CRYPTOCURRENCY

The whole concept of the crytocurrency is baseless and bogus, I do not see the possibility of this concept booming.

The internet technology system we have today was created and allowed to be public that allowed to be a “decentralize” system where everyone can benefit however the system gradually becoming a “centralized” system where only few benefiting, the 21st century has seen a rapidly birth and growth of a new industry call the INTERNET also known as the www.com these new industry although very young but can boast of high supersonic growth and hyper profit margins beating all other industries put together the internet is arguably bigger than them all, but the fact remains unchanged the real drivers of every economy is based on the real industry such as mining, oil and gas, agriculture, real estate among others the internet is a virtual industry and does not base on anything.

Crytocurrency is a virtual currency and does not exist in order words trading real asset for codes (numbers and figures) this unbelievable catastrophic in nature to the banking and finance industry if these concept booms I can’t believe anyone will trade a real tangible asset for codes (i.e. figures and numbers). The currency system we have today and the central banks been the regulator is a tried and tested system and the principle is based on trading with real asset and can be quantified, crytocurrency has no bases has no real asset and cannot be quantified, the boom in the crytocurrency will result in a major financial crisis banking and finance will be the most affected followed by gold and furthermore the clash of the stock market, on other words codes (figures, numbers) will become more valuable than other tangibles with these sort of moves other major market and stock will certainly decline and the resultant effect is financial crisis.

The I.C.T or technology industry is different from internet or www.com industry, the I.C.T or technology industry existed long before evolution of the internet or the www.com industry and the I.C.T technology industry fall directly under the manufacturing industry and the I.C.T industry is a real industry that creates jobs and drives economic growth.

The internet www.com industry have many positivity that we all appreciate but still the decentralization of the system is been compromise by some minority who only want to create a centralize subset under a system that was create to decentralize the true purpose of the internet must be safeguard from others who want to centralize the system we cannot have a centralize system in a decentralize system it is impossible.

The creation of a form of currency to trade on the internet i.e. on the www.com will certainly require a central system that regulate and monitor the activities of crytocurrencies, the currency market of the world today have a long tried and tested history and currently the world have no challenges with the currency market hence creation of a form currency without a regulatory body is totally an error or oversight from the banking and finance industry especially the central bank. The central banks should tightens their policy against crytocurrency ( i.e creation of any form of currency that is not recognize by the central banks this move is even more important particularly because the central banks and the banking and finance sector will become the worst affected industry if the crytocurrency booms.

QUICK FACTS ABOUT CRYPTOCURRENCY

·        Why should anyone trade real asset for codes (figures and numbers) intangibles?

·        What is internet mining? Internet mining is a baseless terminology that confuses the general public including the originators or the term, the truth is that there is nothing like internet mining and it cannot exist. There could be internet research and development but research and or development cannot be termed as “mining” which is very confusing and misleading mining itself is a process that involves lot of activities before the mining itself takes place and even after the resources have been mined the resource have to be processed or refined before the resource can be utilized with “internet mining” the question is what is the resource discovered, what is the finding report?, what is the estimated value of the resources to be mined? The answer to this question is very important before any other factor can be considered it should be observed that not all discoveries merit the investment for mining some discovery simply does not merit commercial consideration. Why should invest in reportedly claim of mining activities that is confusing and does not support enough evidence how valuable it’s particularly in this case where everything is virtual not real tangibles and the purpose further defeat the decentralization of a system.

·        Why do we need cryptocurrency? There are currencies in every economy and there are regulators of this currency why do we need a crypto currency particularly when there are many payment options available on line why do we need a crypto currency?

