Blockchain? Transparency in finance, shipping, inventory, etc. Corruption much less easy.
Crypto? So far, it's a Ponzi scam, as others have said. It was created to be a currency but all it's being used for so far is a commodity. That sort of shit never ends well--tulips, baseball cards, beanie babies.
IF crypto can actually become a true currency, then it will serve its purpose. But until then, it's a scam. Maybe to soften the consciousness for digital finance completely and the end of physical cash.
i have not met ONE person who can explain this theory, how it would be impossible to have corruption with this 'currency' (which it's just a commodity at the moment).
please, ELI5, how is this corruption proof, and how do you think a non-government controlled currency could possibly go mainstream? it's just not gonna happen.
You can't print new bitcoin whenever you want, no central agency can change, or control any transaction. It's not corruption free, its just a level playing field.
In regards to someone explaining it to you, why don't you do your own research on the matter. I digress, Cryptocurrency is a separate entity from the blockchain system.
Blockchain is in its purest form is a ledger or record keeper that everyone who uses the system is a part of. It is a valid solution to corruption because every action has to be confirmed by the ledger (everyone/ every transaction that is on the blockchain) in order for it to process. So, if you have a bad piece of info coming onto the blockchain coming out of thin air, it couldn't happen because everyone ledger would have to confirm it. I don't have all day to explain the rest of this to you but there is a lot of information on the internet you can access including youtube videos under five minutes that would do a much better job of explaining it to you than me. If cryptocurrency fades out, blockchain technology will remain. Do yourself justice and dyor. cheers.
Aside from the who really created Bitcoin question and who is behind crypto in general I find the entire BitConnect debacle to be fascinating. It is part Ponzi scheme, but also may be one of the best examples of mass hysteria, leading to thousands of people buying into something that absolutely cannot be true even when it is proven untrue.
The youtube sales pitches are now legendary, and the shills for the product are literally in fear for their lives. In a lot of ways you can write this down as a scam, not a conspiracy, except the execution is such that it seemed so overtly fraudulent and so unsustainable that I think it may be a disinformation tool to scare people away from cryptocurrency in general. When I first saw the BCC youtube sites I thought it was a comedy group satirizing youtube and cryptocurrency, that is how bad this concept was. If you are bored people at r/bcc are still sweeping up the ashes after the implosion last week.
I'm not sure there is a meta conspiracy involving all crypto currencies or anything, but there are a lot of scams and theft. The shit you read in crypto currency forums, like the, "Don't invest in crypto to make money, invest because crypto is the future" bullshit makes that crowd a prime target for scams.
I can sell you coins through my exchange, charge fees then get hacked one day and you lose everything while evangelizing about crypto all over the web? The worst part is a lot of the wolves will get away with it due to little to no regulation and being in other countries.
I am not opposed to anyone investing (gambling) with crypto, but the evangelical nature of it's fan base is hysterical.
One other little thought....not exactly a conspiracy - but its important to note - the amount of electrical power used to run the mining computers for the (bitcoin) blockchain is astronomically higher than it is fiscally or environmentally responsible to continue.
IE - if bitcoin maintained its current pace - by 2020 the bitcoin blockchain would consume more electrical power per day than all other users in america combined!
(Meaning by 2020 the need for electical power nationwide would more than double and the environmental impacts are a dynamic/linear curve meaning it would be way more than twice as damaging to the environment. It would also be likely to drive up the cost of electrical power to other users and as such will drive up the value of alternate electricity *like solar, etc)
**TLDR - cryptocurrencies use too much electrical 🔋 power and the results will likely contribute to the downfall of cryptocurrencies.
Whats the conspiracy? - either the mining computers will be moves overseas - or - this is just a big scam indirectly contributing to the solar (and other alternate providers) industry
I tend to doubt that Blockchain or Bitcoin is a product of political elites, though. Of course they're trying to control it so that a lot of wealth doesn't shift out of their hands.
Not all cryptocurrencies use a Proof of Work mechanism which is the one taking up all the energy. NEO for example is supposed to have 7+ servers that will be running the protocol to authenticate transactions.
In this way you get 10k transactions per second without burning up all the energy in the world.
