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South Korea, Australia, Russian Central Banks Stop Bitcoin And Other Fake ‘Money’

Posted: 02 Jan 2018 05:33 AM PST

The obvious scam of the bitcoin mania is finally forcing governments to intervene due to the dangers of an army of fools losing all the hoped-for loot in real money that the founders of this scam promised them.  When I was a child, I was very angry with the boy with the magic beans story, he foolishly sold a cow for a handful of beans and then climbed a vine to the heavens to find lots of loot but he had to kill the giant by making it fall to its death.  Well, as an adult, I see the wisdom of that story: the only way a person starting a scam can get rich is if they kill the authority system so they can keep the illicit, stolen goods.

 

When Jack set forth to buy many things with his sudden loot, guess what happened?  The value of his loot began to fall.  The only two ways to fix this was to spread it about so no one had much of it at all or have it looted by foreign crooks who would remove it from the systems.

 

The loot that flooded the Roman Empire was spread all over the place but the decline began due to it being the goal rather than building economic systems especially in agriculture which looted Egypt for easy grain, thus destroying farms in Europe which were competing for the loot.  All the loot flowed to Egypt, bankrupting the empire in the end.

 

I often wonder why historians puzzling about the decline and fall of the Roman Empire don’t figure out how Egypt is the chief cause of this due to its astonishing agricultural production systems.

 

The curse of gold from the New World utterly and totally destroyed Spain, for example.  The farmers in Spain became landless as the land was worthless.  Once the gold ran out, a massive multi-century depression pushed the vast majority of Spaniards into severe poverty which they still struggled to escape even in the mid-20th century.

 

Easy loot breeds laziness, carelessness, risky schemes and other destructive activities.  This is also why elites of any culture end up corrupted, lazy and stupid.  Now on to today’s bitcoin news which fascinates me due to humans refusing to learn any lessons from history:  After Bitcoin Chokes On South Korea Regulations, India Warns Of "Terror-Funding, Money Laundering Ponzi Scheme" | Zero Hedge | Zero Hedge

 

Things could get interesting for Bitcoin and its crypto-peers as central banks begin to enact long-threatened regulations on digital currencies.

The bitcoin gang thinks that this means they are recognized, not that finally the elites are waking up to the possibility that this wretched scam might destroy economies.  I feel they are several days late in starting to take control.  Russia recognized the bitcoin as ‘money ‘ and is now making it impossible to circulate!  They are the first to see how to deal with this scam.

 

Bitcoin fell more than 11 percent on Thursday after sweeping regulations were announced in South Korea – a country thoughtto account for around 20% of global bitcoin transactions, though the virtual currency appears to be staging a last minute New Year’s Eve recovery for YTD gains exceeding 1,400 percent. 

 

Hope springs ever eternal.  The players in this obvious scam think that the regulations will now end and they can continue this stupid game.  But more countries are now imposing controls such as Australia.

 

“Officials share the view that virtual currency trading is overheating irrationally … and we can no longer overlook this abnormal speculative situation,” Hong Nam-ki, the South Korean minister for government policy co-ordination said. Anonymous accounts currently in use will be closed next month, it added, without explaining how it planned to do this. –The Telegraph

 

The only real use for this fake money is for crime activities.

 

There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes", which could result in a sudden and prolonged crash, the ministry said, adding that encrypted cryptocurrency transactions were likely used in things such as "terror-funding, smuggling, drug trafficking and other money laundering acts."

 

And here is the real truth, the one that many young people playing this foolish fake money game couldn’t figure out:

 

  • His issue is with ‘inflation by altcoin’: “The problem I have [with bitcoin] is while it says, by design, you’re limiting the number of bitcoins that can be created, it doesn't stop me from creating NeelCoin or somebody from creating Bobcoin or Marycoin or Susiecoin.”

Correct: right now we see zillions of copy cat scams.  ‘Etherium’ is classic: the name means it is nothing solid or real!  Duh!  During various wild markets like the 1920s US stock market mess, people were starting ‘corporations’ with similar names showing that these ‘businesses’ were merely fronts for selling stocks.

 

You can’t do that anymore thanks to legal changes to how stocks are sold. I have been focusing on the mania for fake money this last month after issuing warnings about it all during early last year because I find it fascinating how humans operate.  The promise of the first fake money was, it can’t multiply, it is limited like gold.

 

Well, it is multiplying like horny rabbits in spring.  There is no limit to it multiplying.  Note how ethereum is ‘surging’ when bitcoin is dying!  Next ‘money’ to do this will be ‘tulipeum’ and ‘roaring twentium’.

 

Greedy, stupid humans can’t help themselves.  If they discover any system that multiplies wealth with zero real effort, they will latch onto this to the bitter end.  This is why we have inflation, bubbles and other annoyances all the time.  The Fed, for example, is supposed to prevent inflation and bubbles yet it does this every other generation.

 

Caution and hard work are the only antidotes for this sort of silliness.  But who wants to work hard or be careful?  Look at how many young people drive cars!

 


Filed under: .money matters Tagged: Australia, Bitcoin, fake money, fraud, Russia