Bitcoin Is Not at All “Dead”

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by Mark Mage — There has been an ongoing series of Wall-Street-manufactured statements and mass media “news” about Bitcoin “having failed” or “being dead”. The third part in this questionable series finally admits, by way of merely revealing a name of its source for the very first time, that all this “failure talk” does not have any substance.

These “news” do not come from true sources but from the banksters who were stupid enough, in the first place, to ignore Bitcoin and decentralized peer-to-peer technology altogether for over six years.

Now, it seems, they have all of a sudden “discovered” what this whole thing is all about, hence their effort to stop it by smearing it, claiming it had “failed”, or Bitcoin was “dead”. The latest puppet to “speak out”, or rather fulfill orders from his masters, is J P Morgan CEO Jamie Dimon — albeit without having done his homework, very much like the rest of Wall Street it seems. What has he, of all people, got to say? Here comes: “Bitcoin is going nowhere”.

“Blockchain”, on the other hand, had “potential”, Dimon said. Unsurprisingly, his cartel is “studying blockchain technology”, and it is a well-known fact that banking elites deliberate about developing “a blockchain of their own”. What a happy thought. If you really do not know the difference between public blockchains and a private one, that is.

Curiously, knowledge of a difference like that appears to be taken for granted among Chinese officials though. At the very same time of Mr Dimon showing his overall ignorance, not properly researching his subject, and still shooting his mouth, Zhou Xiaochuan, governor of the People’s Bank of China, comes forward with a lengthy interview on Chinese currency policy and also including a section on digital currency. In well-versed terms, he mentions the fundamental difference between public and private blockchains as well as the trade-offs between using one or the other. At least someone having done his homework…

All this discussion is vivid proof that Bitcoin has not failed. On the contrary, the mere fact that talks about matters like those are held — and that chances for embarrassment exist for the likes of Mr Dimon — mean that Bitcoin already has tremendous success, whatever future lies ahead for “Bitcoin the digital currency” itself.

The ones most ignorant about the actual properties of Bitcoin and the meaning of all of this are Wall Street and friends. Still, they are increasingly overtly trying to hijack portions of Bitcoin technology. What they fail to understand is that, should they (or anyone else) ever succeed with attacking Bitcoin, a new and improved version of Crypto coin would be issued that very moment; based on a public blockchain — you know, that distributed consensus mechanism…

Banksters, at the same time, thank God are still having a hard time arriving at a centrally-controlled one that works.