Bitcoin’s problems grow, yet so does USA debt

Bitcoin

The ‘virtual currency’ known as Bitcoin seems to be facing more problems. Here are two reports:

February 12, 2014

A “massive” distributed denial of service (DDoS) attack is hitting Bitcoin, according to trading venues, in what has been a tense week over alleged flaws in the various systems run by the virtual currency and its exchanges.

The attack picks on the very area – transaction malleability, or the potential renaming of transaction messages – that has become a bone of contention between different venues, and is blocking some transactions from being confirmed. The source of and reason for the attack have not been disclosed.

The value of Bitcoin has fallen dramatically in recent days. Earlier this week, Japanese exchange Mt Gox stopped trading, blaming transaction malleability issues in Bitcoin’s systems that purportedly allow traders to pretend a withdrawal has not gone through, and to receive the currency a second time.

The Bitcoin Foundation issued a swift rebuttal to Mt Gox’s claims, insisting the exchange was to blame, and that the malleability issue had been known for some time. http://www.forbes.com/sites/leoking/2014/02/12/bitcoin-hit-by-massive-ddos-attack-as-tensions-rise/

February 12, 2014

Bitcoin stumbles on glitches, attacks and arrests

After a spectacular rise last year, Bitcoin is having a miserable 2014.

Things are so bad, in fact, that some are wondering if the digital currency’s days are numbered.

Bitcoin’s price fell to a nearly two-month low this week, crumbling under numerous pressures. On Monday, the price fell as low as $500 before bouncing back above $600, Reuters reports. That’s a steep fall from topping $1,100 last November.

The price drop shows that some Bitcoin investors are backing out, although to what extent is unknown…

This week, several Bitcoin exchanges have been inundated with a “massive and concerted attack,” r eports Coindesk. As a result, one exchange called Bitstamp has temporarily stopped all withdrawals, while another one known as BTC-e may be delaying transaction crediting.

Mt Gox shutdown: One of the largest and most popular Bitcoin exchanges, Mt. Gox, has suffered days of technical glitches, shaking the entire currency’s world to its foundation…

High-profile arrest: Last month, one of Bitcoin’s most vocal advocates was arrested on money laundering charges…

Wary governments: Countries from China to Scandinavia have sought to put the brakes on Bitcoin, hoping to tamp down on money laundering or financial terrorism that may arise from the alternative currency. Russia’s central bank said last month that buying goods with virtual currencies may be considered a “dubious” practice under the country’s financial laws. http://www.cbsnews.com/news/bitcoin-stumbles-on-glitches-attacks-and-arrests/

There is no way governments will intentionally allow a system that gets around all of their financial espionage. China is starting to publicly state that, Canada expressed concerns about Bitcoin yesterday, and the government of USA has also began to try to figure out how to handle Bitcoin (Congress has held one or more hearings).

The Book of Revelation which makes the following statements concerning the financial controls of the coming Beast power:

16 He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

18 Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666. (Revelation 13:16-18)

The Bible is clear that the time is coming when the Beast power will have implemented some type of strong financial control. Thus, it is not likely that being able to buy and sell privately with something like Bitcoin will last. The Beast power will not allow it, and it is likely that the USA government will take more steps to try to either stop it or at least secretly spy on it.

As far as what Bitcoin is, here are comments from what Bitcoin’s website says about it:

Bitcoin is an innovative payment network and a new kind of money.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

FWIW, I have never had or traded in Bitcoins or other alternatives like that.

Related to Bitcoin, a former Chairman of the Federal Reserve had this to say in December 2013:

Former Federal Reserve Chairman Alan Greenspan said Bitcoin prices are unsustainably high after surging 89-fold in a year and that the virtual money isn’t currency.

