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The mainstream Internet has gone out of its way to scrub any reference to the Christchurch shooter's manifesto from the Internet. While I can appreciate the desire to not make terrorists famous and as a side effect validate their atrocious activities, I think this pales in comparison to a select group of institutions deciding what is and isn't appropriate content for my adult brain to absorb, process, and compute on its own.
Therefore I took the arduous task of navigating the minefield of censorship to read the NZ Shooter's so-called "manifesto" and report what I learned... because if I linked the whole thing, chances are, this site would be erased from most Western search engines. (Yay freedom of speech!)
Note that we here at BSA are completely in favor of any site exercising their right to restrict their systems from promoting hate speech and intolerance. But it's also important to call attention to what is motivating these people - this is a key to how to stop them, and sometimes that requires diving deep into their cesspool. So here are our thoughts on this...
Some are claiming the NZ Shooter's online manifesto is a "troll." I assume that's because if you can't believe somebody would honestly believe something so retarded, it's the default position to assume they're trolls... but I've also come to respect Ockham's Razor, which suggests the simplest explanation is the most likely, which is... YES SOME PEOPLE ARE ACTUALLY THIS RETARDED.
Things I learned from reading the so-called "Manifesto", which is entitled, "The Great Replacement".
1. The fact that non-white people are reproducing faster than whites, is somehow a form of "white genocide."
"We must inevitably correct the disaster of hedonistic, nihilistic individualism. But it will take take some time, time we do not have due to the crisis of mass immigration... We are experiencing an invasion on a level never seen before in history. Millions of people pouring across our borders, legally.Invited by the state and corporate entities to replace the White people who have failed to reproduce, failed to create the cheap labour, new consumers and tax base that the corporations and states need to thrive."
What's interesting is that the terrorist recognizes there is a "serf class", but doesn't acknowledge that white people don't want to be that serf class, so what is there to do about it?
Right away, the terrorist is repurposing the language of Donald Trump and the Republicans. Of course, they denounce his actions, but we all know the mentality is shared in common.
This is important because passages like this make is apparent, this guy isn't a 100% anomaly. He's just a more extreme version of the 24% of America who still support Trump, and we can't sweep this under the rug. There have been more terrorist attacks by the alt-right in the last few years than all other demographic groups combined. This pattern is becoming a routine happening that the mainstream media continues to ignore.
Beyond that, I think nothing screams pathetic entitlement and drama queens more than this.
I don't believe they've invented an emoticon that can accurate express the degree which I would roll my eyes out of my head, and orbit a far away universe, in response to this "realization."
2. Denial isn't just a place in Egypt:
Q: Why did you carry out the attack?
To most of all show the invaders that our lands will never be their lands, our homelands are our own and that, as long as a white man still lives, they will NEVER conquer our lands and they will never replace our people.
White European dude, from Australia, whose ancestors committed genocide of the natives on the land in which he now resides, somehow believes that this is his land and everybody else are the invaders.
3. A singular emotional appeal can activate a closet psychopath to act.
Ebba was walking to meet her mother after school, when she was murdered by an Islamic attacker, driving a stolen vehicle through the shopping promenade on which she was walking. Ebba was partially deaf, unable to hear the attacker coming.
In the case of this douchebag, he credits his "activation" to a singular, issue, the death of a single pedestrian, Ebba Akerlund, who was one of five people killed and 14 people wounded when another, equally crazy psychopath hijacked a bus in Sweeden.
Chances are, there was a certain news media that harped endlessly about this one particular victim in such a way as to wind up and crystalize the hatered and intolerance that was brewing in psychopath B, based on the results of psychopath A.
4. There is not a more entitled race of people than white nationalists.
Q: Why did you carry out the attack?
To most of all show the invaders that our lands will never be their lands, our homelands are our own and that, as long as a white man still lives, they will NEVER conquer our lands and they will never replace our people.
People think this is a troll, but if you've ever talked to any bona fide racists and white nationalists, you know this mentality is actually legit. These people think this land is there land. Never mind the natives that lived here before. Ignore that. "Whiiite-man-eeeeee-fest destinyyyyyy!"
5. The attacker isn't interested in fame. He's interested in the effect of his actions and how people will respond, which is predictable to him (and others familiar with classic military strategy). We would be playing into his hands assuming he's just another crackpot, as opposed to one of the many operatives with similar missions coming out of the alt-right woodwork.
Q: Did you carry out the attack for fame?
