McAffee to Morgan: Bitcoin is More Real Than You'll Ever Be...

in bitcoin •  2 years ago  (edited)

Once in a while the world makes sense to me and today I had one of those moments when I read an article published by Fortune entitled 'John McAfee to JPMorgan CEO: Bitcoin Is ‘Certainly Not a Fraud'

I've felt that Bitcoin was more real than the Fiat USD for a long time now and the rate at which the government has been printing and spending them is alarming to say the least.

"You called bitcoin a fraud," McAfee told CNBC. "I'm a bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It's called proof of work.

His point is very valid. Bitcoin is backed by work and its finite nature forces high-tech miners using advanced technology to spend time, money and resources in mining it. If it takes $1000 to make something, isn't that proof enough? How much does it cost to print a dollar?

Techblogger Wrap Up

I know it's just my humble opinion, but I'd say that at this point, Bitcoin is here to stay. Its a better, more honest way to keep track of value when compared to Fiat currencies. Unless your fiat currency is backed by gold and exchangable and I have 100% faith that you'll keep your word in its exchange, I'll prefer Bitcoin.

Even if your money was 'honest' it would still have to compete with Bitcoin. What do you guys think will happen in the coming months with Bitcoin? Will we see mass adoption or fear, panic and a lack of acceptance from key figures? Is this not just FUD to crash the market only to buy cheap and build confidence in this shiny digital currency once more?

Please leave your thoughts, comments and feedback below.

Thanks for reading!

Source:

John McAfee to JPMorgan CEO: Bitcoin Is ‘Certainly Not a Fraud’ - Fortune

IMG Source:

CNBC

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Cryptocurrencies are a nightmare for financial institutions. As the middleman in the fiat world, they will do anything to protect their position. Every time the likes of Jamie Dimon call Bitcoin a fraud, it simply confirms how tenuous their position is. Who is the real fraud here?

He is trying to protect their investments. By saying that btc is a fraud, he is encouraging its stakeholders to stay in their realm.

This is exactly what we need right now! More prominent people need to defend the crypto world more so that we can show that the bankers do not dictate what we can or can't use as a currency!

This is just the beginning of this movement for something better that will come into this world. Bitcoin is a technology that Jamie and China do not like. The higher Bitcoin increase in value, the more fear that will create and the more attack that will cause. Bankers have already put too much pain, suffering and inequality on this planet, now we need to put a wall to them.

I dont china doesn't like it. They were threaten by it. A year ago, china currency were included in the traded currency and because of this, they are trying to bring down the prices of cryptocurrencies to open doors for their fiat currency.

But take note, after that setting, they will also buy crypto at very low price.

This is just my idea base on assumptions.

I don't think the powers that be could stop it no matter hard they try! Resteemed

Bitcoin and other Cryptocurrencies empower individuals by lowering or in some cases eliminating the barriers to entry in the World of Finance and commerce that were created by Financial Behemoths. It disrupts the balance of power and causes fear in the establishment because it liberates the individual from the power of the elite.

Excellent analysis, its true but coin or any other crypto needs time, money & much expertise of mining, so it has more worth than USD.

"Is this not just FUD to crash the market only to buy cheap and build confidence in this shiny digital currency once more?

This is exactly what is on my mind. Manipulations in high places by whales

Good

What I think about this black propaganda is because they wanted to bring down the prices of those promising cryptocurrencies for a single purpose, so that they can buy it at low price.

Steem's rising.

bankster

Bitcoin a fraud ?? Excuse me, does this man even know what a blockchain is??