How easy it is to get DEBANKED in a pure BTC world.
What the CryptoBro's don't want you to realise...
I already exposed the BitCON psyop in my previous 2 articles about Bitcoin, especially going through the entire ‘payment cycle’ and how Bitcoin basically tracks and permanently stores all your transactions.
So long as these transactions are done from totally private BTC wallets in a parallel system with other currencies, this is not so much of a problem of course.
However, it becomes more problematic once we enter into a 100% Bitcoin World, because everybody will slowly but surely get to know your BTC wallet address, and can ‘reverse-engineer’ all your transactions from there, and link it to other addresses.
We can already see that the EU(SSR?) is ‘leading the way’ to start identifying the identities behind anonymous crypto wallet addresses, requiring you to report the identity of any crypto wallet that you are sending receiving crypto to/from the crypto exchanges that you use.
Now let’s fast forward to a 100% Bitcoin World, your employer will know your BTC wallet address (for your salary), the utility and insurance companies you use will know your BTC wallet address, the tax office will know your BTC wallet address, your landlord or mortgage provider will know your BTC wallet address, and for example (😉) also the friendly prostitute or drug dealer will know your BTC wallet address. Additionally, the banks, insurance and utility companies, and landlords of those prostitutes and drug dealers will also know their identities, and your possible payment to them because it’s for everybody to see on the public blockchain….
Can you now finally see why this permanent & decentralised public ledger system is so problematic for privacy, and why it’s such a possible goldmine for data mining companies? 🤔
Similar to how companies already have access to your banking data (think about a FICO credit score in the US, or a Schufa Auskunft in Germany), there will be lots of companies making money of buying data about the identities behind crypto addresses.
Can you now also see how the people who blurt of the proverbial “Bitcoin will solve this” bullshit and websites that promote Bitcoin (like for example Michael Saylor,
or his buddy Larry Lepard, Bitcoinmagazine.com or ZeroHedge) are probably either scam artists, dumbos who can’t think things through or outside the box, Bitcoin shills, or just outright Deep State puppets? 😉So now the ‘narrative’ is once again shifting. We’ve already gone from “store of value” to “digital gold,” and then there is the “be your own bank” bullshit/your keys your coins:”
“Your keys, your coins.”
What those “coins” actually are, still remains a complete unknown (i.e. zero intrinsic value, and just some numbers on a digital ledger as a result of burning enormous amounts of electricity) but let’s for argument’s sake cut some slack to the CrpyoBros and assume that Bitcoin is immensely valuable.
To conduct our thought experiment, let’s once again also assume that we are living in a 100% Bitcoin World, where Bitcoin is the sole means of financial transactions.
So we have the following premise;
Bitcoin is very valuable, and you are the sole person who has the “keys to your (Bit)coins.”
We are living in a world where Bitcoin is the sole means to conduct financial transactions.
All Bitcoin transactions are permanently stored on a public and decentralised digital ledger.
Great, so in other words, we are living in this fantastic ‘Libertarian Utopia’ that is being pumped by all the ZeroHedge/Bitcoinmagazine.com/Michael Saylor fanboys. 🤡
Now let’s assume that you have done something naughty, for example being behind on payments (i.e. a bad/negative credit score), buying drugs from a drug dealer, paying a prostitute for her ‘libertarian services,’ going to a butcher shop to buy a juicy steak, or buying some petrol at a fuel station for your 5.0 litre V8 that you have in the driveway.
Let’s see how easy it is to “debank” you for being a societal outcast and for being a true libertarian…
As I have previously stated, many people and companies will know the identity of who is behind your’ ‘private’ BTC wallet (let’s say hypothetically ending in “123abc”) because you will need that BTC wallet to pay for utilities, taxes, parking fines, rent/mortgage, etc that are linked to your identity.
How difficult would it be for the State to make a list of BTC wallet addresses of ‘naughty’ people, and issue a law stating that it is forbidden by companies or private individuals to do business with anyone on that list? A Bitcoin “Do-Not-Transact-With” List?
It will be similar to the so-called No-Fly List for terrorists. Once you’re on ‘The List’ you’ll be fucked and you’ll be fighting a long uphill bureaucratic battle to get removed from that list.
The State will just update this Bitcoin “Do-Not-Transact-With” list every minute and who knows (I’m not a big software geek so I’m out of my depth here), perhaps it will be added as some kind of ‘third layer’ onto the BTC Blockchain itself, automatically rejecting payments from people who have become (to speak with Orwell) an Unperson?
