As expected, when the recent flurry of excitement about Bitcoin sent the value up by $3000 in a day, the ‘Establishment’, Central Bankers and their mouthpieces, the mainstream press and TV, started a flurry of stories about how Bitcoin was a bubble that would soon burst. Since most people go to mainstream news for information about the world, or are exposed to it as it interrupts a film they are watching on TV, they form a confirmation bias from listening to false news about the ‘Bitcoin Bubble Bursting’ or other exaggerated stories about the Bitcoin-Tether relationship with Bitfinex and how it could sink Bitcoin. Of course, it couldn’t, but hear it often enough and you might just believe it.
I’ve long been interested in confirmation bias. It’s very connected to the reason people believe lies when told them often enough because the repeated story becomes embedded as the truth and they become biased to any opposite point of view. It’s also the reason people associate with others who reinforce the beliefs they already have, and don’t challenge them.
I say ‘the majority’, because the most perceptive of intelligent people can see through the mainstream agenda with ease. Bitcoin holders are like that.
But when was the last time you saw Bitcoin holders on the news, talking about the future of Bitcoin? Instead, what you get is a fairly obvious set-up, with a ‘debate’ by two people with the same agenda – to throw a spanner in the works. Ostensibly you hear a debate about the future of Bitcoin, but what most people hear is about the possibility of the ‘Bitcoin Bubble Bursting’. They are damning by faint praise. This video is an example.
Jamie Dimon and Politically Controlled Media.
It reinforces the confirmation bias in the hearts of those who have built the box in which they think from the mainstream media. That happens to be the majority of people, so it’s easy to see how such manipulations can stop an ‘unacceptable’ rise in value of Bitcoin in its tracks.
When others try to speak out in a positive way about the future of Bitcoin, they are derided by the politically controlled media, and dismissed out of hand by people like Jamie Dimon, who, whilst talking about the Bitcoin bubble bursting, will, as far as I’m concerned soon be so up to his ears in Bitcoin, along with his Morgan Chase colleagues, (if he is not already) that he will be shitting them out when he visits the toilet. By the way, if you want to see an article I wrote on confirmation bias, with regard to religion, you can se that on my Ethical Atheism blog.
But back to the Bitcoin-Tether relationship with Bitfinex…
You know what happens when a wild horse breaks its tether…? It runs wild! And some horses just can’t be broken.
Bitcoin being ‘tied to Tether through Bitfinex’ is exactly like that. Fortune magazine and others who, lets face it, support the fiat economy for a living, and keep talking about the Bitcoin ‘bubble’ bursting have a vested interest in trying to show that Bitcoin not being backed by real Tether means that Bitcoin is backed by nothing.
But they are fighting a losing battle trying to tie Bitcoin down in this way. Even if Tether were shown to be printing their-tied-to-the-dollar digital asset without the dollar equity they claim, in order to back Bitfinex buying BTC to raise the price, and regulators in Taiwan tried to close down Bitfinex as a result, they’d have a very difficult job doing so, because Tether is not legally tied to Bitfinex.
Banks hate the idea of someone beating them at their own game and coming up with a crypto-fiat currency before they do so themselves, so they are naturally seeking any way to damage both Tether and Bitcoin at the same time.
Bitcoin Always Survives.
That said, even if Bitfinex failed because of the Bitcoin-Tether-Bitfinex relationship, which has, it seems to me as someone good at spotting patterns, been partially falsified, so long as people have moved their Bitcoin to their own wallet, they’re fine. Bitfinex processes about 10% of Bitcoin transactions. Bitcoin has survived worse and just grown stronger. Bitcoin seems to follow the human maxim of ‘what doesn’t kill you makes you tougher’. After the high, there was a big dip in value, but at the time of writing, just two days later, it’s already recovering it’s pre-collapse price, and it will go higher. My best current guess is that it will reach $20,000 before the end of 2017. And my guesses are always on the low side! See this one, for example.
Every time Bitcoin survives a crisis, whether it’s a manipulated crisis or not, it grows stronger as people see its resilience. You might want to read an article I wrote on the resilience of Bitcoin on Sep. 2nd, when Bitcoin was on a ‘high’ of $5000 and under attack from central bankers, investment banks, government agencies, and anyone else who could stick the boot in.
So with Bitcoin’s new high of $17,000 – $18,000, which I reckon it’ll reach again in a couple of weeks, if it takes that long, anyone and everyone in positions of influence is speaking out against it yet again. You can expect that to happen every time Bitcoin surprises them by soaring higher than they believed it could, even though they are chasing a moving goalpost.
Bitcoin Can’t be Stopped!
Bitcoin quietly laughs at those people and Bitcoin’s real backing and the reason Bitcoin can’t be stopped is that traders still trade, miners still mine, brokers still ‘broke’ (if that’s a verb), and people keep buying-in and raising the Market Cap. and thus the value of Bitcoin continually rises as a store of wealth despite the slings and arrows of people like Jamie Dimon. You just know he’s going to be buying Bitcoin like crazy when the anagram of his name is ‘Dam Me, I Join!’
Disclaimer: I currently don’t know if Jamie Dimon shits Bitcoin nor whether he will do so in the future. Neither do I give financial advice. If I were to do so, I’d say that you should do your own due diligence before investing in anything. So take nothing I write as financial advice, because it is just my opinion.
Incidentally, if you want a high quality A3 size image, suitable for framing, of Jamie Dimon shitting Bitcoin, leave me your delivery details in the message box below, and donate 0.1 BTC to this dedicated Bitcoin address: 34hKiQTUPpd1JSGCZ3qMJyEzh3BjPhVAyt — You can specify if you want a left or right facing image, (If you don’t specify, you’ll get right-facing) and the copy will be sent in a strong, protective tube, by Courier, within one working day, so depending on where you are in the world you should receive it within 5 working days.
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