Bitcoin Has Not at All “Failed”

Wall-Street recently manufactured an ongoing series of mass media “news” about Bitcoin “having failed” or “being dead”. It wasn’t long, however, before the true nature as just statements of banksters who are obviously beginning to worry about Bitcoin came to light. The third part in this questionable chain of events, or rather non-events, finally admits that all this “failure talk” does not have any substance at all — just by revealing a name of its source for the very first time,

“News” like these do not come from true sources. They come from the banksters who are obviously now starting to worry, after they were stupid enough to ignore Bitcoin and decentralized peer-to-peer technology altogether for over six years in the first place.

They have, all of a sudden, “discovered” what this whole Bitcoin thing is all about. Hence their effort to smear it in order to still stop it. Claims that it had “failed” or that Bitcoin was “dead” have been surfacing. To not much avail though. J P Morgan CEO Jamie Dimon is the latest puppet “speaking out”, or rather fulfilling orders from his masters — albeit without having done any of his homework on the subject, very much like the rest of Wall Street, it seems. What has some J P Morgan CEO, of all people, got to say? Here comes: “Bitcoin is going nowhere” but “Blockchain” had “potential”. Unsurprisingly, because Wall Street banks are known to “study blockchain technology”, and it is also a well-known fact that the banksters deliberate about starting “a blockchain of their own”. Great idea — if you really do not know the difference between a public blockchain and a private one, that is.

Curiously, knowledge of a difference like that is taken for granted among Chinese officials. As Mr Dimon was showing his incompetence by not having properly researched his subject before shooting his mouth, Zhou Xiaochuan, the governor of the People’s Bank of China, eloquently came forward with a lengthy interview on Chinese currency policy. That piece also included some views on digital currencies. At least someone has done their homework, because he mentioned in well-versed terms the fundamental difference between public and private blockchains and continues with the trade-offs between the two.

That matters like these are discussed, is vivid proof of Bitcoin being anything but dead, nor a failure. On the contrary, talks about matters like these — along with ample chances for embarrassment for Mr Dimon and the likes — mean that Bitcoin already has had tremendous success, independent of the future that lies ahead for “Bitcoin the digital currency” itself.

Unsurprisingly, the ones most ignorant about the actual properties of decentralized peer-to-peer currencies like Bitcoin and their overall meaning are Wall Street and friends. As of late, they seem to be discovering some of them and are increasingly trying to hijack portions of overall Bitcoin technologies. What they fail to understand though is that even if they (or anyone else) ever succeeded with attacking Bitcoin, new and improved versions of Crypto coins would be started that very moment; just like Bitcoin itself, again based on a public blockchain — you know, that ingenious distributed consensus mechanism…

Less of a genius themselves, banksters are still having a hard time arriving at a centrally-controlled one that works.

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