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Pragmatic Capitalism

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Is Bitcoin / Blockchain a conspiracy for omnipotent government?

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Seriously. A global bank where the balance in every account is open for all to see. Where every single transaction is public record and permanently indelible. This is seriously Orwellian!

Say I own 100 bitcoins in a e-wallet. When I spend the BTC on an online shop, my identity will immediately be exposed! I have to give them a shipping address, which immediately exposes my identity. And since all transactions are public record, they will know which e-wallet I paid from, and how much money I have in the e-wallet. Even if I used an intermediate e-wallet, it does not matter, because all transactions are public record!

Governments and big banks and leftist techno-preneurs are super hyped about Blockchain. It will eliminate fraud! It will eliminate tax evasion! They plan to eliminate fraud and tax evasion by making every single bank account and every single transaction, public record! This is a leftist super-conspiracy!

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Posted by Furion Lfg
Posted on 04/17/2017 10:55 PM
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FYI Furion: https://allthingsdecentral.com/collections/featured/products/private-internet-access
I know nothing about this! I just looked up what is a “Bitcoin Store” on Google. My impression is that buying bitcoins is a like buying an imaginary commodity. Then using that “commodity” as a unit of exchange to buy something else. Tax-free I guess. I don’t think it is “leftist” at all, but Libertarian based from the far right. What is wrong with the world’s good ol’ fashion debt based fiat currency traded on FOREX? Answer it’s a worldwide super conspiracy. Ask Ellen Brown.

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Posted by Dennis
Answered on 04/18/2017 5:15 PM
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    FYI Furion: Apparently the Federal Reserve has studied this a bit. http://www.the-blockchain.com/docs/US-Federal-Reserve-fintech-blockchain-innovation-research.pdf

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    Posted by Dennis
    Answered on 04/19/2017 3:47 AM
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      Bitcoin is pseudo-anonymous; however you can use mixer services and always generate a new receiving address obfuscate. But there are other cryptocurrencies that are truly anonymous from the get go, such as Dash. And in a few months, a new cryptocurrency is coming out that will have built in monetary policy into the algorithm by raising or lowering interest paid to the cryptocurrency parked in banks. The point is to keep it value stable which is not a feature of other cryptocurrencies at present.

      This is a Brave New World for sure.

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      Posted by MachineGhost
      Answered on 04/25/2017 5:16 PM
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