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The choice is between Ma/ Damon, Daniel
CraigandTomCruise.
ButJasonBourneisprimarilyfocusedonhow
hewasbrainwashedinOpera@onTreadstone
and then exposing its successor program,
Blackbrair.
Besides, Bourne is a CIA trained assassin,
whereas007andEthanHuntoftheIMForce
aremorelikelytogoaJeraGlobalpredator.
h/p://www.radio90.pl/bond-bondow-
agent-007-agent-numer-1.html
h/ps://en.wikipedia.org/wiki/Ethan_Hunt#/
media/File:Ethanhunt.jpg
A sexy screenplay could be wri/en around
the story of how a brilliant Japanese
programmer named Satoshi Nakamoto
developedaparadigm-shiJing,globalfinance
system that put the power of money and
commerceinthehandsofthepublic instead
of the centralbankersof theglobalfinancial
Mafia.
Asthesystembeginstotakeholdaroundthe
planet, jeopardizingcentralbanking’scontrol
of the global financial system, Satoshi is
abductedandtakentoasnow-boundcabinin
Northern China. He is drugged and then
tortured mercilessly in an a/empt to force
himtodestroythesystemandreturncontrol
THEBRAVENEWWORLDOFDIGITALCURRENCY
SatoshiNakamotodevelopedaparadigm-shifting,globalfinancesystemthatputthepowerofmoneyandcommerceinthe
handsofthepublicinsteadofthecentralbankers
to the interna@onal bankers who are
intendingaworldwidefinancialcrisisinorder
to future their economic chokehold on the
planet.
But this story carries only so much fic@on.
Because there is a brilliant programmer
named Satoshi Nakamoto – or at least
someoneusingthatname–whodevelopeda
remarkable global currency system that
operates outside of the established banking
channels–andwhohas,infact,disappeared.
Though there is no evidence of foul play. In
fact, there is no evidence of any “play” –
Satoshi simply vanished sending a par@ng
note toadeveloper friendonApril23,2011
thathehad“movedontootherthings.”
What he moved on f rom was the
development of Bitcoin.Whathemovedonto…nooneseemstoknow.
You have probably at least heard the word
Bitcoin, and some of you may be more
involved with it. This ar@cle is to provide
readerswiththebasicsofBitcoin,which isa
brilliantglobalcurrencysystemthatoperates
complete ly outs ide o f the ex i s@ng
interna@onalbankingsystem.
Itwasinventedbytheenigma@cSatoshi,who
published his now famous (in the Bitcoin
world) white paper on Bitcoin as a digital
currency on October 31, 2008. The Bitcoin
protocolbecameavailableon the Internet in
Januaryof2009(aprotocolisastandardused
todefineamethodofexchangingdataovera
computer network.... Each protocol has its
ownmethodofhowdata is forma/edwhen
sent and what to do with it once received,
howthatdataiscompressedorhowtocheck
forerrorsinthedata.)
h/p://www.computerhope.com/jargon/p/
protocol.htm).
For the next couple of years he further
developed the system and helped it grow
un@lApril,2011,whenhepassedthesource
code to a Bitcoin developer named Gavin
Andresen and ceasedhis involvement in the
system,which,bythen,hadbecomeafullon,
interna@onaldigitalcurrencymovement.
This is why we need 007 or Ethan Hunt,
because despite in depth research by
inves@gators planet wide, no one actually
knowswhoSatoshiNakamotois,orwherehe
is.In2012,therewasapos@ngonanInternet
site wherein Satoshi claimed that he was a
37-year old Japanese male. Some have
challenged even that entry and themystery
of SatoshiNatamoto, the inventor of Bitcoin
con@nues.
ButtheBitcoinuniversecon@nuestogrow.
So what is Bitcoin and what is the Bitcoin
protocol(meaning,howdoesitwork?)
THEBRAVENEWWORLDOFDIGITALCURRENCY
Bitcoinisabrilliantglobalcurrencysystemthatoperates
completelyoutsideoftheexistinginternationalbankingsystem.
WHATISBITCOIN?
Satoshi described it as a “peer to peer
electronic cash system,” in his originalwhite
paper on Bitcoin (When speaking of a
computer network, peer to peer, means
designed so that computers can send
informa@on directly to one another without
passingthroughacentralizedserver.]
h/p://[email protected]/browse/peer-to-
peer]
We are talking about direct communica@on
between sender and receiver anywhere in
theworld–metothee.
There are several other defini@ons that
describeBitcoin.
