The CEO of JP Morgan Chase Jamie Dimon recently stated that Bitcoin is a fraud. Since that time crytocurrencies have nosedived. Those who follow this sector, know it has much more to with what’s happening in China. But let’s talk about Dimon, head of one of the world’s largest and oldest banks. Before we do that, allow me to take you on an amazing tangent, and I promise to bring it full circle, and it will be worth your while.
I like to refer to banks as the “holders of the ledger”. To avoid all assumptions, we’re talking about a basic log of credits, debits, and balances. The only thing more important than money itself, is the ledger. Without a ledger we would not have the expansive commerce system we enjoy today. My wife recently bought some lip gloss from China for $1.07 including shipping and handling, that would cost $19.99 at the local mall. Cash was no good in this transaction. Only the “holders of the ledger” could have facilitated this transaction. The Bank of China, said to the Bank of America: “hey, is she good for it?” Bank of America checked the ledger, saw my wife had a balance to cover the cost and replied “she’s good” and proceeded to debit $1.07 from her account. The Bank of China then credited Mr. Lip Gloss Vendor’s account $1.07, minus their fees and both accounts were updated with a new balance. Fees are viewed as nominal, because it’s a win/win/win situation…the biggest winner is the holder of the ledger, who always gets a piece of the pie.
This is a simple example, but being the holder of the ledger has far more lucrative rewards that would explain why the rich are filthy rich and the poor keeps getting poorer. But that’s another article. Lets get back to Dimon. What if we, Akari from Asia, Zahir from Zimbawe, and everyone in between became the holders of the ledger?
“Now remember, the holders of the ledger are not only the wealthiest people in he world, but they collectively represent less than 5% of the population, while controlling 90% of the worlds wealth”*
. …what if we became the holders of the ledger???
I tell you what would happen: We would not need banks anymore, and the greatest transfer of wealth in the history of the the world would take place. This is in essence what blockchain technology is all about when you get right down to it. A better banking system (holders of the ledger) by the people, for the people.
Mr. Dimon does not want this to happen on his watch, but you can’t stop it Mr. Dimon. Miners of cryptocurrencies like Bitcoin, are the new holders of the ledger, and they have become very wealthy by verifying and securing transactions. Bitcoin has made many non-ledger holding people extremely wealthy as well. A mere five dollar investment in Bitcoin in 2010 is now worth over six million dollars at today’s price ($3,662.00). Yet, it has not even put a dent in the future potential of building wealth via mining digital currency.
Learning about Bitcoin and blockchain technology can feel overwhelming at times. But, let’s keep it simple. You like money? Yeah! Is that why you work? Yeah! With that money, you buy stuff (conduct commerce). Banks facilitate commerce, and make money in the process. What if we were the ones to facilitate commerce by keeping track of all the credits, debits, and balances of every transaction? If we became the miners (holders of the ledger), and shared the 90% of wealth that now goes to a mere 5% of the population via a flawed, poorly designed monetary system, everyone would be happy, and poverty would be eradicated!
Cryptocurrency is the next phase in the one world government, one world currency, one world system, where one entity will be able to determine who can buy or sell. It’s written!
God will put a stop to it eventually, but not yet. And that’s why no Demon in hell can stop this.
Dear Mr. Dimon, please forgive me for the play on words, pun intended. Medium loves catchy titles, you may very well be a saint…albeit a misinformed saint.
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I wholeheartedly believe cash is already over, and The Bible clearly predicts all that’s happening now. I started a website titled CIAO! Cash Is Already Over, a daily curation of the best cryptocurrency news. Feel free to subscribe!
Thank you for taking the time to read. -Joshua