That's greed driven though. I.e it doesnt have to consume that much energy at all.
The consumption is due to the number of miners increasing (increased hashrate), which leads to the difficulty increasing - which is necessary to keep the block time to 10 minutes. The more miners that come on board, the greater the difficulty, the more wasted electricity. Finding each block is a lottery against all other miners and the network adjusts itself according to the total hashrate in order to keep the block time consistent.
Alternately, if there were very few miners, the power consumption would also be very little , the difficulty would be much less in order that the blocktime remains 10 minutes. The network itself would work just the same for the end user as it does now.
The CIA has a secret cache of bitcoin on hand. Many governments do too, yet it’s only as good as its users. The growth which is considered tremendous and most importantly slow and steady is becoming volatile. Volatility create other opportunities such as altcoins. No matter the outcome the end involves centralization.
The bitcoin Kim lost is nothing compared to the impact it had on his primary income source beings his business and networking capabilities. The bitcoin he lost is nothing compared to the time. Can’t feel bad for him cause he rebounded better than before.
The main conspiracy behind crypto's is Biblical in nature.
It's going to be the "one world currency" everyone was afraid of when it was being peddled as physical thing like the Amero. Since crytopcurrencies are on the "light side" of the dialectic it is going to be accepted as the rebel when it is actually what was intended all along.
This then fits in with the Mark of the Best:
Rev 13:16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:
Rev 13:17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
Combine this with the move toward chips and you have the precursor to the Mark. Our credit cards used to be swiped, now they use chips. Soon they will move sub-dermal:
A key point here is that the King James Bible is the only one that uses the word "in" the hand or forehead instead of "on." It was right all along even though it made no sense to people 400 years ago.
My theory is that its away to take away paper currency to digital and eventually lead to implants to store your money buying something just scan your hand to automatically take the funds
Bitcoin is developed by the bitcoin core team. Some of the teams salaries are paid for by Blockstream who is owned by Axa and now that I research it people are mentioning Bilderberg.
Governments are currently in the process of vetting the cryptocurrency space and using bitcoin as its primary test case before crushing private cryptocurrencies altogether, then replacing them with one government-sanctioned “bitcoin.”
This new Fed-coin would utilize a blockchain that is under the complete control of government and would replace all physical currency. In other words, banning physical dollars and all privately-issued cryptocurrencies and then impose a monetary system that is comprised of 100% electronic money, that is 100% controlled by the Government.
By doing so it would eliminate the underground economy and allow the Fed to impose any level of negative interest rate it sees appropriate to accomplish its inflation goals, while also preventing the public from hoarding paper money in order to escape the loss of its purchasing power.
Think about it, the government would be able to monitor every transaction on the new Fed-coin blockchain under the guise of being able to greatly diminish tax evasion, money laundering and terrorist-funding activities.
There would have been even better conversations in the post if you'd added some more content/context, or put a bit more effort into it. Low effort self posts like this aren't what we're trying to promote on the sub. Sorry.
The rules wouldn't be effective at all if some users can get away with putting zero effort into self posts and others can't. It sucks that a dozen or so good comments might be stifled, but in the end the quality of the sub will improve if every self post contains some minimum level of unique content from the OP.
Well obviously I take context into account and no two posts are the same, but I try to be as consistent as possible when removing things. There are quite a few who jump at any chance to accuse me or some of the other mods of bias/selective moderation.
It isn't that difficult to spend a minute or two fleshing out a self post. I don't think it's asking too much of the legitimate users here.
48 comments
1 kit8642 2018-01-25
The NSA wrote a paper describing cryptocurrency back in 1996 and allowed MIT to publish it. http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm
1 WarSanchez 2018-01-25
They are all ponzi schemes.
The value is based on want. If you can influence the market with marketing and hype to jump ship to a new crypto-currency the others crash and burn.
The ups and downs are especially volatile because of who these are marketed to: young impressionable people.
I really think they are being used to launder money and "crowdfund" money for "projects"
1 IanPhlegming 2018-01-25
Cryptocurrency IS the conspiracy. Though the blockchain may end up saving us all anyway.
1 BecauseoftheInternet 2018-01-25
How?
