Even if I don’t finish, we need others to continue.
It’s got to keep going without me. – Terry Fox
Bitcoin and GOLD are somewhat lumped together as alternative investing instruments to beat inflation of fiat currencies.
The next milestone for bitcoin is to be on parity with GOLD.
Currently, 1 bitcoin gets you 0.85 of an ounce of Gold (see xe.com)
Perhaps in a couple of months, there will be parity. All good.
Next, there will be the milestone of 1000 GBP to 1 btc. All good again.
Some charts and predictions show that bitcoin will surpass 2000 USD, 10 000 USD, even 500 K USD. All good.
But these milestones do not go unnoticed by the holders of fiat currency, and the establishments, and banks and Goldman. What an apt name, Gold Man.
They will try various way to poison, lie, cheat, steal, corrupt, disrupt bitcoin’s ascension.
There are a dozen scam MLM programs based around bitcoin all over the world now. With millions at stake, that likely only a handful will profit from. Leaving thousands, perhaps millions suffering and losing their life savings – especially in poorer countries. Think Nigeria. There are many intelligent people there. There are many who are unbanked. With a nice presentation, they can be easily lamb-chopped into a spiral of MLM poisoning.
Confiscation: recently there were reports of confiscation in Venezuela. Of equipment related to bitcoin. Mining machines are computers after all. Along with those seizure, the digital bitcoin too will be seized.
Will Wall Street allow bitcoin to be disruptive as Occupy Wall Street? Of course not. There were a dozen or more bankers, CEOs, executives, lawyers who took a vow to protect the interest of shareholders, or depositors, of citizens (they prefer the label taxpayer), yet stole money from them. Non got any jail sentences. Thieves don’t get thrown into jail. But there were 2500 Occupy Wall Street protesters who were put behind bars.
Behind bars: are several bitcoin pioneers.
Not going to be shocking news is when the regime will round up innocent bitcoin proponents, bitcoin evangelists. Slap a criminal case against them, or create an imaginary one. Think Assange with a dubious case against him, or think Jesus.
If there is a Bitcoin Jesus, there is bound to be Bitcoin Pontius Pilate.
Perhaps after silencing a few prominent bitcoin citizens, they will confiscate their share of bitcoins. That is one play the regime can do, and will do.
Tighter Restrictions: New Zealand, Australia, UK, Malaysia – the banks there are restricting, closing bank accounts of people who are using bitcoins. The banks have their fine print made. They can close your accounts, just like Paypal. They can ban together, to not allow you to open any bank account.
Restriction by internet protocol: (this is my own assumptions, it is not proven to be doable) – perhaps when bitcoin prices are going skyrocket high, the regime can implement some blocking of protocol that enables bitcoin to run. Or simply make a huge blanket firewall. Within China, usage of internet is restricted – sites such as Facebook, Google, are inaccessible.
Even a temporary restriction of internet protocol that supports the framework of bitcoin can have devastating effects on the psyche, the confidence. That would crush the price.
Going against the wind: superpower regime can print money. With that, they can go against the wind and simply keep buying all the bitcoins available, then store them away. A stagnant bitcoin will kill bitcoin. Since bitcoin is finite, with close to 17 million of them, and a market cap or market value of 20 odd billion USD, any superpower financial institution can have the financial means to sweep it clean of the internet and hide it to critically disable its progress.
Saboteurs: there are many ways of warfare and guerilla tactics and sabotage is played by superpower regimes for centuries. Send in an asset into a bitcoin exchange. Convert an asset, paid with blood USD. Disrupt the bitcoin consensus by creating a super-farm of mining equipment. Create viruses to infiltrate weak wallets, weak online exchanges (at least 5 huge cases to date, and perhaps a dozen more smaller but significant amounts lost).
Who is Terry Fox? Read here.