No, carrying out an attack for fame would be laughable. After all who can remember the name of the attackers in the September 11 attack in New York? How about the attack on the pentagon? The attackers in the plane that crashed into the field on the same day?
I will be forgotten quickly.
Which I do not mind.
After all I am a private and mostly introverted person.
But the aftershock from my actions will ripple for years to come, driving political and social discourse, creating the atmosphere or fear and change that is required.
In our narcissistic mainstream society, the powers that be assume every activity is for personal gain, and that their actions cannot be anticipated and controlled. In this way, the terrorist is not wrong. The more his manifesto is censored, the more important it becomes to be read by those who are more likely to be activated.
I have no desire to encourage the guy but like any issue, this event does beg for analysis. Although I think there's a very strong case for using the attacker's manifesto as a cautionary, shameful tale. But he's right that the media will not give enough people access to even figure that out themselves, and therefore they'll play into the same fermented paranoia that bred him, among their own viewers.
The problem is, there is a lot to be learned from his words. That he's not isolated. He's a product of a propaganda assembly line...
6. The attacker is [ironically] following Osama Bin Laden's plan
Most people never read Osama Bin Laden's manifesto either, but it bears a striking resemblance to this attacker's objective: Upset the western powers and get them to perform reactionary political gestures which destabilize themselves.. in order to allow chosen forces an upper hand.
Q: Why did you choose to use firearms?
I could have chosen any weapons or means. A TATP filled rental van.
Household flour, a method of dispersion and an ignition source. A ballpeen hammer and a wooden shield. Gas, fire, vehicular attacks, plane attacks, any means were available. I had the will and I had the resources.
I chose firearms for the affect it would have on social discourse, the extra media coverage they would provide and the affect it could have on the politics of United states and thereby the political situation of the world.
The US is torn into many factions by its second amendment, along state, social, cultural and, most importantly, racial lines.
With enough pressure the left wing within the United states will seek to abolish the second amendment, and the right wing within the US will see this as an attack on their very freedom and liberty.
9/11 didn't make America stronger. It split America into two factions: those that blamed everything on Muslims and those that blamed everything on crazy psychopaths. This attacker doubles down on that tried-and-true tactic.
My first impression is he must be nuts if he thinks attack #4,709 is going to make America suddenly ban the 2nd Amendment (or that there's even any strong movement to do so.) His knowledge on this subject reads like the headlines from an alt-right web site, and not indicative of the nuances of reality which indicate that America is not split on gun rights vs gun abolition. I can see how someone who only gets their news from one source might fall prey to that fantasy, but in reality, it's gun rights vs gun responsibility. Most democrats don't want to ban guns as much as they want them treated like the dangerous devices they are and made sure people who have access are properly qualified.
But again, it's more than that. It's a mentality that permeates the shooter's mind that makes him unequipped to understand the left. His utter lack of empathy. His feeling that anybody other than his tribe (in this choice, whites) deserves basic human compassion and respect. It's all about empathy. This guy has none. And he assumes most of the world is like him, and as such, at any point can be flipped like a light switch to begin murdering each other to create/protect the "New World Order."
The one aspect of his diatribe that gives me hope is this: he's wrong about many things, but the most important thing he's wrong about, is thinking that the people are as sociopathic as their leaders. They are not. And this is true everywhere around the world in all the areas of trouble.
Immigrants who are fleeing oppression are not sociopaths. They're not the "plague of invaders." They're the respectful, consciencious people that would make society healthy. The last thing in the world we would want or need, is a community of trigger-happy racists who are ready to commit mass murder if they read the wrong news story.
So, ultimately, what we have with this "invading wave of immigrants" are people who are running away from violence and cruelty. The horrible, murderous, rapists and criminals are staying -- because they've created the scene the good people want to escape from. So it's ironic the shooter, a psychopath, is upset his community is different. That's not something that keeps me up at night. At least now, in prison, he will be among a community of like minded people.
7. Me. me. Me. Me. me. ME. Fuck YOU.
Q: Did/do you personally hate muslims?
A muslim man or woman living in their homelands? No.
A muslim man or woman choosing to invade our lands live on our soil and replace our people? Yes, I dislike them.
The only muslim I truly hate is the convert, those from our own people that turn their backs on their heritage, turn their backs on their cultures, turn their back on their traditions and became blood traitors to their own race. These I hate.
6. The terrorist was a "blue lives matter" advocate.
Like many in the marketplace of white nationalist ideas, this terrorist also believed, "blue lives matter."
