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Sex, Drugs and Bankroll

Posted 19 November 2017 Sex, Drugs and Bankroll
Written by Jon Gulson
Not since Custer’s last stand has the Wild West witnessed such a siege. Only this time, it is not The Battle of Little Bighorn; we are now talking The Battle of Big Bitcoin. And it is not Chief Sitting Bull firing the arrows. It is the Chief Sitting Bullsh*t of mainstream media slinging haughty barbs.

Nowhere is this more apparent than the Financial Times recent piece ‘Prepare to bet against bitcoin as it becomes civilised’. The FT has written more than its fair share of bitcoin obituaries and is safe say they are more comfortable with old world money and ‘civilised’ values. By this they mean regulation – for now, the institutional money has decided to court cryptocurrency.

The FT is in the business of selling newspapers and hacking out words, not eating them. So it is natural no matter the benefits bitcoin bestows, it will always be cited with illicit activity on the dark web; that bitcoin only enriches pimps, drug dealers and arms smugglers. It would appear the world’s newest form of money is to blame for the world’s oldest professions.

Provenance

All of this ignores what cryptocurrency is based on: blockchain technology - a digital ledger which validates and makes transactions tamper proof. From its origins, bitcoin was designed to be fraud resistant – provenance being bitcoin’s intrinsic value. Within a decade, cryptocurrency has grown to become a billion dollar industry.

Subsequently, law enforcement has grown accustomed to cryptocurrency as a way of apprehending criminals. This is because the blockchain is publicly viewable and users leave a digital signature which can be tied to an IP address. In terms of being ‘civilised’, this could be judged as a significant advance.

It wasn’t so long ago the chief of one of Britain’s top retail banks made the news for having a crack cocaine habit. More recently, convicted fraudster Jordan Belfort (aka the Wolf of Wall Street) criticized bitcoin for not being ‘a great model’. The point being: sex, drugs and bankroll all preceded bitcoin. The potential of this new technology can transform our lives through wealth creation, as it lives to fight another day.
Written by Jon Gulson
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