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.
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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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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
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…