Q: Did you intend to kill police officers or other enforcers of the state?
No. ... harming the NZ police officers was to be avoided at all costs unless the state enforcer was from an invaders background.
This is also coded language to those in law enforcement who are like-minded (and there are a lot of racists and fascist authoritarians in these positions). The message is not one of an isolated crazy person. It's one of an "operative" in a larger movement, signaling his peers to sit tight.. he's on "our side." A lot of these people believe that those in the army and law enforcement are their compatriots and will eventually be activated. Is this an absurd idea? If you peruse some of the online private law enforcement forums, you'll realize it's not.
7. The terrorist was a fan of Trump's white nationalist tendencies.
Q: Were/are you a supporter of Donald Trump?
As a symbol of renewed white identity and common purpose? Sure.
8. The terrorist was a troll but was poor at hiding the truth in his diatribes..
Q: Were you taught violence and extremism by video games, music, literature, cinema?
Yes, Spyro the dragon 3 taught me ethno-nationalism. Fortnite trained me to be a killer and to floss on the corpses of my enemies.
9. The terrorist was funded by getting early in on the Crypto-currency Ponzi Schemes (Bitconnect in this case)
I worked for a short time before making some money investing in Bitconnect, then used the money from the investment to travel.
10. The terrorist is NOT CRAZY. He's quite intelligent and aware, and relying on, ironically, the humanity of his victims. He's completely wrong and a complete psychopath, but he's not stupid. This illustrates the difference between someone being misguided, and stupid. Those two constructs are not synonymous and we should stop making such assumptions.
Evil people can be very smart.
Q: Did you intend to survive the attack?
Yes, but death was a definite possibility. These situations are chaotic and virtually impossible to control, no matter the planning. Survival was a better alternative to death in order to further spread my ideals by media coverage and to deplete resources from the state by my own imprisonment.
I hate to say it, but ironically, many people should read this guy's manifesto. Not because they're going to be swayed. Not because they're going to give him attention he craves. But because it's important to realize this is what we're up against. Not all of these narcisstic psychopaths are idiots. Many of them are very smart, and they think multiple steps ahead. Don't underestimate these people!
One thing I notice is that the right love to "project" their ideas and thoughts upon others. And we should be paying attention to this proclivity.
For example, when one hears of a leftist protester doing some unsavory act, rather than suggest this was the isolated work of a crazy person, the right often attributes this to some kind of concerted, organized effort (i.e. "Antifa"). They're very fond of these boogymen entities that they can associate disparate perpetrators as all receiving orders from.
Why shouldn't we assume this is the way they operate? All the web sites and all the coded language... All the nudge, nudge, wink, wink stuff about their enemies? Stick a crosshair on a picture of Hillary or Pelosi? "Oh that's ridiculous that we would suggest such a thing..." Meanwhile every now and then one of them actually does take a shot at somebody. "Oh did we mean to do that?" Nudge, nudge, wink, wink... If you dive into some of the hardcore white nationalist sites like Stormfront, their creators enumerated this exact strategy: work towards a singular purpose with organizational efficiency, but deny such an organization exists.
So how many of these very specifically-branded and modeled right wing terrorists have to appear before it becomes obvious there is an operation going on? How many are more than mere coincidence?
How many of these terrorists (such as this one) actually admit there is an operation going on? And at what point are we going to start putting 2 and 2 together?
American libertarians are less a political party and more like a fundamentalist religious group who believe that the free market is their lord and savior. Here's why their platform might sound charmingly weird in theory, but in practice it's harmful.
While everybody is remembering 9/11, here's something to think about.
Everybody says, "9/11 never forget"
What exactly are we supposed to remember?
What do most people remember about 9/11?
What is the purpose of remembering?
Is it to continue to harbor fear and anger?
Is it to continue to remember to hate Muslims?
Do most people even know why 9/11 happened?
Do they know that since 9/11, America has doubled down on the middle eastern policies that brought about 9/11? (Most recently with Trump wanting to put a US embassy in Palestine)
Do people remember that almost all the 9/11 attackers were Saudi Arabian, and that America has never waivered from their loyal support of the Saudis, going so far as to enact travel bans on virtually all other Muslim middle eastern countries EXCEPT Saudi Arabia? Even though Saudi Arabia has some of the worst human rights records in the world?
Does anybody remember we blew $7 Trillion invading Iraq after 9/11 and they had nothing to do with the attack?
