In this video, I talk with author and economic analyst John Sneisen about the recent attempt by media, banks and governments to crash Bitcoin alongside other cryptocurrencies, most recently in India.
Following comments by India's finance minister Arun Jaitley regarding potential regulations to be placed on Bitcoin, medias throughout the world falsely reported that India was going to ban the cryptocurrency. Of course this isn't even close to the truth, but nonetheless, it lead to a massive selloff.
This is nothing new. There has been an all out assault on the crypto markets by media lately based on innacurrate reports. We saw it with China, then South Korea, then China again, Japan and now India, all in the month of January! The selloff lead to panic which lead to more selling off.
What's most interesting about this story is that India has been championing the cashless society system. The aadhar system where individuals put on a digital database can use their retinas to pay for goods and services as India is completely demonetized and everyone is forced into the banking system. This exemplifies the psyop. The confusion so many face. This notion that the centrally planned cashless society and Bitcoin are the same thing which is utter nonsense.
Many say Bitcoin is fiat. This shows a lack of understanding of what Bitcoin and what fiat really are.
Fiat is centrally planned legal tender currency based in debt, with no cap on circulation as central banks do absurd amounts of quantitative easing and fractional reserve lending.
Bitcoin is decentralized cryptographic competing currency on the free market based in scarcity, demand and application use and of course it is not enforced.
Many say that Bitcoin will be the global cashless society. This makes absolutely no sense at all. The IMF under the SDR have no use for a decentralized cryptocurrency. It must be centralized for them to benefit. A populace in debt is a populace in servitude.
In this video we explain the vast differences, why the establishment can't stand free market competing currencies and why the establishment loves centrally planned digital currencies.
The blockchain can be used for good and evil. It's up to you the individual to understand the differences and apply the solutions.
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Fake news to kill crypto. Gov and mainstream media can feel the power get out of their hands and they are mad.
Soon you will hear a great power as you use, doing the same thing, because the bitcoin and all the cryptomonedas are taking over the monetary system ,,,, China supports the gold, and China is joined by more countries, what it wants say that the dollar will lose value in a not too distant time ,,, and I'm not leaving the subject, if not soon in use will want to block the cryptomonedas ,,, which in India seems more a speculation ,,,,
yeap, recently there has been so much propaganda o the mainstream media infecting the internet with miss guided info about crypto currency but thank you for clarifying that.
Hope this post will help us....Thanks for sharing this post man...
great article
Don't trust media, they are all liars
@racoo
thans for the news
that is educative for indians who loved bitcoin
thanks for sharing
I keep having co-workers come up to me saying things like, “I heard (Insert country) is going to ban Bitcoin.”
My response to this is, “They can’t unless they shut down the internet.”
good news.bitcoin is digital currency and that is acceptable for any country i see....
weel done dear
keep it up such news
on the one hand this is very good because it is very slavery to make transactions without having to bring cash every day, but on the other hand maybe not everyone in india who got higher education
many Indian societies are still confused about how to use technology appropriately, which is why Indian society forbids the use of virtual money like Bitcoin.
Thanks your post@joshigurdson
One of the biggest challenges facecd by bitcoinin its quest to become a global currency is media propaganda.. Today, you hear of ban of bitcoin, tomorrow it's unban. If there were no media, bitcoin would have had a smooth ride.
If they can't stop crypto with legislation the Central Banks will resort to innuendo, propaganda, and fear mongering. Their obedient servants in media are more than willing to help in the project.
look the thing is India wants to be progressive country. Banning bitcoin or crypto currency is just opposite to that. The main thing is that government of India doesnot want people evade taxes. It does not recognize it as a currency because that it is going to be a direct challenge to the INR and might result in loss to banks and subsequent closure. What they want to do is discourage people from buying crypto. They want to kill its main purpose of currency. If after removing this main purpose, Indians find value in this crypto assets then yes they can buy it at their own risk.
Yes, we also have a problem with our media. For our media TRP and sensationalism is important. They are old minded people. They like creating panic. For them every new thing is a crime. They are against every anti establishment.
The main problem was that many people who heard about bitcoin here don't know what it is. Some bought it even with out knowledge. They think it is something like real fiat money. They wanted it controlled by government and so on and so forth.
I spoke to a lot of people. I asked them to buy bitcoin. They replied "it is illegal", "it is not recognised by bank", "it is not issued by government", blah and blah and blah.
Some such people were filing PIL's in court and were thinking that buying bitcoin is Anti-National and Anti-state activity. yes, we have such moron for whom every thing they can't understand is anti national activity. I read some political handles yesterday, they projecting things as if bitcoin buyers were conspiring against the nation.
The amount of FUD spread by the media in the last period is truly astounding.
let the people know so the fud stops we need gains
Oh surprise surprise, more media generated FUD, wonder why thats happening... Definitely not so that the banksters can buy crypto when its cheaper and watch as some people sell at a low and fomo buy at highs. Definitely not that.
I swear the market swings are generated by any small piece of news
Wrote Fake News on Facebook! Only response that is right with all this crappy reporting
Disinformation, a.k.a. lies, are a powerful tool for those who lust after power. Seek the TRUTH & distroy their power.
Crypto
fiat
can stay at use for people.
We cant afford all these fights.
Personally I got nothing against fiat stay in our economic society.
Thank you for sharing this interesting post.