Davos Economic Forum Report - The Annual Bitcoin-bashing Recap

  • Davos Economic Forum Report - The Annual Bitcoin-bashing Recap

                                                                                       Davos Economic Forum Report - The Annual Bitcoin-bashing Recap

    Every January in Switzerland, the world’s leading corporate thinkers arrive to pat themselves on the back for how smart they are at lying to the people and manipulating the market with a total disregard for business ethics. This year’s edition was no exception, and we provide you the latest Bitcoin news from of the World Economic Forum that ends today. 

    The World Economic Forum, since 1971, has engaged the foremost political, business and other leaders of society to shape global, regional and industry agendas. One of the hottest topics in global economics is Bitcoin’s blockchain technology, which has been adopted by many of these in attendance because it is clearly superior to anything they have provided over the course of their careers. To hear them tell it, Bitcoin was an unfortunate side-effect of the technology.

    "To be efficient, the currency has to be a stable store of value. That is something that Bitcoin does not have," Cecilia Skingsley, the deputy governor of the Swedish National Bank explained." We have a Strong product offer from the central bank. If people don't like it, and they don't trust the state, they can use other methods. Use black cats, or cupcakes, that's up to you. We provide the state option, which is safeefficient and widely distributed, with a stable store of value".

    A central banker will never tell you that the value of their currency over time is designed to lose money every year, in perpetuity, due to inflation and other market factors. Somehow, their fiat currency, that they consistently print into oblivion, is better than an asset class that rose in value 126% last year, 35% the year before, and can be sent in seconds for a dime. Imagine what else they aren’t telling you?

    Another myth is spun by Ant Financial CEO Eric Jing, who said. "The essence of blockchain is not about decentralization, but trust.” A properly made blockchain creates a decentralized network that doesn’t require a central authority to trust, thereby distributing trust in its decentralized network that can’t be corrupted, instead of one authority that can. The fact that these mainstream conpanies are generating value out of blockchain technology without its best capability, the ability to decentralize a network at scale, really just shows how outdated and behind the curve they are at this point.

    "Blockchain distributes trust among a group of people who have to work together, and who don't necessarily trust each other," said David Craig, president of finance and risk at Thomson Reuters"They have to collectively agree to a standard of how they federate trust. The financial industry hasn't traditionally been good at collaboration, and this offers a way of changing.”

    Blockchain technology will improve various businesses in becoming more efficient in the years to come. However, its mainstream appeal will always date back to an origin of market disruption and monetary improvement, that Bitcoin provided the world.

    If Bitcoin didn’t work, at scale, the mainstream would not have adopted blockchain technology, fintech, or any related creations. The executives at Davos might be able to monetize Bitcoin’s technology, without using its greatest creation, but they cannot co-opt Bitcoin’s value to the future of money.

    Stroking blockchain, while denigrating Bitcoin, reminds me of an old Nike commercial. Spike Lee, playing a character known as Mars Blackmon in a 1989 Michael Jordan Nike commercial, kept saying Jordan could jump so high not because of anything inherently special about Jordan.

    “It’s gotta be the shoes!”

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