‘Bitcoin: Beyond the Bubble’ explores the history of decentralized digital currency and speaks with industry experts, like Mike Maloney, Jeff Berwick, Joby Weeks and many others.
Bitcoin is about changing how the financial system of the planet operates. Bitcoin and the blockchain invert the power structure. The power goes to the individual, with the potential to displace the need for banks.
Bitcoin is for the two billion people that don’t have bank accounts and the five billion people who can’t even prove they exist.
Bitcoin is the largest innovation in monetary science. It is as disruptive as the Internet was to publishing. What we’ve seen technology do to lots of private industries is now going to start happening to government functions.
I’ve been skeptical of the crypto-currencies for some time. The comments below echo my sentiments on the matter.
Joseph P. Farrell wrote a blog post the other day that sums up the problems with crypto-currencies better than I can.
Bit-CON is a fake, a fraud, a scam, and most of all a CON. Bit-CON’s wild gyrations in price and limited acceptance preclude it from ever being considered as money. At this very moment there are thousands of people sitting on bit-CON investments (and I use that term sarcastically) just waiting for a blip in price so they can bailout with minimum lose. Want to play with coins, do so with those that have real value like American Eagle, Maple Leaf, Panda, Krugerrand, and even old silver based coins.
This Bit Coin thing is going to die after some “GEEK” hacks into it.
All forms of digital transactions can be hacked. NOTHING IS SAFE. If it were, why would we need “Lifelock”, Experian and others to protect us against this crap?
There is nothing safe on the “NET”.
It’s now becoming increasingly evident that Bitcoin may be a creation of the NSA and was rolled out as a “normalization” experiment to get the public familiar with digital currency. Once this is established, the world’s fiat currencies will be obliterated in an engineered debt collapse (see below for the sequence of events), then replaced with a government approved cryptocurrency with tracking of all transactions and digital wallets by the world’s western governments.
What evidence supports this notion? First, take a look at this document entitled, “How to make a mint: The cryptography of anonymous electronic cash.” This document, released in 1997 — yes, twenty years ago — detailed the overall structure and function of Bitcoin cryptocurrency.
Who authored the document? Try not to be shocked when you learn it was authored by “mathematical cryptographers at the National Security Agency’s Office of Information Security Research and Technology.”
The NSA, in other words, detailed key elements of Bitcoin long before Bitcoin ever came into existence. Much of the Bitcoin protocol is detailed in this document, including signature authentication techniques, eliminating cryptocoin counterfeits through transaction authentication and several features that support anonymity and untraceability of transactions. The document even outlines the heightened risk of money laundering that’s easily accomplished with cryptocurrencies. It also describes “secure hashing” to be “both one-way and collision-free.”
Although Bitcoin adds mining and a shared, peer-to-peer blockchain transaction authentication system to this structure, it’s clear that the NSA was researching cryptocurrencies long before everyday users had ever heard of the term. Note, too, that the name of the person credited with founding Bitcoin is Satoshi Nakamoto, who is reputed to have reserved one million Bitcoins for himself. Millions of posts and online threads discuss the possible identity of Satishi Nakamoto, and some posts even claim the NSA has identified Satoshi. However, another likely explanation is that Satoshi Nakamoto is the NSA, which means he is either working for the NSA is is a sock puppet character created by the NSA for the purpose of this whole grand experiment.
The NSA also wrote the crypto hash used by Bitcoin to secure all transactions
On top of the fact that the NSA authored a technical paper on cryptocurrency long before the arrival of Bitcoin, the agency is also the creator of the SHA-256 hash upon which every Bitcoin transaction in the world depends. As The Hacker News explains. “The integrity of Bitcoin depends on a hash function called SHA-256, which was designed by the NSA and published by the National Institute for Standards and Technology (NIST).” THN also adds:
“If you assume that the NSA did something to SHA-256, which no outside researcher has detected, what you get is the ability, with credible and detectable action, they would be able to forge transactions. The really scary thing is somebody finds a way to find collisions in SHA-256 really fast without brute-forcing it or using lots of hardware and then they take control of the network.” Cryptography researcher Matthew D. Green of Johns Hopkins University said.
In other words, if the SHA-256 hash, which was created by the NSA, actually has a backdoor method for cracking the encryption, it would mean the NSA could steal everybody’s Bitcoins whenever it wants. (Call it “Zero Day.”) That same article, written by Mohit Kumar, mysteriously concludes, “Even today it’s too early to come to conclusions about Bitcoin. Possibly it was designed from day one as a tool to help maintain control of the money supplies of the world.”
And with that statement, Kumar has indeed stumbled upon the bigger goal in all this: To seize control over the world money supply as the fiat currency system crumbles and is replaced with a one-world digital currency controlled by globalists.
Think cryptography is bulletproof? Think again…
Lest you think that the cryptography of cryptocurrency is secure and bulletproof, consider this article from The Hacker News: Researchers Crack 1024-bit RSA Encryption in GnuPG Crypto Library, which states, “The attack allows an attacker to extract the secret crypto key from a system by analyzing the pattern of memory utilization or the electromagnetic outputs of the device that are emitted during the decryption process.”
Note, importantly, that this is a 1024-bit encryption system. The same technique is also said to be able to crack 2048-bit encryption. In fact, encryption layers are cracked on a daily basis by clever hackers. Some of those encryption layers are powering various cryptocurrencies right now. Unless you are an extremely high-level mathematician, there’s no way you can know for sure whether any crypto currency is truly non-hackable.
In fact, every cryptocurrency becomes obsolete with the invention of large-scale quantum computing. Once China manages to build a working 256-bit quantum computer, it can effectively steal all the Bitcoins in the world (plus steal most national secrets and commit other global mayhem at will). http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm
All Rights Reserved, Without Prejudice
Yup to all you state…stole my thunder. The question now becomes, ‘does anyone really believe the agency would let this cat out of the bag without providing a backdoor’?
I doubt it…they buy the biggest brains from the well tracked big brain scholastic avenues and make them offers they cannot refuse. Being lauded youth with egos beyond Pluto already, that is an easy proposition particularly when fused with their carved in granite compartmentalization.
Can you explain more about the lightening system? Is this solving the problems with transaction speed for bitcoin?