When banking tries to steal blockchain technology and kill Bitcoin and cryptocurrencies

We see how the bank tries to steal the blockchain technology created to give life to Bitcoin and that is the basis of cryptocurrencies.

Financial institutions have had centuries and centuries to develop a business model that allows them to always win. A few years ago we saw how the Spanish state gave away billions to the banks. The rules they created even led the government to modify the constitution to say: "banks before people." None of you who are reading these lines (even those who write them) knew that in 2008 a certain Satoshi Nakamoto proposed Bitcoin, a cryptocurrency that did not need trusted third parties to operate.

Bad bitcoin, bad blockchain. The story that some media are trying to sell.

In a few days, on January 3, we will celebrate TEN YEARS of the creation of the genesis block. This block was created by Satoshi Nakamoto and that's where the magic began. A term, such as blockchain, that was unknown two years ago to the majority of the public already appears in television commercials (we will leave out whether it makes sense or not).

We have seen on many occasions how journalists and politicians, with little or no knowledge about cryptocurrencies and blockchain, try to manipulate reality. There are not few who speak of blockchain as if it were something invented for certain purposes, omitting its origin: Bitcoin. Not only that, how many times have you read the death of Bitcoin and cryptocurrencies? How many times has the bubble burst? Who has not heard that "mining is not profitable"?

On some occasions I have come across articles that talk about blockchain technology and do not mention cryptocurrencies. This phenomenon is happening more and more. It is trying to disassociate the blockchain from cryptocurrencies, at the same time that cryptocurrencies are talked about without mentioning blockchain technology. This has an explanation: They are STEALING US

They steal our blockchain technology and call us criminals

You have all read on occasion that cryptocurrencies are used by thieves, scammers, drug traffickers, terrorists and a long list of beings without morals. In that bag, 95% of cryptocurrency users are put, since there are studies that say that between 1-5% of transactions are illicit acts. Now, as you say that "politicians are corrupt" the one that can fall to you is serious.

While the bank-controlled media attack cryptocurrencies talking about money laundering, crime, terrorism and various bubbles, the banks are robbing us. They are appropriating a technology that does not belong to them. Be careful, they are free to use it but not to seize it and make it appear that it is a technology independent of cryptocurrencies. If it weren't for Satoshi, who knows if blockchain technology would exist. I go a step further, without the Cypherpunk, without Tim May, Wei Dai, Adam Back, Hal Finney or Nick Szabo, blockchain technology would not exist.

Blockchain = decentralization = privacy = auditability

We are overlooking the fundamentals of the technology behind Bitcoin. A blockchain allows us to exchange value between peers without the need for a trusted third party, such as a bank, government or similar body. Also, no personal information is used to create an address, therefore privacy is provided. If we don't want anyone to associate an address with us, we can have as many addresses as we want, as they are almost infinite. But we can also keep track of each satoshi on the network, because all transactions are public and auditable.

Contrast all this with centralized databases. Although they insist on using the term blockchain, when one of the three properties of the title of this section is lost, we can no longer use this term, we have to use the correct term: DATABASE

Most uses of the blockchain name are for centralized closed networks controlled by a bank or as in the case of the 'chicken blockchain' of a private company such as Carrefour. We lose privacy because if I have to download an application or access a website through a QR code, I already give them my personal data or a certain amount of data that I still don't want to give them.

Although they use blockchain technology as elements to audit the process, we must trust third parties. Carrefour can tell us that the chicken has been raised in Asturias and really comes from China and has spent a month in Asturias. He could have been killed in Murcia but is of Italian origin. What I mean is that it is not auditable, because I depend on trusting a trusted third party or not.

Although the monkey is painted like a whore, mona stays

A few years ago I went to open an account at a bank. To open it, they asked me: ID, registration document and a bill for a service such as water, telephone, electricity or similar or a payroll.

To open an account, I had to prove that I was me, I lived where my ID said, and I had a third document to ensure that I was moving money or receiving money from somewhere. It is clearly in contrast to Bitcoin and cryptocurrencies. I download the Bitcoin client software, I run it on my computer. I generate a seed or seed, which generates a private key, from which the public address is obtained and from this I can generate as many addresses as I really want.

Has anyone asked me for any information? None. This allows privacy, not anonymity. Transactions can be traced from one address to another. If I put my bitcoin address on the web, everyone can go to a browser and see how much has entered and how much has left.

If you have an electricity bill (or whatever), you can go to the bank and ask what the ISBN where you have paid the bill and how much balance it has. They will hide behind confidentiality and privacy and will not give you anything.

Where is the privacy with credit / debit cards?

We have agreed that in Bitcoin, because it is the best known, we can have as many addresses as we really want. If we do not reveal our address, no one has to know that it is ours and we can hide the movements, because we want to, just like always.

Surely many of you are going to buy and in your wallet you only carry business cards from various sites and a button on the purse. You make payments with a piece of plastic. That piece of plastic always has the same number, it doesn't change. What we are doing is telling the bank where, when and how much we have spent. We may not care, but it is data that the bank can use for its benefit or that of third parties, as we cannot audit banks.

We go one step further. Surely most of you have a supermarket customer card in your wallet. I have three different supermarkets. From one of them every month I receive a magazine with products and offers and a separate piece of paper that contains products that will allow the discount check to increase and also the amount, date, time and supermarket where I have made a purchase and have passed the card.

Hundreds of thousands of data, which are irrelevant to us, are gold for supermarkets. They can create brutal commercial strategies and even foresee which days they will need to have more or less product in the warehouse, more or less person or which days will generate more income.

The times of money in the digital age

Send a WhatsApp or Telegram message to a friend, tweet or do a Google search. From the moment you give an intro or send, how long does it take to send, publish or show you a result? Seconds. If everything is done in a matter of seconds, then why does it take between 24 and 72 hours for my payroll to arrive since my company pays me?

It's a great question. Banks have everything digitized, they are accounting notes that should move in an agile way. If we look at it from another prism, we can send 1 BTC to anyone in seconds through the Lightning Network, an XRP transaction is validated in seconds, but in a centralized network because it takes so many hours?

Well, it's the million dollar question. We can assume that they use our money and that of so many other people to speculate for a few hours, make a profit and give us our money and keep the profits. Maybe Bank A gives the money to a man with a bicycle to take to Bank B. Maybe they have to get approval from the Anunnaki. As they are centralized and opaque institutions, we have no idea.

Centralize the blockchain and suppress cryptocurrencies

Without fear of sneaking in, we can say that they do not want to change the system. They seek to centralize and privatize blockchain technology to know more about us and eradicate cryptocurrencies. A digital currency that is not controlled by anyone, cannot be counterfeited and has a controlled issue that violates the banking system. How many banknotes have been printed today in Europe? What color were those bills? Where are those bills?

A cryptocurrency, such as Bitcoin, in one hour 75BTC have been added to the network, not one more, not one less. Okay, that's if a block was generated every ten minutes. Anyway, we can go to the block explorer, find out how many blocks have been generated in an hour, day, week or month and know how many bitcoins have been added to the network, because we know what the reward is per block.

Banks want blockchain technology because it will help them minimize costs and increase profit. If they can eliminate Nostro accounts, eliminate personnel and infrastructure, they will have less structural costs and therefore the benefits will skyrocket. That will only be possible if they eliminate cryptocurrencies or kidnap them along the way, hence the interest in criminalizing cryptocurrencies.