Do people remember 4000+ American servicemen died in the Iraq invasion that was perpetrated by the George W. Bush administration? All based on lies that our own intelligence community exposed?
Do people remember the Bush administration violated international law setting up covert torture prisons around the world? They renamed "torture" to "enhanced interrogation techniques" to pretend what they were doing was legal.
Do people remember that, to date, NOBODY has been held accountable for the huge mess that was made?
I'm cool with people "Never forgetting" as long as they're remembering EVERYTHING THAT REALLY HAPPENED.
In fairness, the bill did a few other things, most notably, it replaced an earlier law that outlawed, "Crimes Against Nature" that also was the infamous anti-"sodomy" law used to shame homosexuality, that was ruled unconstitutional in 2003. So lawmakers who voted against this bill can arguably claim they're not necessarily as much in favor of animal sex as they are homophobic assholes.
Computer/console games continue to become more advanced, graphical and intense, now resembling mini-operas of realism and, in many cases, blood and gore.
But are they going too far? The latest version of the popular Far Cry series, called "Far Cry 5" seems to alternatively criticize and glorify the rise of right wing, religious extremists in what some might consider a very realistic manner. But nowhere does this become more creepy and weird when you examine you choice of the game's three possible ending cinematic sequences. See for yourself...
**SPOILER ALERT** If you're not interested in playing through the games 14+ hour run time to see where it goes, continue to read this article..
Before we show you the endings, let's set the stage for this game for those who don't know.
Basically, the setting is rural Montana. A very David-Koresh-like doomsday religious cult leader is charged with kidnapping and the local sheriff is tasked to arrest him... this process causes the cult to activate into a paramilitary group, that takes over three regions on the game map, that you're tasked with liberating. The group also is cultivating some kind of drug that is used to control and brainwash people.
You play one of the "good" guys, who is with the local law enforcement, but at some point you're captured, given drugs and brainwashed into being a killing machine that is activated by a certain song.
The game is composed of a variety of missions where you wander around the map killing everything in sight, including tons of wild animals that apparently have all become rabid due to foraging on these cult drug flowers.
Far Cry 5 is one of those GTA-like games where you can wander around on the map and explore, and there's much to see and do and the terrain is quite beautiful. You complete missions to earn things and become stronger and more powerful. You collect weapons and various items as is common in these games.
Throughout the game though, there are cut scenes and narratives weaving into the open gameplay, teaching you about the purpose (and obsessive nature) of the religious group. For anyone familiar with the history of many protestant factions of Christianity, this "fictional lore" is a little too realistic, and for this reason, it's not out of the realm of possibility for certain factions of people to identify with the supposed "bad guys" in the game. In fact, that's what many may end up doing, which becomes obvious when you examine the endings...
The question is, how far can you go in these games before it might be worthwhile to argue over the value of certain narratives being promoted? You can decide... In an age where we have rampant domestic terrorism that seems similarly modeled after the ideology of characters in this series, it has to make you wonder what the developers were thinking?
Let's set up the three endings...
There are 3 endings in the video below.. the first and the third happen at the end of the game. The middle one happens at the beginning of the game.
1. At the end of the game, after liberating 2 of the 3 regions, you confront the head of the cult. He gives you a chance to walk away like he did in the beginning. You can choose to walk away or resist.
2. At the end of the game, you choose to continue to resist the cult leader.
3. A the beginning of the game, you can end the game in the first few minutes by choosing not to arrest the cult leader. If you walk away, the credits roll... this ironically, is the most moral and socially palatable ending of the three.
The second option is the most likely, and it shows you a rather bizarre outcome that ultimately has to make you wonder, WTF is up with the developers?
Records posted Tuesday by the Electronic Frontier Foundation following a freedom of information lawsuit filed last year reveal that federal agents would pay Geek Squad managers who pass on information about illegal materials on devices sent in by customers for repairs.
The relationship goes back at least ten years, according to documents released as a result of the lawsuit.
The aim of the FBI's Louisville division was to maintain a "close liaison" with Geek Squad management to "glean case initiations and to support the division's Computer Intrusion and Cyber Crime programs," the documents say.
According to the EFF's analysis of the documents, FBI agents would "show up, review the images or video and determine whether they believe they are illegal content" and seize the device so an additional analysis could be carried out at a local FBI field office.
That's when, in some cases, agents would try to obtain a search warrant to justify the access.
The EFF's lawsuit was filed in response to a report that a Geek Squad employee was used as an informant by the FBI in the prosecution of a case involving child abuse imagery.
