Days after South Korea’s chief proponent of regulating cryptocurrency, Jung Ki-joon, was found mysteriously dead in his home, South Korea apparently has decided not to crack down further on trading in bitcoin and other cybercurrencies. On Tuesday, Choe Heung-ski, chief of South Korea’s Finance Supervisory Service, told reporters that the government would support cryptocurrency trading rather than heavily regulating it or banning it completely.
The value of bitcoin nearly doubled from the year’s low in response, rising to around $11,000 for one BTC. The loosening of South Korea’s grip on regulations is good news for those speculating on cryptocurrency, but some are wondering if there could be any causal relationship, even an indirect one, to the death of Jung.
Jung Ki-joon was in charge of economic issues at the Office for Government Policy Coordination and is credited with tightening South Korea’s regulation of cryptocurrency trading. South Korea’s semi-official state news agency, Yonhap News, reported that Jung, 52, was found dead in his home on Sunday this week.
Never, ever assume the system works the way you were taught. It doesn’t. There are very bad players at the top of the food chain, and I am increasingly certain we are taught the official rules apply as a way of brainwashing us into being helpless to compete with the big players.
The only question I have is if the killers were criminal enterprises who didn’t want their business and their crypto holdings impacted, or if it was the more official Deep State and related intel operations which support it.
Either way, we are heading into a time when Alt-right enterprises are beginning to threaten established markets owned and operated by the Deep State and its intel apparatus. Media, news, popular personalities, publishing, websites, and anything which offers the possibility of controlling the narrative and steering the billions in revenue the media machines produce for the cabal are all viewed as Deep State property.
For the Deep State, an entity like Disney, and each part of it, from the magazines to the book publishers, is more than billions of dollars in revenue. It is control, which will keep the players alive. If they are in as deep as it appears, then if they lose control, they could end up dead.
If you are running such an upstart operation, keep your eyes open for people watching you, because that is the only clue you will have if one day your ticket is going to be punched. If you wait until the hitter is moving on you, your chances will not be good.
My guess would be the next fifteen years will be the most dangerous. Don’t think there is no chance you will be Breitbart-ed. Because that is how this guy in this article thought, and you see how that worked out for him.
Spread r/K Theory, because it is a dangerous world out there
The modern welfare state stands on two legs — income tax and money-printing — and a successful crypto-currency would cut both legs off at the knees. The state could try to guess your income based on your lifestyle, but then it would be a consumption tax, not an income tax. You can’t fund a welfare state with consumption taxes; people would live like paupers while saving up crypto, then go consume it in some other country.
Electronic money is not a hard problem. Banks solved it in the 1960s with a fraction of the computing power of a modern ten-dollar burner phone. But decentralized, untrusted money is another thing entirely. Every user must keep a ledger of every transaction ever made and constantly update it as new transactions arrive. Thus total network traffic grows with the *square* of the number of users, and the transaction ledger grows with the *cube*.
Bitcoin solves this problem by capping transactions at about seven per second, but that creates another problem. Given far more transactions than will fit into a block, miners cherry-pick the transactions offering the highest fees. Now you have to pay a $30 fee to spend $1 worth of Bitcoin!
So how does Bitcoin perform on the monetary checklist?
(1) scarcity — Only 21 million Bitcoins can ever be mined. Check.
(2) authenticity — Cryptography and proof-of-work hashing prevent fakery. Check.
(3) portability — Works wherever there’s an Internet connection. Check.
(4) durability — Fine, as long as you don’t lose your wallet file or forget the password. Check.
(5) homogeneity — Some Bitcoins are “tainted” by accusations of theft and therefore not as widely accepted as “fresh” Bitcoins. Dubious.
(6) divisibility — Massive fail, as explained above.
Bitcoin is doomed. Law-abiding citizens are put off by its outrageous fees, and criminals prefer Monero because its transactions are untraceable, which also makes Monero fully homogeneous.
Crypto threatens central banking, the heart of the rabbit system. Trillions of dollars are on the line. Without central banking and fake money, the other garbage goes away: the fake science, fake news, fake jobs, fake wars, and fake economy.
Ironically, the central banks and their supporters throwing everything at crypto — I’m convinced all the hacks and wallet thefts are the result of state actors — will only make it stronger and more resilient in the long run, unless they kill it off first. It seems like a very binary situation: they have to win now or lose everything later.
The early crypto supporters struck me as the old-school techno-libertarian types who distrust centralization and censorship. The recent bandwagon folks probably skew urban-hipster-soy-John Oliver-Ruby-on-Rails Millennial shitlib, which is good, because I think crypto will create a disposition that’s increasingly hostile to Condescending Hillary leftism. Put another way, decentralize the money and economy, and the politics eventually follows.