Former JP Morgan traders look at cryptocurrencies.
It is only a matter of time before big banks really begin to feel the pressure rising from the continuously expanding cryptocurrency market. To understand the reasons behind why banks view cryptocurrencies as a scam and a ponzi scheme, one must first understand the threat that a decentralised financial system poses to these institutions.
Imagine that you, to one extent or another, own a very significant part of the world. The part that controlls the peoples actions and to a large extent determines their choices and decisions, all of this while recieving hefty economic gains from weilding this power. Now imagine that some of these people discover a way in which they can free themselves from your control. It is not very easy to do and only a small part of the population has thus far become aware of this possibility.
At first you ignore it since this is not the first and will certainly not be the last time that a challanger to your authority emerges in an attempt to oust you from a position at the top of the hierarchy. So you laugh it off as a scam and a ponzi scheme. You make jokes and ridicule this….thing. Slowly, however, you begin to take notice of the subtle differences in this new nuisance. You begin to notice its persistance and its apparent durability. You begin to take notice of how small fractions of the general public start to take notice of it and pursue it in a beehive mentality like fashion, not unlike the mentality you have worked so hard at establishing in order to bind that very same public into your web of complexities, in the form of hidden fees, overdraft balances and credit card debt.
The best and simplest strategy for getting rid of such pesky challenges to your authority would be to discredit them, to minimise the time of incubation and growth during which a nuisance can become an adversary. Call them names, spread rumours, fear, uncertainty and doubt. If that doesn’t work, begin to mingle within its already established infrastructure. Create traps that will artificially create what you may call “bubbles”, or featuers, which you yourself then can inflate and you yourself can burst.
Alright enough of this metaphor. Hopefully the point I am trying to make is clear enough.
Banks, without officially admitting it, are inadvertently announcing their apprehention about the cryptocurrency market, which only a few months ago was stagnating at a marketcap below $100million. The same marketcap that exploded to roughly $150million shy of $1trillion in investments, a couple months ago.
IT IS NOT ONLY THE PLEBS
Banks may have begun to take notice of Bitcoin and the Cryptocurrency market in more recent times, as they should, since their former employees are now beginning to turn away from the centralised banking systems in favour of the Bitcoins decentralised ideals.
Danny Masters, worked at JPMorgan, one of the four biggest banks of the U.S.A. He is also the same man who criticizes banks for not having embraced Cryptocurrencies in time. Business Insider UK quotes Msters as saying that:
“[Banks] have gone from dismissive, to unified in their resistance. Why? Why is something they ridiculed three months ago now something they feel the need to unite against and try and kill? There’s been a lot of aggressive things from banks.”
Here is the perfect point at which my earlier analogy can be applied. Obstacles can be ridiculed and dismissed as long as they remain simply obstacles to overcome. Like a snowball rolling down hill taking on more and more snow as it rolls, in a cartoon world, at a certain point the obstacle can no longer be simply dismissed.
‘Banks have sat on their laurels for 30 years’
“Masters believes that the crypto world has now reached “escape velocity” and the “analogue” rivals won’t be able to catch up or compete. In Masters telling, the new crypto reality will replace our current system. Despite a rocky start to the year, Masters thinks that the run-up in value seen in bitcoin and cryptocurrency last year is a hard-fought victory for all those who have been involved since the beginning.” (Business Insider UK.)
Was not Jamie Dimon, the CEO of JPMorgan purchasing Bitcoin while sitting on stage and making derogatory remarks about the future of Cryptocurrencies? (Clearly not doing both at the same time)
Ou how the tides have shifted, and they will continue to do so. The power is in the hands of the people, as it has always been. We were blinded for a while, but it is time to lift that veil of perceived independence off our eyes and reach for that which lies just within our reach. A new reality and a true independence. ….(insert a raised fist here)
Crypto Father
writing as
MediumJack