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The Washington Post Ominously Warns That Bitcoin Is Being Used By ‘Extremist Groups’

 

Demonization is the first step toward making something illegal.  Over the past couple of months, Bitcoin and other cryptocurrencies have experienced a tremendous surge in popularity.  Personally, I was completely floored the other day when my nephew wanted to ask me questions about investing in Bitcoin.  It seems like the whole world is getting caught up in the cryptocurrency revolution, and needless to say, the powers that be cannot be thrilled about this.  Independently-controlled cryptocurrencies represent an existential threat to the global debt-based central banking system that we have today, and so the elite have a very strong incentive to bring about the demise of Bitcoin and other emerging cryptocurrencies.

So it is no surprise that one of the key mouthpieces for the elite, the Washington Post, has begun to demonize Bitcoin.  And if you are going to demonize something, one of the fastest ways to do that is to link it with racists.  The following is an excerpt from an article that the Post just published entitled “Bitcoin’s Boom Is A Boon For Extremist Groups”

Even before Charlottesville, Richard Spencer, a prominent member of the alt-right, a group that espouses racist, anti-Semitic and sexist views and seeks a whites-only state, had gone as far as declaring bitcoin “the currency of the alt right.” But far-right political leaders and experts on extremist movements alike say the adoption of bitcoin gained new urgency after Charlottesville as extremists looked for ways to operate beyond the reach of government control and the shifting policies of U.S. tech companies.

For those of us that are accustomed to thinking critically, we see right through what the Washington Post is trying to do.  The Bitcoin phenomenon has absolutely nothing to do with Richard Spencer and his ilk, but every time the liberal elite want to demonize someone or something they trot out their favorite boogeyman once again.

Just like every other currency, Bitcoin can be used for good purposes or for bad purposes.  But the Washington Post article would have us believe that Bitcoin is at the core of some great “racist conspiracy” that is about to take America by storm…

Extremist figures who invested in bitcoin as a bulwark against efforts to block their political activity now find themselves holding what amount to winning lottery tickets. The proceeds could be used to communicate political messages, organize events and keep websites online even as most mainstream hosting services shun them, experts say.

The truth, of course, is that these sorts of racists are a very, very small fraction of one percent of the U.S. population.  They are so small in numbers that they are not even worth mentioning, but the Washington Post and other liberal outlets love to give them attention because they make the perfect enemies for the narratives that they are trying to promote.

Later on in the article, there was an effort to link Bitcoin to drug traffickers, money launderers and those who use the Internet for other dark purposes…

Extremists are hardly alone in benefiting from surging bitcoin values. Early buyers include cryptography enthusiasts, libertarians and professional investors – as well as drug traffickers, money launderers and others who regularly conduct transactions on the “dark Web,” a part of the Internet only accessible using specialized software that helps shield online activity.

The “logical conclusion” that many on the left are going to come to after reading such an article is that Bitcoin must be banned.

In the months and years ahead, I would expect to see a major push to crack down on cryptocurrencies.  And once independent cryptocurrencies have been dealt with, the elite will promote their own versions as the long-term solution.

According to the Post article, the Southern Poverty Law Center is currently tracking 200 Bitcoin wallets that they believe are owned by extremists.  Apparently, every single transaction that involves these accounts is being monitored…

Public blockchain records make such monitoring possible. Researchers can study the times, dates and amounts of any transaction, along with what accounts are involved. That does not include the actual names of account holders, but such records can illuminate identities. The SPLC, for example, looks on the donation pages of extremist websites for bitcoin accounts that are seeking contributions.

If the elite are ultimately able to convince the general public that Bitcoin and other cryptocurrencies are for racists, criminals, tax evaders and drug dealers, that will make it much easier to crack down on them.

But of course blockchain technology is here to stay.  Once the elite are able to move the public away from “unregulated cryptocurrencies”, they will simply introduce “Fedcoin”, “Utility Settlement Coin” or whichever other digital currency that they want to promote at the time.

For the moment, however, the cryptocurrency revolution is still raging.  Even as I write this article, the price of Bitcoin is flying all over the place.  At the moment it is sitting at $14,730, but that will change in a few moments.

I would anticipate even more volatility as we head into 2018, and other experts seem to be of the same opinion.  For example, just consider what Nick Colas is saying

Nick Colas, co-founder of DataTrek Research, has been following the bitcoin phenomenon for at least four years. Looking ahead to 2018, he sees more volatility for an asset that has soared nearly 1,600 percent over the past year.

