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Jamie Dimon and Bitcoin
JP Morgan’s Jamie Dimon is well known for his hatred of Bitcoin and love for the blockchain. It is understandable that he does not really have any clue what Bitcoin was created for or where its inherent value comes from. In a clip from 2017 at the Institute of International Finance seen HERE. Jamie Dimon was cautioning people saying bitcoin will one day hurt them, that bitcoin has no value, that blockchain is amazing and he loved it. Its really odd that a man would have such a hate for bitcoin and it was also clear that he did not understand the cash he values so highly loses 2-3% per year from inflation.
Inflation of currencies
To put that last statement into perspective, the USD loses between 2-3 cents of inherent value each year. This means if you leave money in the bank the last 5 years your 1 USD from 5 years ago is now worth only $.90. Yes that actually is true and how inflation works, but with bitcoin if you had bought a dollar in 2013 at say around $100 BTC your 1% of the BTC today would be worth over 35USD today. This is because Bitcoin’s price is based on supply and demand economics and it is deflationary.
Deflationary currencies unlike inflationary ones cannot print an unlimited supply which is actually what causes inflation. If you have 100 USD in circulation and print off more that 100USD actually loses value. This is why so many people say things like the Federal Reserve needs to end. It is because the printing of the USD, has since its inception caused the currency to lose approximately 95% of its original value and decoupling from Gold made the inflation more like hyper inflation without anyone noticing.
When I was a child the same chocolate bar that now is 2 USD was $0.50 and I am only 33 years old. So in around 25 years the inflation has caused that chocolate bar to increase 4X in price. Now why is this an issue? Lets look at things like minimum wage, what we see is that has not even come close to rising as much as inflation. This actually causes the Rich-Poor gap to increase as it becomes hard and harder for the average citizens to survive. When we look at Jamie Dimon the reason he does not care is because he is the 1% or the 0.01% so to him inflation does not affect anything. People at that level of society can afford inflation, because they have money to invest.
Impact on the average family
Lets look at the normal family and how inflation affects them. First things cost more actually everything costs more: Education, Insurance, Food, Water, Heating, Electricity, Gas, and the list can go on and on. If your income does not match the inflation in society each year you are at a company you actually are making less. The average family used to have more of a nest egg to invest, but with the global financial crisis of 2008 most have not recovered and sorry to say it but the markets look ripe to drop hard again in 2019/2020.
If we do have another recession or worse a global financial crisis, we will see people start to flock towards bitcoin as the government will quantitatively ease and print off billions. Doing so will not really help long term and end up with more debt in society and honestly for many the struggle is real, especially those in the United States and we have seen this time and time again.
JPM Coin and Stablecoins
To wrap this all into the JPM coin and stablecoins in general they are a short term solution. For now they let us store our value pegged to the USD, and potentially in JPM coins case let the banks transfer USD to each other. The Inherent problems around fiat currencies is that they are losing value constantly and are backed by nothing but a government. Stablecoins for now let us hold the USD value of our cryptocurrencies and are a good hedge in the volatile market. What we all need to understand here is Fiat currencies like Venezuelan Bolivars, and the Argentine Peso have been far more volatile and hyper inflation has hit them hard. The thing everyone is missing is when this eventually hits the USD and it already is showing it has on an economic scale what will everyone turn to?
With deflationary currencies the solution is already here. For example BTC has 21 million coins that will ever make it into circulation at the time of this article there are 17,542,112 BTC with approximately 4M lost forever. As demand for BTC grows as it has in Venezuela, Brazil, Argentina and Turkey it will be a greater store of value. It will actually increase in price as you cannot make more and this is why John McAfee, Tom Lee and Tim Draper amongst others have put such a huge value per coin in the future of $150,000 to 1 Million USD.
We all need to realize is Stablecoins are not the future, they aren’t the solution. When the USD does meet its fate of hyper inflation as other currencies have, we will see cryptos like Bitcoin be the the world standard. JPM and USDT won’t matter when the USD is similar to Bolivars and Argentine Pesos and this is what the future looks like. We cannot put a time on when this will happen, but when it does it is likely Bitcoin will be seen as a world currency. Bitcoin will back all currencies someday and this is why stablecoins are just a bandaid solution for the short term.
Sorry JPM coin, USDT, USDC etc… You are only a for the short term, it is time to see why Deflationary Currencies are the future!
Where you can find me!
Founder of BlockRake Inc, CEO of Athena Software Systems
Facebook page: https://www.facebook.com/AthenaVIP/
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…