What a year it’s proving to be for cryptocurrencies and for Bitcoin. With Bitcoin surging to 1000% annual gains and the overall crypto market increasing almost 2000% since the beginning of 2017 it seems the mainstream is at last starting to take notice. Attacks from governments, high profile bankers and damaging splits within the community itself have had little more than a temporary effect on Bitcoins meteoric trajectory upwards. It’s more than a technology its an ideology , an idea thats time has come. Some have even described it as potentially the greatest technological advancement since agriculture. Yet still there are many detractors, which of course is always the way with something new and paradigm changing. Some of the loudest critics are people I’ve long admired like professor Steve Keen or Peter Schiff and even the Bitcoin Jesus turned Bitcoin Devil Roger Ver. The criticisms are repeated mantra like too and I personally believe we now have enough time and data under our belts to begin to put some of these criticisms to bed.
*Bitcoin is used for criminal activity.
*Bitcoin is not being used as a currency.
*Bitcoin is a bubble.
*Bitcoin and Blockchain are a nefarious plan to further the power of the Government.
Bitcoin is Used for Criminal Activity.
Last week, Lloyd Blankfein the CEO of Goldman Sachs declared bitcoin “a vehicle for fraud” and joined the long list of big banking names to claim that Bitcoin can be used in crimes. Goldman Sachs should know all about what constitutes a vehicle for fraud considering they have stolen billions from tax payers during bailouts. The hypocrisy of these people is almost laughable, and shows they are afraid and rightly so. Jamie Dimon of JP Morgan Chase is a criminal who has been fined $2 billion for the part his company played in the Bernie Madoff affair and $13 billion for the 2008 financial crisis. Without a hint of embarrassment he declared Bitcoin a “fraud” earlier in the year mainly to bring down the price so his company could invest heavily. Every big name in these criminal firms is committing fraud on a daily basis, thats what banking is, its a complex and ‘respectable’ way of stealing. Bitcoin is changing that and these creatures are starting to realise they can’t continue with their scam much longer.
As for being a “vehicle” used in crime anything of value can be used by criminals. Nobody accuses the dollar of being a vehicle for crime despite it being used in crimes for decades. If a knife is used to murder someone is it the knife thats guilty? In this upside down world these banksters have helped create we have the worlds most criminal entities lecturing us on morality. Bitcoin is helping turn things back the right way up and they clearly are never going to like the implications.
Bitcoin is NOT being used as a currency.
So what?! Would be my answer to this. Gold as an example has never been great as a currency but is historically a great store of value. Bitcoin doesn’t have to be both. Cryptocurrency is the only free market we have in the world. A market of supply and demand unaffected by manipulation and corruption like all other mainstream markets. As such we can listen to what the market tells us with confidence and the market is clearly telling us that despite scaling issues or slow transaction time, people want to hold Bitcoin as a store of value. It has the name and the history. Roger Ver can have as many temper tantrums as he likes, he’s wrong because the market has spoken. This leaves plenty of room for a transaction cryptocurrency to take the lead such as Dash or Monero. So far as the market is concerned after the B.cash fork and the 2x attempt the people have spoken and Bitcoin continues to be king. End of debate.
Bitcoin is a Bubble
I agree wholeheartedly, the same as Gold and Silver are in a bubble .... All 3 are “INVERSE” bubbles. They are dramatically UNDERVALUED. Precious metals because of massive market manipulation and Bitcoin because it is yet to get anywhere near its potential adoption. Only 0.5% of the population have even heard of cryptocurrency, the same amount of people who knew what the internet was in 1994 ..... How did that little project work out again?
Bitcoin and Blockchain are a nefarious plan to further the power of the Government.
Its a good thing to question everything. However there is a huge amount of people in the alternative media that are ignorant to what the blockchain does and think its the next step in a New world Order plan to fully digitise and surveil the population. All tools can be used for good or for bad it depends on the intent of the user. If we look at the Internet as an example there is an argument to be made that Government agencies developed the technology to have full access to everybody's private data, and spy on the general population. Google and Facebook are pretty much government run agencies for data collection and for manufacturing public opinion. But who could argue that this has also backfired somewhat with the free flow of peer to peer information that has lead many, many people worldwide to wake up to the agenda of Governments, Banks and Corporations. Who knew what a central bank even was before the internet or ever used the term ‘fiat’? What skeptics need to understand is that blockchain technology is the next step in freedom. It will take the internet to the next level using uncrackable cryptography to assure fairness and privacy. Yes there are many banks scrambling to create centralised Blockchain technology but its too late the genie is out of the bottle. You have the personal choice to ignore intermediaries that have syphoned wealth from human transactions for centuries. Blockchain means you are your own secure bank, without need of a third party.
Also the current boom in ICOs and Cryptocurrency projects is turning the pyramid of power on its head. Instead of wealth going up to the few we have a chance to have shares in the businesses from their time of development and to share in their success. Why should Zuckerberg be a billionaire rather than the billions of Facebook users who create the content everyday? Crypto makes corporations into co-operatives and that is great for everyone who isn’t an oligarch.
The real revolution isn’t protesting with a banner or writing to your corrupt government official ...... The real revolution is in promoting the decentralisation of power. We have the tools now to simply ignore the corrupt deviant leaders ... flipping the pyramid ... putting the power back in the hands of the people where it belongs.
Get involved in cryptocurrencies and help change the world for the better!
Check out my Cryptos to watch in 2018 ....... https://steemit.com/cryptocurrency/@gamma-rat/cryptocurrencies-to-watch-in-2018
and BCH the blue pill just kidding ..
haha I agree .... although at least BCH holders hold crypto, the Blue Pill is federal reserve toilet paper!
Cryptocurrencies are still just an intermediate step in wealth... Until more and more shops start accepting more than just one cryptocurrency. Bitcoin might be a good choice for buying a Lamborghini, but for smaller payments we still need altcoins.
Large network fees like with Bitcoin are no ways better than large transaction fees taken by regular banks... We need cryptocurrencies where network fees are as small as possible without making mining unprofitable...
Some people argue Proof-of-Stake coins are better, but for new users they are the worst choice as the whole system is based on already having a lot of coins. It's like 10% of the people owning 90% of the total wealth or 1% of the people owning 99% of the total wealth.
Of course we are not at the final stage yet, I don't see that as a criticism as all technology takes time to develop ... as for being an intermediate step in wealth, not quite sure what that means. Cryptocurrencies are capable of many more things than simply storing wealth, it seems your confusing wealth with a unit of exchange. Agreed its not a functioning unit of exchange that rivals fiat just yet but its not as far behind as you seem to think, I have a Tenx card and can spend crypto easily and as fast as I can spend fiat with no fees.
Value of wealth is based on how much you can get other valuables by spending it... Value of (crypto-)currency is zero if you can't use it locally, no matter how many coins you have. I know some countries allow using cryptocurrency backed up credit or debit cards, but those usually assume there is a single wallet containing the required amount of coins. With currencies like Bitcoin, one must initially have high amount of coins before the card becomes usable. With wealth I meant total sum of all cryptocurrencies converted to single currency.
Thats just a load of nonsensical gibberish. Maybe your used to impressing your friends who don't know about cryptocurrency and they don't realise you haven't a clue what your talking about , but on Steemit many people have been in the crypto space for quite some time. Your talking about purchasing power the term 'value of wealth' your using makes no sense. If you think crypto has no purchasing power your living on another planet and I pointed out in my first reply that cryptos can be spent theres been a BTC ATM in my city for 5 years. I don't really know what your getting at other than showing a real lack of any understanding.
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