Since Bitcoin took the stage over 3 years ago a lot has happened in the crypto currency world. Over 10 dozen other cryptocurrencies have hit the stage (update: January 2015 – over 40 dozen) and a new world order has begun.
One has to wonder why. Why has “crytpo” become such a popular thing?
A Natural Response To Government Interference?
Many people are feeling the squeeze from many different directions, and governments around the world seem to be (to many people) the cause of their distress.
The Rise And Fall Of Mt. Gox
With any new market there are sure to be problems, and with money pouring in there were sure to be a few hiccups.
While Bitcoin was the first cryptocurrency and for the most part Litecoin the second, many others have followed. Why is this happening?
Let’s Take A Look
If I was a banker in charge of the world’s reserve currency I’d be worried about the whole idea of crypto currency. After all… anonymous transactions, anonymous “money movement”, the UNability to track where wealth is going (no ability to tax), would leave me (as the banker in charge of the world) flying blind. Wouldn’t it?
What Shall I Do?
My first attempt to nullify the (good) idea of cryptocurrency would be to ostracize my largest competitor (the Mt. Gox cryptocurrency exchange).
I’d get the smartest computer programmers I know into one room and tell them to do whatever it takes to “take down Mt. Gox”. (all the while knowing it was a losing proposition, but at least it would buy me some time – for what who knows?)
It seems that every day another “crypto” hits the market. Obviously many of those “in the know” realize that they can make a quick buck, (or a few million quick bucks)… it’s just a matter of creating a new cryptocurrency, getting it listed on a cryptocurrency exchange and letting the market take care of itself.
My attack on – and subsequent take down of Mt. Gox (if I was a banker concerned about my hegemony) could be considered a big win – and I (and my banker friends) would probably celebrate it for a while, but the end result will still be the same.
We are going to have to get our friends in Washington D.C. to outlaw cryptocurrency of every kind because a new one is popping up nearly every day and our monopoly on money is quickly fading away!
We thought that Gold (and to a lesser extent Silver) was a problem, but how do we handle the idea of people thinking that “Crypto” is better than “Dollars”?
A Natural Result
Quite a few people “in the know” realize this to be a natural result of the “big squeeze”.
Governments around the world have made too many promises to too many people and are running out of money – no matter how much they “print”.
Countries like the USA seem to have the unlimited power of the printing press, but that soon is coming to an end. It seems that no matter how much “money” is printed to cover up the bad debts (and bets – remember AIG?) it is never enough.
What Shall I As King Of The World Do?
My control of the kingdom is at stake – what shall I do? Whatever shall I do?
… to be continued (from March 2014)
I Was Wrong (for now)
April 10, 2014 Update
This is sure to be a continuing saga..
What’s Going On?
The IRS (the USA taxing authority) has recently issued a memo making a declaration on what Bitcoin (and other cryptocurrencies) are/is.
Crypto Is “Property”
This of course is no surprise to some people. xxx says that “they had to do it”, otherwise the implications would be vast for a taxing authority in charge of “All U.S. citizens/slaves across the world. (did you know that the USA and only one other country try and tax the income of their citizens even if they aren’t living in the Homeland? – see here)
China Says No
The Chinese see things in a different way and have outlawed the practice of Banks changing “money” into Bitcoin – and vice versa. This is the reason given for the recent decline in the price of Bitcoin, but people will find a way around this for sure.
Where’s It Gonna End Up?
Everything is speculation and conjecture at this point – but just today there was a story where the cops busted some guys for “selling Bitcoin“. Crazy stuff. There’s sure to be more.
to be continued….