One released document showed a $500 payment by the FBI to a "confidential human source" whose name was redacted that the EFF said was the same amount as a payment made in the prosecution of Mark Rettenmaier, a California physician and surgeon who was charged with possessing child abuse imagery, found after he sent in his computer to Best Buy for repairs.
The documents show that the FBI would regularly use Geek Squad employees as confidential human sources -- the agency's term for informants -- by taking calls from employees when they found something suspect.
But that relationship and data handover could violate Americans' constitutional rights to protections from unwarranted searches and seizures, the privacy group charges.
Because the FBI uses Geek Squad as informants, the EFF says that any search should be seen as a warrantless search carried out by proxy, "and thus any evidence obtained as a result of the illegal searches should be thrown out of court."
Dallas sportscaster, Dale Hansen steps away from the sports desk to deliver an insightful yet scathing monologue on the country's current inability to address the increasing domestic terrorist problem.
There's tremendous hype all over the Internet and the media about Bitcoin, crypto-currencies, "blockchain" and this new "innovative technology" that is supposedly making people rich.
Or is it?
Is crypto currency the future?
Are you actually doing any "investing" when you purchase and hold crypto-currencies?
Or is this an elaborate Ponzi Scheme or an outright scam?
Let's cut through the chatter and reveal what you need to know about the modern state of crypto currency, the "blockchain" buzzword everybody is using, and whether this is something real, or nefarious?
Is crypto currency a scam or an amazing opportunity?
You can't afford to ignore the critics and skeptics if you really care about your money... Let's jump into the deep end and talk about EVERYTHING!
Those who have been in the industry for awhile certainly know what "crypto" is, but now laypeople are talking about it, so it's important to cover some of the basics:
What is crypto-currency?
In a nutshell, crypto-currency (of which there are literally tens of thousands of different systems) refers to a proposed method of trade that involves "digital currency".
What does that actually mean? Digital currency? It is currency, which is unlike traditional fiat currency and exists primarily as a "digital address" and sequence of codes.
Whoever has the code, owns the currency. If someone guesses/steals your code and executes a transaction with it, you just lost your crypto-currency. It's called "crypto" for short, because, supposedly the details of these codes are encrypted in various ways for your protection.
What is fiat currency?
Traditional fiat currency is often represented in coin and bill form, and is something you can hold in your hand and is easily transferable. In the case of the US dollar for example, it's mandated by law to be accepted virtually everywhere in your community.
Yes, traditional fiat currency can also be represented in "digital form" similar to crypto currency, as indicated in computers controlling peoples' banking accounts, but is subject to much more oversight and regulation. And there's a system to quickly and easily convert your banked currency to material form if needed.
Is there a material component to crypto currency?
Crypto currency, sometimes referred to as "alt-coin" typically does not exist in any material form. Like "fiat currency", it's a "placeholder" that represents a certain value that is used in the exchange of goods and services between parties.
But unlike traditional fiat currency, it doesn't translate well to bill, coins or other material items that can be physically exchanged. This is because what determines who owns the currency is based on who has the codes. You could print a bill that had the code on it, and that could technically be transferred to someone else, but every time crypto is transferred, these codes change. Plus a print of a code doesn't mean someone else doesn't also know the code and can take the currency without having access to the bill.
What is a "blockchain?"
This is a fancy new buzzword, and it's being used interchangeably with the term "crypto-currency" nowadays by various institutions who want to capitalize on the popularity of crypto.
Blockchain refers to the method by which many crypto currencies keep records of transactions.
A blockchain is basically a database of transactions, typically involving a few basic elements of information: the id of a buyer, the id of a seller, and a transaction amount, along with other information. This is stored in a database. It's not that much different than what might be called a "general ledger" at a bank.
If a "blockchain" is simply a ledger of transactions, why not call it that?
Because, "blockchain" sounds cooler and high tech!
It's easier to get hedge fund managers to invest peoples' retirements into something called "blockchain" than an old, un-exciting thing called a "general ledger." (Sorry, I'm a snarky person.. couldn't resist..)
What is special about crypto currency blockchains?
One element that distinguishes most crypto currencies from traditional fiat currency is the fact that there is no central regulation, or central repository of the blockchain (ledger).
For example, with Bitcoin, when a transaction is made, details on this transaction are sent to an array of different systems that maintain blockchains. The data is compared and collected and verified after a certain process. No single entity controls the blockchain. It's de-centralized.
