Recently found archives from the former Soviet Union research facility shed light on the thought provoking information. The Russian Soviets may have created the world’s first Bitcoin. The thought alone is head-spinning. An alternative to the Russian Ruble may have prevented the collapse of the Soviet Union; forever altering history.
Officially, Satoshi Nakamoto is the creator of the first ever cryptocurrency ,Bitcoin. However, lets go back to the 1980s and meet Russian engineer Evgenij Solokovksi. Mr. Solokovksj was an IT engineer working on the project for the collective farming solutions. As you may be aware, during the Soviet era everything was owned by the state; making ownership illegal. While looking to control pricing fluctuations in a planned economy, Evgenji discovered a possible “virtual” pricing solution. Using the early computer punch card computer system, he was able to create an algorithm that could set prices within a certain positive price controllable range, while allowing the lab to make extra “ indulgences” to purchase rations. So, through the usage of virtual language, Mr. Solovoski was able to create virtual currency for use within a highly regulated market.
There was even a creation of a separate classified project to expand on virtual currency. The irony of finding unregulated currency while looking to set prices was lost on the Soviets, apparently. The problem solving for this endeavor was more challenging and required additional power sources. However, the timing of this project coincided with the fall of the Soviet Union, and ,obviously, nothing came of it. Relegated to the dustbins of history; this may have been one of the biggest financial follies in modern times.
Furthermore, it is ironic that Kaspersky Lab is speaking out against Bitcoin with claims of its creations by the US intelligence and possibly trying to interfere with the market. Russia banned access to the cryptocurrency exchanges and third party websites.
Fast forward to now, there are myriad of cryptocurrencies being traded, forks are being released like Bitcoin Cash, Gold, Litecoin to name a few. Many IPO’s are coming out in the next few months.
Due to being unregulated and an alternative to fiat currency some exchanges are using bots to cause rate drop manipulations for a certain period of time, creating orders for already determined preset low rates.
Here is an example:
Lastly it is a free market technology and that is what makes cryptocurrency so attractive.
The panic due to certain news coming from China and negative predictions compounded with Kaspersky commentary adding to the market being in correction. This downswing will pass.
Cryptocurrency is here to stay, alongside a myriad of the future possibilities of the blockchain technology.
