Why cryptocurrency is a failed experiment

cryptocurrency

Why cryptocurrency will fail.

Cryptocurrency is a passing fashion in my opinion like Pokemon and Harry Potter, in the end it is all hocus pocus.  Here is why.

Transaction costs. It is expensive to validate every transaction on multiple computer systems via the blockchain resulting in transaction fees.  I pay $5 for a coffee in paper money without paying a transaction fee, but if I pay $5 in cryptocurrency, I could pay $20 in transaction fees.

It favors rich people. The computer’s processing transactions via the blockchain are overloaded so there is a delay in recording transactions.  Those who pay a higher transaction fee will get priority over those who can only afford lower fees to get a transaction completed quickly, thus the system is loaded in favor of the rich.

Transactions can be slow. Payment with paper money is instant, but with the majority of cryptocurrency transactions there can be delays of hours and days to complete the transaction.

The value of cryptocurrency is unstable. Payment for a house in cryptocurrency might be worth $1million in one hour, and if not instantly transacted with high transaction fees, can be halved in one hour to 50% of the value.  Cryptocurrency moves up and down in value by large jumps in short periods of time.

Cryptocurrency is not underwritten by anyone. When individuals place money on deposit in a bank, the bank fails, some or all of the deposit is safeguarded by an external authority.  Paper currency is underwritten by governments.  There is no authority that will underwrite or insure losses of cryptocurrency for instance when an exchange fails.

Cryptocurrency has no tangible value. $10K of gold bullion, even if the value falls to zero, the individual still has a lump of gold in their hand.  $10k of cryptocurrency that falls to zero becomes no more than a unique number on a database.  Nothing tangible backs cryptocurrency.

Money laundering. Criminals and terrorists can move money across borders, switching between cryptocurrency, paper currency and assets such as property quickly, posing problems for legal authorities to intervene.  Money laundering laws is causing banks to refuse or cancel financial transactions related to cryptocurrency, they can cancel bank accounts if they cannot see a legal paper trail of where a transaction came from.

Tax man sees cryptocurrency as an investment subject to tax.  Cryptocurrency is seen as an investment subject to taxation such as capital gains tax.  The tax man will investigate cryptocurrency transactions by an individual or business, demand paper trails, issue tax demands and potentially fine or imprison people they think are evading or avoiding tax.

Speculation and gambling.  Cryptocurrency is now like pokerchips where individuals gamble or speculate on a cryptocurrency going up reducing these currencies to that of a lottery or casino. Many people will lose their money.

Currency manipulation.  Value is based on supply and demand of cryptocurrency, with a small number of players being able to manipulate prices by buying and selling cryptocurrency.

Poor security. Cryptocurrency is a hackers dream.  The systems, entities and individuals involved in cryptocurrency often have poor security allowing hackers to steal currency often worth $millions, under the cloak of anonymity they and the cryptocurrency is often untraceable.

Fraud.  Cryptocurrency encourages large-scale fraud.  Hackers use malware to get websites, servers and computers of individuals or governments to mine cryptocurrency for them.  Fake offers of goods and services, exchanges and cryptocurrencies encourage victims to part with cash then vanish leaving the victim with nothing.

People use loans and credit cards to speculate.  People are fueling their cryptocurrency purchases via loans, leaving individuals and nations open to an economic credit crisis if they are unable to pay back the loans on the back of falling cryptocurrency values.

Government crackdowns. Governments are cracking down on cryptocurrencies by banning or restricting them.

Bubbles. Cryptocurrency has no tangible value, subject to speculation based upon subjective values of consumers wildly in excess of reality, creating a bubble that will see large losses for many investors.

Climate change.  The servers that create cryptocurrency and validates transactions on blockchains consumes vast amounts of electricity, powered in part by burning fossil fuels, which promotes global warming.

Inefficient and unsustainable demands on limited water and energy supplies. The servers use large amounts of water to cool them and energy to calculate complex calculations that powers the production of cryptocurrency and the recording of transactions on blockchains.  As more and more people use blockchains the demand upon electricity and water will overburden power grids and water supplies of nation states.

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On blockchain technology and forums

internet

Recent technological developments like Steemit where content is posted to blockchains and rewards users with cryptocurrency will cause massive harm to individuals and society. 

In recent times a new set of technologies have emerged into the market that in my opinion is harmful rather than beneficial to humanity, I am going to deal with one of these: blockchain powered forums like steemit.

