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The Bitcoin Mob - A Doomsday Scenario

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- JP Morgan, we already know they’re only looking out for us. Reddit has put together some other statements of people looking out for us: https://www.reddit.com/r/Bitcoin/comments/6ztif7/ceo_of_kodak_says_digital_photography_has_no/  Here’s some other gold for you: http://www.telegraph.co.uk/technology/news/10510933/JPMorgan-files-patent-for-bitcoin-killer-currency.html 

- But in all seriousness, this is the most damage? Like yeah it could potentially get lower from here on out, but where’s the floor, $3400? We’re still way up from a month or two ago. Even with some of the harshest language possible, you know this bank could’ve said it’s a nice idea to have a distributed ledger, where people can control their own money, no, full on scam. If you don’t have haters, you are doing something wrong. Jealously is a real thing. If other’s look at you or look at this and don’t think, man I wish I could do that, or I wish I could be that, and attack you for it, it’s like vandalism where some people don’t have a lot of things so they deface other people’s things so they can feel better about what they have, it’s the same thing happening here. It’s a bullish sign of success. We are purging the weak hands. 

- Then I want you guys to think about this. When the price recovers, because it’s a matter of when not if, *image* in fact you can kind of see it already begin but we shall see, what’s going to happen to investor confidence? For some people, it’s the first time they’ve heard Bitcoin being referred to as a scam. https://99bitcoins.com/bitcoinobituaries/ Instead of 160 times, JP being the latest obituary to add to the list. This is how weak hands become strong. 

- Genesis mining are driving this billboard around: http://www.ibtimes.co.uk/genesis-mining-billboards-say-jamie-dimon-right-bitcoin-will-eat-your-lunch-1539356#slideshow/1483676 

- What if the US banned exchanges? Just a hypothetical, I don’t think that’s likely at all. Let’s just explore this possibility. What would happen? A lot of panic selling as people would be worried they could no longer convert to USD. Which is fair right, you can’t pay for your taxes in bitcoin, holla at Switzerland. You can’t pay for a lot of things. Fiat is more widely accepted for everything. For now.  The thing is though that the US dollar is worldwide. So, it’s very possible to run an exchange outside of the United States that traded in US dollars. For example, the country of Ecuador uses the US dollar as their currency. They could ban American exchanges but Banning people from trading Bitcoin to USD and back would be a much more difficult task. Plus, with the demand for US dollar versus Bitcoin Trading any Exchange that opened offering the service after the ban would immediately get a million customers. There are too many people with too much to gain for any worldwide ban to actually be enforced. This is the doomsday scenario, and bitcoin is still resistant. 

- Patientory. Reddit is quiet, no new news out of their camp. Still no big partners having joined their project. Which is key. You need partners. Ethereum has a problem where for example if you want to sell a house, you need to do it with the correct registry office or they don’t honor your blockchain transaction. At least they have quite a few partners though in the Ethereum alliance. 

- IOC very briefly, is allow you to send messages and store documents in the blockchain itself, as well as being quantum computer attack resistant. 

 

💙 I super appreciate all your likes and comments guys. 

◆ 1:52 Excellent Previous Financial Advice

◆ 2:56 JP Morgan Filed Patent for Digital Currency

◆ 3:14 Bitcoins Current Price

◆ 4:08 Haters!

◆ 5:06 Bitcoin Officially Declared Dead - Again

◆ 5:25 US Bans All Exchanges Doomsday Scenario

◆ 5:31 Genesis Mining JP Response

◆ 7:43 Market Update

◆ 11:16 Exchange Mirage

💰 My recommended exchange is CoinBase as it's so simple. 

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😊 Links!

◆ Reddit Comments: http://bit.ly/2wXA28U 

◆ Patent for Crypto: http://bit.ly/1grgo6B 

◆ Bitcoin Obits: http://bit.ly/1Pzd6h0 

◆ Genesis Mining Billboard: http://bit.ly/2xZSdrl 

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☘ I am not a financial adviser and this is not financial advice. I'm just a humble man with a great passion for all things block-chain, even tangle.

 

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