It seems each time one of the big bad wolves come knocking on Bitcoin’s door they have less effects. The core of the Bitcoin community has resided itself to the fact that most of this is hot air. The people that loose out are the weak hands who end up buying back at a higher price later.
Lately the crypto community has seen a few big bad wolves, one being The Chinese Central Bank whose ban of ICOs and then later Bitcoin exchanges saw quite a large correction in the market.
The next worth a mention is Jamie Dimon who as we all know is probably the most influential Wall Street banker. His statement that Bitcoin is a fraud caused another massive correction in the market only for it to bounce strongly off a low of sub 3K. Rumour has it that JP Morgan which is the institution he represents bought a whack of Bitcoin on the bounce, but to my knowledge this has not been proven.
My favourite big bad wolf must be the CEO of Mastercard, Ajay Banga, who came out against Bitcoin and cryptos in general calling them Junk. He then goes on to say that Mastercard would support a Government backed crypto as they would “provide the rails for moving currency from customer to merchant”. Mr Banga you obviously have no idea how cryptos work if you think it needs a middle man.
In this writer’s opinion the statements are getting more and more ridiculous. The fact that Mr Banga has no idea how a blockchain works and he can make such a comment begs me to ask if any of these “experts” have taken the time to examine the phenomenon called cryptocurrency.
Since I have been a member of this community I have only found people that are very keen to help others start their own crypto portfolios. The positive energy radiated by the community has surprised me. Whenever I wanted to know something and asked those in the know the reply has always been a positive one and not condescending. There is a genuine interest in seeing these projects work and seeing the wealth transfer that is desperately needed.
The pattern that is emerging here is not hard to see. The naysayers are all involved in banking in some way or another. They are scared. It is reported that Dimon told his board a few years ago that if they are not careful Bitcoin will eat their lunch. Mr Dimon there is more than enough to go around, come and sit with us we will share even if you won’t.
It saddens me to see the negative energy being brought to this new technology just because people fear change. The reason the bankers are scared is because there is no space for them in this new economy. The miners will become the new bankers but with two big differences.
Firstly, there will be no debt. If there is no debt there is no interest. This is where the banks make most of their money. Banks can lend out 9 times what they borrow. They only pay interest on 10% of the money the lend out but charge a higher interest on the 90% they manufacture. Seems like a pretty good business model to me. No wonder they are scared.
Secondly Bitcoin does not suffer from inflation. There is no use in saving your hard-earned fiat money in a bank as the charges and inflation more than cancel out any interest the bank gives you. In addition to this you are only allowing them to lend out 9 times what you are saving thereby becoming a part of the machine that shackles those who must borrow.
The baby boomers have had their time and they have left the rest of us holding a bomb that is about to explode. Paying the debt back that has been created since 1971 is impossible under the current system. It is time for the party to stop and for the hang over no matter how severe to set in.
We will not run away and leave you to face the mess you have created by yourselves. We are here offering a new system that just might have the solution we are all hoping for. Yes, the tech is brand new. Yes, currently there is more than $80bn invested in this project called Bitcoin, but if it works this will be a drop in the ocean.
This brings me to the decentralised platforms such as Ethereum, EOS etc… Ethereum has a market cap of less than $30bn today. If someone had invested the same amount in the internet in the early 1990’s you might have thought them a fool. But today we can see that a $30bn investment in the tech and protocols that ran the internet back then would have been a very wise investment. The early adopters who are putting their hard-earned money behind these new tech companies can see the vision and want to be a part of it.
The sad part is that if the big money in Wall Street got behind this new tech the development could be accelerated dramatically. There has been the formation of the Ethereum Alliance which is fantastic and I hope it grows. However, we do need to be careful so as not to marry one platform as there is always something better and less know on the way. Keep an open mind.
So, my challenge to the “powers at be” …don’t sit like spoilt little children outside the party sulking. You ARE invited! Add your resources to the cause! We welcome you if you bring positive energy to this space and want to help the world solve the problems it has. And guess what we won’t even blame you for these issues we are facing. We will roll up our sleeves and get in the trenches with you as it is the humane thing to do for all the human race. The current system cannot continue.