Steemit is a forum that rewards users for producing content, likes and comments on its forums.  The content after seven days is locked into a blockchain.  Forums such as Steemit encourage attention-seeking, users producing content that attracts the attention of fellow users.  The more attention the user gets, the more they earn in cryptocurrency.  Steemit has designed their forums to reward content that is popular with other users.

The problem I see with forums such as Steemit is that users will publish abusive, fake, harrassing, bullying, hateful and defamatory content in order to generate income, and this content will never be possible to remove because it is locked into a blockchain after seven days.

I have fought Satan Hunters for over three years who have attacked innocent families and children in Hampstead London with fictional stories of ritualistic rape, torture, murder and eating of children.  It has been a painful and slow process of removing abusive, dishonest, defamatory and harrassing content from social media such as Twitter and Facebook.  The Satan Hunters are now moving into Steemit and posting the same and often worse targetted content against kids and their families, but now after seven days this type of content cannot be removed from the blockchains.

We are in the early days of this new technological way of using forums which are posted to blockchains, and neither the legal authorities or the governments are yet aware of the massive challenges this type of technology is going to raise.  Already many barbarian-minded users are going to abuse this technology to profit with rewards of crypocurrency whilst hurting targetted victims, whilst their content cannot be removed without destroying the entities such as Steemit and their blockchains.

A new Satanic Ritual Abuse organisation emerges in UK

witchfinder

The myth of Satanic Ritual Abuse in the UK gets a boost with a new organisation to promote it called the Fresh Start Foundation.

The fiction of Satanic Ritual Abuse in the UK has been boosted by the forming of a new organisation to promote it called the Fresh Start Foundation.

The Hoaxtead campaigning blog against SRA fictions identified Fresh Start as a front organisation for pushing the SRA narrative under the guise of campaigning against child abuse during their investigation of the group.  Fresh Start is run by some who have promoted discredited SRA fictions such as Hampstead and the Hollie Grieg hoaxes in the UK, using these narratives to push its agenda.

Fresh Start was set up in 2017 as a limited company in the UK, details here, with their own website, here.  Fresh Start is running a spring 2018 campaign to promote the SRA narrative at locations around the UK.

Fresh Start has been attacking independent inquiries into child abuse and other anti-child abuse organisations as it seeks to push the fiction of Satanic Ritual Abuse as the primary focus of all anti-child abuse campaigning in the UK.

Attack on Satanic Temple HQ in Salem USA

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Satanic Temple HQ in Salem USA has been attacked leading to an arrest.

Further from my post yesterday on Tweets encouraging attacks on Satanic Temple property which unjustly caused the suspension of the Lucien Greaves Twitter account, someone apparently has acted upon the calls to attack Satanic Temple HQ in Salem leading to property damage and an arrest.

 

Lucien Greaves on Facebook said:

“Today a man came to our headquarters in Salem smashing one of our outlet covers and apparently looking for a way inside. When we confronted him, he threatened us with what appeared to be a sharpened screwdriver. He is now in custody.

Of course, this comes only a day after news outlets reported upon my Twitter ban, noting that my ban is result of my outcry against Twitter’s refusal to take action upon direct threats to the Salem TST headquarters property. I have no way, right now, of knowing what directly inspired this man’s actions today, but I do know that when threats of violence against us seem to have the sanction of social media mega-giants, delusional would-be heroes against an imaginary Satanic Cult Conspiracy are likely to feel emboldened. When the public is aware that threats of violence against The Satanic Temple are not considered “real” threats, merely because of who we are, should we be surprised if some people come to believe that actual violence against us is perfectly acceptable?”

Satanic Temple leader Twitter account suspended

satanic_temple

Twitter is apparently indulging in religious discrimination against Satanic Temple after suspending a leader Twitter account for complaining about calls to burn down a Satanic Temple building.

Lucien Greaves a leader of the Satanic Temple recently had his Twitter account suspended in what many observers feel is in unjust circumstances.

A former child actor Corey Feldman who has taken on the role of a witch hunter with a particular hostility to Satanists, retweeted a call to burn down a Satanic Temple building in Salem USA. Lucien Greaves challenged Feldman over his tweet and asked fellow Satanists to report any content of religious hatred against Satanism to Twitter.  For some reason Twitter suspended Greaves when he complained about religious hatred, and his Twitter account remains suspended at time of writing.

Satanic Temple quickly put out a press release condemning Twitter for religious discrimination, threatening legal action.  Greaves and Satanic Temple say that they acted within the Twitter terms and conditions, there being no legitimate reason to suspend the account, especially as they are the victims of threat and abuse.  Some news media such as Fox followed up the story, Twitter refused to comment on why the Twitter account was suspended.

