The following is a recent excerpt from Jeff Berwick...
BITCOIN & BITCOIN CASH - A CONSPIRACY THEORY
I think there is a reasonably likely conspiracy theory to do with Bitcoin and its most recent fork.
As many know, many of the core bitcoin developers work for a company called Blockstream. Developers include Adam Back (President, Blockstream), Gregory Maxwell (CTO, Blockstream), Mark Friedenbach (Co-founder, Blockstream), Pieter Wuille (Bitcoin Core developer), Samson Mow (CSO), and Christopher Allen (co-author of IETF Transport Layer Security.
What many may not be aware of is that Blockstream is controlled by the Bilderberg Group. AXA Strategic Ventures, co-lead investor for Blockstream's $55 million financing round, is the investment arm of French insurance giant AXA Group - whose CEO Henri de Castries has been Chairman of the Bilderberg Group since 2012.
At the same time, the most popular Bitcoin reddit, /Bitcoin
, has become almost completely censored in the last few years and only allows pro-Blockstream related content.
Blockstream has been resistant to the common sense idea of increasing the Bitcoin block size for years. And this makes perfect sense in that Blockstream’s entire business model is based on creating sidechains which profit from a slow or expensive Bitcoin network.
Finally, some people, including Roger Ver had had enough of this takeover of Bitcoin and thus we have the hard fork and Bitcoin Cash today.
THE CONSPIRACY THEORY
This all gets quite complicated and I won’t bore you with all the details (but I will include lots of links for more information for those of you who want to understand this on a deep level).
But, here is the theory I have come up with in a nutshell.
We know the globalists want to destroy bitcoin. And, we know they can’t do it via their traditional means of sending in government thugs to kill, arrest and steal everything because there is no one central point of failure for bitcoin.
So, if they did want to try to destroy bitcoin what would they do? First they would try to employ as many of the most prominent bitcoin coders. Check.
Then they’d want to try to control the narrative which, for bitcoin, has been centered at /bitcoin
, where they now appear to have complete censorship powers against anything competing with Blockstream’s proposals. Check.
They’d then want to subterfugely get code implemented into bitcoin which is a) irreversible and b) a ticking timebomb for BTC’s destruction.
Well, we don’t know yet, but that is exactly what Segwit could be.
As I said, I am not going to include pages of information supporting this theory in this issue as it would get into the hundreds of pages. Instead, I will leave you links to further information.
First, here is a blockchain techie, modprobe, and his concerns about Segwit, “I Looked Into SegWit, and Here's What I Saw .”
Here are some of the most pertinent items he mentioned:
There are two major implications to this hack. The first is that segwit is a one-way ticket: once it starts, it can never be removed because to remove the (insanely complicated) segwit rules that say "Ignore what the transaction says and look at the witness data instead" would leave only the "anyone can spend me without any authorization" rule on all segwit balances. Thus anyone could steal all the coins in segwit balances. To remove segwit, it would either be necessary to keep the (insanely complicated) rules in play, but disallow new transactions to use them, or convince all Bitcoin users to first move their bitcoins to a non-segwit balance. The first isn't really removing segwit, since its rules would still be in use, and the second is simply not going to happen since segwit proponents will lie and censor (just like they're doing now to promote segwit) to scare people away from leaving it behind. The second implication is even more chilling: for the first time, the Bitcoin protocol will have official support for theft of bitcoins. See, the formal rules of bitcoin will be "anyone can spend these coins without authorization," but the segwit rules will say otherwise. This means that anyone who can get a majority of miners to agree to look the other way (i.e. ignore the segwit rules) can send a transaction that spends those bitcoins without authorization, and it will be valid by protocol. At present, if the majority of miners attempted to do this, their blocks would be invalid (and ignored by the network) because they violate the Bitcoin protocol, but with segwit, the Bitcoin protocol will only understand "anyone can spend these coins" so as long as the miners agree to ignore the segwit rules, the transaction will pass checks. Obviously this means that the miners could collude to steal everyone's segwit balances, but more likely, a government could force mining organizations to allow their transactions to steal bitcoins, reverse transactions, or whatever else. Whereas previously this meddling would've been extremely noisy, causing a hard fork (which would have likely been ignored). With segwit, however, theft by miner collusion is a first class feature.
For those who prefer their information in video format rather than text, here is an excellent presentation
on the problems with Segwit from the Chief Scientist for Bitcoin Unlimited, Peter Rizun.
To summarize, one could imagine a few scenarios where Segwit had major problems or resulted in the loss/hack/theft of the majority of bitcoins… which would be a virtual death knell for bitcoin. And, yes, it is possible this is being done on purpose.
Segwit will begin to be implemented in about two weeks.
A further “conspiracy theory” is that those behind Bitcoin Cash are doing so as a means to take over control of bitcoin. Here is a good article by bellerophon on Steemit, “The Black Swan That Could Turn Bitcoin Upside Down.”
