Bitcoin a Democratic Money System for ‘The Little People’

A peer-to-peer, decentralized, untethered money system

A peer-to-peer, decentralized, untethered money system

What is Bitcoin?
Create a Bitcoin Account
Bitcoin Donation Banners & Buttons for Bloggers

For those of you new to the Bitcoin technology, perhaps you may remember an earlier, peer-to-peer file sharing analogy to it, Nabster. Bitcoin’s peer-to-peer currency sharing, avoids the pitfalls and scrutiny of a fraudulent system by not being tethered to its monopoly of networked central banks. Nabster became a thorn in the side, not to the recording artist, but to the greed and gluttony of a self-serving recording industry. As such, Nabster came under vicious pressure until it finally relented and caved. In a sense Bitcoin now exhibits similar birth pangs as its glowing star rises under accolades of hope and promise. But, like any other beneficial thought that percolates up from the public’s collective, any fiery promises of hope normally manage to become targets for subversion by those whose apple carts such ideas stand to upset.

I am a neophyte to the Bitcoin bandwagon. I began by opening an account with Coinbase, followed by diligent research prior to sacrificing up any credentials – a Coinbase requirement for connecting one’s bank account – to facilitate the easy shape-shifting of Bitcoins into status quo, legacy fiat instruments, or vice versa. After several long days of digging, I became sufficiently dismayed at what I found only to cancel my Coinbase account, backing out in order to look for other inroads. Blackwallet should fill the void here.

I’ve grown to realize that Bitcoin in general, under the banner of its’ original motto – a decentralized and autonomous exchange of labor for goods and services – is a brave new, alternative, a smack to the face of the current fraudulent, good old boy network and a very bright light to be reckoned with. Bitcoin eliminates the middleman – the banks with their battalions of hypothecating magicians whose purpose in life is custodian of the shell game by which the magical algorithmic juggling of interest and debt causes the fruits of ones labor to disappear from your wallet into that of the banksters. From my research, whatever negative Bitcoin publicity I’ve come across, the sources generally indicate a flow from major money interests, queasy over Bitcoin’s mounting popularity. Others simply grab these mainstream pronouncements and speak like parrots. I wouldn’t put too much credence in what might possibly be planted subterfuge.

One major exhibit of such queasy turbidity bubbling up from the bowels of that vipers den might be reflected in the alleged nefarious activity of a Bitcoin account known as the Silk Road, charged with the sale of ‘illicit drugs’, for god’s sake (All we need to do is remember Enron and the BCCI, both drug money laundry mats.) For the moment, the Silk Road allegations are the most widely publicized dark innuendos, wafting through the public mind, painting Bitcoin as something nasty, to be squashed like a bug, smacks to me of a pornographic, false flag, designed to justify bankster SWAT team regulatory intervention. Even if the allegations were rooted in a miniscule kernel of fact, in reality how many times before have we witnessed inconsequential fact twisted and maligned all out of proportion by the weasely bobble-heads behind the corporate bull-horn? Whenever there is a concerted focus via media assault, especially when accompanied by charges of inappropriate sex or drug related events, look the other way to see who it is prodding the hornets’ nest.

My investigation landed me a mountain of negative blather such as:

Is Bitcoin legal?
Bitcoin is a bubble.
Bitcoin is a scam.
To protect your wallets: Bitcoin laws are imminent…on and on.

In other words, this barrage of negativity has its roots within the status quo; exuding a subliminal psychological stop sign; whenever you hear or see Bitcoin: don’t look or go there, run from it! It’s not safe! This from the fox guarding the chicken coop, whose outstretched arms of security are dripping cunning deceit.

If there are any radical swings to be observed in the value of a Bitcoin, it is certainly not the fault of Bitcoin driving those swings, but most likely from the unwelcome intrusion of those seeking either its demise, while through subversion, hijack it. Bitcoin itself is not a bubble, but itself is born within the rank turbidity of a bubble; enveloped within its toxic waste, which by its natural light seeks to sweep aside.

From the BBC News:

Bitcoin Value Drops after FBI Shuts Silk Road Drugs Site

Wired has this to say:

Underground Website Lets You Buy Any Drug Imaginable

The response to that is: Yes you can buy drugs with Bitcoin, you can also buy drugs with cash! What the big-shots really disapprove of is that the Bitcoins don’t pass through the empires washing machines.

