Criminal Chinese Government Crashes The Cryptocurrency Market
Currencies / BlockChain Sep 05, 2017 - 01:11 PM GMTBy: Jeff_Berwick
What do governments do? Enslave people. What do central banks do? Impoverish people. And what do government regulations do? Destroy capital, impoverish people and protect the monopolies of the 1%.
And today we are seeing how government regulations, which is just another word for “threats of violence” and “extortion” can impoverish people and destroy capital while protecting the financial banking monopoly.
And that is exactly what has happened in China this week where the People’s Bank of China, the Chinese central bank, has officially declared ICOs (initial coin offerings) to be an illegal method of raising money.
Not only are ICO and token sales now illegal, but the Central bank has also demanded that any business, fund, or organization that has already benefitted or is currently the beneficiary of such fundraising begin making arrangements to return the funds to their respective benefactors.
A committee led by China’s central bank [link in Chinese], the ones who ordered the ban, made a statement that ICO and Token sales have “seriously disrupted the economic and financial order.”
Which order? The plan for a new world order? If so, good.
But, the Chinese government’s violent acts have caused a bloodbath in cryptocurrencies:
In any case, as you can see, this has caused a major sell-off in the cryptocurrencies, particularly the recent ICOs.
Cryptocurrencies as a whole, which had hit an all-time high of $176 billion just three days ago, have fallen 18% since and are currently near $150 billion.
Is this the end of ICOs? Of course not. Governments are barbaric forms of enslavement that have only one tool: violence. Violence doesn’t work so well when trying to force decentralized databases with no single point of failure to do what you want.
Because China didn’t “ban ICOs”. It threatened to put those that publicly offer or trade them into concentration camps. You can’t ban math on a decentralized system from existing. You can, however, attempt to scare, extort, and coerce people to not deal with them publicly.
And since that is the case, as I’ve said for years, you’d have to be insane to live in fasco-communist countries like China or the US if you are involved in any way with cryptocurrencies seeing as they are some of the most tyrannical governments on Earth.
ICOs will just move away from those countries which will serve to further impoverishing places like the US where any form of entrepreneurialism has been outlawed in one way or another and ICOs will continue in one form or another.
They may move off Ethereum if its centralization proves to be too easy for government to coerce. And that is why I have been and am still a fan of EOS, which I have said could be the Ethereum killer.
EOS got hammered today along with everything else, for those who may want to pick some up on the cheap.
In the short term, this is all quite bitcoin bullish. And I had warned subscribers about getting too heavily invested in the altcoins and ICOs as recently as this weekend, when I said in our most recent Dispatch, “Subscribers may recall that 1-2 months ago I said that the altcoins are looking quite “bubbly” and that I felt the safest and best bet was mostly just in holding bitcoin.”
I went on to say:
I think it’s fair to say we are well into bubble territory now on many of these cryptocurrencies and ICOs. July was the biggest month for coin offerings, with 34 projects raising a whopping $665 million, Tokendata.io data shows — or twice as much money as was raised in the first five months of the year combined.
We have had an incredible run in many of the cryptos and it WILL NOT go up forever. So be prepared for that.
It looks like I was unbelievably prescient yet again! Make sure to subscribe HERE so you get all of our analysis and recommendations.
While many ICOs and altcoins could be greatly damaged the more that governments attack them, they can’t attack bitcoin.
There is no central bitcoin office. No CEO. It’s a self-running application. The only way to stop bitcoin is to turn off the internet.
And, given the massive demand in China and the potential seizing up of a lot of that capital due to this most recent attack by the Chinese government, we could see a lot of that capital that is looking to run, not walk, from the Chinese yuan, flow into bitcoin.
Bitcoin has been dragged down in the sell-off and currently sits just below $4,400.
I recently interviewed one of the early founders of BitClub, Joby Weeks, when he was in Acapulco. We talked about how BitClub makes it easy to get into bitcoin mining even with a small amount of money.
If you want to find out how to get into bitcoin mining and start today, you should check it out (and subscribe to Anarchast’s Youtube Channel to make sure you don’t miss any future interviews):
If you want to begin mining and unfortunately live in the USSA then you will see BitClub, like almost anything cryptocurrency related, does not accept US citizens due to the nefarious capital controls put in place by the US government.
However, if you do live in the US or are a US citizen, you can still sign-up to Bitclub by downloading a VPN. You can do so by downloading the Opera browser here and following these instructions.
Governments and central banks will continue to try to do everything they can to stop you from getting involved in cryptocurrencies. That’s because they know that if everyone began using cryptocurrencies, their central banking scam would collapse and then government itself would mostly disappear and we’d have peace and prosperity on Earth as you’ve never imagined.
So, just be like me and say “***** the government” and carry on.
Anarcho-Capitalist. Libertarian. Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks. Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast. Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media.
© 2017 Copyright Jeff Berwick - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
Jeff Berwick Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.