It's also partially-anonymous. The people who execute transactions are only known by arbitrary IDs. The blockchain records that two parties exchanged currency and notes that the currency is now in the account of a different ID.
The past, present and future of crypto currency - it's not what it used to be.
The original concept behind crypto currencies like Bitcoin was fairly humble. And a lot different than it is now.
As I type this, the value of BTC is currently $12,870 USD to 1 BTC. By the time I finish this article, there's a very good chance the value may have changed anywhere from 5-20%. It's that volatile right now. Which is dramatically different from what it was intended to be.
The original concept was as a "micro-payment system" that could be used as a proxy for bartering goods and services, and in the early days, this is what happened. The value of Bitcon was fairly marginal and in and of itself, worth nothing, but if you had some BTC and could trade it to someone else for something, that was cool. The first material BTC transaction was on May 22, 2010 by Laszlo Hanyecz, a programmer who paid a fellow Bitcoin forum user 10,000 BTC for two pizzas. People harp now that the bitcoin to buy those two pizzas is now worth millions of dollars. But back then, believe it or not, the guy buying the pizza got the better deal. And you can bet the pizza seller moved his bitcoin shortly thereafter. Nobody in their right mind could have predicted that seven years later 1 BTC would be worth more than ten grand (and even now, this is arguable).
In theory, crypto currencies make sense. They're supposed to be a simple, direct, peer-to-peer transaction system that is nobody else's business.
Unfortunately, that's the OLD crypto model. Now there's a new crypto model and it's completely the opposite of this. Crypto currency in its purest form was never intended to be used as a security and hoarded, or monitored based on its value in any other fiat currency. Now companies are treating crypto like stocks and offering "initial coin offerings." This is not what the originators of this technology wanted.
What is crypto uniquely good for?
Because of its decentralized nature and (so-called) anonymity, it lends itself to transactions between parties who aren't necessarily interested in being tracked (criminal activities, drug traffickers, money laundering, black hat transactions, and governments and people looking to move money around without others knowing).
What should crypto currency holders be concerned about?
The list of concerns is significant enough to warrant a separate article, but here are a few things that aren't as well known (NOTE: some of these vary slightly based on the crypto currency obviously but there are many generalities in common):
The blockchain in all likelihood is not really "anonymous." - In fact, blockchains like Bitcoin keep records of every transaction ever. So from the moment of inception, every piece of Bitcoin that's changed hands is recorded. It may be meta information and not peoples' names or SSNs, but there are plenty of ways to ID people through meta information and once that's done, the money trail is public record.
What a crypto is "worth" is nebulous - Many exchanges are allowed to set their own transaction rates and details, and it's becoming harder and harder to painlessly convert crypto into traditional fiat currency, which is one reason why the prices are so high. There are lots of hidden hassles and fees involved.
The value of crypto currency right now is promoted based on its conversion to more accepted fiat currency such as dollars, which is incredibly ironic given the fact that advocates of crypto insist their currency is superior. In reality, the value of crypto should be based on how easy it is to use in its natural form.
Crypto is perfect for stealing - The more value a crypto has, the more appealing it will be to anybody and everybody who might try to crack codes and take the currency. It's basically a lawless expanse, which means there's no reason why governments and corporations might also invest in ways to suck value from the blockchain in ways most of us would find unethical. (ICO's are a good example - treating alt-coins like stocks is questionably ethical)
Many crypto coins are "mined" initially. This is a process where people run "mining" computers to guess the codes to discover new crypto units. These formulas are designed so coins are easy to mine initially, but become progressively more difficult and resource-consuming to mine later. Early developers get a huge amount of crypto early on. This, like a traditional multi-level-marketing scheme, sets the stage to primarily reward early adopters if they can continue the scheme long enough to pump value into the commodity. If you're late to this party, you're basically giving your money to the early adopters and putting tremendous pressure on yourself to see a profit. This is assuming the crypto you're investing in ever increases in value, which is statistically unlikely.
Technology has not kept up with the needs of Crypto - It's no longer economically viable to mine for Bitcoin and hasn't been for years, so the only way to profit in BTC is by taking advantage of others. There are also big problems with the growth of crypto and the blockchain and there's controversy over how to manage the transactions. Some might argue this problem is localized to a few crypto-currencies like Bitcoin, but the fact is, all cryptos are susceptible to these problems and until they are traded at the rate of ones like Bitcoin, there's no evidence they're any more technologically stable.