The suspension of the Greaves Twitter account for what appears to be no legitimate reason is in sharp contrast to the blind acceptance by Twitter of President Trump whose tweets are racist, hateful, abusive and pushes America ever closer to world war.

Another contrast is the Twitter account known as @drifloud who has been targeting children, their families and other innocent people with harrassing and abusive tweets of a Satanic Ritual Abuse theme, a discredited fiction, that continues to violate the privacy of children since 2015.  Despite dozens of abuse reports to Twitter, the social media company does nothing about @drifloud.  This writer has made a recent further referral of the account to Twitter to test their new moderation processes before moving the matter up to a political and legal level.

Twitter is in the opinion of this writer the worst social media company in dealing with abuse and harrassment, but is slowly being forced by political, legal and advertising pressures to take action against abuse on its platform.  It remains to be seen what will happen over the suspended Satanic Temple Twitter account, although it is clear that there is a long way to go before social media companies such as Twitter get their moderation processes sorted out.

North Korea: start of WW3?

Gary Markstein / Cagle Cartoons

Is it me that lives in La La land, or everyone else? As the North Korea crisis escalates, most of the population, the media and politicians go about life as if nothing is happening.  Yet, I am watching developments in North Korea, I am worried, even if nobody else cares.

North Korea has played the strategy of threats, noise and exaggeration before, they are the master of the art of propaganda on a vast scale.  However, unlike previous occasions that leaders humoured the North Koreans with concessions, so they can march away from the table claiming a great victory, until the next “crisis”, now North Korea deals with Trump, who does not compromise, is motivated to military action, won’t give ground.  This time the North Koreans find themselves in a corner, if they back down, they lose face, so they escalate their strategy, and so does Trump.

Now Trump has moved three carrier strike groups against North Korea, the top assassination team that took out Bin Ladin, state-of-the-art submarines, fighter jets, B52’s and anything else he can move to the table that is the latest technology and new.  Trump is not bothering with negotiating with the North Koreans, he seems keen for a fight.

Trump does not understand North Korea, or China, or the rules of how this crisis can be resolved, he plays his own game by his own rules.  Trump thinks perhaps a little war with North Korea might take domestic pressure off himself, win himself support from the voters.  Trump is blind to the horror that he is creating for himself and this world.

North Korea would rather go to war than lose face, Trump wants a war, and so a war is likely.  It can take weeks before USA and its allies can muster enough forces to deal with North Korea in event of war, but war can move fast, a million North Koreans can move into South Korea inside a day. North Korea can kill a million South Koreans in one day with its massed artillery.  North Korea can immediately deploy atomic, biological and chemical weapons against USA and its allies.  North Korea can immediately put into the field millions of blindly loyal and well-trained soldiers, who will slaughter everyone, and destroy everything in their path.

USA will face having to fight North Korea in South Korean cities, towns, villages and countryside.  By the time the North is defeated in the South, there will be nothing left of South Korea.  The fight against North Korea won’t be like Syria, Iraq and Libya with steady safe airstrikes with their pretty visuals to impress dumb reporters and consumers, it will be brutal, urgent hand-to-hand fighting, with USA and their allies taking casualties running into tens of thousands.  Sensitive public who dislikes a few dozen dead American soldiers, won’t like the scale of deaths that will rapidly mount up.

North Korea has amongst the best hackers in the world, so all internet communications will become destroyed or disrupted.  North Korean agents can deploy biological weapons into cities such as anthrax and smallpox.  An atomic bomb could be exploded over the USA in the atmosphere wiping out all electronics and electricity grid.  The US carrier groups could be instantly destroyed by nuclear weapons.  North Korea is ruthless and prepared to destroy themselves and the entire world in a war.

North Korea is trolling Trump and the USA in the hope they strike first or gives them concessions.  If USA strikes first, China enters the war on the side of North Korea.  China shares a border with North Korea and their military will enter into North Korea to defend it against any attack from USA and its allies.  USA and thus allies such as UK will be forced to declare war on China.  A number of nations in Africa, Middle East and South America will ally with North Korea and China.  Russia will support China and North Korea.

Economically the world is fragile, a war of the scale of North Korea will cause a collapse in all money markets.  Imagine disrupted food and fuel supplies, collapsed communications, mass civil disorder.  A few exploded nuclear bombs can poison atmosphere, land and water, and disrupt the climate.

The leading headlines in the media now: JFK files and sexual harassment by various public figures.  Meanwhile, most people proceed with their mundane lives indifferent and ignorant to events playing out that could destroy the human race.