It is oJen referred to as “decentralized”
digitalmoney.Meaning there is no “central”
authority or other body involved. There are
nobanksinvolved.Nogovernmenten@@esor
regulators involved in theBitcoinuniverse. It
is a direct exchange of digital currency
betweenyouandthepersonwithwhomyou
aredoingbusiness.
This has banks, governments and taxing
agencies around the world “concerned”,
whichwewilldiscussinmoredetailbelow.
Bitcoin is also known as a cryptocurrency. A
cryptocurrencyisamediumofexchangethat
usescryptographytosecurethetransac@ons.
h/ps://en.wikipedia.org/wiki/.
Cryptography is the use of techniques that
secure communica@on from the prying eyes
ofthethirdpar@esorthepublic.
Inotherwords, this is digital bank account -
theownershipofwhichisknownonlybyyou
- that is encrypted and sits in your online
Bitcoin“wallet,”andremainsencryptedwhen
itisusedinatransac@on.
WALLETS
Wallets,whichcontainyourBitcoins,are the
equivalentofanonlinebankaccount.
Bitcoin wallets allow you to store your
currencyaswellassendandreceiveit.There
aredifferenttypesofwallets.Typically,a
THEBRAVENEWWORLDOFDIGITALCURRENCY
Bitcoin wallet is an applica@on on your
computer that keeps track of your bitcoins.
You can also use a web wallet wherein a
third-party company holds and administers
youraccount.Therearealsomobilewallets.
Here isa link toanar@cleonBitcoinwallets
and links to different brands of wallets.
h/p://www.coindesk.com/informa@on/how-
to-store-your-bitcoins/. It’s not quite like
shoppingatSaksFiveAvenue,butitisalook
intothefutureofInternet“ahre.”
A BitcoinWallet has a public address (27 to
34alpha-numericcharacters)whichisknown
to the Bitcoin universe. This address, like an
emailaddress,isseenwhenyoubuyorsend
Bitcoins.Itisthepublicfaceofyourwallet.
HereisanexampleofaBitcoinaddressfrom
thebook,BitcoinforDummies,
1L5wSMgerhHg8GZGcsNmAx5EXMRXSKR3He
However, who owns the address is not
known. It is recommended, but not
mandatory, that you change your public
address with every transac@on (this is oJen
done for youby the soJware at online sites
thathelpBitcoinusersbuyandsellBitcoins.)
The wallet also has a private key that gives
youaccesstoyourBitcoinsandiden@fiesyou
in a way that enables you to spend them
without revealing your iden@ty. Finally, in
addi@on to the Wallet address and the
privatekey,thereisathird,publickeythatis
generated when you get a wallet. In short,
this key simply facilitates your Bitcoin
transac@ons. If youdecide toget involved in
Bitcoin,you’llgetthesethreestringsofalpha-
numeric: wallet address and a public and
privatekey.
YoucanreceivefundswiththeWalletaddress
andthepublickey,butyouneedtheprivate
keytospendyourBitcoins.
You should always backup your wallet and
encryptit. Ifyourprivatekeysarelostorthe
walletgetscorrupted,yourBitcoinsaregone
forgood.
TheBitcoinprotocol is such thateachof the
Bitcoins is a uniquepiece of digital property
that can be transferred from one person to
another making it impossible to “double
spend”abitcoin–youcan’tspendthesame
Bitcointwice.
THEBLOCKCHAIN
TheblockchainisthebackboneoftheBitcoin
system.
“Put simply, the blockchain is a public
distributed ledger offering unprecedented
t ransparency regard ing the b i tco in
ecosystem. It is a collec@on of all bitcoin
transac@[email protected]
addi@onaltransac@onisloggedonthebitcoin
blockchainaswell.”
BitcoinforDummies,KindleEdi@on.
ThewallethasaprivatekeythatgivesyouaccesstoyourBitcoinsandidentifiesyouinawaythat
enablesyoutospendthemwithoutrevealingyouridentity
THEBRAVENEWWORLDOFDIGITALCURRENCY
Incasethatdefini@onisn’ttotallyclear,thisis
a virtual ledger that anyone can access and
viewall of theBitcoin transac@ons since the
beginningofBitcoin.
The transac@ons iden@fy the alpha-numeric
walletaddressbutnotwhoownsit.
There are volumes wri/en about the
technologyof theBitcoinblockchain,but for
ourpurposeswewill leave itat this:whena
Bitcoin transac@on occurs it is recorded in a
public,digitalledger.