Not all crypto-currencies are the same, and this is as bad as it is good. For example, Bitcoin, the most valuable crypto currency is by design, limited to only 21 Million units in existence. Etherium however, at present, the second-most popular/valuable crypto currency has a fundamentally different model, with a virtually unlimited number of potential units being released, limited to 18 Million PER YEAR. Yes, people are "investing" in something that dilutes itself by 18 million units every year!
Because most crypto blockchains are designed to maintain a permanent record of transactions, it's becoming increasingly possible that the crypto currency someone is holding, could be "tainted" and traced back to criminal activity. You could be doing nothing illegal and have your accounts frozen by various authorities if they can trace the crypto you've been trading to something nefarious.
There are tens of thousands of crypto currencies out there (There's even a web site dedicated to making note of some of the many crypto currency failures) - Anybody can create a crypto currency. In the near future, I predict you'll be able to go to a web site and create your own crypto, and it will be for all intents and purposes, as potentially valuable as any other. It's not unlike to see in the future individuals who have their own currency. By the way this breathes new life into the corporate business model of "points" you can give customers based sales. Every company can now claim their "brand-bucks" program is cyber-currency and a commodity. Expect everybody from Starbucks to Amazon to have their own alt-currency.
Crypto Markets are being manipulated by wash trading - Wash trading is an illegal activity where one party sets up a sell order and then buys his own security. This is done to artificially create the appearance of a lot of traffic and volume in an exchange, or on a particular crypto/security. This practice is [technically] illegal, but it's not well regulated in the crypto markets. So even the appearance of demand for a crypto in the exchanges may be a fabrication.
People and institutions are now looking at crypto currency as an "investment" which is absolutely, positivily NOT what it was designed to be. And for this reason, a lot of people are going to lose a lot of money falling for the hype.
Crypto currency has even less intrinsic value than fiat currency.
Here's what's funny. Crypto currency advocates argue that fiat currency "has no intrinsic value", therefore there's not much difference between bitcoin and US dollars.
But this is a lie.
Let's say it again... Crypto currency has even less value than regular currency.
The US Dollar is a significantly more stable monetary concept than any crypto currency, for a number of very specific reasons:
It has maintained stability and usefulness for centuries.
It's regulated by the US government and a hierarchy of institutions with various checks and balances. (You may argue you don't like the nature of the system, but it still has checks and balances, much more than crypto as we'll see).
Everybody uses the dollar. It's the de-facto standard fiat currency in America and accepted in most other places around the world.
It's extremely easy to conduct transactions using US dollars.
There are numerous laws and regulations that guarantee peoples deposits in banks, and protect against fradulent transactions.
In sharp contrast, almost all crypto currency has virtually none of these benefits. There's tremendous value in a fiat currency that you know protects you from fraud, even if it involves your own incompetence. There's tremendous value in knowing that what a dollar buys today, you will also be able to purchase tomorrow. There's tremendous value in knowing that nobody is going to look at your dollar bill and go, "WTF is that? What do I do with it?" Or charge you a $20 "transaction fee" to convert it into something else. Beyond this, there's constant controversy about whether or not the blockchain technology has become unmanageable, and the de-centralized nature is giving way to a more centralized nature of exchanges, but the more popular an exchange becomes, the more likely it is involved in fraudulent activity.
But most importantly, with traditional currency at a bank, if the bank gets robbed, you're protected by the FDIC (Federal Deposit Insurance Company). And it's a lot harder to rob a bank of a million dollars than it is to break into an online exchange and instantly pilfer tens of millions in Bitcoin and other cryptos, which is now becoming common place. And when this happens, there is nothing you can do. Because you never really owned anything in the first place. You never owned anything that anybody guaranteed. You never owned anything that a majority of people in your community ever thought was of any specific value.
Why Would Crypto Currency and Blockchain Systems Be Considered A Ponzi Scheme?
In and of themselves, crypto is not a scam.
The scam part comes with anybody trying to tell you to "invest in crypto". That's when "blockchain", "bitcoin", "crypto", etc. BECOME A PONZI SCHEME.
The best way to illustrate why investing in crypto is a scam is to compare it to another popular investment: stocks.
Both crypto and stocks are sold in shares and have a particular value per share.
Investors buy these shares in hopes the price will go up. If they sell the shares when the price is higher they make money. If they sell when the price is lower, they lose money. That's pretty basic.
There are companies now promoting crypto like stock shares, offering what are called, "ICO's" - an "initial coin offering" much like an IPO is an initial offering of public shares. It gives people a chance to buy into crypto currency in the beginning. But, THIS IS A SCAM.