When the State prohibits anyone from transacting with your BTC wallet address, you’ve effectively been DEBANKED, despite “having your keys and your coins.”
Your “keys” will be just as useful to you as the PIN number to the debit or credit card after you’ve been debanked by a traditional bank.
Quickly transferring some or all of your Bitcoin savings to another (new) wallet is of course totally useless, because this transfer will again be completely visible to anyone, so this new wallet address (let’s hypothetically call it “456def”) will just be added to the “Do-Not-Transact-With” list.
Now of course the Bitcoin Retards shills and apologists will start spreading more Hopium (as opposed to F.U.D. when it does not suit their agenda 🤡) that ‘this will never happen’ because it conflicts their pathetic “digital gold” and “libertarian freedom” narrative.
However, when you rationally look at Bitcoin and the so-called Cult Bible White Paper, the infrastructure and the fundamentals are firmly cemented into place: a permanent, public, and decentralised ledger.
It’s even worse than in the example I described above, because with a permanent ledger, there is also a retroactive aspect.
A combination of Artificial Intelligence (AI) and algorithms might start tracing back all your financial transactions, and paying for something that might be completely legal, normal, and socially acceptable today, might be taboo tomorrow.
Imagine the enormous self-censorship and blackmail potential…. With every transaction to make, you’ll be asking yourself: “what will anybody think of this?”
Your boss, the government, your neighbour, big corporations…anyone who has the money to pay for a database of your transitions will be able to see, track, and monitor what you spend your hard-earned ‘money’ (Bitcoin) on.
If people still don’t see how a Bitcoin Financial System is a total privacy nightmare then they are as dumb as a pile of bricks.
I fully agree that fiat currency has major disadvantages and that the current ‘debanking’ trend is hugely disturbing, but perhaps going to an ATM and taking out a fistful of Dollars, Euros, or Yen before visiting a strip club isn’t so bad after all…just sayin.’ 😇
Now of course Bitcoin is not programable money, that’s why I think that Bitcoin will be used as a stepping stone towards a full Central Bank Digital Currency and a Social Credit System.
Remember this is how the Globalists and the Deep State works: they do everything in small baby steps…until there is no turning back:
We decide on something, leave it lying around and wait and see what happens. If no one kicks up a fuss, because most people don't understand what has been decided, we continue step by step until there is no turning back.
Jean Claude Juncker (ex-prime minister of Luxembourg and ex-president of the European Commission)
Bitcoin is just the usual Deep State PsyOp;
Bitcoin is being used to ‘sell’ the idea to the dumb sheeple that;
a QR code is valuable (similar to during the ‘pandemic’)
Cash is old-fashioned and ‘dirty’ (remember how they also tried to literally plug this narrative during the ‘pandemic’ claiming that ‘cash was spreading the virus?’)
merely having a phone with a Bitcoin QR code is enough to go through life. (perhaps soon to also include a Digital ID and Vaxx ID? 😉)
To convince people of the ‘value’ of Bitcoin, the price is artificially pumped up, most probably with questionable USDT/Tether, which is again deeply linked to a Deep State puppet like Howard Lutnick, someone with the allure of a second hand car salesman (fast forward to the 08M48S mark) and who is now Trump’s Secretary of Commerce, while other Deep State Contractors and Puppets like Elon Musk, Vivek Ramaswamy, Michael Saylor, and of course the mainstream media like CNBC, Bloomberg and CNN who continue to pump cryptos in general and Bitcoin in particular.
p.s. I’m still waiting for the first BTC donation (see below), so this can mean a couple of things; 1) my articles suck (quite possible! 🤣), 2) not many subscribers have any Bitcoin (oh, how’s that infamous “Bitcoin Adoption Rate” going? 🤡), or 3) none of the Bitcoin fanboys ever made it to the end of my article, possibly having finished reading after a few sentences. 😈
👉 As a bit of an experiment to gauge the supposed “popularity” and “adoption rate” of Bitcoin/cryptos (of which I’m also deeply skeptical, see my article here 😉), I’ve set up a BTC wallet for donations.
If you have some spare Bitcoins-Satoshis lying around, even if it’s just $0,01 worth, then please consider sending some BTC Satoshis my way. Many thanks, it’s much appreciated!
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And don't caught in the craze of getting rich quick to invest in whatever coin.
Thank You Fulgurite