E-commerce with Bitcoin: Scam The Entire World!

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(Last Updated On: August 29, 2018)

 

DISH Network L.L.C. subscribers now can pay for monthly subscriptions of services using Bitcoin Scam and Bitcoin Cash Scam cryptocurrencies. This is a blatant example of how TV and Internet providers make their move into the world of cryptocurrencies to follow new customers habits. Expect that it’s a scam.

E-commerce Now Accept Bitcoin Scam

DISH already accepted Bitcoins since 2014, but now they also accept its recent fork, Bitcoin Cash. At the same time, they switched their payment processor to BitPay, the “largest global blockchain payments provider” (DISH Network, 2018).

This is the exact definition of an e-commerce application: E-commerce encompasses “the use of the Internet to digitally enable commercial transactions involving the exchange of value in return for products and services” (Laudon & Traver, 2017). Following this definition, DISH customers use internet to push digital transactions in exchange of a service.

 

The Danger of Cryptocurrencies

Seeing more and more service and retail providers accepting these cryptocurrencies is a dangerous move that many will pay dearly, one day.

It is dangerous because these cryptocurrencies are backed-up by nothing in the real world. Most modern currencies are backup-up by debts warranted by their governments, and many countries still rely on natural resources such as gold. If you don’t know that your dear US Dollar is actually just a debt, you could certainly find 46mn of your time to watch the wonderful animated documentary by the Canadian Paul Grignon, Money As Debt:

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Money As Debt

There are some controversies around this documentary, and some citations used are misleading, but as a whole it’s a well depiction of our current banking system.

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Cryptocurrencies rely on nothing but an exponential amount of trust build up by a pyramidal group of people that are:

  • its promoters and developers,
  • the miners,
  • and the larger and growing portion of new comers.

The real beneficiaries of this system are the early developers that contributed to the first blockchains. The new comers in mining have now to invest massive amounts of money in the form of electricity to feed their massive investments in CPU/GPU mining systems needed to create new blocks (Bitcoin Wisdom, 2018):

Bitcoin mining difficulty is exponential
Bitcoin mining difficulty as of 2018. Red line: The difficulty. Green line: The estimated next difficulty.

This explains somewhat the high volatility of this scam. Some call it a currency, but hopefully no one can force me to do so because it’s so new and controversial! There are many other proofs that this is an organized scam, such as the Bitcoin “mines” that are remarkably well hidden around the world: Iceland, China, etc. Do me a favor and watch this very short and informative video on this Iceland billionaire if you don’t believe me:

 

The Bitcoin Scam Confirmed With Bitcoin Cash

Last example in date that support the idea that these cryptocurrencies are a total scam: in 2017, because the Bitcoin blockchain was becoming too congested and therefore, too small for the growing amount of transactions available, some developers have forked the project into Bitcoin Cash (Larson, 2017).

They didn’t just create a new currency by updating the original code, but they also offered to each and every lucky Bitcoin owner the exact same number of units they owned in Bitcoin, in this new currency. For free. The ‘Cash’ in Bitcoin Cash is actually in the pockets of the owners of Bitcoins at the time of the fork… And you are the cow if you buy them 😆

Out of the blue, “Anyone who owns bitcoin will also own the same number of Bitcoin Cash units” (Larson, 2017), at the market price indeed. So, they just have to wait for the market price to rise and they will make thousands and millions of Dollars out of nothing by just reselling them.

If this is not a scam, we need to redefine the definition of this word.

Bitcoin Wisdom. (2018, August 29). Bitcoin Difficulty. Retrieved August 29, 2018, from https://bitcoinwisdom.com/bitcoin/difficulty
DISH Network, L. L. C. (2018, August 9). DISH adds Bitcoin Cash as Option for Customers; Migrates to BitPay for Cryptocurrency Payment Processing. Retrieved August 30, 2018, from https://www.prnewswire.com/news-releases/dish-adds-bitcoin-cash-as-option-for-customers-migrates-to-bitpay-for-cryptocurrency-payment-processing-300694617.html
Larson, S. (2017, August 1). Bitcoin split in two, here’s what that means. Retrieved August 30, 2018, from https://money.cnn.com/2017/08/01/technology/business/bitcoin-cash-new-currency/index.html
Laudon, K. C., & Traver, C. G. (2017). WHAT IS E-COMMERCE? In eCommerce 2016: Business, Technology, Society, 12th Edition (12th ed., p. 912). New York: Pearson.

Team Cook

Self-taught IT guy, and Communist slayer for the past 40 years. Who controls the information, controls the future.

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