MINERS
However, before it gets posted to thepublic
ledger, there is a group inside the Bitcoin
ecosystem called “Miners”who authen@cate
thetransac@onandapproveitsplacementin
theblockchain.
This authen@ca@on process is not done by
some bleary-eyed accountant with a green
eyeshade.BitcoinMiners thesedayshave to
u s e ma s s i v e c ompu@ng p owe r t o
authen@cate the transac@ons and properly
placethemintheblockchain.
Thisisnotyourgrandma’slaptop.Itisthesite
ofaBitcoinminerinIceland.
In exchange for the massive amount of
computa@onal effort and electrical power it
takes to validate a transac@on, a miner is
rewardedwithsomeBitcoins.
Bitcoins are no longer a digital parlor game
created by some mysterious Japanese
programmer–notthatiteverwasreally.But
the Bitcoin phenomenon is real. And it is
growing.
C h a r t c o u r t e s y o f h / p : / /
www.sachs ins i ght s . com/santanders -
innoventures-distributed-ledger-challenge-
decoding-blockchain
GROWTHOFBITCOIN
Hereisagraphfromblockchain.infoshowing
thatthenumberofuniquebitcoinaddresses
con@nuestouptrendtothecurrent458,000.
This is thenumberofaddresses; therecould
easily be more than one person behind a
Bitcoinaddress.
THEBRAVENEWWORLDOFDIGITALCURRENCY
You can buy everything from a Lamborghini
toOakleyeyewearwithBitcoins.
h/p://www.dailydot.com/business/4chan-
bitcoin-lamborghini/
h/p://www.oakley.com
Andmuchmore.Thissitesaysthatthereare
over100,000merchantsthatacceptBitcoin-
h/p://spendbitcoins.com.
Itlists9924ofthem.
Some of the vendors that accept Bitcoin
include:
Amazon
Subway
Victoria’sSecret
Fiverr
Zappos
TeslaMotors
HomeDepot
Sears
Kmart
Expedia
Because the iden@ty of the purchaser
remainsconfiden@al,therearethosethatuse
Bitcoin to operate on the Dark side of theforce:drugs,pros@tu@on,money laundering.
Bankers and regulators have come to realize
that since Bitcoin is a cryptocurrency that
operates en@rely outside of the established
financial system they could lose control of a
na@on’s money. Fearing this loss of control,
they seek to posi@on Bitcoin with the
ac@vi@esofthemorallybankrupt.
Thesearethesamegovernmentbureaucrats
that try toposi@onthosewithoffshorebank
accountsastheprogenyAlCaponeorsoldiers
oftheMexicandruglord,ElChappoGuzman.
Offshore accounts are perfectly legal, as is
Bitcoin.Andwhilethecriminalelementmight
THEBRAVENEWWORLDOFDIGITALCURRENCY
YoucanbuyeverythingfromaLamborghinitoOakleyeyewear
withBitcoins.
use it, as they dowith any currency, Bitcoin
hasamuchmoreprofounduseandpurpose
–thatofpuhngthecontrolofglobalfinance
in the hands of individuals instead of the
lasciviousnetworkofcentralbankers.
PROSANDCONS
PROS
1.Youcansendandreceivemoneyanywhere
in theworldwithouthaving towait for your
bank to open, fill out the forms, and send
themwri/enpermissiontowirethefunds.
2.In this regard you are in control of your
moneyandnotsubjecttothedictatesofany
intermediaryorcentralauthority.
3.Sendingandreceivingpaymentareen@rely
confiden@alwithregardtoone’[email protected]
side benefit, this protects against iden@ty
theJasone’siden@tyisnotdisclosed.
4.Ifneeded,anytransac@oncanbeverifiedin
theblockchain.
5.Processing fees are very low to non-
existent.
6.Via Bitcoin brokers, you can buy Bitcoins,
sell Bitcoins, and convert Bitcoins into any
majorcurrency.Oryoucanconvertanymajor
currencyintoBitcoins.
CONS
1.While theawarenessofBitcoin it is clearly
growing,mostpeople,thoughtheymayhave
heard of it, do not understand it. There is
publiceduca@ontobedone.
2.And there are s@ll a limited number of
merchantsthatacceptBitcoinforpaymentof
goodsandservices.Though,asnotedabove,
thatlistisgrowing.
3.All currencies, from the US dollar to the
Chinese Yuan fluctuate in value on world
markets, but Bitcoin has had some wild
swings in value in the past. The value of
Bitcoins has been more stable in the last
couple of years, but it does have a vola@le
priortrackrecord.Ithastradedaslowas$.75
and as high as $1,200 inNovember of 2013
when its value exceeded the price of an
ounceofgold.
