Chinese Liqueur Debuts ICO as Skepticism Heightens

Originated from local superior glutinous sorghum,”Xiao’hong’liang kun’zi pure draft liquor” has a production process that takes five years in total.

“After blending and leveling,” according to a marketing document, “it will take one more year to stockpile. The texture of liquor  … will be softer and tenderer before being packed in the bottle and leaving factory.”

Sounds good. The liquor is also involved in an ICO, and is one of a number of Chinese companies now exploring the cryptyo space. Here are rules according to the company:

The total value of Hua’yang “Xiao’hong’liang kun’zi puree draft liquor” in this publicity is RMB 100,000,000. Jiangcoin holders can make redemption of the Jiangcoin tokens at certain price according to the demands. The Jiangcoin token can be used to exchange with the China digital standard token NPC, thus realizing the assets exchange circulation through the media of the NPC.

While the Chinese are invading crypto, The Daily Economist recently published an article explaining that the basics of cryptocurrency were known at least nine years before Satoshi Nakamoto  published his now famous white paper.

In 1996 the NSA (that’s right, a government agency) published a White Paper titled,HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONICCASH.  And in this white paper, analysts and researchers laid out the entire breadth and scope of replacing cash and other fiat currencies with a completely digital one, based on anonymous cryptocurrencies.

… Certain documents uncovered from the NSA going back to 1996 may point to a correlation between the government and Bitcoin, and how the current cryptocurrency frenzy might possibly be an experiment for the future of government controlled money.

This suggests clearly that the CIA or some other government agency was behind cryptocurrencies to begin with. However this does not mean that all such money is destined to crumble and fall away when this latest bull market ends.

First of all, money can be anything as  Murray Rothbard suggested, so long as there is acceptance. Second, the people in charge of our financial system want to go digital, and crypto is a good  way of acclimating people to that. Third, at least some cryptocurrencies will probably survive whatever bear market is to come.

This would not be surprising given that cryptocurrencies are private money. Private money has been issued  successfully for millennia and there is no reason to think it has ended its run today.

 With a single bitcoin worth thousands, it may seem unusual to forecast a large crypto shake out, but surely one is coming sooner or later. The larger issue is which currencies will survive and why – and in what shape.

Unlike in past centuries, regulation is increasingly aggressive and invasive. Cryptocurrencies are  subject to wholesale confrontation and are usually giving way because the alternative is time consuming and expensive.

But this may not always be the case and, in any event, there are more chapters to go before this story is fully written. It does seems fairly obvious now that Satoshi Nakamoto is probably not what he seems and that his white paper was launched in part to ready the  West and world for transparent, digital money.

If you value privacy, you should make an attempt to secure at least part of what you have away from prying eyes before it is too late.

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