German Central Bank Puts People Off Bitcoin, Causing Them To Miss Out BIG (The Cryptoverse #264)
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The German central bank does the German people a gross disservice by distorting the truth about Bitcoin and causing millions of people to miss the boat.
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The German Central Bank should concentrate more on what the ECB is doing to the euro by endless QE!
Lol very true!
Congratulations to you for exceeding 10000 subscribers on YouTube! Cheers!
Thank you very much :)
I've just read the original article (https://www.welt.de/finanzen/article164309456/Bundesbank-warnt-vor-Internet-Waehrung-Bitcoin.html).
The headline used (and also the headline of this post) is a bit misguiding. However, this is due to the nature of mainstream media, which is the real issue. Die Welt is a quite conservative newspaper whose readership is also more conservative and probably to be found in the older demographics. That newspaper can simply not afford to give investment advice for a volatile asset class.
And that's the thing. Mr. Thiele is actually making true statements, and was probably asked very specific questions by the journalists. Those questions are not mentioned in the article though, but you know how mainstream media journalists are...
bringing back some neutrality:
each statement given by Mr. Thiele in itself is correct or marked as his opinion. also, what he says is actually very general.
he goes on to make statements about the technology and bitcoin in general:
what the article on cointelegraph did not mention is the last phrase of the original article which says that the German central bank in cooperation with the German stock exchange have built a prototype for transfers based on the blockchain.
The thing is you can't get past the first hurdle. Bitcoin is a speculatory object. That's false when taken on its own.
When that statement is made it is as if that is ALL Bitcoin is, which is false.
Bitcoin is only a speculatory object because that is what people DO with it.
This also means Bitcoin is many other things because of what people do with it.
A peer to peer digital cash system.
A safe haven.
A global currency.
The first ever example of digital scarcity.
The most secure network in the world.
Bitcoin is all of these things, so when you highlight one aspect and intentionally ignore the others, that's how 'the story of Bitcoin' is manipulated to make people believe things that are not true.
The final point I made in the video stands no matter what. Whenever someone makes a claim, verify or falsify it for yourself.
I even signed off by giving a list of questions to ask, such as 'what else is Bitcoin that the central banks are not talking about?'
I have ventured a few answers in the list above.
I really liked what you said here about investing not solely for the money but because you believe in the project and you want it to succeed. I will always keep this in mind. Thank you very much!
Love that comment. I believe when we spend money we are effectively expressing our values and beliefs :)