August 10th, 2017
“These digital currencies might make fiat currencies look good.
That’s how bad they are.”
– Peter Schiff
proven otherwise, Bitcoin, and all cryptocurrencies for that matter, are
faith-based “currencies,” just like the U.S. dollar or any other fiat currency.
Instead of “full faith and credit
of the U.S. Government,” cryptocurrencies require full faith in blockchain
technology. The Daily Coin posted an interview with Ken Schortgen of The Daily
Economist in its revealed that: “The NSA developed blockchain technology
and released the information in a white paper that has been uncovered by Ken
Schortgen, Jr., The Daily Economist –
LINK.” The white
paper can found here:
How To Make A Mint: The Crytotography Of Anonymous
Electronic Cash – NSA, Cryptology Division, June 18, 1996.
Built to be
skeptics, we have been wondering why Governments and Central Banks tolerate
Bitcoin and all of the other cryptos
if indeed the cryptos are the
digital equivalent of the gold standard.
As it turns out, the
NSA de facto has the ability to hack crypto blockchains. We are certain
the NSA is not the only entity globally with that ability. Furthermore,
the cryptocurrencies are absorbing a lot of fiat currency that likely would
otherwise be flowing into gold and silver. It reminds us of GLD and SLV,
both of which have absorbed billions of institutional cash into two “black
hole” vaults that have yet to withstand a bona fide independent audit.
episode of we bravely shred the Bitcoin and cryptocurrency mystique, which are
more emblematic of the global asset bubble than a suitable substitute for gold
and silver’s monetary function:
The author is not affiliated with, endorsed or sponsored by Sprott Money Ltd. The views and opinions expressed in this material are those of the author or guest speaker, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.
Source: Sprott Money