Cryptocurrencies have always received mixed reviews since their conception. While some people were enthusiastic about the idea of escaping the endless money printing system of central banks, others saw a great opportunity for profit.
Many experts wondered how cryptocurrencies will fit in the already shaky economy. There were also many different views when it came to the discussion about cryptocurrencies as a store of value.
Regardless of their different opinions, almost everyone can agree that the financial system is broken and something needs to change.
For most people the 2008 financial crisis was a good wake up call. The central banks went on rampage as they plunged the financial world into chaos. The interest rates were driven down to near-zero and money printing was infinite. A prime example of that would be the Bernanke Helicopter Drop.
People will NEVER see the following question asked by the mass media or answered by the central banks:
If negative interest rates combined with unlimited money printing strengthened economies, why was none of that done in the past?
The answer is pure and simple: It’s because economies are not built on endless money printing and debt.
Alan Greenspan summarized it perfectly by saying: “In the absence of the gold standard, there is no way to protect your savings from confiscation/theft through inflation”.
Hypocrisy is very common in the biggest institutions
The last few years saw the emergence and incredible rise of cryptocurrencies which got central bankers worried. A little less than a week ago the head of the Bank for International Settlements (BIS), Agustín Carstens, had a lot to say about cryptocurrencies. Interviewed by a Basel-based media outlet, he went on to call cryptocurrencies an environmental disaster, a Ponzi scheme and a soon-to-be-popped bubble.
He proceeded to dissuade investors from crypto by telling all the young people that they:
“Should use their many talents and skills for innovations, not reinventing money. It’s a fallacy to think money can be created from nothing.”
Whether or not his statements are referred to as ironic or a hypocrisy is solely up to every person. The simple fact that BIS with it’s incredibly shady and controversial history is giving moral lessons to young, innovative people about the creation of money is an absurd amount of hypocrisy.
Despite the wide variety of views regarding cryptocurrencies and other modern technological innovations, there is a silent majority agreement against the banking system, which keeps plunging the world into debt. It’s of no importance if cryptocurrencies will be the end of the banking forced debt system because eventually, something will.
You can also check out:
- The Trump Administration’s Stance on Crypto
- Lightning Network Technology Will Revolutionize Global Payments
- Twitter Scambots. A Real Threat to the Crypto Community
- GK8: Israeli Startup Develops a System for Offline Crypto Transactions - Sep 19, 2019
- Old-Style Extortionists Try to Destroy a Crypto Startup - Sep 19, 2019
- MasterBlock: A Unique Time-Piece With an Amazing Secret - Sep 18, 2019
- United States Army Looking For Blockchain Experts - Sep 18, 2019
- Kraken Bug Allowed the Purchase of Bitcoin Below Market Price - Sep 17, 2019
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Tags:Agustin CarstensBank for International SettlementsBISCentral BanksCryptocurrencydebtfederal reserveInnovationmoney printingponzi schemeprofit