Now considered a virtual souvenir, Bitcoin was once hailed as “…the new gold standard for online transactions…”. With more than 90% of the Bitcoin market still to be made available, and the process of “mining” them becoming exponentially more difficult and expensive as time progresses, those ethereal trinkets are not only losing value in the durable goods market, but even in the virtual goods market(porn, online gambling).
As the difficulty level continues to rise along with price of the equipment necessary for processing information(mining Bitcoins), it’s a wonder the federal government hasn’t set up a few grants to a few big time universities to take on the task of mining up all the available Bitcoins left. With unlimited funds to disperse as a result of being, well, those who manufacture money themselves, they, the “government”, could commission a lightning speed mining machine capable of “finding” the rest of the un-mined Bitcoins. A facility with as much computing capability as NASA might do the trick… wait a minute… isn’t NASA undergoing some sort of dormant stage as a result of “funding cuts”? What a perfect opportunity to put all that unused equipment to work, aye?
The main contenders in the market for pushing the Bitcoin scam on weak-willed individuals are the porn industry, online gambling industry, and the few e-bay-ish sites that trade exclusively in Bitcoins. Then of course there are those “advertising” websites which are more like paid to click or paid to watch sites, and the “get paid to complete offers” websites as well.
Bitcoins, in reality, are bought, not mined. The real winner in the Bitcoin bubble is the Federal Reserve. When Bitcoins are purchased with Federal Reserve Notes, and are then spent on virtual items such as video game upgrades, software, porn, advertising, or gambling, and “black market” items, it’s just like buying poker chips from the beginning, with the credit card companies right there waiting for you to click “purchase” on a Bitcoin exchange marketplace site, as arms of the Federal Reserve with their hands out.
What isn’t realized by the free-marketeers who love the idea of this currency, is that there are going to be some dramatic, deliberate manipulations of it, by the very same entities which manipulate all major currencies around the world.
This can be done in several ways:
- Re-wire NASA to become a mining machine; this can also be applied to any other government agency with lots of dormant hardware, thus becoming the owner of Bitcoin, and all of it’s users, more or less.
- Simply set up a bot which purchases bitcoins all day long with unlimited Federal Reserve Notes via a Federal Reserve Bank company credit card, essentially buying up the entire Bitcoin exchange marketplace, with money it created out of thin air, and paid to itself.
- Suppressing technological advancements that would otherwise enable hobbyists and entrepreneurs to discover and refine more efficient mining methods. Adding a few lines of code to the FCC Regulations could take care of this. Invoking the use of arbitrary numbers and linking them with arbitrary facts could prevent the manufacture of super high end GPU’s from ever taking place.
- Actually regulating Bitcoin transactions, or in some way taxing known, popular mining equipment. Requiring a permit to purchase mining equipment, and regular audits of mining software, thus enabling a tax on hashrate.
With artificial manipulation being the name of the Fed’s game, it shouldn’t come to anyone’s surprise if and when Bitcoin actually becomes a thing of the past.