Weaponising Bitcoins Against the Banking System


The Bitcoin issue is a Political Dilemma that may turn into a problem if Governments continue militating against the People's Welfare. This week we will play the Devil's Advocate (therefore our personal opinion on Bitcoin is irrelevant for the purpose at hand), and for that reason we will assume that people have reasons to drop the mainstream currency (hereby called MainCoin) and migrate to cryptocurrency.

Probable Causes For Dropping MainCoin

Banks' Abusive Fees

The Banking World played with people's money to keep Socialist Governments in Power (i.e. these governments over-spent and then forced Banks to buy Treasury Paper to cover the increasing costs), then when money was out the 2008-2012 crisis took place. Since then, we have been witnessing an abusive behaviour towards its clients (after Governments forced every citizen to have a Bank Account): low yield on savings, no guarantee of protection for deposits above $100,000/€100,000; fees for opening an account, fees for issuing a debit card, for maintaining a debit card, charging loan-sharking interests on credit card transactions, fees for issuing checks, fees for calling a client, fees for issuing a Bank Statement, fees for not touching your deposit account for over 3 months, cashing out funds from a checking account when untouched for more than 2 years (without informing the client), fees for maintaining your checking account etc...

Before Banks paid us to keep our money in their custody; now we pay Banks to keep our money away from us.

People work hard for their money and now they are being abused - this needs to stop. So, it's natural that individuals seek an alternative that allows them to have the freedom to choose when to touch or not to touch their money without being penalised by it.

Government's Abusive Taxation

Income Tax, Corporate Tax, Social Security and National Health System Contributions, VAT, VAT over VAT, Stamp Duty, Vehicle Excise Duty, Tourism Tax, Property Tax, Wealth Tax, Solidarity Tax, Inheritance Tax...

Yet the proceeds of all the above Taxes are never enough to cover the ever amounting public expenses. Why should the People be sucked dry to pay for the Big Governments' dissoluteness? Responsible individuals want to pay their fair share, but they no longer want to be depleted by the very State that is supposed to defend their interests. Thus, they do have the right to seek for alternatives that allow them to have a comfortable disposable income to invest back into the Economy.

Companies' Abusive Business Model

All Human Beings have the right to Water, Electricity, Gas and Communications (phone, internet service and TV) – this is a basic necessity.

Water
Governments retain the control of Water Supply Companies, or at least they should, but local governments play the Mafia and charge the people exorbitant prices (one part of the bill is the actual consumption of water and three parts of it are taxes and fees for the amount of urine and faeces discharged – how on earth do they make these calculations? - Plus VAT).

Electricity and Gas
Apart from the consumption of these utilities (plus VAT) clients have to pay for the transport of Gas and Electricity to their homes (Plus VAT), plus a Fee for State TV and Radio (Plus VAT), an insurance policy (Plus VAT), and G-d only knows what else...

If you opt by installing Solar Panels to escape this Energy Enslavement, the Government itself will make your life harder – and we accuse the State because it forces citizens to either ask permission to Private Electricity Companies to go Energy Independent or to sell part of the energy they produce back to Private Companies (and pay Taxes on that sale). 

The Government is complicit in this generalised subliminal blackmail and, thus, people have the right to seek for alternatives to be able to pay for this extortion.

Reasons to Adopt the Bitcoin

The Bitcoin was created in 2009 to serve as an alternative to many of the things mentioned above (Read the Advantages of Bitcoin Here). Moreover, in the mainstream financial system our Privacy has been violated as a way to fund the Government's Dissoluteness while in the Bitcoin System Privacy is guarantee.

If people pay less Banking Fees and find ways to buy goods and services without paying VAT (for instance) they will have more disposable income to improve the quality of their life.

Important Question

But before migrating to the Cryptocurrency, one should ask himself: what supports Bitcoin, and alike? Critics (usually Government or Businesses paid Trolls and Commentators) will tell you that Bitcoin is not supported by anything – i.e. it is nothing but gigabytes – and that because Central Banks do not yet issue, support or regulate cryptocurrency, they are not reliable; however, there is a flaw to that argument:

  1. Central Banks were incapable of preventing the Big 2008-2012 Financial Crisis and they are incapable of putting a stop to the Banking System Abuse. Central Banks are not longer a guarantor of your money; they are not reliable either - from that perspective. 
  2. Wall Street is trading Bitcoin. Anyone who knows Wall Street well enough knows they don't trade products that are not secured by a collateral. The fact they are trading Bitcoin it means Bitcoin is supported by something more than gigabytes. 

So, is Bitcoin a reliable investment? This cryptocurrency is supported by Scrap-Metal, and Scrap-Metal is always a reliable investment.

A Weapon Against the Government

Governments may try to ban cryptocurrencies but instead of applying old formulas to problems, they should see these currencies as a warning: either they drop Socialist Economic Paradigms that Enslave and deplete citizens, or citizens will turn their back on them and look for alternatives to protect their pursuit of happiness.

8 years since the creation of Bitcoin and we see no signs of change: Governments just keep getting bigger and taxes proliferating as a consequence. Therefore, cryptocurrency is being weaponised against the two actors waging a War against the People: Banks and Governments.

(Jonathan W. Penn contributed to this article)


(Image: Bitcoins[Ed] - Google Images)

[The views expressed in this publication are solely those of the author(s) and do not necessarily reflect the views of Dissecting Society]

Comments

  1. If I had the money I'd buy bitcoins but speculation is killing my dream! All investments are risky so I'd invest in it even if not secured by anything. Happy 2018!

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  2. I am not well informed about Bitcoin but I hear that the Bank of England is planning to issue cryptocurrency this year and bypass retail banking. Israel had announced the same a week earlier. I don't have details of how this will all go about but it sounds great to me cause big banks seem to have forgotten what their role really is and they need to be put in their place. Cryptocurrency can be revolutionising if Governments smarten up - let's see.

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  3. Bitcoin should be used as a political instrument against big government and big banks. Anyone can see it and I bet the founders saw it too!

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  4. I will dispute with you regarding bitcoin and collateral: There is no collateral behind it. That Wall Street would trade such commodities shouldn't be surprising at all, since they routinely trade assets with negative collateral as well as positive collateral. Just because something is worthless doesn't mean that it is worth less than the alternatives.

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  5. Bitcoin will fall but other crypto-currencies will arise as a way of curbing illegal activities. But I'm rather curious nevertheless to see how they intend to charge taxes on these crypto-currency, under which category will they classify it?

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