In fact, he figures bitcoin could slosh in a range between $6,500 and $22,000; it was around $15,750 in Wednesday morning trade.

“Bottom line: bitcoin can rally to $22,000 and still be reasonably priced, or plummet to $6,500 and also be correctly valued,” Colas said in his daily note. “We expect to see bitcoin trade for both prices in 2018.”

But as I have said before, the key to this phenomenon is not how high the price of Bitcoin can climb.

Rather, the key is if Bitcoin or other cryptocurrencies can truly become methods of exchange that are widely used outside of the control of national governments and global central banks.

If we can create a truly autonomous financial system that is independent of the current debt-based system, that would be a wonderful thing for humanity.

Unfortunately, the elite are going to fight very hard to keep that from happening, because control over currencies is one of the main factors that allows them to have so much control over the entire planet.

Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on Amazon.com.

 

Are The Banksters Creating Their Own Cryptocurrency Called ‘Utility Settlement Coin’?

Independently-controlled cryptocurrencies such as Bitcoin, Ethereum and Litecoin may or may not survive in the long run, but blockchain technology is definitely here to stay.  This technology has revolutionized how digital financial transactions are conducted, and it was only a matter of time before the big boys began to adopt it.  Previously, I have written about how the Washington Post is hyping something known as ‘Fedcoin’, but Fedcoin does not yet exist.  However, a digital currency that uses blockchain technology that is called ‘Utility Settlement Coin’ is actually very real, and it is currently being jointly developed by four of the largest banking giants on the entire planet.  The following was recently reported by Wolf Richter

UBS, BNY Mellon, Deutsche Bank, Santander, the market operator ICAP, and the startup Clearmatics formed an alliance in 2016 to explore the use of digital currency between financial institutions and central banks, using blockchain.

The ultimate goal of the project is to create a digital currency known as Utility Settlement Coin (USC), which will facilitate payment and settlement for institutional financial markets.

I decided that I had to know more about Utility Settlement Coin, and so I decided to go to the source.

This is what the official Deutsche Bank website says about Utility Settlement Coin…

USC is an asset-backed digital cash instrument implemented on distributed ledger technology for use within global institutional financial markets. USC is a series of cash assets, with a version for each of the major currencies (USD, EUR, GBP, CHF, etc.) and USC is convertible at parity with a bank deposit in the corresponding currency. USC is fully backed by cash assets held at a central bank. Spending a USC will be spending its paired real-world currency.

UBS and Clearmatics launched the concept in September 2015 to validate the potential benefits of USC for capital efficiency, settlement and systemic risk reduction in global financial markets. The project was initially incubated as part of the UBS Crypto 2.0 Pathfinder Program, UBS’s initiative for research and experimentation on blockchain.

This could ultimately turn out to be a complete and total gamechanger.  UBS, BNY Mellon, Deutsche Bank and Santander are four of the biggest banks in the western world, and the fact that they are working on this project together is a sign that they are very serious about succeeding.

Will the general public still be willing to pay a huge premium for independently-controlled cryptocurrencies once the banksters start coming out with their own versions?

The cryptocurrency revolution is still in the very early stages, and nobody is exactly sure how it will end, but without a doubt the banksters will be a major player in this drama.  If you doubt this, just consider what one of the top executives at UBS is saying about Utility Settlement Coin

“Digital cash is a core component of a future financial market fabric based on blockchain technologies,” said Hyder Jaffrey, Head of Strategic Investment & FinTech Innovation at UBS Investment Bank. “There are several digital cash models being explored across the Street. The Utility Settlement Coin is focused on facilitating a new model for digital central bank cash.

Digital central bank cash?

I don’t like the sound of that at all.

We definitely do not want the banksters to co-opt this movement.  Blockchain technology should be used to free humanity from debt-based central banking, but instead the exact opposite could end up happening.

If someday independently-controlled cryptocurrencies are completely banned or suffocated nearly out of existence by oppressive regulation, the way would be clear for the banksters to force everyone to use their own digital currencies.  There are many nations around the world that have already gone nearly cashless, and the potential for tyranny in a cashless system where all digital currency is controlled by the banksters would be absolutely off the charts.

Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on Amazon.com.

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