I wrote to my bank recently to inform them that I was contemplating starting an e-business. A problem I had with my current account with them is that it takes days after someone makes a deposit before I am able to ‘see’ it in my account – on internet banking.
If you’ve been holding Btc this year (in a wallet that you posses the Private Keys to), you may now also be a holder of Bitcoin Cash (BCH) and Bitcoin Gold (BTG). You may also soon receive Bitcoin Diamond (BCD), Super Bitcoin (SBTC), Bitcoin Platinum (BTP), Bitcoin Lightning (LBTC), Bitcoin God (GOD), Bitcoin Cash Plus (BCP), Bitcoin Uranium (BUM), Bitcoin Silver (BTSI), AND Bitcoin X (BCX). Wow!
What the Fork am I Talking About?
This has happened as a result of forking. WTF? If you’ve been reading about Blockchain Technology you are aware that it is the technology on which Bitcoin functions. The computer coding containg all of the ‘laws’ or protocols allowing it to function as well as the ledger of transactions processed in blocks which then form a chain… of blocks.
Speaking with CNBC, Jim Yong Kim said that the technology is “something everyone is excited about” – a statement that he followed up with a cautionary argument about cryptocurrencies.
“[B]lockchain technology is something that everyone is excited about, but we have to remember that bitcoin is one of the very few instances. And the other times when blockchain was used they were basically Ponzi schemes, so it’s very important that if we go forward with it, we’re sure that it’s not going to be used to exploit,” he told the network.
Aug 15, 2017 by Adam Back,
Blockstream Satellite is already available across two thirds of the Earth’s landmass; and will reach global coverage – to everyone on the planet – by end of year.
Blockstream Satellite is the world’s first service that broadcasts real-time Bitcoin transactions and blocks from a group of satellites in space. With the service, everyone will have free access to the Bitcoin network, in any corner of the world, including the estimated four billion people not currently connected to the Internet, due to lack of availability or affordability.
For Bitcoin to be truly transformative, it must be everywhere, available for everyone to use, and that’s what we’re helping to make possible with Blockstream Satellite’s radically lower cost of Bitcoin network access — a necessary building block and level-up for the mass adoption of Bitcoin.
Why we will win the War
OR – Why Jim Rickards is Wrong!
“Bitcoin is doomed to fail” the neigh sayers …neigh.
Some critics might admit that yes Blockchain technology does look set to completely disrupt the status quo but they just cant get rid of that nagging feeling that current prices are bound to crash. For one major reason:
Governments and Central Banks (the Elites & the Bureaucrats they protect and who grow fat off the public nipple), don’t like competition.
Of course they are correct.
Open source, P2P, decentralised exchange between ourselves, without their ‘help’ is a huge threat to them. In fact it spells the end for their privileged existence.
At first they laughed at Bitcoin, if they knew what it was. However as the market cap grew bigger, and bigger, with no signs of slowing down they have been forced to take notice. It takes a little while to wrap your head around the significance of the Technology. First you notice Bitcoin, then you learn about Blockchain, then you start to gain an insight into the things it could be capable of.
They can now see the ‘threat’ looming larger. And they are not going to take it lying down.
The price, relative to gold say, indicates that Bitcoin is now well into bubble territory and when Governments crack down on this threat to the system, the bubble will pop and the price will …drop!
And crack down they will.
This fear seems to be based on sound reasoning and is one of the factors holding back the mass adoption of crypto currencies. When governments act the price drops as investors panic. Look at the effect of the recent China crack down.
However it doesn’t last. As more people gain an understanding of the technology behind Bitcoin, the internet itself and of emerging technologies which will play a role they will see how these ‘attacks’ will ultimately fail. Investors will return.
Big Brother is Loosing It’s Grip So What Can They Do About It?
So, the Decentralised Blockchain is coming for them. It’s a huge threat. What can they do about it then?
First, they will attack directly. Some Governments are already taking this approach with outright bans. Like the music industries crack down on Napster this will not work. Yes Napster no longer exists but cut the head off the snake and thousands more sharing platforms were spawned. Better and stronger.
Plus anything Governments try to ban doesn’t stop people from doing it anyway. Prohibition usually tends to backfire completely.
Then, they will attempt to hijack it. Like the Roman Empire re-branding itself as the ‘Holy’ Roman Empire. If you can’t beat em join em. It will be for our own safety of course.
The problem will be criminals, tax cheats and terrorists. People just can’t be trusted. The solution will be a Centralised Blockchain. The approved version – which they can monitor and control. Which they can use to fleece us so it’s business as usual.
In fact the publics fervour for this new tech will play right into their hands and allow the speedier introduction of many 1984 type controls over the population. Humans will be the asset on the Blockchain.
In the case of digital currency, the supply will not be finite like Bitcoin. They will need a way to inflate the supply in order to continue their ponzi scheme.
So how can they achieve the Takeover?