Forbes magazine:

The alleged digital drug lord of Silk Road, interviewed by Forbes

According to Bitcoin bylaws, it is absolutely forbidden to buy, sell or trade anything that is designed to harm a person. On the other hand, cash in the pocket can land you all sorts of explosive and destructive hardware.

International Business Times:

The U.S. Federal Reserve is investigating the possible risks in online payment systems like PayPal Inc. and the virtual currency Bitcoin, as bankers worry that new online players could disrupt the financial system, officials said at a conference on Monday. “The U.S. already regulates online payment processors like Coinbase. ” We’ve been talking with banking organizations over the last year or two, trying more carefully to understand what the concerns are with these new payment mechanisms,” Federal Reserve Vice Chair Janet Yellen said.

Yes, I too wonder what those bankster concerns might be. Dorothy has already ripped the curtain away exposing a very small tip to the unfathomable depths of fiduciary rot and depravity, gee, I wonder.

Have we, the little people, been given the stake that will finally exsanguinate the bloody grip of the bankster’s maw, or will our sweet dreams be gobbled up by the nightmare on Wall Street? How do we keep such a gift from being subverted by marauding bankster provocateurs, with their minions at CIA/NSA?

This from CoinDesk, voice of digital currency:

How scared are banks of BitCoin and what will they do about it?

Bitcoin helps Iranian shoe store overcome international trade sanctions

From RT News:

Without Third Party Bitcoin is Safer than Fed Notes

From Libertarian News:

How To Use BitCoin – The Most Important Creation In The History Of Man

  • Bitcoin IS NOT A PONZI – it is the same as if people were digging up gold nuggets out of the ground and then trading them as money. Any claims that early adopters are simply promoting this as a Ponzi are like claiming people who were promoting buying Apple’s IPO were promoting a Ponzi.
  • Bitcoins use a 256 bit public/private key encryption algorithm that has never been cracked in practice and is considered secure by the NSA.
  • Bitcoins CAN NOT BE ARTIFICIALLY INFLATED.
  • Total Bitcoin production will TOP OUT in the future meaning NO NEW BITCOINS WILL BE CREATED BEYOND A CERTAIN DATE.

Don’t allow a weighted corporate press to fog up the atmosphere with the fear of uncertainty in order to divert possible entrants from joining in this potentially jail breaking opportunity. Get it straight from the horse’s mouth: drive a stake into the vampire’s ravenous heart by opening up a Bitcoin account and subscribing to a Bitcoin’s Blog or CoinDesk or any other alternative news regarding digital currency.

As you seek to sever your ties from the too big to jail banks, be aware that their wagons are stealthily circling the unwary in effort to snatch away the prize:

Coinbase, a San Francisco based outfit, one of the preeminent choices under the Bitcoin umbrella, is connected to the US dollar financial system: Coinbase makes a point of providing an easy way to handle, buy, sell, and pay with Bitcoins. Their wallet account can be linked to your regular bank account making it easy and secure to exchange Bitcoins with dollars and vice versa and thus to transfer money between your bank account and your Coinbase wallet.

Is this how the Federal Reserve/Wall Street gang intend on binding Bitcoin to surreptitiously subvert its de-tethered anonymity: infiltrating its camp with demands to regulatory compliance, which it itself abhors and disregards?

How best than to sell it to a lazy consuming public than to warp in an easy to use, sweet, glitzy wrapper such as Coinbase? Then, at a later date introduce a small multi-tier leveled fee, bundled in security algorithms to protect you, the frightened shopper, against depraved criminals? Let’s see, what criminals are we talking about; where does the mother of all Ponzi schemes reside; what depraved minds are really blowing the dirty, rotten bubbles here? It’s certainly not Laurence Welk or Bitcoin!

A Decentralized Autonomous Unity

Privacy is sacrificed when Bitcoin is linked to bank accounts and identity verification. Unfortunately, within the current US regulatory environment it seems there are no legal online alternatives due to anti-money laundering (AML) and know your client (KYC) regulation. But, where there’s a will, there’s a way, and I’m sure that light will pop on within Bitcoin heads at the appropriate time.