Because there's an inherent difference between investing in stocks verses crypto.
A stock represents shares in a material organization. If you own shares in Apple, you actually are a part owner of Apple, and part owner of all the assets Apple has. Even if Apple's stock price drops, you still have a proportionate share of the company's assets. And you can determine the relative value of their stock based on the company's assets. Traditional stocks have material valuation.
In stark contrast, crypto currencies have nothing. You aren't owning anything material. You do not have a share of anything you can examine or valuate. You merely have some numbers that indicate if you can find someone else to buy those numbers at a higher price, you might be able to turn a profit, but at the end of the day, you own nothing of value and never have.
With crypto currencies, the value of these shares is solely based on what you can get someone else to pay for them. This is completely arbitrary. At any point, this entire market could completely implode into nothing. That would never happen with a traditional company -- a traditional company has assets, and investors have a fiduciary duty to monitor and maintain the company's viability. There is nothing of the sort with crypto currency, except the standard network-marketing-style approach of constantly enticing other people into buying your crypto at a higher price than you paid.
The Only Way You Profit In Crypto Is At Someone Else's Expense
With traditional stocks, you earn profit often through the growth and success of the company. When they do well, the shareholders do well. Everybody benefits.
With crypto, you only earn profit at the expense of later investors who, are now required to hype the crypto up to a higher level, in order to create profit. This is an impossible, un-tenable business model. It's the exact definition of a Ponzi Scheme.
Crypto Actually Compounds The Severity Of The Problems It's Meant To Solve
One sad truth about crypto-currency, is that it's a "work-around", a "hack" to the monetary system. It's not an actual solution, and in fact, it exacerbates all the troubles it promises to alleviate.
For example... if you think government is too corrupt/inefficient and taxation is unfair, the solution to this problem isn't hiding money outside the system (that's not going to work anyway, and in doing so, all you do is deny tax money to the system which makes government even less efficient and capable). The solution to this problem is to fix government: make it more efficient, reduce taxation, make government work more for the people rather than special interests.
The adoption of crypto is a way of saying, "I don't believe in government.. I'm going to stop trying to make it work for me, and instead work around it.." which if done on any large scale, effectively hurts the overall community. The bottom line is, government does much more good than harm, and the more people give up on trying to fix it, the more likely they're going to suffer. It's like saying, "My political leaders never seem to represent my interests, so I'm not going to vote any more." It's an absurd "solution" that fixes nothing.
The same issue applies with crypto as a means to support a black market for illegal things that you think should be legal. How is that a "solution?" The real solution is to lobby to legalize, regulate and monitor the stuff you feel you shouldn't have to skulk around buying from criminals and murderers in third world countries. Crypto just compounds the problem instead of addressing it.
Crypto Isn't Bad As Long As You Don't Consider It An Investment
I'm not panning all crypto. It works for what it was designed.
The problem is, what's going on now, with "Initial Coin Offerings" and "blockchain technology investing" is bullshit. These are people and institutions that smell money and want in on the scheme.
The only way crypto would ever be ubiquitous is if it became very similar to existing fiat currency, and we have hybrid systems like this in place right now, such as credit card payment companies. So true crypto is only really useful when it's largely valueless, and used in small, inconsequential transactions (like 2 pizzas for 10k - that makes sense). Beyond this, it becomes another "Pet Rock" or "Dutch Tulip" that salespeople are trying to get you psyched over.
So does this mean, "I hate Bitcoin?" Not at all. I love the idea of crypto currencies.
What I hate are all the predators who are now in the market, trying to make the intangible medium, seem like a security. This makes the housing markets' "default credit swaps" look like gold bouillon. Please don't fall for it. There are better ways to create value without becoming part of a scheme that centers on misleading people.
This is my big problem with Crypto currency. It's not a solution. It's a temporary hack that actually compounds the problems rather than address them.
- Mark Pile, BSAlert.com
How Bitcoin Ends - "The wealth disparity in bitcoin is worse than that of central currency, with 4 percent of users owning 96 percent of bitcoin. So much for breaking the banking monopoly; this is just hackers seizing the banking industry for themselves."
The single biggest problem facing Ripple - Another one of the "crypto success stories" is the alt-coin, Ripple, but all is not what it seems to be. People buying XRP are basically funding a company that is building its equity not upon Ripple but other products that Ripple stakeholders will have absolutely no interest in.
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