Ascanbeseenbelow,ithasbeenonasteady
isuptrendforthelastyearorso.
4.This is a new financial system – a mere 7
yearsold.
THEBRAVENEWWORLDOFDIGITALCURRENCY
Youareincontrolofyourmoneyandnotsubjecttothedictatesof
anyintermediaryorcentralauthority.
INVESTING
The buying and selling of currencies
(generally known as Forex – Foreign
Exchange) is a ginormous market of $5.3
trillionaday–yes,that’sa“T”.
This is done to facilitate foreign trade
between na@ons as well as by currency
speculators.
Sothisiswellentrenchedfinancialac@vity.
Fromthisperspec@ve,thebuyingandselling
of Bitcoin would be no different. But there
are differences in the structure of na@onal
currencies and that of Bitcoin: governments
can print endless amounts of money. The
number of Bitcoins is capped at a certain
level. This makes the price of Bitcoin much
more subject to the real market forces of
supplyanddemand.
As Bitcoin grows in popularity – as more
peopleacquirethem,orseektoacquirethem
– demand increases. This demand is made
intoalimitedsupply.Thisshouldcon@nueto
increasethepriceofBitcoinsona longterm
basis.
But other factors enter into the demand
factor.
ItisaPRworldandthisisasensi@vemarket.
When “nega@ve press” hits the Bitcoin
community, holders of Bitcoins sell their
holdings driving prices down. The hack of a
major Bitcoin exchange in Hong Kong in
Augustofthisyearsentpricestumbling20%
inadaytobelow$600butasofthiswri@ng
(October 30, 2016) the price had recovered,
soaringto$713.
IthinkBitcoinisagoodlongterminvestment.
Thatsaid,ifyoudecidetoplayinthismarket,
Iwouldjusts@ckyourtoeinandwatchhowit
does.Definitelyeducateyourself furtherand
neverinvestmorethanyoucanaffordtolose.
There are numerous books and ar@cles on
Bitcoin.Averyhelpful“BitcoinforDummies”
isavailableonAmazon–printorKindle.
Iwouldapproachitasalongertermstrategic
investment,nota“getrichquick”hit.Though
thatcanhappentoo.
YoushouldknowthatBitcoinsaredivisibleto
eight decimal places. By way of example,
there are 100pennies in a dollar –meaning
the dollar can be divisible to two decimal
places(dollar=$1.00;dime=$.10;penny=$.
01). But a Bitcoin is divisible 8 places - .
00000001.
So, if you had a Bitcoin, the price of which
was say, $700 when you wanted to buy
somethingfor$70,youwouldspend.10BTC
(allcurrencieshaveIni@alsthatiden@fythem
– for example, USD iden@fies the US dollar.
ThesymbolforBitcoinsisBTC).
THEBRAVENEWWORLDOFDIGITALCURRENCY
Itisasalongertermstrategicinvestment,nota“getrichquick”hit.Thoughthatcanhappentoo.
Ifyouaregoingtobuy,sellandperhapstrade
Bitcoins, you should do it through an
exchange.Doyourduediligence.TheInternet
is awash with Bitcoin Exchanges. However,
hereisashortar@cleonwhattolookforand
alis@ngofthetop40Bitcoinexchangeswith
rankings for each available here: h/ps://
www.bestbitcoinexchange.io
I thinkBitcoinanddigital currency ishere to
stay. That said, it is s@ll newmarket and as
vola@le as a young stallion, so I am not
recommending anybody jump in “with both
feet.”But it is something to checkout,and if
youare comfortablewith, give it a li/le test
run.
EndNote:AttheendoftherecentwebinarI
held,3ofthea/endeesaskedaboutBitcoins.
I was somewhat dismissive in my answer
because, frankly, I didn’t have a full
understanding of how Bitcoin operated or
howithadgrownsinceIhadfirstheardofit.
Itwasthoseques@onsthatlaunchedmeinto
aresearchprojectaboutBitcoin.
Having completed the research, I am
fascinated with this new currency and I will
be diversifying amodest bit of reserves into
t h i s n ew wo r l d o f d e c e n t r a l i z e d
cryptocurrency.
Havefunandkeepyourpowderdry.
JohnTrumanWolfe.EarlyNovember,2016
THEBRAVENEWWORLDOFDIGITALCURRENCY
Silver.........Gold...........Dow..........BitCoin......
$17.95perounce.$1,279.5018,142$722