“Blockchain depends on critical infrastructure. I.S.P’s, servers, telco networks, the banking system and the power grid, all subject to government control”. – Jim Rickards
If criminalising it wont work, and ‘The People’ refuse to adopt their approved versions I think that attacking that “critical infrastructure” in various ways is the only real weapon they can deploy. I can’t imagine anything else. So let me address it point by point to illustrate why that will not work either.
By Tyler Durden – Zero Hedge
No matter what Jamie Dimon may say, bitcoin’s durability can be expressed by one simple fact: With a market cap of $100 billion, digital currencies have become too big for banks to ignore.
As Bloomberg recalls in a story about how banks are preparing to confront the thorny regulatory issues related to dealing in bitcoin and other digital currencies, on the same day Dimon trashed bitcoin, calling it a “fraud,” his firm’s private bank hosted a panel featuring cryptocurrency investors, and even helped some wealthy clients transact in a bitcoin exchange-traded product listed in Stockholm, raising questions about whether the bank violated its fiduciary duty in doing so.
Dimon isn’t the only one of his peers to harbor reservations about bitcoin. Bridgewater Associates’ Ray Dalio and BlackRock’s Larry Fink have criticized it as a “bubble” and a “a tool used by criminals.” Morgan Stanley CEO James Gorman defended bitcoin, arguing that it is “more than just a fad.”
But with clients demanding bitcoin exposure in greater numbers, banks have little choice but to assent to their demands, like JPM did. Goldman’s tentative embrace of bitcoin has so far also been the most ambitious, with the firm saying it is considering opening a bitcoin-trading business that would function like an interdealer broker for exchanges and large players.
Two days ago, Goldman CEO Lloyd Blankfein tweeted that he’s still on the fence about bitcoin, and that he’s “not endorsing or rejecting” the digital currency.
[Read: We still havent figured out a way to hijack it yet]
By Tyler Durdan – Zero Hedge
[They are Shakin in their Boots…]
In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself.
It could displace central banks, conventional banking, and challenge the monopoly of national monies. Christine Lagarde –a Paris native who has held her position at the IMF since 2011–says the only substantial problems with existing cryptocurrency are fixable over time.
In the long run, the technology itself can replace national monies, conventional financial intermediation, and even puts a question mark on the fractional banking model we know today.”
In a lecture that chastised her colleagues for failing to embrace the future, she warned that “Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.”
Here are the relevant parts of her paper:
By James Rickards-Daily Reckoning.
Many advocates of bitcoin and other cryptocurrencies have a naïve belief that their digital assets are ‘beyond the reach of governments’, ‘cannot be traced’, and ‘cannot be frozen or seized’. But it’s really not true.
..using bitcoin on the dark web is a haven for criminals, arms dealers, tax evaders, and state enemies of the US. How long will it be before the US joins the effort to shut down, interdict and disrupt bitcoin message traffic on the dark web and the bitcoin exchanges themselves? ..Governments enjoy a monopoly on money creation and they’re not about to surrender that monopoly to cryptocurrencies like bitcoin.
..Governments don’t want to kill it; they want to control it..They seek to do so using powers of regulation, taxation, investigation, and, ultimately, more coercive powers, including arrest and imprisonment of individuals who refuse to obey government mandates with regard to blockchain.
..the blockchain depends on critical infrastructure, including servers, telecommunications networks, the banking system and the power grid, all of which are subject to government control, ..That’s the back door governments will use to regulate and control the blockchain. ..If the power grid goes down for whatever reason ..good luck accessing your bitcoins. Bitcoin may have made you a millionaire on paper. But what good does it do if you can’t access it when you need it most?
The RBI is looking into creating a fiat cryptocurrency to replace the Indian rupee according to its executive director Sudarshan Sen, Economic Times reported. “Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely,” Sen said at the India Fintech Day conference. He further expressed that the country was not comfortable with Cryptocurrencies that were decentralized… “As regards non-fiat cryptocurrencies, I think we are not comfortable,” Sen said, adding “Bitcoins for example. That’s a private cryptocurrency.”
..The government of India has previously announced its “Cashless India” initiative, a vision to transform the country into a digitally-empowered society and knowledge economy. Some predict India’s digital economy will reach $1 trillion by 2022, from $270 billion today. A key component of this forward-thinking vision includes the India Stack, an ongoing project to create a unified platform to bring India’s population, banks and payment providers into the digital age.
Earlier this month Coinivore reported the Institute for Development and Research in Banking Technology (IDRBT), founded in the 1990s by the Reserve Bank of India (RBI), is seeking to create a spectrum of banking-related services on top of the new proposed blockchain technology. Historically India has embraced going digital more than any other country and we may see India being the first country to do so. In November of last year, Prime Minister Narendra Modi pushed for withdrawing the Indian rupee bank notes. Modi later double-down on his plan, calling for India to embrace digital money a month later. Then the Indian government went on to begin amending legislation to further those plans. With the director of India’s central bank coming out speaking about digitizing the Rupee plans are moving forward in India to fully make a digitized economy a reality.