Bitcoin & Derivatives – a necessary but short history

Posted In: CryptoCurrencies
  • amarynth on: October 17, 2018 at 1:50 pm #1493

    This is necessary background for those that are just beginning to look into cryptocurrencies today. I’m writing casually and not dotting every i and crossing every T and forgive my lapses of grammar.

    – Although background, all of this shapes what is going on today.
    – This will explain why Catherine Austin Fitts (CAF) says that current Bitcoin developers are prototyping “Mr. Global’s” new currency.
    – This will also give an insight into the dirty underbelly of economics and how we are still controlled by that.
    – This will also explain why China banned trade in cryptocurrencies.
    – It may help newbys to assess how they want to participate.

    This should give enough insight to continue looking at the top 10 cryptocurrencies.

    The PTB Developed Bitcoin

    So, I was interested in Bitcoin very early on when it was basically cryptographers and geeks and before there was anything to talk about. This is why people say stuff like The CIA developed Bitcoin, or the Borg developed Bitcoin. Cryptographers basically existed in Universities and in State organizations. These ones contributed with private geeks to develop Bitcoin.

    Then Satoshi published his Bitcoin White Paper and this was a mind expander for me. So, eventually the Satoshi Bitcoin was mined in the first or genesis block and now we had Bitcoin and it started getting value, and was all of what I wanted from a new currency. This is not longer the case. (I’m talking about Bitcoin specifically) The Bitcoin scaling wars started (cryptos are notoriously hard to scale up into a massive number of transactions like say credit cards or paypal) and suddenly I started seeing color revolution tactics being used by the Bitcoin developers.

    I was a fly on the technical wall when the Bitcoin developers cheated the Chinese miners at the Hong Kong agreement and I knew, the ordinary activist had lost Bitcoin and will have to look at something else for a people’s currency. CAF was right. I started talking about this and was laughed out of the house in my then Bitcoin community because ‘Bitcoin developers are the best in the world’. I started calling Bullshit. I was right as well and for the next 3 or 4 years, color revolution techniques was run fiercely and consistently by the Bitcoin developers, who at that stage had started a company called Blockstream and deliberately hijacked Bitcoin development to make money from fee markets and a series of side chains, now called Liquid Bitcoin and Lightening Network.

    Bitcoin became too expensive to use as everyday currency and we started seeing words such as just HODL (a drunk person’s way of spelling HOLD your coins – true story) and I saw more and more color revolution techniques from Blockstream and the Bitcoin developers. Now they tell us not to use Bitcoin, but to rather use credit cards and Bitcoin is a ‘store of value’ only.

    Rick Falkfinge in this next 15 minute video explains that we have 3 Bitcoins now, (Bitcoin, Bitcoin Core and Bitcoin Cash) and how the eventual Bitcoin Fork with Bitcoin Cash happened. A fork is not a scary thing really and is common in open source software development. This Falkfinge youtube is truly a short overview and perhaps all that is necessary for newbys to know:

    More detail on the years of Bitcoin war is here but is not necessary for newbys to struggle through.
    https://hackernoon.com/the-great-bitcoin-scaling-debate-a-timeline-6108081dbada

    All that is necessary to know is that Bitcoin has been coopted by the PTB:

    The next video will clearly show what Bitcoin now is, which is a richmaking economic tool for the rich. We have Bitcoin Maximalists (only original Bitcoin or Bitcoin Core). You have to forward the following video to 25:44 and listen just long enough to get an idea of the language used. It is all trader’s language, stuff the the normal everyday person does not even understand like Bitcoin derivatives – you will immediately see that Bitcoin (Core) is now a trader’s economic tool and the markets? chase ’em up, make money, follow them down, make money. There is not a ‘trace‘ left of People’s Money.

    Trace Mayer is being interviewed by Max Keiser and listen closely to what he says: “Those of us who are serious players in Bitcoin, we have a plan for where Bitcoin is going and how we are going to get it there“. And then the two of them go off into economic tools and what sounds to me like sheer marketing manipulative methods. When you start getting lost in the trading language, this is the time to stop that video and stop listening.

    Now we see articles from solid cryptocurrency enthusiasts, titled: Is this the beginning of the end of BTC?

    View story at Medium.com

    Here is a ‘lingo cheat sheet’

    View story at Medium.com

    Nevertheless, Bitcoin itself, and derivatives of Bitcoin Cash, despite what I think or being indignant about the manipulative approach visible now, will increase in price into the future because of scarcity. If you are a trader type or willing to learn, or willing to let someone else manage your bitcoin, or simply hodl your Bitcoin, you will benefit financially. There is this need on a planetary basis to change our money, our mechanisms of money. What Bitcoin still has, is scarcity, there is pent up demand, and most probably it will be used in future for big settlements, e.g., country to country. Perhaps the blockchain technology is steadfast and the new market mechanisms remain somewhat outside of the Bitcoin blockchain itself.

    OK, next installment will be Bitcoin Cash and Ethereum – those in the field or the space that I pay attention to and those that I’ve left behind and why.

    Administrative: You may agree with what I say here or you may absolutely not agree. If you don’t agree and can explain your view in respectful terms, it is welcome. If not, if you want to re-fight or continue the Bitcoin wars, I’ll moderate and delete your comment. Respect is key.

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