#BitCoin, Crypto-so-called-Currency

In the Laboratory Equipment newsletter (very recommendable!), one can read how the BitCoin, just on its own, during the so called "Minting" process (a word adopted to give this crook, fake never-was-currency credibility), consumes so much power, so that the process alone will be responsible for several points of temperature raise in regards to the global warming.

Link: Laboratory Equipment about BitCoin

Well. It deserves some comments:

Bitcoin is not a technology

Bitcoin is, said in all humbleness, a scam. It is widely populated globally with greedy people, who are no better than those going to Casinos to play Roulette, BlackJack or what such games are called. Let it be clear that Bitcoin is in no way a coin. The name of this pseudo-product has deliberately been including the word "Coin", to give it credibility. But naming something doesn't make it. Brass will not become Gold by being named Gold. Bitcoin will not become a currency by being named "Coin". Imagine what would happen to someone trying to sell Brass as Gold? They would be frog-marched to the nearest prison-cell, and charged with ... Scam...

Bitcoin is a Zero game

Bitcoin is formally a so called Zero game. It means when someone wins, someone have to lose. It is not like any other human and/or energy driven activity, where you always have 2 winners carrying out for instance a trade. The seller of a goods or service will earn a profit, and the buyer will earn the goods or service.

Bitcoin is not a currency

The acceptance of Bitcoin as a currency is therefore a de facto error, and only an expression of the vast ignorance associated with these technologies which by error have been given names associating these technologies with "currency". The Finnish National Bank has taken it upon themselves to analyze Bitcoins to a much higher degree than any even professional finance professional, accountant or monetarily experienced person can do. They concluded unanimously that Bitcoin is not a currency, and not even a trading instrument (because there is nothing behind any Bitcoin than vast resources of energy wasted in producing these encrypted strings from the Blockchain).

Finland, Vietnam, Panama, rejected Bitcoin

Several countries, have rejected Bitcoin solely based on the fact that it is not a currency. There is no value behind, and the mere fact that energy has been wasted to produce them does not represent any value one can later use for any purpose whatsoever. There is no intrinsic value in any length string of characters, so, one cannot, for instance, use these same so called Bitcoins in any kind of trade, outside of the bitcoin system, that is, offline.

The principle of having an exchange of value between people, based on blockchain is indeed a very good one, as long as the Blockchain is meant to maintain a ledger or evidence of the transactions. Beware that the difference between this - workable - approach - and the Bitcoin is that in this approach, the value is not in the Blockchain - Blockchain works as a ledger - an accounting power. In the Bitcoin example, the very Blockchain index value is the one being traded as if it had a value. This would resemble in normal business, that we start selling a record of a sales in an accounting system as if it has any value, and begin trading with the record as if it will gain more value over time. Imagine - I buy a liter of milk in a supermarket, and now traders start trading the registration record in the accounting system as if it has any value?

The makers and faithful religious believers in Bitcoin must be laughing all the way to the bank. This is the biggest global scam since the Pyramid Schemes were invented.

Just like the world wide known fable about the Emperor's new Clothes, which deals with an emperor who has been sold non-existent clothes by smart tricksters and end up displaying it to the public (while there were no clothes and he therefore displayed his innerwear), the tricksters were revealed by a little boy who just said: "But, the Emperor is not wearing any clothings!". Only then, the massed discovered the scam.

Bitcoin is the same. The masses have taken it up. Bitcoin is gaining and plunging and billions of real US Dollars, Euro and plenty of other currencies are changing hands in a rapid speed, all of them, lumped together - have not earned a single cent - it is a zero-game.

But people want to believe.

When is the small boy coming to say to all of the believers, that "Bitcoin is not wearing any clothings?"

Blockchain - without the Bitcoin - could therefore easily form a basis of a well working trading system where the real money (being any real currency). remains physically behind lock and key in a bank, and then when trade has settled, these blockchain representations (indeed not in any way a currency!), can be transformed into reconciliation of the net true currencies (ie. USD, Euro, GB Pounds etc). The Blockchain principle would work wonders in preventing the oldest of all accounting scams - the deletion of records. This would force anyone who legitimately would like to change records, to do it by reversal, which is catered for as the correct and rightful way of correcting errors.

Blockchain works. Bitcoin doesn't

So, there is nothing wrong with Blockchain or any of the technologies behind Bitcoin. The problem with Bitcoin is the idea that it is a currency, while in fact it is only a representation of a huge waste of energy to produce a globally unique, digital string of hexadecimal or BASE64 encoded characters.

The mathematics behind Bitcoin is infallible. It means, that seen from a pure mathematically theoretical and also practical perspective, this calculation technology produces the true security behind Bitcoin, as being alleged by its creators. Truly, other of these falsely proclaimed currencies are also based on the same, rock solid, hard technology. However - this does not make any of these self-proclaimed currencies become a currency.

Cocktail of Greed, Ignorance and Stupidity

The fact that someone trusts in Bitcoin (and the other so called coins) must be a result of sheer ignorance. Stupidity is added to that equation, as people have seen how this so called Bitcoin has fluctuated up and down and up and down like a roller coaster - or - better yet - like an unstable investment paper. The stupidity comes in the way that when any currency fluctuates very much, it is due to that the support for the currency, behind the scenes, ie. a country's trading capability - is failing. Now, these crypto-so-called-currencies - do not have any backing what so ever, except the speculative backing by wanna-be-millionaires. Even shares - which is another zero-game - are backed by the cost of buying the expected dividend. The crypto-so-called-currency has no backing what so ever, except - ...

GREED

Have a good one, I do not own a single of these crypto-so-called-currencies, and Finland, Vietnam, and numerous of other countries have banned "trading" in these non-instruments. While I have never played in any casino, due to its inherent, pre-programmed, and fallible nature, I would rather put a bet on the Roulette, than wasting a single real cent on any of this fake-news, null-valued, greed-ridden fallacy called BitCoin.

Bwaah.

David Svarrer