Every day now some corporate shill, central banker or politician is being forced to comment on bitcoin as it is now worth $100 billion and bigger than archaic remnants from the past like Goldman Sachs and Paypal.
Rhyming with Paypal, Ajaypal “Ajay” Banga, the CEO of Mastercard was the latest to step up to the microphone and do his best to say why he hates bitcoin.
Aside from the fact that bitcoin is quickly catching up to Mastercard’s $150 billion valuation, he had this to say to the Economic Times today:
“If the government creates digital currency, we will find a way to be in the game. We will provide rails for moving currency from customer to merchant. The government mandated digital currencies are interesting. Non-government mandated currency is junk.”
If you are unclear as to what he said I put it through a crony-capitalist/statist translator:
“If a group of violent criminals in a certain geographic region (government), extort (tax) the people in that region under threat of kidnapping or death and demand they pay their extortion fees with unbacked pieces of paper with dead criminals printed on them, we will do everything we can to become a willing accomplice to their crimes and become a scurious middleman to profit from it. If other people do not do this and use a voluntary free market money we do not like that… at all.”
Of course he would say that bitcoin is “junk”... it threatens and is threatening his entire business model. What else is he going to say? “We will eventually lose all our business to bitcoin, so we give up?”
Perhaps the funniest part of this is that Ajay Banga, which I have to admit is a pretty cool name, is from India where in the last year the government decided to demonetize a large portion of its fiat currency leaving many people broke, standing in long lines for weeks, and caused numerous suicides.
This is the system that Ajay prefers over a voluntary digital currency without middlemen that cannot be demonetized at the whim of a central banker or president leaving hundreds of millions of people destitute!
Also, Ajay probably hasn't figured out a way to convert his loan sharking business over to bitcoin. Profiting 30% per year in interest from broke people to keep them in perpetual bondage doesn't work as well without fiat.
Just like Jamie Demon who called bitcoin a “fraud”, or the terrorist Prince from Saudi Arabia, yesterday, who said bitcoin is like Enron, Ajay was told by his handlers to get out there today and try to tell people bitcoin is “junk.”
That’s all they can do. They can’t shut down bitcoin without shutting off the internet. And they can’t arrest bitcoin’s CEO because there is no CEO.
So, they are left trying to attack mathematical computer code with words!
I guess they haven’t heard. Bitcoin is the money badger. It don’t care what you do or say.
While the Saudi prince calls bitcoin a fraud, his loyal slaves don’t appear to think so.
And while the crony capitalist Mastercard shill from India says that bitcoin is “junk,” again, the Indian people seem to disagree.
The archaic and fraudulent monetary and financial system doesn’t know what to do to stop this evolution as the people begin to take back money and banking.
They won’t go down without a fight though. Their system is based on fraud, debt, extortion, and violence so you can expect them to do anything to retain their power.
We’re just laughing at them though.
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It’s all happening from February 15th-19th on the beach in Mexico.
And, of course, we do accept that bitcoin “junk” as payment. Though, we don’t accept fraudulent Indian rupees, nor do we accept terrorist financing Saudi reals either.
We still take US dollars, though… but not for much longer. So, spend ‘em while you got ‘em!
+1 for the crony-capitalist/statist translator 😅 Funny because it's true but sad when you think about it more.
these people make me laugh, so your loan sharking money through fake money called credit is more reliable how? I think its time we crush these credit holders and fiat honestly the time for change has come.
Bitcoin has him shaking in the knees lol
It is their strategy to say something negative about bitcoin to put its price under check and buy some cheap Bitcoins for themselves.
Wow I just love how Jeff replies to these junk people
Very well said Jeff!
As a business owner who owns an IT company, I'm seriously considering dropping support for Visa / MC / Amex / Disc in favor of cryptocurrencies. I already support bitcoin and other crypto as payment methods, but with such disasters as Equifax, it's clearly irresponsible to continue to create these giant honeypots for hackers to attack, centralizing PII. Decentralization is the answer.
Hi ,
Nice work sir
Wait for the impending financial collapse then we'll see what's junk. Bitcoin will soon be over $10,000.00
I think these all people change their mind in a few months
The banks are just tryna make bitcoin out to be nothing. We all know that banks are junk! Haha.
Let's see. Fiat currency can be manipulated, thus devaluing said currency. Governments can take your money for no reason and not give it back.
Banks can steal your money and under new rules don't have to give any back.
Banks do charge you money to get your own money out of the bank.