1 IanPhlegming 2018-01-25
Blockchain? Transparency in finance, shipping, inventory, etc. Corruption much less easy.
Crypto? So far, it's a Ponzi scam, as others have said. It was created to be a currency but all it's being used for so far is a commodity. That sort of shit never ends well--tulips, baseball cards, beanie babies.
IF crypto can actually become a true currency, then it will serve its purpose. But until then, it's a scam. Maybe to soften the consciousness for digital finance completely and the end of physical cash.
1 howard_roark714 2018-01-25
what's your definition of a true currency? paper backed computer money? I don't really see a difference between it and fiat in that regard.
1 howard_roark714 2018-01-25
And also, corruption is almost impossible with blockchain implemented in the systems you mentioned above.
1 NetflixandShill69 2018-01-25
i have not met ONE person who can explain this theory, how it would be impossible to have corruption with this 'currency' (which it's just a commodity at the moment).
please, ELI5, how is this corruption proof, and how do you think a non-government controlled currency could possibly go mainstream? it's just not gonna happen.
1 Garbagebutt 2018-01-25
You can't print new bitcoin whenever you want, no central agency can change, or control any transaction. It's not corruption free, its just a level playing field.
1 howard_roark714 2018-01-25
In regards to someone explaining it to you, why don't you do your own research on the matter. I digress, Cryptocurrency is a separate entity from the blockchain system.
Blockchain is in its purest form is a ledger or record keeper that everyone who uses the system is a part of. It is a valid solution to corruption because every action has to be confirmed by the ledger (everyone/ every transaction that is on the blockchain) in order for it to process. So, if you have a bad piece of info coming onto the blockchain coming out of thin air, it couldn't happen because everyone ledger would have to confirm it. I don't have all day to explain the rest of this to you but there is a lot of information on the internet you can access including youtube videos under five minutes that would do a much better job of explaining it to you than me. If cryptocurrency fades out, blockchain technology will remain. Do yourself justice and dyor. cheers.
1 NetflixandShill69 2018-01-25
sooooo yeah, not a currency. got it, there, millenial marvin. also, what's 'because everyone ledger would have to confirm it'?
you mean like, heath ledger?
1 howard_roark714 2018-01-25
If you undermine intelligence with bad humor you're doing everyone a disservice.
1 NetflixandShill69 2018-01-25
go find your 'bimbofied slut', you creepy bi-pedo. ew. maybe make a throwaway account for that?
1 howard_roark714 2018-01-25
don't you have better things to do than bring someone down on reddit?
1 NetflixandShill69 2018-01-25
i always have time to expose misogynistic creeps like you.
1 IanPhlegming 2018-01-25
In theory I agree with you, but the brainwashing on paper backed computer money has been all but completely effective, so that's what sustains it.
When the music stops and finance collapses, then you will be right. But we're not there yet.
1 Writing_Until_47094 2018-01-25
You can use it on gyft.com to buy gift cards and then use that to buy anything you want like baseball cards and tulips or amazon gift cards.
1 IanPhlegming 2018-01-25
I'm not saying nobody's doing it. But it's primary use is as commodity, not currency, and it's not even close.
1 rkowna 2018-01-25
Aside from the who really created Bitcoin question and who is behind crypto in general I find the entire BitConnect debacle to be fascinating. It is part Ponzi scheme, but also may be one of the best examples of mass hysteria, leading to thousands of people buying into something that absolutely cannot be true even when it is proven untrue.
The youtube sales pitches are now legendary, and the shills for the product are literally in fear for their lives. In a lot of ways you can write this down as a scam, not a conspiracy, except the execution is such that it seemed so overtly fraudulent and so unsustainable that I think it may be a disinformation tool to scare people away from cryptocurrency in general. When I first saw the BCC youtube sites I thought it was a comedy group satirizing youtube and cryptocurrency, that is how bad this concept was. If you are bored people at r/bcc are still sweeping up the ashes after the implosion last week.
1 ride_4_pow 2018-01-25
Here is one I just came across on LinkedIn regarding a scam with Benebit: https://www.linkedin.com/feed/update/urn:li:activity:6362278077489381376
1 Frank_Drebin 2018-01-25
I'm not sure there is a meta conspiracy involving all crypto currencies or anything, but there are a lot of scams and theft. The shit you read in crypto currency forums, like the, "Don't invest in crypto to make money, invest because crypto is the future" bullshit makes that crowd a prime target for scams.
