Loading ...Bitcoin is a fraud.
After reading this kind of arrogance:
just can’t help it. Here goes.
Looking at it from low orbit perspective.
The church was a powerful institution few hundred years ago. Where it is now?.. Still exists, not even a shadow of it mighty self.
Same with monarchy. Hardly any meaning now. Just a tradition. And it’s only a hundred years ago monarchies ruled the world waging wars against each other.
Same fate waiting for National State as an institution. Hard to imagine today. But we are witnessing paradigm shift.
As world economy moves out of fiat into decentralised currency. The realisation that it can not be stopped slowly sinks in. Value stored on blockchain doesn’t need custodian, hence the Jamies histeria.
The function of the State and state actors will diminish. Reduced to a function of borough council (where it belongs) – cleaning streets, repairing roads, maintaining nature reserves and heritage sites. And getting paid to do just that. No more no less.
How long it’s gonna take? How this world going to look like? who knows..
But I see that bitcoin might have use in it.
If not in our lifetime, then there is a hope for kids.
Nice, tired of having corrupt politicians with their hand in my cookie jar.
It would be nice if it really heads that way, but I think human nature says otherwise. Humans are greedy. That greed manifests itself in different ways: In the past couple millennia, it was the state/church fusion that began under Constantine. Then the monarchies and their colonial empires, then the national/political/ideological bids for world hegemony. Now it looks like the battles in the realm of finance between various fiat currencies (which could spill into more primal conflicts) are the next manifestation of that old, old desire. And the trend does not seem to be towards decentralization—primarily because of the structure of debt at all levels (the trend is toward larger institutions/government that are too large to go insolvent). Just how I see it.
Similar sentiments.
Dimon is just defending his bank’s franchise, and perhaps those of nation states.
Crytocurrencies MAY be the future.
But those in power, for now, retain sufficient power to slow if not stop that progress.
BTC has the first mover advantage, but it has serious limitations … scalability, and the cost of mining new coins, among others. And there really is a reason to be suspicious that its price is being driven up artificially by traders bidding against themselves. Holdings are VERY concentrated.
Its also not yet a proven store of value …
Blcokchain gold (bitgold) would be the path to watch for.