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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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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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