by Jeff Berwick, The Dollar Vigilante:
Bitcoin and virtually all of the cryptocurrencies have had a very sizeable, and much needed and expected pullback this week.
There have been two main focal points for the pullback.
Rumors and speculation of a Chinese government attack against the free market have caused most of the consternation.
But, secondly, and most laughably, were comments from Jamie Demon (they spell it Dimon so as to not be too obvious about his backing), the lead fraudster of the virulently fraudulent company, JP Morgan, who said that bitcoin is a “fraud!”
This, coming from a man whose entire industry, of banking, is based on the fraud of fractional reserve banking which is only made “legal” by the fraud of government which is based solely on extortion, which they call taxation.
And, based on a currency, which is created by the fraudulent Federal Reserve which is a central bank which is a tenet of communism and is an outright ponzi scheme whose sole purpose is to impoverish nearly everyone in society and to enrich the 0.00001%.
So, to have Jamie Demon say that bitcoin, which is just math, is a fraud, comes at the height of incredulity.
Not to mention, this is no different than the CEO of Barnes and Noble calling Amazon.com a fraud for the pure fact that it has technologically innovated Barnes and Noble into the dustbin of history… as bitcoin, or at least cryptocurrencies, as a whole, will soon relegate central banking and fiat currencies.
Just look at the US dollar from the cryptocurrencies point of view and you can see that it is the Federal Reserve Note, not bitcoin, which is the fraud.
If the US dollar were a cryptocurrency it would be the one called the fraud.
The US dollar has/is:
No max cap. In other words, it can be inflated to infinity… as opposed to bitcoin which has a hard limit of 21 million bitcoins that will ever be created.
Pre-mined. One of the death knells of a cryptocurrency is that it is pre-mined. In general, this means that the creators of the currency create the currency and give it to themselves before allowing others to purchase it. This is the height of fraud in the cryptocurrency space but this how all US dollars are created. They are pre-mined by the Federal Reserve before they are allowed to “trickle down” to the rest of us poor slaves.
No transparency. Unlike bitcoin, the US dollar has very little transparency as to where it came from and which potentially criminal organization, like the US federal government, IRS or any of the other three letter agencies it has flowed through.
Not backed by cryptography. While bitcoin and all cryptocurrencies have proof of ownership through very secure cryptography the owner of “dollars” can be anyone who is friends with the Federal Reserve.
Not open source. Unlike bitcoin, which anyone in the world can review their code, the dollar is not open source and therefore all manner of fraud can be perpetrated in the system.
You don't control your private keys. With bitcoin and other cryptocurrencies you hold complete control of your currency by holding your private keys. With dollars, any criminal government agency or the central bank can take control of your dollars at any time.
Not voluntary. While using and owning bitcoin is completely voluntary, usage and acceptance of US dollars are backed by violence. If you do not accept dollars you can and will be kidnapped and thrown in a cage. Should you try to escape you most likely will be killed.
So, which currency is the “fraud” again?
Or is it more likely that Jamie sees bitcoin as a serious risk to his criminal business model?
After all, JP Morgan filed a patent - which is also a criminal act to use violence against others using your ideas - for a “bitcoin killer” competitor to bitcoin in 2013.
Things aren’t going all that well for the US dollar, after all. Year-to-date, this has been the worst performance for the US dollar from January to September since 1986.
Read More @ TheDollarVigilante.com