“It’s a bubble,” Greenspan, 87, said today in a Bloomberg Television interview from Washington. “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.” http://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html

While that may very well be, the reality is that the USA continues to take steps to devalue its currency and ultimately the USA dollar will be worthless. Between federal deficit spending and borrowing, the improper dilution of currency through the Federal Reserves’ quantitative easing programs (essentially a ‘legal’ form of ‘counterfeiting’ on a massive scale of US$85 billion per month), and future debts that will be required related to the so-called Affordable Care Act (called Obamacare), presuming that it is not cancelled, the future of the USA dollar is not good. The USA dollar, itself, is in a bubble and when certain events occur, much of the world will realize it and the USA dollar will be worthless–and according to Bible prophecy (Habakkuk 2:6-8), the USA itself will cease to exist.

Yesterday, the US House of Representatives voted to increase the debt limit of the USA again:

The House approved a year-long suspension of the nation’s debt limit Tuesday in a vote that left Republicans once again ceding control to Democrats after a collapse in support for an earlier proposal advanced by Speaker John A. Boehner (R-Ohio).

In a narrow vote, 221 to 201, just 28 Republicans joined nearly all Democrats to approve a “clean” extension of the government’s borrowing authority — one without strings attached — sending the measure to the Senate for a final vote, probably this week.

The legislation, which Senate Majority Leader Harry M. Reid (D-Nev.) vowed to pass and President Obama said he would sign, would eliminate any chance of default on $17.2 trillion in debt — and the financial havoc that would ensue — until March 2015.

The Republican surrender probably ended a three-year war by the House GOP against what had been an obscure procedural maneuver to ensure that the nation’s past bills were paid on time. http://www.washingtonpost.com/politics/house-gop-leaders-will-bring-clean-debt-ceiling-bill/2014/02/11/1544cf8a-9338-11e3-84e1-27626c5ef5fb_story.html

So, the House of Representatives and the President of the USA both want to be able to incur more debt.

Notice also something I wrote earlier in one of my books:

The debt situation of the USA is putting it at risk of being unable to recover should it be hit by weather problems, terrorist acts, war, riots, solar flares, severe earthquakes, civil unrest, devastation of their genetically-modified food supplies, food shortages, and/or various pestilences–an intensity of “sorrows” such as Jesus discussed in Matthew 24:4-8 leading up to the time of the Great Tribulation. Disasters, especially if there is an ElectroMagnetic Pulse (emp) attack or a severe solar flare storm, could be part of a so-called “perfect storm” of events that could set the USA for destruction…

It seems since many are now questioning the role of the U.S. dollar as the world’s reserve currency, more are looking into other currencies as well as gold. Gold will set records in U.S. dollar terms. When the U.S. dollar totally collapses people all around the world will consider that even if the Euro (or something similar) is strong, having a more gold-backed currency would be safer. The collapse of the U.S.A. dollar will shake a lot of the world’s confidence in non-gold backed currencies.

Having the European power acquiring a lot more gold to back the Euro (even if the backing is only implied) or possibly other future European currency (that might potentially replace the Euro or even a basket of currencies) may greatly increase European credibility, prosperity, and influence around the globe (and will happen, to a degree, before that King arises).

The financial policies of the Obama Administration (which are a massive acceleration of the previous policies of the Bush Administration) are heading the world into the direction that something other than the U.S. dollar will be valued as its reserve currency. (Thiel B. Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term. Nazarene Books, 2013, pp. 70, 132-133)

The time is coming that the USA dollar will be worthless. And yes, the Bible tells that for a time gold will be worthless, but that does not happen until years after the demise of the US dollar. But placing too much confidence in gold, currencies, or alternatives like Bitcoin will not truly save anyone (cf. 1 Peter 1:7). Yet, true repentance and turning to the Jesus of the Bible can.

The increased debt of the USA, as well as its increasing financial and other surveillance, seem to be factors in the popularity of alternatives like Bitcoin. But the USA government does not care for such things.

Although the USA is not likely to repent to prevent this nationally, nor can Bitcoing prevent it, personally you can repent as well as physically take steps before the dollar-based economic systems collapses.