·        How efficient is the crypto currency concept what are their weakness and strength, is there any in the currency market today? I do not think crypto currency is efficient enough I believe their weakness is the fact that there cannot be a form of currency that is not regulated and monitored by a centralize system, and there cannot be a centralize system in a system that have a decentralize purpose, also we cannot have a system anyone creating or issuing currency itself crypto currency lack merit to consider on the basis that a form of currency is created and issued at a blind side of the central bank these activities seems to deregulate the position of the central banks for a smooth running of the currency market only the central banks have the right to create and issue currency any form of currency whether virtual or real whether crypto or not will amount to illegality and possible criminal offence

·        Cryptocurrency developer was reportedly anonymous the cryptocurrency was reportedly release as an open source software, hence it mean anyone can use or redevelop it for the benefit of the public, what is open source software or invention? Any invention, software etc. term open source is mean for the public benefit without any profit motives hence the cryptocurrency is believe to be confusing and misleading to the public and furthermore misplace the priority of open source software, there cannot be a business profit venture of an open source software this very confusing and clearly priority is misplaced here furthermore the system creates a situation where anyone can create and issue a form of currency without a centralize regulation and monitoring.

·        Why should anyone trade their real assets for codes (figures, numbers) when, how did codes become a valuables or an asset? One of the main objectives of the central banks is to ensure that virtual asset or wealth is not created and all claims of wealth and asset should be traced to real asset and tangibles, with creation of virtual asset (valuables) there will be rise of untraceable wealth and assets thereby leading to inflation which will have a very catastrophic effect on the banking and finance industry and possibly deregulation the central banks

·        What is the relationship between crypto currency concept and the banking and finance? Technically if the developer of the crypto currency software is unknown then there is no relationship with the banking and finance hence the whole concept is baseless.

·        The number one challenge in the 21st century economy is job creation, how many jobs will the cryptocurrency create? The internet, www.com industry is arguably the fastest growing industry which can boast of billions of revenue but they do not create enough jobs, neither do the industry contributes significantly to the economy.

·        The internet or www.com do not contribute significant economic growth what is different about cryptocurrency? There is no difference cryptocurrency cannot drive any form of economic growth the boom of their activities will rather create the worst financial crisis yet to be recorded.

·        What is the future of the cryptocurrency? The future is very catastrophic particularly for the investors, historically every industry in every economy experience some sort of ups and downs cryptocurrency will certainly experience a challenging moment and I don’t see how the values of codes will stand the test of time. What is trade? In a simplistic term exchange of goods and services what is currency an acceptable legal tender for goods and service the underlining factors here are goods, service and values place on the goods and service furthermore they are tangibles when and how did codes becomes a value and when and how did it become a legal tender? This development is very worrying particularly because it is “virtual”

·        Have the internet live up to its expectation? The answer is yes and no, yes in the sense that we have seen development of programs, apps site etc. that have benefit the public in many ways but on the other wings there are others who seek to take advantage of the system for their personal gains without the benefit of the public in mind and this where we all and relevant stake holders need to ensure that the purpose of decentralizing the internet system for everyone benefit is not compromised.

·        There are speculations that the cryptcurrency is only a system that take hard earned asset from individuals could this be true or false?  Yes the speculation is true enough at the end the investors end up buying codes (figure and numbers) please na code we go chop?

·        Why is it believed that cryptocurrency is a catastrophe? For every emerging industry there is some form of reciprocal effect which always result in the collapse of an existing industry, the fear is that reciprocal may not be contained or balanced, for the purpose clarity if an industry emerges and its reciprocal effect is contained i.e its benefit super cedes it side effect it can be said to be an emerging industry but the case of cryptocurrency the benefit for all cannot be projected, the value of unfactual mining activities is unknown, the system is not regulated and no monitoring, the currency is virtual based on codes, the risk associated with cryptocurrency is not fair enough.

·        Why should anyone invest in cryptocurrency when in an essence it was created as an open source “software” or “invention” what is an open source software or invention? Anything created as open “source” is meant for the benefit of the public and cannot be develop or use for venture that is profit motivated the use of open source software or invention for profit motives defeat the purpose open source software or invention and particularly the cryptocurrency concept is a software that misplace priority and the whole concept is very confusing.

