What does Bitcoin look like under "the hood"

breighton ^ | 14 december, 2021 | Gabriels' Horn

[norsky]

I am sharing this because I purchased a bit and a friend sent me a vid explaining what it really is. the domain spoken of in this vid re crypto currency is .io, apparently in on Diego Garcia and run by CIA

The REAL Creator of Bitcoin ,, Excellent vid below. – Philip J. Venables

This week we reported on “The Reveal” that was released by Ivy McLemore, a sophomoric website claiming that Bitcoin was started by a man named James Bilal Kahil Caan. We called a PROPAGANDA ALERT and informed our audience that this is just more CIA disinformation to cover-up their global Ponzi crypto scheme and hide the actual creators of Bitcoin.

Listen to our audios and see the info we found at this link below:

Satoshi Nakamoto Dossier Reveals CIA Ponzi Scheme

Chuan Tian. (Jul. 13, 2017). Goldman Sachs [Paul Walker and Phil Venables] Granted ‘SETLcoin’ Cryptocurrency Patent. CoinDesk. https://www.fbcoverup.com/docs/library/2017-07-13-Goldman-Sachs-(Paul-Walker-and-Phil-Venables)-Granted-%E2%80%98SETLcoin%E2%80%99-Cryptocurrency-Patent-by-Chuan-Tian-CoinDesk-Jul-13-2017.pdf

Venables was an international delegate to a Highlands Group forum in Singapore in 2009. https://www.fbcoverup.com/docs/library/2017-10-09-Highlands-Group-Highlands-Forum-accessed-Oct-09-2017.pdf

Inventors: Paul Walker, Phil J. Venables. (Issued Jul. 11, 2017). CRYPTOGRAPHIC CURRENCY FOR SECURITIES SETTLEMENT, Assignee: Goldman Sachs & Co. LLC; Appl. No. 14/528,289, filed Oct. 30, 2014; Examiners: John Hayes, Jason Fenstermacher; Attorney: William A. Munck et al, Munck, Wilson Mandala LLC; Venables OATH. USPTO.

https://www.fbcoverup.com/docs/library/2017-07-11-US-Pat-No-9704143-CRYPTOGRAPHIC-CURRENCY-FOR-SECURITIES-SETTLEMENT-Inventors-Paul-Walker-Phil-J-Venables-Goldman-Sachs-issued-Jul-11-2017-USPTO.pdf

Philip J. Venables was a Goldman Sachs advisor to Barack Obama in 2016 (while he was simultaneously applying for a Bitcoin/Cryptocoin PATENT at the USPTO The Real Satoshi Nakamoto is Philip J. Venables

The bogus confessions of operatives claiming to have created Bitcoin seem to be diversions to keep attention away from the real bitcoin creators and owners – Goldman Sachs and Philip J. Venables, a member of the Highlands Group (1995), and a member of Obama’s Commission on Enhancing Cybersecurity (2016).

https://fbcoverup.com/docs/cyberhijack/cyber-hijack-findings.html#highland-forum

Executive Order 13718. (Feb. 09, 2016). Commission on Enhancing National Cybersecurity. Barack Obama. The White House. Federal Register, Vol. 81, No. 29, Feb. 12, 2016. GPO.

https://fbcoverup.com/docs/cyberhijack/cyber-hijack-findings.html#obama-fascist-eo-13718-iot

The REAL Creator of Bitcoin

vid below.

What does Bitcoin look like under "the hood"

[politicket]

You sound more John Maynard Keynes than Ludwig Von Mises.

I'm neither one.

All money is backed by debt. If all debt is paid off then money goes to 0. Basic math.

[Wildbill22]

All money is backed by debt. If all debt is paid off then money goes to 0. Basic math.

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I’m sorry, but that is counter intuitive...not basic math. It is suppose to be debt being backed by hard assets in basic banking, not money being backed by debt, otherwise why seek hard assets to justify loans, though it sounds like the justification our Federal Reserve operates. Debt is slavery, and hard assets are freedom. While that may be zero sum, the absence of debt does not mean the absence of hard assets or value. Quite the opposite, otherwise nothing has value to start with, other than debt/slavery.

Money has value because it has scarcity as one of the principle characteristics that give it value..
- Less debt, or zero debt, means more scarcity as the money supply shrinks, but the value of the currency increases, not decreases, just as when you increase debt and the money supply, you decrease the value of your currency. That is the basic supply/demand principle of Econ 101.

Perhaps we will never agree on that one.

I am obviously a fan of Mises, and Hayek and the Austrian School.

[politicket]

What does the US government do when they want to increase the money supply?

Answer: Treasury auctions run by the Fed. (Bills, Notes, Bonds, etc.).

What do those instruments being auctioned represent?

Debt. Also known as a "promise of the future labor of US citizens.

All money assets are backed by debt on the opposite side of the balance sheet.

[norsky]

It what way would you think a “virtual currency” was real? ,,,,,,,,,,,,,,,,,

well, you can purchase stuff with it sometimes, like a Tesla

[politicket]

I’m sorry, but that is counter intuitive...not basic math.

Maybe the following article will help - although there are points I disagree with in it - such as the fact they never identify what debt truly is - claims on future labor.

Money in the modern economy: an introduction

[GunRunner]

Proof of work will be replaced by proof of stake once everything moves to the Lightning network.

Halving only applies to miners, and most Bitcoin holders don’t mine, so Bitcoin is in no way inflationary as a medium of exchange or store of value.