It’s My Money and I’ll Cry if I Want to, by Farah Bazzrea
While blockchain developments continue at a blistering pace around the planet, expanding into every sector of our 21st-century economies, institutional alpha dawgs within the global financial regulatory networks warn of the unlimited potential for illegal money laundering, along with the escalating risks of ransomware attacks, exchange hacks, personal wallet buggery, mining fraud and any number of other illegal schemes being perpetrated upon early adopters but intolerable for mass adoption. Elsewhere at global elitist venues such as the World Economic Forum, St. Petersburg International Economic Forum, G20, to name a few, blockchain, cryptocurrencies, the future of money and global commerce are all hot topics within their stratified ranks of tech billionaires, elected and unelected political leaders and international C-suite financiers.
With yet untold life-changing returns for first-in-space endeavors in the blockchain, cryptocurrency and digital asset realms, tech-savvy individuals on both sides of the law are drawn into the ever-shifting sands beneath ground zero of the world’s most chaotic and creative financial destruction ever seen, each scrambling to gain the upper-hand, if but for a brief moment as one exchange after another is raided, cannibalized and/or destroyed by the darker souls of these blockchain gurus. Likewise, solving real world problems with exponentially more efficient methods make up the dreams that change the world. But where there are enormous opportunities for good, there are equal risks for bad, an unfortunate reality. Likewise, no technological leap forward has been without its costs; the printing press, the steam engine, telephony and internal combustion have all begat winners and losers.
Today is akin to the Wild West for the cryptosphere—there are few laws and even less means of enforcement. And perhaps this is as it should be for those of us seeking an encrypted anonymous banking and telecommunication network independent of the TransAtlantic financial autocracy. For these “regulators” create their own special kind of fraud and manipulation in broad daylight. Industry powerhouses control the public personas of these international “banking” institutions, who privately accept their masters’ self-serving agendas and policies as their own. So even as these self-appointed global regulators pretend to “protect” their citizens’ financial safety and prosperity, codified barriers to entry from competition are being erected while simultaneously granting carveouts for the centralized sycophants to transition their current financial business paradigm intact into the 4th Industrial Revolution. Should we expect anything less from these sociopaths?
This 4th Industrial Revolution, the exponential global advancement of AI, IoT, 3D printing, quantum computing, genetic bioengineering, robotics, electric universe theory and various other technologically advanced disciplines, has the potential to either lift humankind from the bipolar world of haves and have-nots to a more egalitarian existence with a massive politically empowered middle-class or implement an Orwellian dystopian 1984 Big Brother nightmare of global proportions. We’d all like to think that the white hats will win out but this is not a given. Taking a look at humanity’s track record for the last couple millennia is not encouraging.
As the world’s central bankers repeat their unabashed monetary manipulations–similarly to the 1929-33 tightening which crushed the indebted U.S. and European middle-class, enabling global financiers to acquire their foreclosed assets for pennies on the dollar–nationalist leaders like Trump, Putin, Jinping, Modi and their ilk, struggle within their respective nations against the deeply entrenched NWO bureaucrats and politicians to return sovereign control over their currencies to the people, eliminating the unseen tax of inflation, in addition to the real interest rates paid by even more borrowing of freshly printed fiat currencies while the DS political puppets continue to drown citizens in ever-increasing debt. This scam is in fact, the greatest among them all but also the most deeply hidden–in plain sight. An estimated 90% of the population is unaware of this slow bleeding of our financial soul (freedom).
Meanwhile, the globalists are launching their own monetary system in competition with themselves in an all-out scramble for control of the next global financial system. In a controlled opposition move, Facebook’s Libra cryptocurrency and its wallet, Calibra are reportedly challenging the ability for countries to control their currencies. On July 2, 2019 the U.S. Congressional Committee on Financial Services sent a letter to Facebook CEO Mark Zuckerberg, COO Sheryl Sandberg, and Calibra CEO David Marcus, requesting an immediate “moratorium on any movement forward on Libra—its proposed cryptocurrency and Calibra—its proposed digital wallet. It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar”. We’ll have to see if Facebook rolls out Libra in early 2020 as previously stated or if they cut a deal but regardless, the roadmap is clear.