Some items of possibly related interest may include:

Jesus: The Son of God and Saviour Who was Jesus? Why did He come to earth? What message did He bring? Is there evidence outside the Bible that He existed? Here is a YouTube sermon titled Jesus: Son of God and Saviour.
Just What Do You Mean — Repentance? Do you know what repentance is? Have you truly repented? Repented of what? Herbert W. Armstrong wrote this as a booklet on this important subject.
There is a Place of Safety for the Philadelphians. Why it May Be Petra This article discusses a biblical ‘place of safety’ and includes quotes from the Bible and Herbert W. Armstrong on this subject–thus, there is a biblically supported alternative to the rapture theory. There is also a video on the subject: Might Petra be the Place of Safety? Here is something related in the Spanish language: Hay un lugar de seguridad para los Filadelfinos. ¿Puede ser Petra?
Just What Do You Mean Conversion? Many think that they are converted Christians. But are they? Would you like to know more about conversion. Herbert W. Armstrong wrote this as a booklet on this important subject.
False Conversion Have you really been converted? Herbert W. Armstrong wrote this article on this important subject.
All About Water Baptism What is baptism? Would you like to know more about it. Herbert W. Armstrong wrote this as a booklet on this important subject. As far as early history, see also Baptism and the Early Church.
God’s Grace is For All Is being Jewish a hindrance to salvation? What about not being a descendant of Israel? What does the Bible really teach?
Will USA Spying Help the Beast Power? Various allegations have surfaced about the United States government spying on its own citizens as well as its supposed allies in the European Union. Whether or not all the espionage allegations are true, and the main ones have not been publicly denied by the government of the USA, the reality is that this does have prophetic ramifications and will help the Beast of Revelation. This video provides quotes from the Bible showing how this is so. The USA is placing itself in a position to be taken over and its response to the allegations will make it easier for the Europeans to do so.
The Snowden Leaks are Leading to the Destruction of the USA Can what happened with the leaks of what the NSA has done help the USA to be taken over? What does the Bible teach that seems to be related to this? Here is a related YouTube video titled Are the Snowden NSA leaks leading to the destruction of the USA?
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is a link to a video titled: Can You Prove that the Beast to Come is European?
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? What MUST happen BEFORE the Great Tribulation?
China, Its Biblical Past and Future, Part 1: Genesis and Chinese Characters Where did the Chinese people come from? This article provides information showing that the Chinese peoples must have known about various accounts in the Book of Genesis up until their dispersion after the Tower of Babel. Here is a link to a version of this article in Spanish: ¿Prueban los caracteres chinos la exactitud de la Biblia?
China, Its Biblical Past and Future, Part 2: The Sabbath and Some of God’s Witness in China When did Christianity first come to China? And is there early evidence that they observed the seventh day sabbath?
Asia in Prophecy What is Ahead for Asia? Who are the “Kings of the East”? What will happen to nearly all the Chinese, Russians, Indians, and others of Asia? China in prophecy, where? Who has the 200,000,000 man army related to Armageddon? A YouTube video of interest may be Is China THE Threat to the United States of America?
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something?
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold?
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2021 or 20xx?
When Will the Great Tribulation Begin? 2013, 2014, or 2015? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede comenzar la Gran Tribulación en 2013 o 2014? ¿Es el Tiempo de los Gentiles? You can also see the English language video The Great Tribulation Will Not Begin Before 2017.
Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term This is a 160 page book for people truly interested in prophecies related to Barack Obama and the United States, including learning about many that have already been fulfilled (which the book documents in detail) and those that will be fulfilled in the future. It also has a chapter about a Republican choice. This book is available to order at www.barackobamaprophecy.com. The physical book can also be purchased at Amazon from the following link: Barack Obama, Prophecy, and the Destruction of the United States: Is Barack Obama Fulfilling Biblical, Islamic Catholic, Kenyan, and other America-Related Prophecies? What About Republican Leaders? Second Edition for Second Obama Term.
Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition. This electronic version is available for only US$2.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition.