London Daily

Focus on the big picture.
Saturday, May 31, 2025

Bitcoin: BoE Deputy Gov wants to cancel democracy and protect the banks with regulations which infringe on people’s freedom, independence and benefits they get from their own money.

The Bitcoin concept of democratizing money is not going down well with the leeches and parasites who hoover the pockets of the working class in order to maintain their comfy lifestyles as civil servants and bank officers. The colonial Bank of England's Sir Jon Cunliffe raises concerns about the “financial stability risk” of cryptocurrencies. In fact, his real concern is that crypto shifts the ownership of money back from the banks to the real owners: the people who worked hard to earn it. If “Sir”Jon Cunliffe cares about money, why doesn’t he simply go out and work for it for a change, instead of making his living off the backs of the people who have to strive hard every day for it.

“Crypto technologies do not pose a risk to financial stability ‘at the moment’”, he said.

“But there are ‘very good reasons’ to think that this might not be the case for much longer”, Sir Jon said in a speech.

As we all know, there are always two reasons for doing anything: a good reason and then the real reason.

A future cryptocurrency collapse could spread through markets, he said, as the good reason.

The real reason is that he is afraid that his worthless job, and those of the other leeches, will evaporate, as well they should. Then he and his ilk will no longer be able to practice their polished parasitism: sucking the blood out of the working class while sitting on their fat arses doing nothing real.

Yes, “a severe fall in the value of crypto-assets - for example, to zero - could force investors who have taken on debt with brokers to have to find cash to pay them”. (Duh, Sir Jon: you don't think this can happen with a fiat currency? The fact that fiat is backed by a central bank is meaningless when the central bank is bankrupt - like Venezuela, for example.)

"Similarly, there is the possibility of contagion," he said. "A large fall in crypto valuations could affect investor risk sentiment more broadly, causing investors to sell other assets that are judged to be risky and those perceived to have a similar investor base.” "Interconnectedness creates the possibility that shocks are transmitted through the financial system," he added.

But this happens, and will continue to happen, also for investors in Wall Street and the City. "Caveat Emptor" applies just as well online as offline. Anyway, what’s the difference between a crypto bubble and a Wall Street bubble? (Apart from the leeches sliming their way down the Street, that is.)

In the past year, crypto-assets have grown around 300% in value from just under $800 billion (£580 billion) to $2.3 trillion (£1.7 trillion).

That means that every day more and more people are preferring to trust “nobody” (Satoshi Nakamoto) rather than trust bankers such as “Sir” Jon Cunliffe. (Just loot at his picture. would you buy a second-handcar from this man?)


When the bankers and regulators take actions so as to keep ripping off the working class, the people have very good reason to look for alternatives. Bitcoin is not perfect, it’s far from being perfect. It’s just more trustworthy than the manipulated, controlled and unreliable fiat currency. Bitcoin provides what money in the bank doesn’t: ownership. Real full independent ownership. Not a money that can be taxed or confiscated every time the leaders need to finance more luxuries, bribe and corruption. 

Bitcoin's value is going up and up not because Bitcoin has more and more value, but because the trust in banks and central banks' banknotes is of less and less value.

People have finally realised that the myth of “the US Dollar being trusted because it's backed by somebody” actually means "the dollar is backed up by nothing except the ability to print more and more of that nothing". Then not surprisingly they start to trust each other with alternative methods of exchange, instead of trusting bottom-feeding bankers touting printed currency backed by nothing real.

People now understand that the quantity of Bitcoins has a fixed and final limit (Bitcoin inventor Satoshi Nakamoto capped the number of bitcoin at 21 million, meaning there will only ever be 21 million bitcoins in existence),  whereas Central Bank currencies have no quantity limits.  Which is exactly what makes Bitcoin valuable and the Central Banks' currencies worthless. If they can print as much as they want, and give it for free to whomever they want, it’s not real money anymore; it’s a Central Bank monopoly on every person's real assets. A method of exchange it surely is not. Not anymore.

But, a method of control it certainly is. And for no reason. There is no reason why in 2021 (unlike 1821) any bank officer or public servant should have the right to control other people's money and assets, while feeding on the fruits of other people's labour. The money that people earn should belong to those people, not to the banks or any other institution.

Bitcoin is about freedom, not about money. Money has lost its meaning and real value anyway. With their billions and trillions the rich can fly to the moon, while the UK has no food in the supermarkets and no fuel in the petrol stations. Yet they're worried about Bitcoin volatility?

Hey, Bankers! Give us a break. You're almost as crooked as our politicians.





Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×