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The Illegitimate Blockchain
Written by Matt Wolfe, 24 October 2017
Is Bitcoin the biggest technological innovation since the internet itself, or is it the biggest load of hype around a new emerging technology the world has ever seen?  

What if I told you the answer was yes to both?

Right now, blockchain is in the 1992 era of the internet in terms of adoption, infrastructure, and ease of use while it is simultaneously in 1998 era of the internet in terms of hype. So yes, blockchain is absolutely a massively disruptive technology and it is also been hyped quite a bit.

As the price of these new digital assets sore to all time highs, investors and  Wall Street money guys are flocking in droves to claim their share of the pie. The total crypto market cap as of the time of this writing is over $335 Billion dollars, up from $14 Billion just 12 months ago. That is some RAPID adoption. Prices have gone up nearly a 1000% every year.

This incredibly lucrative price action has absolutely got the attention of regulators and central bankers, and they are none to happy. In the past few months I have read more articles than I can count from politicians, bureaucrats, regulators, bankers and “economists” all talking about how regulation will legitimize Bitcoin and other cryptocurrencies. Even many Crypto-Entrepreneurs tout this same nonsense to no avail.

I find it comical to say the least, that there is some kind of consensus that the United States government…or its financial institutions can somehow regulate ANYTHING into legitimacy. Who are these elite absolute authorities on what is legitimate and illegitimate? The SEC, Morgan Stanley, JP Morgan, Congress, the FED Chairman, the IRS, Donald Trump…WHO?

I’ll tell you who people are putting their faith of legitimacy in. It’s the same guys who propped up a fraudulent mortgage ponzi scheme back in 2008 that almost collapsed the global financial system. It’s the same guys to manipulate the Gold markets. It’s the same guys behind the Libor scams and the Equifax database breach. It’s the same guys behind Wells Fargo who stole the personal information of its users to create millions of fake checking accounts. It’s the same guys who have been debasing of the national currency by 98% since inception and who have waged war, committed genocide, occupied sovereign lands illegally, and assassinated world leaders and anyone who got in their way. These people will bring legitimacy to a private, open blockchain, decentralized and distributed digital cash system….is that right? Tell me more about where you buy your drugs because you must be on some good stuff! Oh wait…you are probably zoned out of your mind from all those prescriptions...

It’s a small group of controlling elite that have perfected a currency to act and behave first and foremost as a system of control. Before all other properties of money are considered, fiat’s primary purpose is an enforcement tool to snuff out political dissent at the bank. And now, for the first time in human history, we have a currency that exist outside of their control. It’s outside of their reach. It is a disruptive technology and it is here to disrupt the global financial system. That….is….a….FACT.

I don’t think the proponents of regulation comprehend the meaning of the word “legitimate”.
These regulators let the Banks steal your money, loan it back to you at interest, secure that loan with your home that they previously had no interest in. Then they risked your deposits and leveraged it to the hills for decades. All the while privatizing all the gains....then they committed fraud by buying off regulating agencies to fudge bond ratings to keep the ponzi scheme going. Then only once those banks had a short position secured did those regulators honestly rate those bonds for the shit they were and the market tanked.....
You lost your house. You lost your job. You lost your 401k. You lost your pension. Cost of milk doubled. Then Congress stole TRILLIONS of dollars to socialize their losses. Then what did they do? They got central banks all over the world to massively print money to stave off the global financial meltdown.

Guess home mortgages are back to the same levels they were in 2006. Add on top of that debt, trillions in government backed student loan debt, and government backed auto loan debt and government backed healthcare debt....none of which can be repaid. All of which WILL DEFAULT....These people are somehow going to regulate cryptos into legitimacy? Get the fuck outta here with that.

No, cryptos are legitimate PRECISELY because they exist outside the reach of these fraudsters. It's legitimate because it can't be controlled or regulated in any meaningful way. It's legitimate because each new Bitcoin isn't born out of debt. It adds no new debt to the national deficit. It's completely and totally outside of that system. It's legitimate precisely because when no one can control it, then no one can deny access. It's legitimate because it refuses to be used as a system of control.

The NASDAQ is illegitimate. The FED is illegitimate. The IRS is illegitimate. Congress is illegitimate. The United States corporation founded in 1871 to restructure the national debt is nothing more than a foreign occupying army...a De Facto ILLEGITIMATE government. (Not the same Republic our founders established.)

I'm not waiting on the global elite to pass down some sort of legitimacy. The more my government resists this tech the more legitimate it becomes.

But what do I know anyway right? What do you think? Will added regulation that is near impossible to enforce going to add legitimacy to Bitcoin? Or has the legitimacy of Bitcoin showne a spotlight on the illegitimacy of our current financial system?

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About Author: Matt Wolfe

Founder of, privacy advocate, entrepreneur, arm-chair economist, stand-up philosopher, cryptography enthusiast, free thinking Cypherpunk.
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