Tuesday, 4 February 2014

b.Passion Business VII - Cryptocurrency Programming

The last part is here:   Passion Business VII - Cryptocurrency (II)

Don't Buy Bitcoins

Don't Buy Bitcoins, Part 2
BITCOIN The Biggest Scam In History?

Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can be considered money.

The videos said it all. Bitcoin or any current cryptocurrencies is just rare but not valuable. It has no intrinsic value. There is no legal power to rule its conduct. There is therefore no chance of this cryptocurrency to take off.

As the videos suggested, the present currencies are enforced by the current governments-of-the-day as legal satisfaction of payment of taxes. Any person found not satisfying the legal obligation of paying taxes would be thrown into jail. With such a powerful requirement, how can one not recognize that the issued currency as a medium of exchange.

Therefore, to properly produce a cryptocurrency, one must rely on two basic properties: a legal infrastructure and a store of value.

Cryptocurrency cannot be just a play on number, even the miners of the coins expending large amount of energy and computational infrastructure to maintain the trust system are not considered economically active. Their efforts are useless in the eyes of the economic market. To be rewarded with coins, the miners must participate in economic activities, not just sit around and crunch numbers. They are no economic activists.

So I really enjoy this whole thing. I have spoken to my partner-in-crime and he fully endorsed this passion business. There is therefore a go for take-off.

One side of the total scheme of things was already being implemented in Taiwan before and was forced to close. When the one-sided scheme of things was implemented in full in Taiwan, the direction of things were excellent, they had proper stores and they had trust, the consumers were extremely happy and they commit in the hundreds of millions. But unfortunately, the trust was misplaced. The companies implementing this one-side of scheme closed down one after another and the consumers were extremely annoyed that their monies were not refunded. This caused a huge retracement of market trust. This one-side of scheme collapsed and never return.

From my assessment, even with the one-side of things, the scheme should have already worked beyond one's wildest dream. But, the schemers were dishonest, they took it as a scam scheme god-sent. They scammed the consumers to no ends.

Business can only be conducted using honesty. Honest business means profits can only come normally and not extraordinarily. The good news is honest business will last and feed one for more than a lifetime. The bad news is honest business will need a long time to establish the trust.

Unfortunately, the Taiwanese crowd couldn't see through the scheme of things. This same one-side of scheme was also implemented and tested in HK. Again, the schemers took it as a scam scheme at its best. This one-side scheme of things again fell flat.

If one were to evaluate this one-side scheme of things, one would realize that the business proposition is indeed a sound one. Everybody is supposed to be benefited in full in the end. It is an absolute win-win situation. But, due to external factors, the schemers couldn't maintain their part of the bargain. The scheme becomes ultimately a scam. The schemers couldn't see through the scheme that it is indeed a scheme that would have given the schemers the ultimate dream comes true.

If the schemers couldn't pull through the first half and if the schemers were to include the second half (this is unique as the second half is invented by me), the scheme would be even hasher to the schemers. There is therefore currently no existing schemers that can implement this scheme in full. This scheme is now perfect.

My partner-in-crime was very cute today. He mentioned that we must never include any third party into the scheme no matter how trusted the third party is. I cutely asked why not? He mentioned that the full scheme is too easy to implement and there is no guarantee that that third party wouldn't play us out by collaborating with another merchant. I smiled.

I must say I respected him a lot. I immediately consulted a Taiwanese to understand the true reason in the failure of the first-half of the scheme. After analysing, I realized that the first-half of the scheme failed because the schemers were made greedy after a while when the scheme was successfully implemented for a while. The schemers let their guards down and start to spend a bit more freely. In short, the schemers assumed the status of god and became fearless. As these were blood money, the schemers fell flat on their face.

If ever the second-half of the scheme is to be implemented (never implemented before in the market), the harshness of the scheme would drive even the best market schemers to shame. This is the key reason why the full scheme was never implemented in the market.

There were so many smart schemers in the market, but many schemers unfortunately believing that they were smarter than the market. Unknowing to the schemers, the market is perfectly intelligent. The market can never be outwitted. The collective wisdom would floor any smart alec. Therefore, the only way to survive in the market place is to follow its rule and toe that fucking narrow path.

My partner-in-crime fortunately understood this principle very well. He also influenced me that if we were to keep to the narrow path, we would be rewarded. Anything simple to implement in the market would be punished for being shallow.

Hehehe ... Why then does he then worries that this full scheme would be so easily copied and defeating us? If so many schemers have failed in their half-part before us, what make you think that this scheme when implemented in full would be so easily defeated?

But, retrospectively, my partner-in-crime has one of the most evil minds on earth. He would be the best person in implementing the scheme in full. Having a partner-in-crime like him is indeed my fortune.

In conclusion, I don't believe the scheme in its full flavour would be venerable to attacks or copies, but I do respect my partner-in-crime's concern. My lips are sealed.

May this full scheme see light in 20 years' time. Welcome to the $200trn Scam.

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