I can sell you coins through my exchange, charge fees then get hacked one day and you lose everything while evangelizing about crypto all over the web? The worst part is a lot of the wolves will get away with it due to little to no regulation and being in other countries.
I am not opposed to anyone investing (gambling) with crypto, but the evangelical nature of it's fan base is hysterical.
1 idiotwithatheory 2018-01-25
One other little thought....not exactly a conspiracy - but its important to note - the amount of electrical power used to run the mining computers for the (bitcoin) blockchain is astronomically higher than it is fiscally or environmentally responsible to continue.
IE - if bitcoin maintained its current pace - by 2020 the bitcoin blockchain would consume more electrical power per day than all other users in america combined!
(Meaning by 2020 the need for electical power nationwide would more than double and the environmental impacts are a dynamic/linear curve meaning it would be way more than twice as damaging to the environment. It would also be likely to drive up the cost of electrical power to other users and as such will drive up the value of alternate electricity *like solar, etc)
**TLDR - cryptocurrencies use too much electrical 🔋 power and the results will likely contribute to the downfall of cryptocurrencies.
Whats the conspiracy? - either the mining computers will be moves overseas - or - this is just a big scam indirectly contributing to the solar (and other alternate providers) industry
1 legalize-drugs 2018-01-25
This is a very good point, idiotwithatheory.
I tend to doubt that Blockchain or Bitcoin is a product of political elites, though. Of course they're trying to control it so that a lot of wealth doesn't shift out of their hands.
1 LeakyTrump 2018-01-25
Not all cryptocurrencies use a Proof of Work mechanism which is the one taking up all the energy. NEO for example is supposed to have 7+ servers that will be running the protocol to authenticate transactions.
In this way you get 10k transactions per second without burning up all the energy in the world.
1 ifrikkenr 2018-01-25
That's greed driven though. I.e it doesnt have to consume that much energy at all.
The consumption is due to the number of miners increasing (increased hashrate), which leads to the difficulty increasing - which is necessary to keep the block time to 10 minutes. The more miners that come on board, the greater the difficulty, the more wasted electricity. Finding each block is a lottery against all other miners and the network adjusts itself according to the total hashrate in order to keep the block time consistent.
Alternately, if there were very few miners, the power consumption would also be very little , the difficulty would be much less in order that the blocktime remains 10 minutes. The network itself would work just the same for the end user as it does now.
1 idiotwithatheory 2018-01-25
almost everything that wastes and destroys the environment in a capitalist society like ours is greed driven.
*(or driven by laziness in many cases)
1 MMAPundit 2018-01-25
The CIA has a secret cache of bitcoin on hand. Many governments do too, yet it’s only as good as its users. The growth which is considered tremendous and most importantly slow and steady is becoming volatile. Volatility create other opportunities such as altcoins. No matter the outcome the end involves centralization.
1 foreverphoenix 2018-01-25
How much did they steal from Kim Dot Com?
1 MMAPundit 2018-01-25
Not enough.
1 foreverphoenix 2018-01-25
When Kim Dot Com was arrested, bit coin was worth ~$5.
1 MMAPundit 2018-01-25
The bitcoin Kim lost is nothing compared to the impact it had on his primary income source beings his business and networking capabilities. The bitcoin he lost is nothing compared to the time. Can’t feel bad for him cause he rebounded better than before.
1 whenipeeithurts 2018-01-25
The main conspiracy behind crypto's is Biblical in nature.
It's going to be the "one world currency" everyone was afraid of when it was being peddled as physical thing like the Amero. Since crytopcurrencies are on the "light side" of the dialectic it is going to be accepted as the rebel when it is actually what was intended all along.
This then fits in with the Mark of the Best:
Rev 13:16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: Rev 13:17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
Combine this with the move toward chips and you have the precursor to the Mark. Our credit cards used to be swiped, now they use chips. Soon they will move sub-dermal:
https://www.youtube.com/watch?v=hTBJ6OIGkzc
A key point here is that the King James Bible is the only one that uses the word "in" the hand or forehead instead of "on." It was right all along even though it made no sense to people 400 years ago.
