When I wrote The Minimum You Need to Know About the Phallus of Agile I warned you of the upcoming Crypto Apocalypse. Y’all really should read that book! Basically any trust based algorithm fails if you tell a big enough lie. That’s how Donald Trump got elected the first time and how so many dufuses were lulled into taking part in the January 6 failed coupe attempt.
Featured image: Photo 132784277 / Crypto Currency © Geckophotos | Dreamstime.com
It Was Always a Scam
Since 2014 roughly 42% of failed crypto exchanges have disappeared without a trace for no apparent reason. FTX is shapping up to be a classic rape-the-baby-and-run scam. The more they dig the more they find where the founder spent/hid the cash. Hopefully you’ve read my January 4, 2018 post about the upcoming Crypto Currency Induced Recession.
It’s a domino effect. Cocaine addled brains of Wall Street brokers leapt at the chance to make money running an unregulated scam. Silicon Valley, not being populated by professionals, used their failed Agile Principles to make a fast buck with crypto as well. Adding insult to injury, this obviously insecure “financial instrument” is contributing heavily to global warming. They are actually contributing more to global warming and e-waste than Apple if you can believe that.
The North Korea Effect
I have long suspected that crypto currency is a stealth attack against non-communist countries by North Korea. I believe they were aided by China because of the mutually beneficial nature of the attack. Do I have physical proof of this, no. What I do have is a series of well documented events.
Nobody knows who created crypto currency. There has been a “name” associated with an anonymous group of programmers, but not a who or even a where. If you are North Korea and you want to attack, anonymous is the way to go.
Bloomberg broke a story in 2018 about Chinese Spy Chips on server motherboards used by big companies like Apple and Amazon. If you are China and want to spy on the entire world, stealing all of its tech and medical advances, you need to get the world to “move to the cloud.” You need companies inhaling cloud services as fast as they can be spun up. Need every person and company to use “cloud storage” and you need crypto currency to cause exponential growth in server farm size.
This is why I believe North Korea had help from China. They also needed those exact server boards to test the software on. Just look at the size of the bitcoin mining farms. You can even buy Bitcoin mining boxes. When you saw those you should have known the Crypto Apocalypse was close.
North Korea doesn’t really participate in global trade. Being a communist country, it doesn’t have a lot of “free enterprise.” It’s leader wanted nuclear weapons though. According to intelligence and analysis firms, $1.2 Billion in crypto is known to have been stolen by North Korea to fund its nuclear program.
Crypto Apocalypse Begins
Governments ignored crypto for far too long. This disease has infected every corner of the economy. Even companies that don’t take crypto are exposed. Silvergate Capital bowing out is about the most graceful exit one can expect.
A whole lot of “Republicans” (or so they call themselves) are going to whine and moan about the rising interest rates. While it is true that allowing interest rates to set at basically zero for a long time forced banks into long term bonds, the devaluation isn’t what really killed them. When you dig into it you are going to find a large chunk of their “tech” customers had to pull assets out to cover crypto losses.
Yes, the value of the bonds went down. I firmly believe it was really covering of crypto losses by customers that tanked their assets.