·        What is the internet or www.com? The internet or www.com emerge from its parent industry the I.C.T or simply technology sector which falls directly under the manufacturing industry is widely to considered to be same as the I.C.T/technology industry but there is a big difference between this two. Historically when computer where first created the technology is within the same computer soon the need to communicate between two or more computer become a necessity this lead to the development of a network where two or more computer can communicate transfer or share information the successful development of a network lead to the evolutions of the internet the www.com in other words the internet www.com is an extensive network where million and billions of computers devices can communicate around the globe, the internet or the www.com is a “soft” industry that basically deals with software’s , apps, websites etc. However the I.C.T or technology is an industry that fall under the manufacturing and existed long ago and the internet www.com evolves from the I.C.T technology but this does not conclude the industry is the same

·        Web mining (internet mining) is the application of data mining techniques to discover pattern from the web, as the name propose, this is information gathered by mining the web, it utilization of automated apparatus to reveal and extricate data from servers and web2 reports, and it permit organization to get both organize and unstructured information from browser activities, server logs, website and link structure, page content and different source web mining can be divided into three different types web usage, web content and structure.

·        The illegality of the cryptocurrency is hyped when the issuer/creator of the currency is the sole entity that ascribes values to it. Conventionally currency is issued by a central bank with denomination but real value of a currency is determined by it purchasing power and in case where the asset is acquired through work rendering of service the value of the currency is determined by the work or service rendered and these is done by mutual understanding by two parties, note the issuer have no role in determining the value, however cryptocurrency have the issuer/creator the same entity that ascribe values in other words the cryptocurrency is created and issued with values .

Cpnventionally to acquire asset, i.e earn currency/values through work or rendering services there is a “prove of work” which is agreed upon and accepted by two parties note the issuer/creator is not involve in the “prove of work” however in the case of cryptocurrency the issuer/create and determine the prove of work which is adecieving and misleading practice hence the real prove of work can only ascertain by two parties based on the agreed work done or agreed service rendered, note the creator is not involve in determining the prove of work, as a matter of fact the process of determing the poove of work by cryptographers is illicit and baseless, prove of work is determined by offering and rendering a service or exchange of goods/asset, technically currency is exchange for codes whiles values is ascribe to the codes while the real value in the currency is converted into cash or other investment by the cryptographer hence creating duplication of the value this will eventually leads to inflation. Cryptographers ascribe values to codes and lures/ mislead the public to invest in something that is off no value and importance.

·        The possibility of an industry to create its own currency will leads to other industry claiming to create and issue their own currency we cannot have a system in the world where every industry should be given the backing to create their own currency, this is catastrophic to the financial market, we need to make the cryptographers understand that currency can only be issue/created by only one entity which is the central banks no one has a business in creating or issuing currency and the central banks need to tightens their policy against any form of currency that is not issued by the central banks.

·        “any form of currency not from the central banks will amount to illegality and consensus to overthrow distort the central banking system and the government of the world we cannot afford to see the currency market been decentralize”

·        There are about 195 countries in the world today, technically (assuming every country have its own currency and does not depend on foreign currency) there are about 195 currency in the world today, however the cryptocurrency is reportedly flooded with over 1354 currencies clearly these is creating virtual wealth, uncounted wealth which will eventually lead to hyperinflation it’s not possible to have over 1354 currency within a single industry (I can’t imagine country having different type of currencies and a country where anyone is free to create/issue currency.)

·        Every invention/innovation solve a challenge or problem in the society what problem are cryptographer solving? Basically there is no evidence or prove that they are solving a particular challenge or problem their moves only mislead and lure the public to invest in something that is of no value and importance, the current financial/currency market is efficient enough. The activities of cryptographers is worrying and catastrophic which will lead to the collapse of the financial/currency market if the banking and finance and central banks do not tighten up there policy against any form of currency which is not issued by central banks