Anonymous discredits itself by launching a shitcoin
A branch of the hacking group Anonymous has recently made headlines by attacking Elon Musk but has just lost all credibility by launching its own shitcoin – the Anon Inu token.
When Anonymous takes out its crystal ball
Anonymous rose to prominence around the 2010s by pulling off a number of hacking feats. A lot of water has gone under the bridge since, and it’s becoming clear that the new generation of hacktivists does not operate on the same scale as their predecessors.
The people behind the YouTube video published on 16th July (seen 82,000 times) explain things that don’t quite need explaining:
“Over the past two months, there has been a massive crackdown on Bitcoin mining in China. Prior to the crackdown, a large portion of Bitcoin network’s hash power was located in China, which means that this is where the most Bitcoin miners were located. China was such an attractive location for miners because energy was so cheap, especially in remote locations that were close to hydroelectric dams. Up until recently, China has been happy to allow Bitcoin miners in the country, but the CCP government is now planning on launching its own currency, the digital Yuan, and they are no longer allowing any competing currencies within its borders. This is why there was a huge drop in the Bitcoin price through the month of May, Bitcoin miners in China were being forced to move, which means that they had to sell a lot of their coins to cover expenses.”
Anonymous follows up with a reference to the “crypto market” which appeals to maximalists:
“Even though this crackdown focused specifically on Bitcoin, the whole crypto market was negatively affected because every crypto asset still follows the trajectory of Bitcoin.”
Even more intriguing, we are treated to a simplistic analysis of the market, followed by a bullish prediction for the end of August. These childlike market comments are genuinely uncomfortable to sit through, especially when you remember that Anonymous speeches used to be vibrant and straight-to-the-point.
Anon Inu vs. Elon Musk
The plot thickens once Anonymous justifies the creation of their shitcoin as a way to “fight Elon Musk in the meme war and China in the crypto war.”
[By the way, “digital yuan” has nothing to do with cryptocurrencies since it does not use blockchain or have a fixed supply]
Calling Anon Inu a “shitcoin” is still giving it too much credit since it would at least mean having a fully-fledged blockchain. This is not the case with this “DeFi community token” which uses the Binance Smart Chain. We could probably compare it to a vulgar ERC-20 token that can be created in a few clicks on the Ethereum platform.
Anon Inu is akin to the most typical Ponzi schemes with a remuneration of 5% per year and the destruction of 50% of tokens in circulation. In other words, it will be a pre-mined token that will enrich its creators at the expense of greedy shitcoiners.
Why is China afraid of Bitcoin (BTC)?
For the same reasons Christine Lagarde (ECB) and Jerome Powell (US Fed) are afraid of it. The President of the ECB said in January 2021: “There has to be regulation. This has to be applied and agreed upon … at a global level because if there is an escape that escape will be used. So, I think … that global cooperation, multilateral action is absolutely needed, whether it’s initiated by the G7, moved into the G20 and then enlarged.”
Yes, Bitcoin is an escape from a system of debt and inflation. The system that has reached its limits, proven by the fact that the younger generation can’t buy a house without losing their freedom for 25 or 35 years.
The exponential money creation from interest-bearing debts has led to incredible inequality. This Ponzi scheme will explode much sooner than you think, for two reasons:
The first is that we are reaching the limits of growth (the decline in world oil production):
Given that it is impossible to repay debt without growth, the scarcity of energy resources will ultimately result in monstrous inflation. Or even hyperinflation if an “escape” indeed exists.
The second reason is Bitcoin. It is the best currency in history. Digital gold that allows to escape from the fiat system by which the results of our work will be milked more and more, without us being able to do anything about it.
The lack of an alternative to their funny money made central banks believe that they could run the printing press forever (except that Bitcoin has changed the game forever).
Central banks now understand this and are working hard to create “CBDCs”. The President of the Fed has even recently declared that the digital dollar could make Bitcoin obsolete.
A CBDC for what?
The interest in CBDCs is double-natured. On the one hand, it’s about preparing for the burst of the debt bubble which will cause private banks to go bankrupt, but also to accelerate movement towards the end of cash.
Once paper money is gone, “escape” will no longer exist. Bankers will be able to introduce negative rates and self-burning money. The Chinese CBDC is the perfect illustration of this, since it destroys itself if it is not spent quickly enough…
The purpose of this manoeuvre is to steal more and more money from the masses in an attempt to keep a doomed system afloat. Since the Chinese debt-to-GDP ratio now exceeds 300%, compared to 140% on the brink of the 2008 crisis (these figures are similar to those of Europe and the US).
Our colleagues from Trustnodes quote in this article a very interesting passage from the 2018 IMF report in which we can read:
“The efficiency of credit expansion has increasingly deteriorated, pointing to growing resource misallocation. In 2007-08, about RMB 6½ trillion of new credit was needed to raise nominal GDP by about RMB 5 trillion per year. In 2015-16, it took more than RMB 20 trillion in new credit for the same nominal GDP growth,”
Replace “resource misallocation” with “energy constraint” and we come back to what we said above: a monetary system based on debt and perpetual growth is doomed to collapse on our finite planet.
This is why the PBC, the BCE and the Fed are afraid to compete with BTC. It should also be noted that China is going through its worst energy crisis in a decade. It can simply no longer afford to harbour half of the world’s cryptocurrency miners.