise. If you tried to store your value in BTC around the end of 2017, you’re having a bad time. Did I not tell you it was going to be a shitshow of epic proportions?
So, here we are. It’s a shit store of value, it’s un-useful as a currency… And all that BS about it being “anonymous” that was promoted by the government, was a trap to catch the low hanging criminal fruit. It’s the complete opposite of anonymous; it’s a motherfucking public ledger of everything forever, duh!
But… What about all the legitimate projects that wanted to fix these problems instead of walking back the definition/vision? What about the projects that wanted to give it the utility it’s missing? What about the projects that wanted to solve the double-spend and “waiting for confirmations” problems? What about the projects that wanted to solve the funding and decision making consensus problems? What about the trusted servers for light clients problem? What about the clumsy and technical interface problems? What about the privacy, but still audit-able problem?
There’s one project that tackled all of that and pages more not mentioned. Their end result is absolutely not a cryptoasset, but the true vision of a cruptocurrency that all the rest failed to muster.
But, it will be stifled and fraudulently regulated as a cryptoasset, just the same…
That’s the plan.
Everything will be regulated as a cryptoasset now, to guarantee it stays trapped in the defective first-generation mold so it will stagnate and die as worthless Tulips.
The only thing upon which there was any reason to ever “speculate” was who would fix the missing feature set problem. Who would fix everything that’s wrong with Bitcoin? Now we know the answer; nobody. Because it’s illegal to fix.
No one, now; because it’s functionally illegal to fix it.
John Q. Public has been fooled into seeing it all as a big scam, because the legitimate projects were stifled into oblivion by inappropriate regulation.
Sure, broken junk like Bitcoin really should be regulated like an asset. But, since it lacks any of the utility it promised (and refuses to fix any of those shortcomings), where’s the value? What’s the point? You’re right, Bitcoin shouldn’t be called a Cryptocurrency. It really is more like a completely useless, and valueless, Cryptoasset.
A big spike in value like it got in December 2017 is bound to attract the attention of the leaches. Especially the violent leaches; government. They want a cut, or else.
I get it.
But, what about the legitimate Cryptocurrencies? The projects working hard to fix these problems? Staying out of the hype games. Outright telling teir communities not to speculate, don’t invest. They’re being drowned as infants by this government thuggery.
It’s no accident.
If the advancement of the technology comes to fruition, if development continues, if the half-assed junk like Bitcoin is built upon, as all first-generation technologies are, if the shortcomings are fixed, and real utility becomes a thing… If Satoshi’s vision is fulfilled by some other project that refuses to walk back the definitions with the ultimate cop-out of “It’s a feature, not bug.” What then?
Government money really would be dead. As originally hoped by clueless Libertarian fanboys everywhere…
In 2014, that project was started. Which is why, in 2014, the government stepped in to commit fully informed regulatory fraud.
While I have quite a bit of criticism for these guys, they are still on track, kinda.
But, to what end? To be fraudulently miscatagorized as the new, fake term “Cryptoasset” based on a first generation attempt at a grossly defective technology? A regulatory scheme and framework designed to stifle innovation and prevent a legitimate Cryptocurrency from ever coming to be, and render it useless even if it does because the regulations have no room for for the new feature set? The word itself fails to make room…
The G20 are discussing taxing Cryptoassets simply for existing. Like a recurring property tax on your own home which eventually reduces it’s equity to nothing and proves you never owned it, you’re just renting it… But I digress…
No other form of money has had such extreme fraud committed against it. In the name of “preventing terrorism” and “money laundering from criminals.”
The extremes to which these governments must go to assure these pipe dreams is so totalitarian that they have become the terrorists themselves.
The concept of “innocent until proven” guilty disappeared in favor of “guilty until proven innocent,” hidden behind the word “regulation.”
AML/KYC has gone entirely off the rails.
They don’t investigate crimes anymore. They investigate everyone who has a buck, which is everyone, and look and dig for any excuse.
In the end, even if they find nothing, you have to “proof of source of funds.”
Prove you’re innocent of [we’ll fill in the blank later].
Protect us from the terrorists and drug dealers? The terrorists and drug dealers never did anything this bad to us… I’ve never been interrogated by a drug dealer for wanting to deposit a few thousand dollars in the bank. Then, if my explanation wasn’t good enough, had it all stolen from me, and accused of being a drug dealer… By the drug dealer… I’ve never even spoken to a drug dealer, that I know of… But, here I am, accused of it by the government, because my explanation for not being dirt poor isn’t good enough.
Only government could come up with something so insidious. The Devil stands impressed.
In fairness, I guess not being dirt poor is a bit suspicious given the socialist policies of the last several decades. How could anyone, anywhere, still have some money left? Especially a hetero-normative white male? With every government agency and corporation with a job available being fully committed to #KillAllWhiteMen and #MeToo, where the hell does he come up with anything at all? How is he even alive? He’s got to be breaking the law… All legal avenues for his very existence are cut off…
G20 is proof that governments are coming together as a global force to destroy everything good and decent in the name of pretending to protect what is good and decent…
It’s always “for your own good.”
Every Government on Earth: “Get the public to beg for their own enslavement by manipulating what they see. They’ll demand cryptoasset regulation if we create a Ponzi/Tuplip mess out of this new technology before it gets a chance to mature… And, we’ll be collecting massive tax fraud income off of it in the process! Win/Win!”
Have you ever been forced to pay income tax on every expenditure you made? Every time you bought a coffee ad Stacfucks, or filled your gas tank, or bought groceries? Imagine being forced to keep a ledge of that for an entire year, recalculating it every time you make the smallest purchase. All in the smae of being forced to fraudulently misrepresent those expenditures as income and then pay taxes on it. This is what they’re doing to cryptocurrency by fraudulently misrepresenting an immature technology as a cryptoasset. No one is going to do that paperwork, much less screw themselves by calling expenditures income. But, that’s the lie they’ve adopted to kill off the tech before it can evolve into it’s original vision.
Yup, Gold was/is an asset not really fit for commerce. Same as Shitcoin. Better kill it before features are added… Push the scams into the spotlight so the public will beg for the destruction of the very thing that could save them from the deliberate economic mismanagement of governments…
It’s true. the popular cryptocurrencies you’ve probably heard about “aren’t there yet.” And, most of them are refusing to “get there.” Because they refused to innovate, they deserve to die. they deserve to stagnate in a lac of utility as the worthless Tulips they are.
But, this gave the government the perfect idea; make innovation impossible so that the seed can never grow. Spread lies. Put the bad apples in the spotlight so the public will beg for the destruction of this technology before it ever gets a chance. Promote the Ponzi scam get-rich-quick nonsense to make everyone hate it. Even change the name to fit the 1st generation prototype so that anything new won’t make sense.
Kill them all, or there’s no hope for the human race… No matter where you live, The Government is Satan’s own…
In spite of being morbid fuckups in every other way there is to fuck up, the Germans are the only ones getting Cryptocurrency regulation right. If you use it as intended, like money, there is no regulation. No special bullshit tax. No fraud. No lies. If you spend your money then, what? Nothing.
You spent your money.
As it should be.
…there’s only one fully-functional cryptocurrency with which you can actually do that. In spite of it’s failings in leadership, the coders have their shit together. But, if the business guys don’t wake up and get their shit together, I’m afraid the coders wasted their time…