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Wall Street keeps attacking Bitcoin. Why should we take them seriously?

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We don’t know how Satoshi Nakamoto looks, how he sounds, how old he is, how tall he is, or how much he weighs. 

We know only two things about him: one is what he did (inventing the blockchain technology and Bitcoin) and the second one, why he did it: to rid the world of all fiat currencies and the global financial system.

Bitcoin and the blockchain were born to oppose and defeat the world’s financial institutions and, as such, the cryptosphere and Wall Street can only be antagonists. And it shows.

JPMorgan’s CEO, Mr. Jamie Dimon recently declared that Bitcoin is a scam and he has no interest in it (once again). Roughly in the same period, Goldman Sachs published a report in which it predicted further problems for Bitcoin concerning price because the cryptocurrency doesn’t fulfill any of the three roles typical of real currencies.

Should we, the people in the cryptosphere (or any other human being, for that matter) listen to them? I don’t think so. Those statements from the Wall Street sacred cows are hypocritical at best and incompetent at worse.

Let’s not forget that the last economic global crisis started because of a combination of greed, deceitfulness, and incompetence out of Wall Street. That’s to name the most dramatic and recent instance in which the genius of Wall Street has found ways to ruin life for people all over the world, but we could talk, for example about Enron.

It was one of the biggest scams in the history of humanity, and when the problems started, it was Goldman Sachs who reported that, despite a little trouble at Enron, it remained a reliable company that would recover, so it encouraged its clients to buy Enron shares in bulk. 

That advice is like telling people they should invest in Trump’s casinos or why buying land near Chernobyl is such a great idea. Why should we believe that the geniuses that couldn’t see Enron as the scam it was or didn’t prevent the 2007-2008 financial crisis can identify fraud when they see it? Is it because they seem to be able to detect frauds only when cryptocurrencies are involved?

The list of Wall Street blunders goes on and on, and it’s very well documented in books, movies, and documentaries, but those two examples should be enough for everybody to understand that incompetence has reigned supreme in Wall Street for decades, and the only reason they are still standing is because central powers and governments protect them fanatically.

And just before moving to the next point, it bears clarifying the stupidity shown by Goldman Sachs when they report, in writing, that Bitcoin can’t possibly be money. 

Here’s the thing: the SEC already declared officially that it considers Bitcoin to be actual money, and not a security while one of the biggest Swiss banks recently published a study recognizing Bitcoin as a prospective currency that could replace the USD under the correct circumstances.

But there’s also the issue of hypocrisy. Both declarations are disparaging to the cryptosphere in general, and to Bitcoin in particular at a time in which both JPMorgan and Goldman Sachs are getting ready to bring cryptocurrencies into their custodial services. 

If Bitcoin is such a terrible scam and such a useless asset (and that’s not to say that Wall Street is above scamming and uselessness) then why are their banks getting ready to get a piece of the Bitcoin (BTC) action? 

And in the custodial services, no less, in which reliability is paramount! These statements coming from JPMorgan and Goldman Sachs are so blatant that they can only be either dishonest or brain-dead and only serve to remind us all why we can’t trust Wall Street and why Satoshi worked so hard to find a way to eliminate them. Let’s hope he (his creation Bitcoin) succeeds.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

HODLing Stellar Is A Good Plan For 2019

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HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

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Reasons To Invest In Electroneum In 2019

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2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

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SEC Postpones Bitcoin ETF Decision Once Again

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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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