1 Letterbocks 2018-01-25
There's lots of good ones about who satoshi is.
1 Caz6000 2018-01-25
My theory is that its away to take away paper currency to digital and eventually lead to implants to store your money buying something just scan your hand to automatically take the funds
1 PagingBooters 2018-01-25
Watch this:
https://www.youtube.com/watch?v=FkhUn7nh33Q
1 LeakyTrump 2018-01-25
The real cryptocurrency conspiracy is the authenticity of Tether Unlimited.
Tether is a cryptocurrency whose value is pegged to $1. For every printed Tether there must be an equivalent $1 in their reserves.
So what’s the conspiracy? They have never been audited and they have been printing tether in bitcoin dips. They are in a way just printing money.
Tether printed -> buy bitcoin -> pump price -> sell bitcoin for fiat
Rinse and repeat. Here is a decent starting point.
https://twitter.com/bitfinexed
1 LeakyTrump 2018-01-25
There is also the Bitcoin vs Bitcoin Cash debate
Bitcoin is developed by the bitcoin core team. Some of the teams salaries are paid for by Blockstream who is owned by Axa and now that I research it people are mentioning Bilderberg.
https://np.reddit.com/r/Bitcoincash/comments/7h64b7/blockstream_is_controlled_by_the_bilderberg_group/
https://en.m.wikipedia.org/wiki/Blockstream
https://steemit.com/bitcoin/@adambalm/the-truth-about-who-is-behind-blockstream-and-segwit-as-the-saying-goes-follow-the-money
1 HelperBot_ 2018-01-25
Non-Mobile link: https://en.wikipedia.org/wiki/Blockstream
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1 magenta_placenta 2018-01-25
Governments are currently in the process of vetting the cryptocurrency space and using bitcoin as its primary test case before crushing private cryptocurrencies altogether, then replacing them with one government-sanctioned “bitcoin.”
This new Fed-coin would utilize a blockchain that is under the complete control of government and would replace all physical currency. In other words, banning physical dollars and all privately-issued cryptocurrencies and then impose a monetary system that is comprised of 100% electronic money, that is 100% controlled by the Government.
By doing so it would eliminate the underground economy and allow the Fed to impose any level of negative interest rate it sees appropriate to accomplish its inflation goals, while also preventing the public from hoarding paper money in order to escape the loss of its purchasing power.
Think about it, the government would be able to monitor every transaction on the new Fed-coin blockchain under the guise of being able to greatly diminish tax evasion, money laundering and terrorist-funding activities.
1 BecauseoftheInternet 2018-01-25
E-coin
1 Ambiguously_Ironic 2018-01-25
Removed. Rule 12.
1 BecauseoftheInternet 2018-01-25
Thats a pretty ambiguous rule. Fuck you too buddy
1 kit8642 2018-01-25
Come on, there were good conversations going on in this post.
1 Ambiguously_Ironic 2018-01-25
There would have been even better conversations in the post if you'd added some more content/context, or put a bit more effort into it. Low effort self posts like this aren't what we're trying to promote on the sub. Sorry.
1 kit8642 2018-01-25
Wasn't my post to being with, but stifling good conversations in light of a rule meant to enrich this sub is counter productive imo.
1 Ambiguously_Ironic 2018-01-25
The rules wouldn't be effective at all if some users can get away with putting zero effort into self posts and others can't. It sucks that a dozen or so good comments might be stifled, but in the end the quality of the sub will improve if every self post contains some minimum level of unique content from the OP.
1 kit8642 2018-01-25
That's not true imo, the rule is as effective as you like it to be, you're the one with the power.
1 Ambiguously_Ironic 2018-01-25
Well obviously I take context into account and no two posts are the same, but I try to be as consistent as possible when removing things. There are quite a few who jump at any chance to accuse me or some of the other mods of bias/selective moderation.
It isn't that difficult to spend a minute or two fleshing out a self post. I don't think it's asking too much of the legitimate users here.
1 foreverphoenix 2018-01-25
When Kim Dot Com was arrested, bit coin was worth ~$5.