Bitcoin was first introduced in 2009 by a person or team by the pseudonym Satoshi Nakamoto. Unlike traditional currencies, which are issued by central banks, bitcoin has no central monetary authority. No one controls it. Bitcoins aren’t printed like dollars or euros; they’re “mined” by people and increasingly by businesses, running computers all around the world, using software that solves mathematical puzzles. Rather than rely on a central monetary authority to monitor, verify, and approve transactions and manage the money supply, bitcoin is enabled by a peer-to-peer computer network made up of its users’ machines, akin to the networks that underpin BitTorrent and Skype.
Blockchain for Dummies – IBM Limited Edition
No Central Monetary Authority
The first thing to know about BitCoin is that it has no ‘Oversight’ by a Central Authority, it cannot be inflated, regulated or controlled by any specific faction. This makes it a currency which resides ‘outside’ of the current monetary scheme of things. Yet it relies on the Internet, which is controlled by a host of ISP’s (Internet Service Providers) like Verizon, Comcast, etc. This in and of itself can provide the corporations which supply such technology the means to literally ‘lock out’ the common man that relies on this service from accessing the Block Chain. With recent arguments from the political adversaries of Net Neutrality, this ‘Lock Out’ is more of a threat today, than just two years ago. The cost to conduct business online is in the hands of politicians that only seek to please their sponsors; not their constituents.
The Lobbyists
Lobbyists are chipping away at the laws that govern the Internet of Things and seeking to control what happens over the Internet. Whether that be the use of Block chain technology or peer-to-peer networks. On the surface their disruptions may seem like common greed; but the reality of the matter is more nefarious indeed. Hiking up the prices to even use the Internet and then paying more and more for every Gigahertz of bandwidth will surely ‘lock out’ the common man and open up a new form of pay-to-play rules that only the rich will have access to.
They are setting the foundation for corporate takeover of the Block chain and there is nothing anyone can do about it because they don’t see it coming. Everyone is so enamored by the fact that BitCoin has hit such highs that its potential is enormous. This is true, the potential for BitCoin as a world currency does have great possibilities; but those possibilities are becoming more of a probability that current financial institutions, which are most assuredly driving the trend, will in fact control the final outcome of this crypto-currency.
BitCoin Mining and the Chinese Manufacturers
It is a known fact that some of the largest Bitcoin mining operations in the world are located in China. China is the manufacturer of the world and can imitate just about any item in the world. They have some of the most potent hacking teams in the world and dedicate many millions, if not billions into their IT ventures alone. Today, the largest Supercomputer in the world is located in China. Oddly enough the worlds largest Bitcoin mining operation BitMain, is also located in China.
|
America |
China |
Russia |
The Chinese produce just about everything in the world today and manufacturing their own dedicated mining technology is no big thing. While the United States is so concerned with your background, your skill-set, who you worked for in the past and a host of trivial observances; the Chinese on the other hand utilize their most profitable asset. People. Their are millions of workers in China just out of high school manufacturing some of the most driven technology today. Computers, Cellphones, Smart devices, etc. and the list goes on and on. They understand true economics; nothing can be sold if you don’t have the manpower to create it. People are the most valuable asset in the world; in the United States, people are the least valued commodity in the world.
Will there be a Corporate Takeover?
Corporations in America have no value of human life, this is why so many of them utilize Chinese manufacturers and import their products back to the United States in hopes of astronomical monetary gains. They are doing the same thing with the world of Crypto-Currency. They already have Chinese workers manufacturing the devices to gobble up Bitcoins. They could be emulating the trend here in the States; but they don’t want to share the wealth, they would rather keep it all for themselves and when the Chinese or Russians do make their move on the Block chain, the treasonous corporations of America will already be a part of the takeover, seeing that they are already multi-national entities.
The whole point is this: “They are dismantling the infrastructure over here in the US and setting up shop overseas.”
Source: breakinchainz.net/bitcoin