This week Facebook decided to begin a blanket ban on advertising for all things Bitcoin or cryptocurrency. This extends not just to cryptocurrency itself, but apparently even to books and information courses as well. It was an indiscriminate and overly broad move, and has left more than a few people wondering why. I get that there are ICO scams - so ban ICO ads. There is more going on here than what appears on the surface. After all, there are plenty of investment scams out there, why hasn't Facebook banned all ads on day trading, the stock market, annuities, and insurance products (and banks)?
We have financial executives, one by one, taking their turn to talk down the cryptocurrency markets. From Jamie Dimon, to Warren Buffet, to former Wells Fargo CEO Dick Kovacevich, who called Bitcoin a pyramid scheme just two weeks ago (I will get to my thoughts on the moral high ground of Wells Fargo in a moment). Now, the news is that Bank Of America, Chase, and Citibank, are banning cryptocurrency purchases with credit cards. This, after Bank Of America itself just received a patent for a cryptocurrency and trading platform of its own. Hmmm? This cryptocurrency thing is a risky scam, but now they want in on it? All of these people and institutions are part of what I call 'The Financial Deep State.'
What's going on here? No, this is not about financial institutions protecting their customers. It is also not about wise old financial legends offering their honest financial analysis and opinions. It is a not so subtle effort for robber barons to quell the financial rebellion. No, not a dimes worth of difference from a mob family making the rounds to collect protection money, or forcing you to sell your business to them. Robber barons at least wear their 'screw the public' intentions on their sleeve, unlike governments around the world that schizophrenically go back and forth from wanting to shut down cryptocurrency to passing new laws to tax it (while telling us all the while they are just protecting us).
Think about it for a minute... these are the people that get a little piece (and sometimes even a big piece) of every dollar we earn, spend, and invest. This is a war ten thousand times bigger than Brexit, and far more consequential in the history of money and of the world.
Even a casual observer should know exactly what they are up to. They do not want to destroy the technology of the blockchain and cryptocurrency, they want to co-opt the idea for themselves. The age old mantra of 'follow the money' could not fit any more perfectly. Just like with Brexit, this campaign against decentralization will ultimately fail. In the meantime, however, it will continue to bring non-stop volatility to the cryptocurrency markets. Each financial Obi-Wan that gives their own dire warning on Bitcoin will rock the markets for a day or two (until everyone truly sees what is going on). At some point, and I hope sooner rather than later, these warnings will be seen for what they are.
I know there has been a lot of talk about 'rigging' these days. Hillary rigged the primary, Trump and the Russians supposedly rigged the general election, and on and on. The rigging of the financial system is without a doubt the most pervasive rigging that affects us all on a daily basis. Second to that is the Internet mafia comprised of a handful of companies that control virtually everything online. I am sure that Zuckerberg is well aware of what is going on here at Steemit, and will do everything in his power to stop it. Despite the repeated denials, I expect Facebook to launch its own cryptocurrency in the very near future (which is likely the real reason for the Bitcoin ad ban).
For me, every warning from a billionaire financial guy about Bitcoin simply increases my appetite to buy more. And speaking of rigging, what any honest financial analyst should be warning about is the Ponzi scheme that is the American financial system. Just look at the collapse of 2008, the bankrupt pension systems across this country, or the mother of all financially rigged schemes - Social Security. How can anyone with a straight face warn about Bitcoin with the backdrop of more than $200 trillion dollars of debt and unfunded liabilities on the books of the federal government? If anyone is taking a ridiculous risk here, it is those individuals that don't have at least a portion of their money outside the U.S. financial system.
When I see the likes of Warren Buffet warning Americans about Bitcoin, I ask where Mr. Buffet was to warn us about the fake account scam Wells Fargo was running - opening up thousands of bogus accounts at their customers' expense? Yep, during what was one of the biggest 'scams' in the banking industry since the 2008 mortgage meltdown, Berkshire Hathaway was the largest shareholder. Wells Fargo was fined a record $185 million dollars. And as one deep state financial scandal is eclipsed by the next, I only see golden parachutes, and meaningless fines, not handcuffs. After the legendary 'fake account' scandal, Wells Fargo CEO John Stump left the company with a $130 million dollar retirement package.
For those that continue to warn us about dumping the U.S. Dollar and financial system for cryptocurrency, they might want to do a Google search for 'Streisand Effect,' as these 'warnings' will soon begin to backfire. For all of us that have seen The Wizard Of Oz, we are smart enough to know that we don't need to buy what you are selling, and we clearly see your diminutive shadow behind your curtain of self serving propaganda.