Cryptocurrency speculation scheme BANCOR looks engineered to be “a planned failure” – interview with Kevin Lawton (part 2)
07/31/2017 // Mike Adams // Views

In case you missed part one of our Kevin Lawton interview on Bitcoin and cryptocurrencies, you may want to go back and watch it.

Today, we publish part two of the interview, covering all the following topics:

- How Ethereum works, using "Ether" fuel to pay for the running of small programs across the Ethereum network.

- The shocking truth: Nearly all programs (Smart Contracts) running on Ethereum are nothing more than code to create MORE cryptocurrency coins. There are virtually no real-world applications being deployed that might accomplish real tasks.

- "They are nothing more than a spreadsheet." Despite all the hype about blockchain tech, so far the applications are little more than spreadsheets in the cloud.

- Why Bancor's entire business model can't work, even though it raised $150 million in an ICO. "There's a failure built right into the mechanism." Lawton says, "I don't know a way this could actually be valid. It looks to me like this is essentially a planned failure."

- There's no upgrade path for smart contracts, so the code is highly vulnerable if code flaws are discovered.

- Why mining is obsolete, and cryptocurrencies that rely on mining cannot scale up and represent a wildly inefficient use of resources.

- Why Ethereum is plagued by bad coding practices and faulty "smart contracts."

- For cryptocurrencies to grow, the underlying infrastructure (mining, blockchain, etc.) must become far more efficient and "nearly free."

- How blockchain trading will eliminate financial services "middle men."

- How blockchain technology could revolutionize the logistics and shipping industries (but it doesn't involve Bitcoin at all).

- Why cryptocurrencies aren't working yet for micropayments, and why Bitcoin isn't a good candidate for it.

- How tumblers and mixers work to "launder" cryptocurrency.

- Why the government of Venezuela seized control of Bitcoin in order to further enslave its population.

- Why people should watch out for cryptocurrency hype, scams and risk.

- Why most of the 900+ cryptocurrency coins now in existence will "go to zero."

- Why cryptocurrencies are heavy with "bullsh#t" hype and only 1 in 10 does anything tangible.

- "Ignore all the current contenders" because the next big thing hasn't yet emerged. The future of the blockchain will rely on nearly-free transactional efficiency.

Watch and share everywhere, and follow more news on Bitcoin volatility at


Mike Adams (aka the "Health Ranger") is the founding editor of, a best selling author (#1 best selling science book on called "Food Forensics"), an environmental scientist, a patent holder for a cesium radioactive isotope elimination invention, a multiple award winner for outstanding journalism, a science news publisher and influential commentator on topics ranging from science and medicine to culture and politics.

Mike Adams also serves as the lab science director of an internationally accredited (ISO 17025) analytical laboratory known as CWC Labs. There, he was awarded a Certificate of Excellence for achieving extremely high accuracy in the analysis of toxic elements in unknown water samples using ICP-MS instrumentation.

In his laboratory research, Adams has made numerous food safety breakthroughs such as revealing rice protein products imported from Asia to be contaminated with toxic heavy metals like lead, cadmium and tungsten. Adams was the first food science researcher to document high levels of tungsten in superfoods. He also discovered over 11 ppm lead in imported mangosteen powder, and led an industry-wide voluntary agreement to limit heavy metals in rice protein products.

Adams has also helped defend the rights of home gardeners and protect the medical freedom rights of parents. Adams is widely recognized to have made a remarkable global impact on issues like GMOs, vaccines, nutrition therapies, human consciousness.

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