Credit card companies can increase your interest rates without warning, and then can chase you for years to get the money back.
But if you can't control the currency and it can be traded over the internet, thus bypassing the banks and credit companies, then they can't control it or tax it.
And we all know that the government must have it's pound of flesh.
This just in... we are winning. The voluntarist movement is growing by the day, thanks to people like Jeff Berwick and of course, the advent of the Internet that makes it all possible. Just as the Internet has provided a frictionless path for sharing ideas and information, the invention of Bitcoin may have an even greater impact as money is a large part of the control mechanism that enslaves us all.
Junk!? He wears that hat with that tie and he calls Bitcoin junk?
Very well written, this article gave me a grin from a depressing week in stock trading, staying in cryptos for the long haul
Such an amazing revolution to be a part of in my lifetime. A new world is waiting :)
We only see what will be going on bitcoin .
Of course he is saying that Bitcoin is junk...Bitcoin could be hurting their transactions, and earnings in the long run...He might even have to look for a new job eventually👍
I Agree. In the end, no one will stop Bitcoin just as Bill Gates admitted in an interview.
Banksters teaming up against Bitcoin - A pointless effort, yet intimidating. Thanks for Your excellent article @dollarvigilante. Interestingly, J.P. Morgan CEO Jamie Dimon shares the exact same opinion as Mastercard CEO Ajaypal Banga. I have recently posted an article related to J.P. Morgan covering this topic which might be a quite interesting read in this context.
Best regards
wesker
Wait for the impending financial collapse then we'll see what's junk. Bitcoin will soon be over $10,000.00
Of course! First they pretend we don't exist and deny our existence. Then they laugh at us. Then they attack us and try to bring us down. Then WE WIN :)
I think I know what phase we are in.
First they ignore you.
Then they fight you.
Then you win.
There are projects like SONM, BAT, MaidSafe, Bitshares, Walton, Metaverse that would turn the world on its head. Keep supporting them. Personally I've gone as far as to say that the future of blockchain and future of BTC are mutually exclusive. You can't buy your coffee with BTC. But other projects like Dash and PIVX(PoS Dash) enables you to do that. Komodo platform already supports decentralized ICOs(https://blog.komodoplatform.com/the-evolution-of-komodo-7043fcd3ebfb)
These crony shills know that they are about to get snuffed. Let's just make it happen a little faster.
"We will provide rails for moving currency from customer to merchant". Ajay Banga your job is done here and we don't need you to provide the rails for us.
No one want their empire to be demolished which took long time to build. So these type of reaction is not unusual from them. Just ignore them
Excellent article - really hits home.. I love your translation - you really nailed it on the head. These crooks have had a stranglehold on the system for decades and cryptocurrency is the first real threat to central banks since they've taken over. They are panicking about crypto and though the may be talking shit now, they are certainly looking for ways to " provide the rails for moving currency" and that train ride will come with a price. By the time the are running the show - they will be lauding the benefits of your local government sponsored crypto coin - that is until they rollout out the "New World Global Cryptocurrency" and criminalize the use of anything else
I'm waiting for the imminent financial collapse, the monopoly of the kings are over, they're scared.
thanks for sharing
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well said mate!!
Hahahahaa Ajaypal rhymes with Paypal, love it! These guys are just scared because they are all going to lose their cushy jobs and they won't be needed. I think this is just their survival instinct kicking in and trying to put up a weak fight!
They denounce Bitcoin just to buy in when it's low.
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Fiat isn't going to cease to exist. Bitcoin will continue to take 'market share' from fiat currencies though and as its price becomes more stable this speed will only increase. The fact is though, is that Bitcoin does not function (at least at this stage) like a currency should do.
No-one in their right mind would spend their bitcoin now, if they truly believe it will significantly increase in value in the long term, which if you are investing in Bitcoin, you must therefore believe. Modern capitalist economies are built on consumption, which requires consumers to spend money. Bitcoin does not incentivise this at all. The inflation and low interest rates of Fiat currencies do. For example I own Bitcoin and was out in town the other night with some friends for a few drinks. Low and behold I find out that the bar accepts Bitcoin. However I did not choose to pay in Bitcoin because I believe the bitcoin I would spend today, will be worth a lot more in the future. Therefore as a currency this does not work. It does however fit the profile of a digital Gold and a means to store value.
In my eyes we will see cryptocurrencies acting as an alternative to fiat but they will never replace them.