HELLO people of ProjectBlockchain.TV
WHAT a great learning opportunity we have here to dissect a few things!
This article released by what we like to call FUD. VOCABULARY: FUD - Fear, Uncertainty, and Doubt.
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So the article released by a few publications today outlines the CEO of JP Morgan Bank threatening to FIRE anyone who uses or trades Bitcoin. He claims that BITCOIN is only used by drug dealers, murderers, and North Korea....(Im laughing... you can laugh too)
First off... Jamie Dimon, your fraudulent business practices, and those of the people around you have caused BILLIONS of dollars in loss for American people.
Secondly...Americans spend BILLIONS of dollars (USD CASH) every year (more than Bitcoin) on drugs and illegal trade. In fact, USD CASH is the the MOST commonly used form of currency when it comes to illegal activity.
Third... North Korea barely has Internet... the only reason you bring them up is because they are the current 'boogie man' in our social climate.
Fourth.... the article talks about the Tulip bubble. The Dutch tulip comparison is poor because tulips were not a new technological development in 17th century Holland, nor was the tulip infrastructure rapidly expanding. BITCOIN and BLOCKCHAINS are technology that only will continue to grow in both infrastructure and demand, which automatically throws this comparison out the window.
Lastly... the idea of people just making up money. ALL money is made up. Jamie Dimon, you used to be part of the FEDERAL RESERVE, the largest creator of unbacked currency in the world. ALL money is made up and even the value of the USD Dollar is now just a made up number as its lost its actual backing many many years ago.
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MORAL OF THE STORY: " Central banks are keen to preserve their monopoly on money, something they will not let go of without a fight.” The BANKS are scared of BLOCKCHAINS. Why? Because they are TRANSPARENT and ACCOUNTABLE... and UNSTOPPABLEFUD is spread to people who are ignorant in an attempt to cloud your judgement for the benefit of the people spreading it.
BE SMART.
LINK TO ORIGINAL ARTICLE: https://www.theguardian.com/technology/2017/sep/13/bitcoin-fraud-jp-morgan-cryptocurrency-drug-dealers
