Wednesday, June 21, 2017
First, let me state clearly that I'm in favor of alternative currency. It should be obvious that the U.S. fiat Dollar is crashing...and it's not the only one doing so. Nevertheless, it's important to note the misrepresentations and falsehoods regarding all crypto-currencies...as follows.
1. The implication coming from crypto people is that Bitcoin, Ethereum, etc. can be used legally in "money" transactions, and that the crypto-"coins" are not regulated (or barely so) by the Feds. False. The first law that applies to them is the Legal Tender Law, Section 5103 of Title 31 (U.S. Code/USC), which delineates exactly what is acceptable as currency. Guess what? All the listed items are issued by some portion of the Gov't or the Fed Reserve. Crypto-"currency" is not Legal Tender. The Cryptos also fall under several regulations having to do with commodities...because that's what the Feds have designated them as---commodities, not currencies.
2. Another implication is that because of "blockchain" technology, crypto people will be able to be anonymous, have their own "banks", and avoid the IRS. All I can say to that is don't be naive. DARPA, the Defense Advanced Research Projects Agency (founded in 1958), created the High Tech world. If they can't master "blockchain", all they have to do is offer $500,000 (or a million) to some independent contractor or two to do it. The line of applicants will be a mile long.
3. Finally, there's a strong implication (sometimes an outright claim) from crypto promoters that not only is the Crypto-World anonymous, but it's also safe. False. There is a War on Crypto-Currencies being waged by the Feds and others. Currently, it's a quiet war. If need be, though, it will get loud and nasty. Don't think for one minute that the Powers-That-Be simply will roll over and watch their fiat Dollar be replaced by some private alternative. [Japan appears to be an exception to that.] If push comes to shove, they will designate all crypto people "financial terrorists" and a threat to national security. With current laws already in place, you then will be subject to arrest without a proper warrant, being held incommunicado, and being held indefinitely without a trial.
The Elites already are emphasizing the "criminal money-laundering" aspect of Cryptos. In addition, it's becoming more & more difficult even to access crypto websites. None of this is a coincidence. The war is on, and if you're attempting to use Cryptos as CURRENCY, you are a target. Lastly, anyone who believes that he/she can do any type of electronic transaction deemed by the Feds to be undesirable, and do it anonymously, is behind on the learning curve relative to what the NSA & other Fed agencies are doing.
The only way Cryptos ever will be Legal Tender in the USA is if only the Fed Reserve produces and distributes them. The Elites won't allow anything else...and they will fight tooth & nail to make certain the Dollar (or its official replacement) remains King.
Not only my opinion. Be Well