Bitcoins are an illuminati fraud that is sweeping the country.
Bitcoin is a virtual currency that emerged in the aftermath of the financial crisis. It allows people to bypass banks and traditional payment processes to
pay for goods and services. Banks and other financial institutions have been concerned about bitcoin's early associations with
money laundering and online crime, and it has not been adopted by any government.
Currently there are over 100 types of "Bitcoin". Each of them different and non-exchangeable. This shows how fake this whole things is.
While bitcoin is the best-known cryptocurrency, there are, in fact, hundreds of digital, decentralized payment systems that issue and trade digital currencies online.
Each operates on a blockchain, a digital ledger that keeps track of all transactions in transparent, peer-to-peer fashion.
The primary cryptocurrency Bitcoin has grown in value in an exponential way that suggests a bubble that is going to pop at any time.
"It is worse than tulip bulbs," Jamie Dimon from JPMorgan said, referring to a famous market bubble from the 1600s.
He predicted big losses for those investing in bitcoin. "Don't ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up,"
he said. "Honestly, I am just shocked that anyone can't see it for what it is."
The Russians are using Bitcoin to make a FORTUNE. Here's how bitcoins work. Computers "mine" bitcoins - meaning they use their processing power to create
bitcoins. Theoretically, this is what keeps Bitcoins scarce (and thus valuable) - they require actual computers to use power and resources ($$$) to make them.
The only problem is that
Russian Hackers own most of America's computers. So the Russians can take over your computer and use it to "farm" Bitcoins. They can turn your computer on in the
middle of the night (even keeping the screen off so you don't know) and then they can use your computer for hours while you're sleeping. The whole time the illuminati
Russians are making bitcoins
and getting wealthier and wealthier. You wake up in the morning and you have no idea that the Russians just fucked your energy bill. Who reviews their energy bill to see if
their computer is being used when they're asleep? Answer - NO ONE.
Bitcoins theoreatically are a good idea. The key problem with them right now is that they are as secure as the internet and our computers are and our systems ARE VERY INSECURE.
Bitcoins claim they are safe from hacking because of the security of the "blockchain" which is a record of all BITCOINS created. However, the Blockchain has already proven to be hackable.
The potential problems with Bitcoin having its blockchain hacked have
already been proven with the 2nd most popular cryptocurrency out there (called Ether).
The currency suffered a blow recently after a hacker siphoned $64 million worth of ether from investors. In the wake of the hack, Russian-Canadian Vitalik Buterin, the creator of Ether,
decided to turn back the clock through a software update and reset the entire system to its previous state - i.e., before the hack. The reset created a so-called hard fork,
which split Ethereum into two parallel systems.
Buterin assumed most users would move to the reset platform, but the fork proved divisive and a small group of users continued using the old system, dubbing it Ethereum
Classic and arguing Buterin had no right to reset the platform. That has confused cryptocurrency investors and cast a pall over the future of Ethereum.
It also opened up a rift between the currency's creators, who were the ones to alter the code and render the stolen currency null and void, and dissenters who argued against
any intervention — even in the face of an Ocean's Eleven-style heist.
Bitcoin is already getting forked right now because some people want to change the way it works and allow bigger faster supercomputers to mine for Bitcoins and not just regular
Bitcoin, the cryptocurrency that has earned legions of fans and has often been touted as the future of money, is in danger of having no future at all.
A rift within the peer-to-peer network of users and software developers that operate the bitcoin system has prompted one of its senior developers and most ardent proponents,
Mike Hearn, to sell all his bitcoin and pull out of the existing network, which is run on a consensus basis and not overseen by any central authority.
"[Bitcoin] has failed because the community has failed," Hearn wrote in a Jan. 14 blog post explaining his departure. "What was meant to be a new, decentralised form of money
that lacked 'systemically important institutions' and 'too big to fail' has become something even worse: a system completely controlled by just a handful of people."
The crux of the disagreement within the bitcoin community is whether to increase the size of the blocks of data that make up the backbone of bitcoin so that the system could
process more transactions at a faster rate. A 1 MB cap on the size of the blocks is hardwired into the bitcoin protocol that was created in 2009.
The biggest danger of the current dispute is that it results in two rival systems whose currencies are incompatible, which would destabilize and devalue the currency and
undermine the public's trust in bitcoin as a legitimate currency.
Blockchain is often hyped as the future and the strength of Cryptocurrencies is attributed to the use of a decenrtralized blockchain but this is because people don't know what
the blockchain is and even when they're explained the concept still don't really understand it. Blockchain is an incredibly slow technology because it requires writing
transcactions down on mutliple ledgers on multiple computers. This explains why bitcoin Core, the bitcoin software client, processes only five to seven transactions per second,
compared with Visa, which reliably processes 25,000 transactions per second because it's only writing to one database.
Just as we cannot record all of the world's transactions in a single centralised database, nor shall we do so in a single distributed database. Indeed,
the problem of blockchain
scaling is still more or less unsolved, and is likely to remain so for a long time.
Another false claim of Cryptocurrency/Bitcoin advocates concerns the trustless utopia that blockchain will supposedly create by eliminating the need for financial
or other reliable intermediaries. This is absurd for a simple reason: every financial contract in existence today can either be modified or deliberately breached by the
participating parties. Automating away these possibilities with rigid trustless terms is commercially non-viable, not least because it would require all financial agreements
to be cash collateralised at 100%, which is insane from a cost-of-capital perspective.
The other huge problem with Bitcoin and all cryptocurrencies is that when Nibiru hits Earth in 2025, there will be massive sun storms that are going to wipe out all of our hard
drives all across the world. AT that
point all of the Bitcoins will dissappear. All of the debt of the world is also going to go up in thin air in 2025 since all our debt is now recorded on computers. All of the major
banks will be destroyed when Niburu strikes because their computer systems are all going to get wiped out.