Hello fellow steemians,
Well this past weeks have been a thunderstorm of news and events, from china banning exchanges trading CNY to crypto, to JP Morgan telling that bitcoin and the whole crypto currencies was a fraud like the tulip mania in the 17 century.
And what happened to the markets? well with this two news articles coming out everything was "collapsing" of course that every informed and well trained trader knew what to do and earned a lot of money from it (i'm kinda trying to get there)
The video from CEO of JP Morgan is right here:
The thing is that most of his words are completely nonsense.
First and for all, he says that bitcoin "will be closed" ofcrouse that's a lie, everybody knows that bitcoin cannot be closed, and “will never” be closed.
Second he tells that countries like to know who own the currency, and what people are doing, and that bitcoin is being used to criminal activities, well bitcoin is in a public blockchain, and everybody knows that people who do "weird" stuff with bitcoin eventually get caught, like silk road, and the latest news about MT Gox stolen coins and money laundering. Well that’s the thing, cash can be way more easy to use than bitcoin for criminal activities, if i want to buy cocaine or some illegal drug i go to a dealer with cash and i pay it and there is no trace for it, well in bitcoin everything is traceable, eventually. And i can bet my left arm that cash is 100x more often used to criminal activity than bitcoin.
And after the storm has passed, bitcoin had a 800$ bounce from the bottom and what is the latest news? well looks like JPMorgan bought the dip of bitcoin on a exchange, and here’s the proof.
So once again who should we should trust? This guys that work for the “mainstream banks”? JP morgan has been bailed out by the government a few times now, and keeps telling that bitcoin is a fraud. This is just a joke. We need to change this mindset of believing in the mainstream media, and get away from everything and everybody that was stealing from the people in the past century. I truly believe that bitcoin or some similar currency can be the answer for our main problems IF no government can touch it...
