Tech news
Friday, Jun 09, 2023

Bitcoin: BoE Deputy Gov wants to cancel democracy and protect the banks with regulations which infringe on people’s freedom, independence and benefits they get from their own money.

The Bitcoin concept of democratizing money is not going down well with the leeches and parasites who hoover the pockets of the working class in order to maintain their comfy lifestyles as civil servants and bank officers. The colonial Bank of England's Sir Jon Cunliffe raises concerns about the “financial stability risk” of cryptocurrencies. In fact, his real concern is that crypto shifts the ownership of money back from the banks to the real owners: the people who worked hard to earn it. If “Sir”Jon Cunliffe cares about money, why doesn’t he simply go out and work for it for a change, instead of making his living off the backs of the people who have to strive hard every day for it.

“Crypto technologies do not pose a risk to financial stability ‘at the moment’”, he said.

“But there are ‘very good reasons’ to think that this might not be the case for much longer”, Sir Jon said in a speech.

As we all know, there are always two reasons for doing anything: a good reason and then the real reason.

A future cryptocurrency collapse could spread through markets, he said, as the good reason.

The real reason is that he is afraid that his worthless job, and those of the other leeches, will evaporate, as well they should. Then he and his ilk will no longer be able to practice their polished parasitism: sucking the blood out of the working class while sitting on their fat arses doing nothing real.

Yes, “a severe fall in the value of crypto-assets - for example, to zero - could force investors who have taken on debt with brokers to have to find cash to pay them”. (Duh, Sir Jon: you don't think this can happen with a fiat currency? The fact that fiat is backed by a central bank is meaningless when the central bank is bankrupt - like Venezuela, for example.)

"Similarly, there is the possibility of contagion," he said. "A large fall in crypto valuations could affect investor risk sentiment more broadly, causing investors to sell other assets that are judged to be risky and those perceived to have a similar investor base.” "Interconnectedness creates the possibility that shocks are transmitted through the financial system," he added.

But this happens, and will continue to happen, also for investors in Wall Street and the City. "Caveat Emptor" applies just as well online as offline. Anyway, what’s the difference between a crypto bubble and a Wall Street bubble? (Apart from the leeches sliming their way down the Street, that is.)

In the past year, crypto-assets have grown around 300% in value from just under $800 billion (£580 billion) to $2.3 trillion (£1.7 trillion).

That means that every day more and more people are preferring to trust “nobody” (Satoshi Nakamoto) rather than trust bankers such as “Sir” Jon Cunliffe. (Just loot at his picture. would you buy a second-handcar from this man?)

When the bankers and regulators take actions so as to keep ripping off the working class, the people have very good reason to look for alternatives. Bitcoin is not perfect, it’s far from being perfect. It’s just more trustworthy than the manipulated, controlled and unreliable fiat currency. Bitcoin provides what money in the bank doesn’t: ownership. Real full independent ownership. Not a money that can be taxed or confiscated every time the leaders need to finance more luxuries, bribe and corruption. 

Bitcoin's value is going up and up not because Bitcoin has more and more value, but because the trust in banks and central banks' banknotes is of less and less value.

People have finally realised that the myth of “the US Dollar being trusted because it's backed by somebody” actually means "the dollar is backed up by nothing except the ability to print more and more of that nothing". Then not surprisingly they start to trust each other with alternative methods of exchange, instead of trusting bottom-feeding bankers touting printed currency backed by nothing real.

People now understand that the quantity of Bitcoins has a fixed and final limit (Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence),  whereas Central Bank currencies have no quantity limits.  Which is exactly what makes Bitcoin valuable and the Central Banks' currencies worthless. If they can print as much as they want, and give it for free to whomever they want, it’s not real money anymore; it’s a Central Bank monopoly on every person's real assets. A method of exchange it surely is not. Not anymore.

But, a method of control it certainly is. And for no reason. There is no reason why in 2021 (unlike 1821) any bank officer or public servant should have the right to control other people's money and assets, while feeding on the fruits of other people's labour. The money that people earn should belong to those people, not to the banks or any other institution.

Bitcoin is about freedom, not about money. Money has lost its meaning and real value anyway. With their billions and trillions the rich can fly to the moon, while the UK has no food in the supermarkets and no fuel in the petrol stations. Yet they're worried about Bitcoin volatility?

Hey, Bankers! Give us a break. You're almost as crooked as our politicians.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.

Related Articles

Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
AI ‘extinction’ should be same priority as nuclear war – experts
Prominent Hacker Forum RaidForums Suffers Substantial Data Breach
Nvidia CEO Huang says firms, individuals without AI expertise will be left behind
WPP Revolutionizes Advertising with NVIDIA's AI Powerhouse
TikTok Sues Montana Over Law Banning the App
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
'Godfather Of AI' Geoffrey Hinton Quits Google To Warn Of The Tech's Dangers
Vermont Man Charged with Stalking After Secretly Tracking Woman with Apple AirTag
Elon Musk Statements About Tesla Autopilot Could Be 'Deepfakes,' Lawyers Claim. Judge Evette Pennypacker Does Not Understand How Far and Advanced This Technology Became
AT&T's Successful Test of Satellite-Based Phone Call Raises Possibility of Widespread Coverage
Pulitzer Prize-winning journalist Seymour Hersh slams New York Times' pro-government stance and treatment of sources
Fox News Settles their case with Dominion Voting Systems for a staggering $787.5 MILLION
The G-7 aims to make global crypto regulations tougher
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
Gordon Moore, a co-founder of Intel Corporation, died at 94
Donald Trump arrested – Twitter goes wild with doctored pictures
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Russian Hackers Preparing New Cyber Assault Against Ukraine
A brief banking situation report
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Banking regulators close SVB, the largest bank failure since the financial crisis
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Being a Tiktoker might be expensive…
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
The desk of King Carlos Alberto of Sardinia has many secret compartments
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
First generation unopened iPhone set to fetch more than $50,000 at auction.
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Tesla reported record profits and record revenues for 2022
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
After Failing To Pay Office Rent, Twitter May Sell User Names
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Coinbase to Pay $100 Million in Settlement With New York Regulator