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Well, well, big freakin’ surprise. Big old traditional banks – who currently hold all the financial control and power in the world – don’t like cryptocurrencies. What a shock.
A recent report of the Bank of International Settlements (BIS) that scathes “the hype” of cryptocurrencies is making waves in the crypto world and instilling fear in crypto-investors or in anybody who encounters digital currencies such as Bitcoin, really. Perhaps that was the report’s design in the first place – inducing the jitters so people wouldn’t disregard, even momentarily, the power of the good old Benjamins.
The report harshly criticizes the technology, trust, durability and sustainability behind cryptocurrencies, focusing primarily on Bitcoin which is the most popular cryptocurrency nowadays. But the powerful bankers of BIS didn’t just settle with that vitriolic censure; they threaten that Bitcoin could “break the internet,” no less. OMG, ARE YOU SCARED IN ALL CAPS YET?!
So yeah… no. Bitcoin isn’t going to break the internet. Nope, not gonna happen. This is not another dystopic Margaret Atwood novel (sidenote: Margaret Atwood totally rules!). Don’t you find it interesting that while no actual technology companies (that are completely and utterly dependent upon the virtual world) have released such a dire warning, big central banks (that have all the self-interest in the world to safeguard and maintain their power) did? Isn’t it just a little bit kind of weird?
Don’t get us wrong, of course there are yet many technological obstacles and hurdles for cryptocurrencies. But that’s just the thing… these are mere obstacles and hurdles, not a permanent roadblock that clogs the way forever and ever. There are thousand – maybe even hundreds of thousands – of startups and individuals who work constantly on improving the tech behind cryptocurrencies. Technology develops, better utilities are created, good functionalities are preserved and optimized, bad functionalities are replaced and discarded.
The BIS report regards (perhaps deliberately) the current state of cryptocurrencies as the final destination and not as what it really is – just another stop on a long ever-improving journey.
We won’t tell you to ignore this report; on the contrary, go ahead and read it. Yup, all 24 dreary pages of it. But read it with a critical eye. Think. Who holds the power now? Who is afraid to lose it? Do the evaluations in the report are fair and accurate or faulty and manipulative?
That’s all we can ask. Just think.