World Affairs Brief, December 22, 2017 Commentary and Insights on a Troubled World.

Copyright Joel Skousen. Partial quotations with attribution permitted. Cite source as Joel Skousen’s World Affairs Brief (http://www.worldaffairsbrief.com).

Beware of Bitcoin and other Cryptocurrencies:

One has to wonder why the US government has seized and destroyed every private gold backed currency that has tried to give citizens honest money. And yet when a purely fiat digital currency emerges, they leave it untouched. In fact, it has long been known that the NSA had a role in developing the theory behind them, as Natural News points out. I don’t agree with all Mike Adam’s hyped up conclusions, but whatever the Deep State helps create (Google, Facebook, etc.) you can bet there’s a surveillance aspect to it.

NSA mathematicians detailed “digital cash” two decades ago… First, take a look at this document entitled, “How to make a mint: The cryptography of anonymous electronic cash.” This document, released in 1997 — yes, twenty years ago — detailed the overall structure and function of Bitcoin cryptocurrency.

Who authored the document? Try not to be shocked when you learn it was authored by “mathematical cryptographers at the National Security Agency’s Office of Information Security Research and Technology.”

The NSA, in other words, detailed key elements of Bitcoin long before Bitcoin ever came into existence. Much of the Bitcoin protocol is detailed in this document, including signature authentication techniques, eliminating cryptocoin counterfeits through transaction authentication and several features that support anonymity and untraceability of transactions. The document even outlines the heightened risk of money laundering that’s easily accomplished with cryptocurrencies. It also describes “secure hashing” to be “both one-way and collision-free.”

Although Bitcoin adds mining and a shared, peer-to-peer blockchain transaction authentication system to this structure, it’s clear that the NSA was researching cryptocurrencies long before everyday users had ever heard of the term. Note, too, that the name of the person credited with founding Bitcoin is Satoshi Nakamoto, who is reputed to have reserved one million Bitcoins for himself. Millions of posts and online threads discuss the possible identity of Satoshi Nakamoto, and some posts even claim the NSA has identified Satoshi. However, another likely explanation is that Satoshi Nakamoto is the NSA, which means he is either working for the NSA [or] is a sock puppet character created by the NSA for the purpose of this whole grand experiment. The NSA also wrote the crypto hash used by Bitcoin to secure all transactions

People ignorantly have jumped on speculative bandwagons like these which make blockchain creators very wealthy, but they also lose their passwords. Some of the early investors have lost speculative fortunes that way. Most of the recent speculative rise in Bitcoin have come from Asians thinking they are getting away from controlled fiat home currencies, but cryptocurrencies are the mother of all fiat money and will eventually collapse. Today Bitcoin just lost over a third of its inflated value. Above all remember this warning: when the internet suddenly goes down in the next war, how will you retrieve your value and convert Bitcoins back to anything tangible?

One thought on “Skousen: Beware of Bitcoin and other Cryptocurrencies

  1. Investing in Bitcoin is having a lot of nothing.
    You’re wealthy in a currency that you can’t spend, or are very limited in what you can spend.
    So the only way you make out is cashing out to cash which in itself very limited because they control how much you can redeem for cash. Bottom line the currency is wholly based on the greed factor while ignoring the problems asssociated with it. You might as well collect monopoly money, sure you have a lot of fake cash but go try to buy something with it.

    JR

    Like

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