The South China Morning Post reported on July 8th that China’s central bank is “developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system.” And then, “…the bank decided to create its own digital currency specifically because of the unclear role of the United States dollar once Libra is issued.” Clearly, these are big moves. We’re living in transitory times and the writing is on the wall. Governments are going to fight back against any “real” threat to their currencies. The global autocrats’ scheme to maintain their tight-fisted grip on the world’s population by ensuring a cashless society where all transactions are permissioned through their centralized systems is unfolding right before our eyes.
But don’t think cryptos are special. Black markets in Japan and India are increasingly smuggling gold into the country to avoid taxation and trade barriers. Luckily, XUN is like CryptoNight to the bankster-bought bureaucrats’ “superpowers” (read illegal and unconstitutional taxation) and thus, we should expect the official attacks and rhetoric to continue with forthcoming regulations to discredit and/or exclude it and other privacy coins from transacting within their planned centralized digital currency networks. I suspect privacy coin holders have expected no less. We’ve seen it coming. That’s part of the appeal. At least, to me. Existing outside of Big Brother’s reach. I’m not doing anything wrong. But I do not want to lose privacy in my financial transactions. Privacy is freedom.
We don’t need no stinkin’ centralized cryptos and to quote Tom Petty, “Don’t come around here no more. Whatever you’re lookin’ for. Hey, don’t come around here no more.” But in reality, I suppose it was inevitable that for cryptos of all kinds to flourish, there was going to have to be mass adoption and what better way than for countries to require it? So as the global bureaucrats and regulators continue to forge a new monetary framework to protect their masters, expect more legal headwinds and newly devised scams and schemes to separate you from your hard-earned money.
Hacks, collapsing Ponzi-based exchanges and fraudulent ICOs will soon seem a distant past. Modern-day outlaws robbing stagecoaches and banks, metaphorically speaking, will soon face the big boys, the Federales backed by reams of legaleze, courtesy your favorite global FinTech billionaires. That doesn’t mean there won’t be fraud. Though we’ve already seen everything from phishing emails to fake mining pools, cryptojacking malware, pump ‘n dumps, pyramid recruitment schemes, and fake ERC20 tokens, these are just the beginning. As the blockchain technology and markets evolve, new cons and scams will arise no doubt. There are criminals out there. But just remember to always default on the side of caution. Legitimate crypto projects are not looking for quick price inflation. They’re trying to solve the world’s problems by making a better mousetrap.
Be wary of “too good to be true” pitches, whether dressed up in formalized white papers or dressed down in a two-bit scheme for your upfront cash, personal info or other sources of value. Also, opportunities requiring immediate action are flashing red lights. As there are so many scams and more being devised at this very moment, early adopters in the cryptoworld must remain on their toes with their hands firmly around their assets. Sadly, it’s equally perilous for developers and their teams as they outsource services and talent. Fake websites, bogus Telegram or WhatsApp business accounts, you name it. It’s just a symptom of the times—and human nature.
Lastly, like your mother telling you to put on your jacket as you head outside in the winter, here’s a reminder that exchanges are the riskiest location to house your coins as they draw hackers and shysters like bees to honey. So do your business on your fave exchange if necessary but once finished, store your digital assets safely elsewhere. When P2P is mainstreamed, crypto exchanges will be the realm of professional traders and institutional monies. Us little people will stay away. Who wants to play poker with a stacked deck? So… “If you don’t hold it, you don’t own it.” is still sound advice. But even that isn’t foolproof. I’ve fallen prey to a couple ICOs that have resulted in holding worthless tokens.
So follow the money. Wherever the money flows, there will be gangsters, with bullets whizzing by and booby traps all around. Just keep your wits about you and follow your gut. If it doesn’t feel right, take a breather and back up for a moment. Reassess your situation and move cautiously.
To close out, here’s a couple links to help remind us of the most common types of scams.