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Bitcoin THREATENS Global Currencies

Posted by Dirk Watters on

Russian president Vladimir Putin is master spy and a professional liar, which means he knows a lie when he hears one…

And Head IMFer Christine Lagarde told a whopper at the 20th Anniversary of the Bank of England Independence Conference in London on September 28, 2017.

She opened with a soft fib about Bitcoin and cryptocurrencies in general when she offered that cryptocurrencies may pose a challenge to “in the future” (whenever that is or might be).

But, like any good globalist politician, she speaks several languages fluently, out of both sides of her mouth…

Lagardes’ BIG LIE:

“For now, virtual currencies such as Bitcoin pose little or no challenge to the existing order of fiat currencies and central banks. “Why? Because they are too volatile, too risky, too energy intensive, and because the underlying technologies are not yet scalable.”

But apparently, the girl just can’t help it…

She then told CNBC: “I think that we are about to see massive disruptions (from cryptocurrencies).”

“Little or no challenge to the existing order of fiat currencies and central banks” and yet “massive disruptions”?

Really, Christine?

Lagarde also noted that “potential users of virtual currency – which allow peer-to-peer transactions to take place without central bank or clearing house oversight – might ultimately be put off by the risks.”

That might be true – but it’s not.

It’s GAME ON for cryptos

The fact is, the IMF is all over the map when it comes to cryptocurrencies.

The reason is simple: cryptocurrencies threaten their nearly global monopoly on money, power and control.

The know that cryptos are doing for money what the internet has done for information and media channels…

Taking it out of the hands of the elite and putting it into the hands of…anyone and everyone in the whole damn global village.

The thing is, Madame Lagarde, the rest of the world gets it – it’s GAME ON for cryptocurrencies.

The fact that Bitcoin and blockchain technology use is exploding among nations, established businesses, credit card companies and entrepreneurs…

And that nations are racing to create their own cryptocurrencies that they can regulate – severely contradicts the credibility of Lagarde’s statement on several levels.

The crypto calculus

Lagarde also said (quite cryptically it could be argued) that, “Many (cryptocurrencies) are too opaque for regulators; and some have been hacked.”

Let’s break that down…

Cryptocurrencies are “too opaque for regulators?”

Damn right they are…

That’s more or less the whole point of the blockchain, Madame.

And as for being hacked, well, who hasn’t been hacked?

If that’s the criterion for validity in Lagarde’s world, then the IMF won’t even pass that smell test.

And while we’re at it, may as well eighty-six Equifax, the US Department of Defense, SONY, Target Stores, Jimmy John’s and thousands of other companies and organizations around the world.

Besides, the hacking has been against secondary sites, not against the blockchain technology itself, which is the gold standard - if you will - of the cryptocurrency universe.

Let us leave Planet Lagarde and get back to reality…

The crypto calculus for nations is clear:

Create your own cryptocurrency and regulate it to the hilt, or see Bitcoin make your currency and financial system become irrelevant almost overnight...

Bitcoin’s popularity may have also stoked concerns from authorities who worry the cryptocurrency could “weaken official control of the country’s money supply,” given that everyday investors have bought heavily into Bitcoin, even betting against the yuan.  China also banned initial coin offerings at the beginning of the month as an illegal form of public financing. (The Verge.)

Yeah, it’s like that.

The race for national cryptos

 Putin knows this…

That’s why Russia is rushing to create a national cryptocurrency called the “CryptoRuble”.

It will let the Russian government tax gains on cryptocurrency prices and on all sides of transactions…

But just as importantly to Putin, it will let the Russian spooks monitor who’s doing what, where and when…

It’s enough to make a totalitarian thug weep with joy.

Ah, but Russia has more than just a national cryptocurrency in the works…

Moscow wants its own crypto, which would be a subset of the national brand, so to speak.

And other countries are hustling to create their very own, highly regulated cryptocash as well…

While blocking Bitcoin as much as possible...

The IMF’s cryptocurrency endgame

In fact, despite Lagarde’s two-sided rhetoric, the IMF is well on its way to creating its own cryptocurrency for the entire world…

That it can control, regulate and enforce.

That’s because when it comes to money, global institutions like central banks and nation states don’t like competition…

And that’s exactly what Bitcoin blockchain technology - also known as distributed ledger technology (DLT) is – competition.

It’s the “permissionless DLT” of Bitcoin that threatens the IMF because, well, nobody has to ask permission or comply with the IMF on anything…

They don’t like that.

Lagarde and the IMF much prefer “permissioned DLTs”, where they’re the ones in control…

And I’m afraid that they’re going to insist on it.

Here’s what the IMF members discussed in recent gathering:

“Permissionless DLTs allow anyone to read, transact on, and participate in the validation process. These open schemes (that underlie Bitcoin, for instance) could be very disruptive if successfully implemented. By contrast, in permissioned DLTs, the validation process is controlled by a pre-selected group of participants (“consortium”) or managed by one organization (“fully-private”), and thus serve more as a common communications platform.”

One guess as to who the IMF would have manage their cryptocurrency…

Yep, them.

Like the internet before it, the age of unregulated cryptocurrencies and the anonymity they allow the common man will come to a stop sooner than later…

And the IMF’s currency goal for the world is the same as Putin’s for Russia: transparency, control, taxation and enforcement of compliance.

Does that sound liberating, anonymous and empowering to you – or just sinister?

Stick with the “original cryptocurrency”

So what’s the answer to this golden age of cryptocurrencies we’re currently in?

Buy into Bitcoin?

Rush into the CryptoRuble?

Wait for the IMF’s cryptocurrency?

Well, you could ask Christine Lagarde…

Or, you could just get your hands on the world’s best and oldest cryptocurrency instead…

That would, of course, be gold that’s in your personal possession…

And safely hidden away


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