Showing posts with label Admits. Show all posts
Showing posts with label Admits. Show all posts

Wednesday, August 3, 2016

Bitcoin Price Crashes After Exchange Admits Security Breach, Over $60 Million Stolen

I was initially enthused by Bitcoin as an anti-dollar crypto-currency, but after researching its cyber-security issues, I became suspicious of Bitcoin's creation.  My suspicion was Satoshi Nakamoto, the alleged mythical creator of Bitcoin (whether one person or a group of hackers), could be a sub-unit of the US Treasury.

The holes in the security of Bitcoin, and the non-anonymity of the block chain header--which tracks all transactions, hinted towards a backdoor created by financial authorities to track nefarious Bitcoin holders.

Is this conspiratorial?  Yes, but who benefits by providing an alternative to the USDollar, yet still maintaining confidence in the dollar?  If gold is an undesirable alternative to the dollar, Bitcoin could be a welcome supplement to dollar hegemony for the financial status quo.

Due to the obvious risks of holding Bitcoin (it's electronic, it can be lost, it can be stolen, and competitive crypto-currencies exist--undermining its stated goal of scarcity), I subsequently couldn't endorse Bitcoin or any other crypto-currencies.

The fall of Mt. Gox raised my suspicion.  This latest theft of Bitcoin confirms my skepticism.  The fallout of this latest electronic theft is yet to be determined.  Who is legally liable?  Will insurers guarantee the losses?

At the end of the day, Bitcoin is an electronic entry, much like a bank account.  The difference is banks don't have the reserves to back up their deposits due to fractional reserve banking, which is hugely problematic despite reassurances by the financial authorities.

Ownership is 100% possession, so the ultimate safe haven currencies are still physical gold and silver.  This has been true for over 6000 years, and will continue to hold true.

http://www.zerohedge.com/news/2016-08-02/bitcoin-crashes-after-exchange-admits-security-breach

Wednesday, March 18, 2015

Treasury Secretary Lew Admits US "International Credibility & Influence Is Being Threatened"

The USDollar is climbing new highs as the rest of the world is in turmoil.  Long-term, the dollar, like all other fiat currencies, will collapse.  The financial elite know this.

http://www.zerohedge.com/news/2015-03-17/dont-show-treasury-secretary-lew-these-3-charts

Sunday, January 25, 2015

"QE Benefits Mostly The Wealthy" JPMorgan Admits, And Lists 8 Ways ECB's QE Will Hurt Everyone Else

It took JPMorgan six years to figure this $hit out?  That QE benefits the wealthy--at the expense of the masses?  Really?  Thanks for that breakthrough insight for the geniuses at JPMorgan.

http://www.zerohedge.com/news/2015-01-24/qe-benefits-mostly-wealthy-jpmorgan-admits-and-lists-8-ways-ecbs-qe-will-hurt-everyo

Saturday, July 19, 2014

US Treasury Admits Collateral Problem In Bond Market; Considers Issuing Ultra Long-Dated Bonds

Great...bond market investors are shunning long-dated US Treasury bonds due to obvious risks (currency, inflation, credit/downgrade, interest rate, reinvestment), so the Treasury in its wisdom (and desperation) are thinking about issuing 100-year bonds, God forbid.  In fact, among all the bond risks, liquidity is probably the only one where there is no risk.  Although, with hyperinflation, TOO MUCH liquidity would turn into the biggest problem of them all.

http://www.zerohedge.com/news/2014-07-18/us-treasury-admits-collateral-problem-bond-market-considers-issuing-ultra-long-dated