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The Cryptocurrency Illusion By James Reed

     There is considerable evidence that the world is heading towards another global financial crises, more severe than the 2008 version. Many people are preparing this time by going the way of investing in cryptocurrencies, which appears to the decentralisation financial movement.

     But, 300 million in Ether currency recently vanished due to a wallet error committed by just one user:

“Effectively, a user accidentally stole hundreds of wallets simultaneously, and then set them on fire in a panic while trying to give them back.
In effect, this morning as Ether users woke up and checked their online wallets that they foolishly believed contained “real money,” they actually discovered that all their cryptocurrency coins had vanished. Now, the Ethereum community is desperately trying to convince 51% of its users to agree to a “back track” maneuver to reverse the catastrophic mistake, only proving yet again that cryptocurrency coins utterly contradict any legitimate definition of a “store of value” since they can be created or destroyed at any time merely by groups of users voting them into existence (or reversing blockchain transactions they don’t like). In other words, the blockchain is run by a committee of self-interested dip##its who break their own rules all the time, abandoning any real claim that cryptocurrencies are “based on the laws of mathematics.”

     Mike Adams is a big gold man, but I for one have never understood this fascination, at least for the ordinary people. What we need is survival, not investment riches and money grubbing. Better to have land, food, water, clothing and a little money to pay bills, than the endless search for some sort of secure financial haven. Even gold has failed when governments make its possession illegal. Physical resources like food and clothing are more difficult to grab, since, at worst, they can be securely buried underground in a variety of locations:

     Beans, bullets and band-aids, forever.



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Thursday, 09 July 2020
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