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The Bitcoin Bubble: Hidden Risks And The NSA (10/8/2017)

August 10th, 2017

“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:

 

Don’t miss a golden opportunity.

Now that you’ve gained a deeper understanding about gold, it’s time to browse our selection of gold bars, coins, or exclusive Sprott Gold wafers.

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Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

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