Integration with these legacy payment systems has always been the most difficult challenge for new Bitcoin adopters, and although Coinbase has made attractive steps forward in ease of use, with the ability to buy and sell Bitcoins instantly from any bank account for a 1% fee, significantly raising the bar for the competition – a major selling point – its choice to tether itself to that corrupt monolith of malfeasance which summoned the manifestation of Bitcoin’s birth in the first place, is a contradiction in terms.

It would be nice to see Coinbase repent with the application of insurance company, huckster tactics – by pulling a ‘bait and switch’: once its roots have become reputable, then to blatantly return to the principles and motto of its founder: a decentralized, free and open currency that belongs to the people. If not, it will only grow in tandem to the already established weight espoused in those magicians of fiat currency and fractional reserve – debt based – sleight of hand.

Since the revelations to me about Coinbase, as a shareholder consortium, tethered to the Fed, I have found another Bitcoin Wallet: Blockchain that seeks to maintain Bitcoin’s fundamental principles of a Democratic currency in the hands of the people. In order to preserve those Bitcoin principles of privacy and freedom of financial speech, that so much epitomize it, a new Bitcoin Wallet is in the making by founder: Cody Wilson: Darkwallet, whose primary focus will be on additional security, but simplified and true to the founding principles of Bitcoin’s father, the pseudonymous developer Satoshi Nakamoto.

From a CoinDesk article: Shining a dim light on Dark Wallet:

The system [Darkwallet] will be designed as a wallet for mainstream users, used as a plug-in for Chrome and Firefox browsers, on Windows, Mac, and Linux machines, but Dark Wallet will include extra protections to make sure transactions are secure, anonymous, and hard to trace—including a protocol called “trustless mixing” that combines users’ coins together before encoding it into the ledger.

Notice there is no mention of the Microsoft browser: Internet Explorer!

So, how to sell a breakaway money exchange to the cozy consumer, dislodge the sleepy shopper from the clutches of fiduciary rot, while causing the general public to realize that the security blanket they’ve been sold and wrapped in has been intentionally infected with smallpox?

MARKET ANALYST: MAX KEISER DICUSSES BITCOINS AT VARIUS POINTS IN TIME, BEGINNING WITH BITCOIN ADVOCATE, JON MATONIS, MAY 2011

Keiser Report: Bitcoin – Resistance Starts Here!
Keiser Report: Magic of Bitcoin Gathering
Keiser Report: Bitcoin Millionaires vs Paper Billionaires
Keiser Report: Virgin Bitcoin vs Old Hag Pound
Keiser Report: Bitcoin vs Banksters
Keiser Report: Bitcoin Bubble Buzz
Max Keiser on Bitcoin Currency | Interview with Max Keiser
Keiser Report: Anti-Bank Currency

Keiser Report: Jon Matonis on BitCoin vs central bankers (31May11)

TD 100x96

Peace, Best Wishes and Hope

This entry was posted in BITCOIN and tagged , , , , , , , , . Bookmark the permalink.

One Response to Bitcoin a Democratic Money System for ‘The Little People’

  1. Enrique says:

    First off I do not agree with exchanges or banks they both need to go away. I find it hirailous every time one of them gets hacked. What you argue about an exchange owner of bitcoin raising the exchange rate by 5 cents to make a profit is nothing illegal. Gas stations do the same thing, they value their gas at what price they want, that’s why gas 2 miles down the road can cost 20 cents more or less. A farmers market will value their produce at insanely higher prices then walmart because of higher quality. Furthermore, people that sell bitcoin on Ebay have significantly different values then exchanges. I’ve seen 1 BTC sell as high $30 and the exchange rate as at $11. The real issue here is not the worth of bitcoins but the cost of exchange to cash. Clearly the answer is to eliminate the need to exchange to cash entirely and earn wages with bitcoin and buy goods and services directly with bitcoin. Perhaps you can write an article describing in great detail what jobs you can work for that pay in bitcoin and and list ways one would use their bitcoins to pay for food, housing, internet, etc. This would be more beneficial to people then stirring a pot of rumors and crying wolf about the exchanges.

    Like

Please Leave Your Thoughts

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s