The Bitcoin Bubble: Hidden Risks And The NSA – SoT #167

The Bitcoin Bubble: Hidden Risks And The NSA - SoT #167

The Bitcoin Bubble: Hidden Risks And The NSA – SoT #167 by Rory and Dave Kranzler for Shadow of Truth

“These digital currencies might make fiat currencies look good. That’s how bad they are.” – Peter Schiff

Until proven otherwise, Bitcoin, and all cryptocurrencies for that matter, are faith-based “currencies,” just like the U.S. dollar or any other fiat currency. Instead of “full faith and credit of the U.S. Government,” cryptocurrencies require full faith in blockchain technology. The Daily Coin posted an interview with Ken Schortgen of The Daily Economist in its revealed that:  “The NSA developed blockchain technology and released the information in a white paper that has been uncovered by Ken Schortgen, Jr., The Daily Economist – LINK.”  The white paper can found here:  How To Make A Mint: The Crytotography Of Anonymous Electronic Cash – NSA, Cryptology Division, June 18, 1996.

Built to be skeptics, we have been wondering why Governments and Central Banks tolerate Bitcoin and all of the other cryptos if indeed the cryptos are the digital equivalent of the gold standard.  As it turns out, the NSA de facto has the ability to hack crypto blockchains.  We are certain the NSA is not the only entity globally with that ability.  Furthermore, the cryptocurrencies are absorbing a lot of fiat currency that likely would otherwise be flowing into gold and silver.  It reminds us of GLD and SLV, both of which have absorbed billions of institutional cash into two “black hole” vaults that have yet to withstand a bona fide independent audit.

In this episode of we bravely shred the Bitcoin and cryptocurrency mystique, which are more emblematic of the global asset bubble than a suitable substitute for gold and silver’s monetary function:

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The Daily Coin

Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.