Will Cryptocurrency Become Another Fascist Rippoff?
The government hasn't done anything lately to prove they can be trusted....especially when it comes to handling our money. Sure, Trump in 'in' now and, on the surface anyway he seems to be bringing in a lot of competent people. But don't forget two things:
First of all, remember that he was and still is an outsider vis-a-vis the government and government bureaucracy who shunned, ridiculed, and did everything they could to stop him... they aren't dead. They are still there and he's going to have to contend with them and their elitist attitudes.
They've just been temporarily 'shut-up'. But, being the opportunists that most of them are, they're probably just jockeying for position to try to maintain their place on the government tit. Most of them probably won't cooperate with Trump unless he gives them what they want.
Secondly, it simply isn't rational to believe that all these people Trump is bringing in have completely 'changed their stripes'. Most of them were and still are very much part of the liberal elite establishment which got America into the geopolitical and financial 'jam' it's in now. They're high-fiving Trump now but where were their progressive intentions and ideas before Trump came on the scene?
Are we really supposed to have total confidence that they've suddenly had a 'road to Damascus' experience and now they're Libertarians and are going to apply their skills wholeheartedly to the financial liberation of 'We The People'?
Me....I'm skeptical. They've been too close to the root of all evil (i.e. money and power) for too long for me to think they've changed very much.
The biggest single telltale sign of their questionable intentions is that so many of them come from big banking, i.e. JP Morgan and Goldman Sachs. They really don't like new ideas that they don't own. Did you know that JP Morgan tried to get a patent for their own version of bitcoin?
You can read about on the following links but what makes it doubly strange is that JP Morgan CEO Jamie Dimon has said that he's not a big fan of bitcoin as currency and that he prefers systems where the government is in control (read it here). And yet we see JP Morgan trying to get a patent on their own version of cryptocurrency.
You can read about their cryptocurrency idea here but as you read between the lines you'll notice that this great idea of theirs still leaves them at the top and in control. That's what we would expect of bankers, right?
Case in point....the JP Morgan cryptocurrency is "digital" alright but that's not really so new. And it still would still reside on their servers rather than in a decentralized, consensus verified system like the real blockchain. And, by my reading of what it would do, it's not significantly different than several systems that already exist.
Nothing I've read about their new system sounds so great to me because it seems to be nothing more than a re-work of existing payment solutions like Paypal, Western Union, and traditional banking services while ignoring the fact that the very foundations and incumbrances of those systems are what the knowledgeable public is tired of. But they (i.e. the bankers) probably think their new digital currency would pacify the public while still keepting them in control.
Their new system still lacks what the knowledgeable public really wants: the privacy of true cryptocurrency and the efficiency of a system free from government interference and/or debasement.
This document shows that the JP Morgan patent application was filed in August of 2013 but was rejected because it didn't really include anything new.
Among bitcoin advocates there has been some excitement about some of the Trump team appointees but this excitement is based on what I consider to be contrived expectations that these new faces are pro-cryptocurrency. The devil is in the details.
While I do agree these people might be all for increased efficiency and they might be favorable toward various forms of digital innovation, I do not trust that they are indeed 'people's champions'.
Trump talked to JP Morgan CEO about accepting the position as US Secretary of the Treasury. Dimon refused although it is my understanding that he will be on the President's Strategic and Policy Forum. I find it interesting that this advisory group is fully packed with 16 business leaders many of which are from the same crowd that got the US into their existing problems and that Dimon has said he thinks the government needs to control all the money.
None of Trump's new team are Libertarians. They are all what I call 'old school' business people and it's doubtful that any of them are in favor of any type of 'facing the music' for the US economy...soft or hard landing. I'm not an economist but I subscribe to the position that there will be no easy way out of the world's economic dead-end...certainly not for the US at least. And I think we are going to have to go 'cold turkey' to stop our reckless spending and stop trying to be the policeman of the world.
Our biggest policy issue is whether we want the responsibility of being the policeman of the world. After that we can debate whether it's something we can actually do while still remaining a free society.
The biggest financial problem is actually two-fold....i.e. (a) the debasement of our currency, and (b) our financial derivatives issue. It's a strange situation to be in where you have huge, unsustainable debt yet simultaneously the money you might use to pay it off is worthless anyway.
Trump is still enjoying his honeymoon and has yet to say anything specific about solving these huge problems. Cryptocurrency could be part of the solution but only in the context of other tough decisions that I don't think he will be able to get these 'old school' guys to go along with.
Will Trump's team just kick the 'digital' can down the road?
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