Blockchain & Cryptocurrency Critics - FUD, Fiction and the Lack of Facts
After some substantial upward moves in the cryptocurrency markets this week the past 24 hours sees some market correction taking place. The global cryptocurrency market cap is now $288 billion, down $9 billion. Bitcoin dropped by $44 to $7331 and Ethereum taking slightly move of a hit falling $21 to $476. The gains made this week have prompted endless theories for the gains and subsequently triggered a few more FIAT traditionalists to make fools of themselves with poorly thought out Bitcoin bashing statements.
One of the most astonishing things about the cryptocurrency and blockchain sectors is there is no shortage of critics prepared to dismiss any and all benefits of the technology, whilst at the same time admitting (or proving through their statements) they have no idea what they’re talking about. The mainstream press is not much better, with many just not even bothering to check the price of Bitcoin before writing and publishing an article – we pointed out to UK “newspaper” The Sun earlier this month when they published 2 articles by 2 different “journalists” on the same day quoting “A single Bitcoin is worth over £12,000 today” and “Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.” Although the articles were edited after it being pointed out (but still full of holes), there is no recourse for such bad reporting. If the stock price of Microsoft or Apple were reported at more than double its current value, or the USD to GBP exchange rate was published at twice the level it should be there would be hell to pay – sadly the cryptocurrency markets are yet to command the level of respect the traditional FIAT world has come to rely upon.
It doesn’t stop at traditional money managers or the press, government officials and central bankers aren’t much better – US congressman Brad Sherman previously attempted to deride cryptocurrencies in a meeting of congress in march this year to discuss cryptocurrencies saying "Cryptocurrencies are a crock, They allow a few dozen men in my district to sit in their pajamas all day and tell their wives they're going to be millionaires". After further derogatory statements at a cryptocurrency hearing saying “Bitcoin should be banned” whilst arguing that “the current financial system works perfectly fine, that credit card payments work fine, that bitcoin was not needed and that it is only used by criminals”. Twitter users were quick to point out Sherman’s top campaign donation was made by Allied Wallet – a traditional payment processing company that bans any businesses involved in money transmission, money transfer or eWallets – which coincidentally would suffer when cryptocurrency payments with traditional bank cards becomes possible.
.@BradSherman was so concerned about $crypto users using #cryptocurrency for deceptive and illegal financial activity, yet his top campaign donation came from a company that had to forfeit $13.3 million to the US Government for facilitating illegal gambling. pic.twitter.com/mLn0WHU6jR— The Crypto Dog📈 (@TheCryptoDog) July 18, 2018
Aside from the obvious conflict of interest there alone, Allied Wallet were also embroiled in a scandal that led to a $13.3 million settlement with the US Department of Justice over allegations of illegal offshore gambling.
As the cryptocurrency and blockchain spaces have grown, the press are now beginning to get their investigative teeth into certain aspects now – according to reports, a New York Post journalist alleges the possibility of a correlation regarding donations made by cryptocurrency exchange owners Tyler and Cameron Winklevoss to New York Governor Andrew Cuomo, with respect to regulatory approval being granted to list ZCash. Whether true or not, the cryptocurrency markets unfortunately are destined to bear the brunt of wide sweeping statements and claims made by high profile figures in the traditional FIAT sector – whether there is any substance to any claims being made.
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Created: Thursday, July 19, 2018
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