In it he posits that Bitcoin Cash has been set-up in such a way that miners, out of self-interest, will switch from bitcoin to Bitcoin Cash mining in the coming weeks… which would cause a crash in Bitcoin and spike in Bitcoin Cash.
And yet another more obscure and anonymous theory was posted here
Here is a snippet from this theory:
The plan goes like this: Chinese miners (f2pool, antpool etc etc) have organised with major exchanges (via/huobi/okcoin etc) to support and launch bitcoin cash. Initially they will let everyone who wants to sell, sell. Once the coin has bottomed out, and everyone who wanted to sell has sold, they [chinese miners/jihad/chinese exchanges] will begin accumulating lots and lots of bitcoin cash. They will then begin to pump the price to around 0.1 BCC/BTC - 10% The big pools won't mine it ~ they will let the smaller pools see the returns from mining this expensive, but low difficulty coin and start mining it. Later, the larger pools will join, and as we know, jihad has ALOT of hashing power, their plan is for bitcoin cash to have more hashing power than bitcoin ~ and lets be honest, once the chinese move over, that is pretty much it. Around this time, the 'hard fork' section of segwit 2x is not going to happen ~ it never was - Bitcoin cash will then be seen as the original NYA coin. At that point in time, Bitcoin cash will be on all major chinese exchanges, possibly some western exchanges aswell, and have majority hashing power. Western companies & other merchant providers (BitPay - @Spair) etc - paid off by bitmain etc will go along with the new bitcoin cash narrative and will push for the 'bitcoin cash' to be called 'bitcoin' on all their platforms, leaving only coinbase et all which will then be the odd ones out.. Now comes the scary part, The old bitcoin, the bitcoin we know and love, is going to get DESTROYED.
As you can see this is a lot to consider… and worry about if you own bitcoin!
For this reason I have suggested all those who held bitcoin on August 1st and received Bitcoin Cash hold on to it for at least the time being.
If any of the above theories play out you’ll be very happy you did. And if none of them play out and Bitcoin Cash goes the way of the Dodo bird it was really ‘free money” anyway.
And, that’s not to mention that if Blockstream continues to make bitcoin more expensive to use that Bitcoin Cash could end up being the currency of choice for day-to-day transactions while legacy bitcoin could be used more as a store of digital wealth and not for microtransactions.
So, it is definitely worth just holding on to your Bitcoin Cash for now.
That leaves the question, should you buy Bitcoin Cash? At the time of this writing it is at $320 and a $5 billion market cap.
It is too early to say how Bitcoin Cash will do so if you do want to buy consider it very speculative.
That said, as you’ll see below, from Ed Bugos, from a strictly free market perspective he is a fan of Bitcoin Cash.
At the time of this writing, bitcoin is trading near $3,300 and Bitcoin Cash near $300 for a combined total of $3,600… meaning any/all TDV subscribers who owned bitcoin prior to August 1st have all done very well in recent weeks!
Jeff Berwick, The Dollar Vigilante Bitcoin The First Free Market Private Currency. Private. Follow. 5 years ago 3 views. Jeff Berwick, The Dollar Vigilante Bitcoin The First Free Market Private Currency. Report. Browse more videos. Playing next. 14:16 ... Jeff Berwick is known as a devout anarcho-capitalist and has attracted a large following not just through his publications but also on his Youtube channel and other social media platforms. INDUSTRY “IN DANGER OF LOSING ITS WAY” As well as recommending Bitcoin when it was just $3 in 2011, he has a proven track record in backing various blockchain companies that have since become established ... 42-year-old media entrepreneur Jeff Berwick hopes to bring Bitcoin ATMs to a city near you soon. Berwick expects to put the first two ATMs in Los Angeles and Cyprus in the next two weeks and is ... Posts about Bitcoin written by Jeff Berwick. Greetings, SuperFriends! Today we are joined – and I want you guys keep an open mind here – by Jeff Berwick of the Dollar Vigilante. He is the author of one of the largest anarchocapitalist and libertarian blogs on the Web. Berwick believes that most of Bitcoin’s problems are temporary and will change in time. “We are still in a very early stage. It’s pretty much like the internet in 1996 – an idea that people are catching on to but most don’t really know what this is. Once even 1% of the world population gets cryptocurrency gets into cryptocurrency – the market will explode.”
Jeff Berwick - The Dollar Vigilante - @Cambridge House Live - June 2012 - Duration: 16 ... Bitcoin, Gold, Libra, & Govt: Jeff Berwick, Fmr head of US Mint, + more! - Duration: 39:08. Naomi ... Blockchain technology has the potential to put the power back into the people's hands. Jeff shares his insights and views how cryptocurrency can change the society for the better. If you're ... http://usawatchdog.com/were-in-the-very-end-stages-of-this-system-jeff-berwick/ - The Chief Editor of DollarVigilante.com, Jeff Berwick, says, "The entire 'B... Jeff Berwick of The Dollar Vigilante Performs 'Bitcoin All The Way Up' featuring the Freenauts LIVE at the Palladium in Acapulco, Mexico during Anarchapulco, 2018! We should all be thanking Jeff ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.