Crypto - Further Developments
I was asked by a client this morning, why it was that the information I blog about he did not read in his traditional sources, like the mainstream press? I explained that the media was controlled by our 'centralised' system and that the only time any reporting might be seen would be if it was to cover a major scam.
And yet Europe's biggest ever fraud, something I wrote about a few weeks ago, has not yet been reported generally, largely I suspect because it involves 20 of the world's largest banks.
BBC News reported today that IMF head and forward thinker Christine Lagarde said central banks around the world should consider issuing digital currency. In a speech in Singapore Ms Lagarde said this:
"The advantage is clear. Your payment would be immediate, safe, cheap and potentially semi-anonymous...this would help customers by making transactions safer and more common, and as a result, cheaper."
It is pleasing to see that someone in such a vaulted position is now beginning to see what so many of us in this space know to be true.
Founder of McAfee Associates, British American computer programmer and businessman John McAfee tweeted this earlier today:
'If we do not dive fully into Crypto and use the Blockchain as a way to enhance our lives and the world around us, instead of just collecting coins hoping for a Bull market, then our greed will have killed the greatest opportunity yet offered to mankind."
Following a little peer pressure McAfee was introduced to Bitcoin in 2011, reading Satoshi's White Paper and, as a result has spent the last 7 years preaching the concept from every platform he could find.
I wrote yesterday about the potential turning point for cryptocurrency and McAfee believes fiat [money in your wallet/purse] is on its last legs as quite simply, we're not using it anymore. He has even predicted a value for Bitcoin of $1m by the end of 2020.
A staggering prediction or does he take into account the out of control world debt situation and its likely effect on fiat? Probably. He also talks about other, up and coming digital or crypto currencies which, unlike Bitcoin, satisfy today's rigorous demands for regulation and which are totally portable.
There is one, some say, leading crypto, which now can be used to buy goods and services, anywhere in the world where MasterCard is accepted.
Utility is the only thing holding back the mass adoption of crypto currency. Now that the utility issue has been resolved, watch how the demand for a safe, decentralised unit of value, begins to soar.
Before long you will not need a bank account. Imagine that.