Banks and the elite establishment forces aren’t afraid of blockchain technology. They can easily adapt to work with pretty much any blockchain advancement that comes along and end up controlling it. Instead, what they are really afraid of is an alternate currency, or a true crypto currency. That’s why this current narrative that blockchain is good and crypto currency is bad, was started by the banks and the likes of Jamie Dimon. The goal was for this line of thinking and the pro-blockchain, anti currency narrative to become the “sensible” position. Paint people who believe in an alternate currency are weirdos, scammers, and fraudsters then in the same breath say blockchain itself is good
This isn’t some new revelation, as anyone familiar with how establishment forces create a public narrative could see this coming. The banks and others have been speaking out of both sides of their mouths for some time now. At once praising blockchain technology and looking into its adoption, but then in the same breath call decentralized currencies scams or frauds. Jamie Dimon even said in one famous interview that “people will get killed”, we are not sure if he just meant that as a financial metaphor or if he was trying to say that Bitcoin would literally kill someone. Either way, it shows how the banks and establishment forces have been actively trying to create a narrative that is pro-blockchain and anti-cryptocurrency.
Sadly, I see this narrative already working among those who are crypto proponents. When you see people saying things like Bitcoin needs to go away, it’s a dinosaur, and only a POS system can be used for a currency, etc. These people don’t realize they are falling into the establishment narrative. Most of the coins they suggest are much more centralized than even Bitcoin or something like Monero. They are mostly unproven and were founded by sketchy ICO launches where the “founders” pre-mined or simply created over 70% of the coins just for themselves, sometimes as much as 90% of coins in these projects are held by the founders.
You see this same narrative being pushed by establishment forces in recent news stories that proclaim “Bitocoin has failed” as a currency. Don’t fall for this, it’s all meant to push the idea that blockchain is good, and a crypto currency is bad. No matter what you replace Bitcoin with, they will come out and say it is a fraud and has failed. It’s because they are scared of an alternate currency, so any coin that that takes the lead will be in their crosshairs. If Nano replaced Bitcoin tomorrow, the articles would start about how Nano is bad, it has failed, and will never work. It doesn’t matter what coin is in the lead as a currency, it will be attacked.
Another thing to be aware of is that while businesses and establishment entities may seem excited about blockchain, make no mistake, they are not talking about fully decentralized blockchains. I believe this is a huge error people make in crypto when they see a large corporation looking into blockchain and they get all excited. I promise you, no business is interested in a decentralized solution to ANYTHING. They want a blockchain that they have full control over at all times. It’s simply naive to think a corporation of any kind would place any part of their business on a decentralized blockchain which they have no control over. That’s simply not how any business works, even very progressive minded CEOs would never agree to such a thing. So don’t be fooled by these corporate partnerships, those stories could be great for the short term price action, but they are also a way for establishment corporate forces to get their claws into to this new world and steer its direction for their own benefit.
Always remember, blockchain and crypto currency isn’t inherently a force for good. It’s no different from any other technology, it can be used for good, or it can be used for bad. In this case, the way it gets used is up to you, so be wary of falling for a narrative written by the elite and establishment forces of yesterday, they don’t share your beliefs on what blockchain should be.