Another bitcoin expert, Peter van Velckenberg, spills the beans and perfectly describes the ‘decentralized’ ‘private’ aspect of owning bitcoin, or any other cryptocurrency that lives on a blockchain, and uses said cryptocurrency to conduct any transaction via blockchain technology. Remember, it’s all about blockchain technology.
At approximately the 15:46 mark Peter van Velckenberg states the following:
Now the non-traceable is the other aspect I wanted to address. We talked about the fundamental innovation as to how this thing (bitcoin) works. It works because there’s a ledger. Not only is that ledger traceable, with perfect fidelity, and there’s only one version of it; not a bunch of records kept by five different international correspondent banks that don’t record beneficial ownership of shell companies that open accounts. There’s one ledger it’s called the blockchain. If you know that someone received a payment at an address on that blockchain you see with perfect fidelity every transaction into and out of that address and this is exactly the type of technological tool that law enforcement has used to apprehend the people that have used these networks for bad purposes. Ross Ulbrecht, the guy that created the Silk Road he was caught with his laptop in front of him. They opened it up, they found the public address where he was receiving payments from the Silk Road drug market and that’s unimpeachable evidence that he benefited from every single atomistic transaction for drugs or heroin that happened on that website.
There is nothing more that needs to be added to this information except – if you think for one second that your blockchain transactions are private, decentralized and untraceable please re-read the above or listen to the words coming out of Peter’s mouth in the video below. We have been warning people for months and months to stay away from this NSA/MIT created nightmare and if you want private, decentralized money and a store of wealth then you should acquire gold, silver or diamonds. You can always use your favorite wholesaler, but there would be a record of that transaction – but, you could store your physical gold/silver/diamonds off shore in a gold/silver safe region. If you want true decentralized, privacy acquire gold, silver and/or diamonds with cash conducted with another person face-to-face. Remember handshakes? Well, those are 100% decentralized and untraceable. Blockchain transactions, no so much.
This post was published at GoldSeek on Monday, 25 December 2017.