Some financial analysts claim that bitcoin prices have suffered setback due to events surrounding Consensus 2018, the annual bitcoin conference. Their reasoning: blockchain proponents disagreed on their large-scale perspective of cryptocurrencies.
In other words, Consensus 2018 didn’t really have much in the way of consensus!
That aside, I believe one of the underappreciated factors why cryptocurrencies have disappointed is that government officials were invited to speak at a bitcoin conference. I’m referring of course to St. Louis Federal Reserve President James Bullard.
Why would anyone associated with Consensus 2018 invite Bullard, who is obviously steeped in the fiat-currency agenda? This is akin to inviting a used-car salesman to offer a keynote speech on integrity in the workplace. Or asking an oncological surgeon to provide advice on non-invasive, homeopathic alternatives.
I can’t stress this enough: providing bridges and cover to mainstream (read centralized) financial-system proponents does nothing for cryptocurrencies. Thus, a bitcoin conference inviting such esteemed “experts” to a bitcoin conference without an ability to challenge their arguments does not advance the blockchain movement.
Worse yet, I argue that folks like Bullard cause damage. Bullard, as a Fed bank president, dispensed arguments why cryptocurrencies will ultimately fail to overturn the current financial status (hegemony). But are we surprised he would say this?
Moreover, Bullard fails to understand why the blockchain has become so relevant. He stated:
“Cryptocurrencies may be unwittingly pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.”
That’s not the issue at all! Cryptocurrencies are merely blockchain reward tokens. The significance isn’t merely about facilitating market-based exchanges, whatever that means. It’s about opening doors of opportunities to the entire world through a standardized, open-source platform.
By standardized, I mean that bitcoin is not a respecter of nations. Bullard claims that the U.S. dollar reigns supreme because of the inherent economic stability of the issuing nation. Nothing could be further from the truth. The dollar is the world’s reserve currency because any country who tries to state otherwise will either be obliterated or be ostracized from the international community.
Indeed, the wars that we fight in modern times are banker wars. We Americans and westerners do not fight for “freedom,” but rather, to impose our so-called hard currencies onto the world.
Bitcoin, and the blockchain concept, renders this heinous hegemony obsolete…should the platform reach popular integration.
The Fed obviously wants to stop that in any way it can. Outside of a risky physical intervention, the next-best way to stymie bitcoin is to spread a disinformation campaign. Any real bitcoin conference would be able to see this.
Unfortunately, Consensus 2018 just delivered the Fed exactly what they want.