In revealing the current opinions about the industry, maybe this headline is pretty common with regards to CryptoCurrencies at present?

Since the nay-sayers really want to stick it to this industry in their glooming arrogance, they still see CryptoCurrencies as just a gimmick. A novelty that wouldn't last the full mile.

The Opposition

Browsing through the media, it becomes quite evident that there is still uncertainty with regards to CryptoCurrencies.

Source: The Sun

What is been instigated with some interesting headlines, can be found to the tune of the following (as I'm sure you are very well aware of yourself):

And while mentioning articles by JP Morgan Chase's CEO like this, can there be a better example as to why Bitcoin was created in the first instance?

Let's have a stab back, shall we? The following article was published under the title Jamie Dimon: Success Story | Investopedia:

"In the aftermath of the 2007-2008 credit crisis, JPMorgan Chase came out relatively unscathed. Sure, the bank lost a lot of money but the amounts weren’t anything close to what the other investment firms lost. JPMorgan Chase’s profitability in 2008 has been credited with two major decisions that Dimon had a part in: First, the bank had sold its only structured investment vehicle (SIV) in 2005. Second, the bank had only limited exposure to collateralized debt obligations (CDO). ..."

Source : Bloomberg

Interestingly enough that according to this article, JP Morgan Chase "had only limited exposure to collateralized debt obligations (CDO)."

I am not really sure to what extent is referred to here, but this is exactly my point with regards to FIAT currency. Because fiat is centralized and controlled by banks and governments, we the people, have been duped into believing that our best interest is at heart; not so much.

Since CryptoCurrencies are still only touching the surface at present, with regards to the global volume in which we are trading (buying and selling) goods and services on daily basis, the "big boys" are laughing at the whole idea of what's happening on the digital currency front.

This is quite evident by remarks like Willem Buiter, global chief economist at Citi in New York, in a recent Forbes article,

"ICOs and cryptocurrencies are just regulatory arbitrage". It's cute. But the regulators are catching up to it now".

Cracks Are Forming

One only has to look a bit further to see that this attitude is not met with the same enthusiasm by everyone. Goldman Sachs Group CEO, Lloyd Blankfein, stated on Twitter (03 October 2017)

“Still thinking about #Bitcoin. No conclusion - not endorsing/rejecting. Know that folks also were sceptical when paper money displaced gold.”

Look, I know that I’m coming out quite strongly against the opposition of CryptoCurrencies. And yes, with the so-called experts from within the industry itself (posting away on the latest craze, is not helping guys!), there is still way too much contradiction happending. Which in return doesn't strengthen the industry's image.

Lock this into a technology that is very complicated/advanced and adding the fact that it is based on one of the most controversial foundations of life, i.e. money, then yes I agree, no one can be standing tall with an absolute certainty where Bitcoin, Litecoin, Ethereum and the magnitude of other CryptoCurrencies that currently exit, are heading.

All I know is that we have reached a point whereby enough, is enough! Banks and governments operate on a platform of deceit. It is a foundational fact and anyone wanting to oppose this motion has an agenda, in my opinion. Simple as that. And just in case I’m way too opiated, this week according to Moneyweb Jamie Dimon (what can I say?) continued with this strong stance against Bitcoin by saying:

“I wouldn’t put this high in the category of important things in the world, but I’m not going to talk about bitcoin anymore.” Later he added that JPMorgan moves trillions of dollars a day “effectively digitally” today. “It’s not cash,” he said.

So, “no cash” is OK as long as it’s regulated by a central entity? Let’s just halt the bus at this point and take a breather… In my introduction post to Steemit, I did mention that;

“within our current "modern" society, we have become cautious to a whole new level of distrust. And rightfully so as well. There are just too many weirdoes's out there”

Based on this, I am inclined to consider some sort of regulation, just to keep the fraudsters (more like criminal elements) at bay. But the question is who and how will this be done?

Even though Russia is cautious, something tells me that this country’s approach should be very interesting to follow. And here's why:

"The ruble is the only transactional currency allowed in Russia as far as we are concerned," says Ksenia Yudaeva, the first deputy governor of the Central Bank of Russia. "We are very conservative on this issue of initial coin offerings and crypto. There has been a lot of froth in this industry and it reminds me of the early days just after the fall of the Soviet Union with promises of big gains coming from nothing. We are very skeptical," she said during a Moscow Stock Exchange (MOEX) forum in New York on Tuesday.” (Tuesday being, 10 October 2017, source Forbes).

Source: Blockchain Technologies

Since blockchain technology is such a widely accepted technology that CryptoCurrencies operates on, maybe there can be more clarity as to how this can be used to keep banks, governments or any other 3rd party out of the equation, to ensure that the upgrade to our current monetary system runs effectively?

Closure

We should never forget the whole reason behind the creation of Bitcoin, which is to allow for privacy and autonomy for customers. This should be the cornerstone to all new CryptoCurrencies and we, the public, should keep this in mind especially when looking into ICO’s, apart from the fact that this new way of thingking has conceived a brilliant platform like Steemit. I'm convinced that were are entering a very exciting technological era.

And this brings us to the great finale; the only real negative influence we should be aware of, is the value-condition as to where CryptoCurrency supporters will allow the industry to continue. Meaning, that the value of the currency and the conditions it reflects to the world, should remain in the same way in which a mirror reflects an image of oneself.

================