Flip of the “Coin”!
January 13, 2018
JPMorgan Chase, CEO of Jamie Dimon, admitted “with regret”, his notorious remark from last year, when Wall Street banker called the BitCoin a “fraud”. Just to follow up from my last article, the last bastion of stubborn denial, us, have finally bitten the bullet and accepted that the universe has now changed forever. After all, if I’m rich (or poor) and old-fashioned paper money goes away, what happens then? Who has what? We have never lived in a world without rich and poor..is such a thing possible?
Who knows. But the floodgates have been opened and the world is now off on its third big revolution since the time of our great great grandfathers; the Industrial Age, the Digital Age and now the “Coin Age”. And believe it or not, we are already firmly in it. Regardless of what the media says or doesn’t say. Beneath all the hysteria and hype there are some very simple things going on around the world. And it really is time to pay attention to them.
Jamie Dimon, reportedly regrets now that he calls bitcoin’ fraud’, although he is still not in favour of a “hidden currency”. The irony in this statement is that there is nothing hidden about it, not Bitcoin or LightCoin or any other blockchain based crypto-currency, in fact, that’s the whole point. EVERYONE, knows what’s going on ALL the time. Thats the real boogie man in the closet. But the press has had a field day with the diabolical “Silk Road” stories. Hopefully, now they can find the revaluation of capital based on highly efficient and organized “trust” even more provocative a topic. I hope so. Because as the world evolves around us, we’re more interested in what outrage Donald Trump has created today.
Even more ironic, is how quickly the “Old Guard” has been quick to evoke 20th century tools to 21st century currency. I don’t see why not. Bitcoin’s prices were maintained thanks to the launch of bitcoin futures contracts by both CME and CBOE last month after the US regulatory approval, which was considered by supporters to be helpful in legitimising the use of virtual currency.
When Dimon said,”This is not simply a real thing, it will eventually be closed”, he seemed to misunderstand the deepest aspect of Bitcoin: Nobody could close it. Dimon added:”Bitcoin has always been for me what governments will feel about Bitcoin when it is really big, and I just have a different view from other people. Whatever, that means. In any case, you get the point. The conflict of interest is obvious here, because Bitcoin threatens the profits and potentially the existence of large banks such as the one he is managing. By ignoring the long-term value proposition of currency cryptocur, Dimon made a mistake by setting Bitcoin’s price at a rapidly rising price.
On the other side of the coin, the so-called “early adaptors”, made a killing. And you can expect of the same as the “market” in crypto-currencies continues to grow and mature. But the downside to that is now everybody and their mother wants “in” on the game. For awhile there will be a lot more “crazy” than real value but now that everybody on earth has the means to capitalize their own value and worth not based on a centralized bank, government or the like. True global democratization my finally be feasible. Who knows…