Sat Nov 14, 2015 4:59 pm

Hi Andreas,



I was wondering if you had any thoughts on Blythe Masters reinforcing her former boss, Jamie Dimon's bitcoin statements at the very recent Bank of England conference:



Blythe Masters: "I came across a quote from the CEO of my alma mater, with which I totally agree. I have to say I think that pretty much sums it up in a nutshell. I happen to agree with what he's saying."



JPMorgan CEO Jamie Dimon has issued new remarks about bitcoin, dismissing the digital currency's potential to survive in the long-term.



Speaking at the Fortune Global Forum, Dimon said people were wasting their time with digital currencies such as bitcoin.



He added:



"This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that's

going to put up with it for long ... there will be no currency that gets around government controls."





Thank you.

That presentation was a stunning demonstration of hubris, nativism, hegemony, privilege and authoritarianism as I have ever seen. It reveals a world view in which the only part of the world that matters is the western developed world. The only economy that matters is the stock market. The only power that exists is that of the state and it is all-good, all-powerful and must not be questioned. It is a worldview in which might makes right and Masters is aligned with the top of the power pyramid and could therefore not be more "right". She smugly ignores the crimes of her fellow bankers as she supports further crime, such as negative interest rates, without any moral hesitation. Just as Masters called us all "bitcoin maximalists", she demonstrated what a "state maximalist" looks like. It was ugly and pathetic.Fortunately, the world is bigger than the UK and US trading floors that Masters lives in. It contains countries that have constitutions (unlike the UK) and countries that do not believe in nor will accept western hegemony. The world contains 3 billion people with no banking, who won't let any government or banker stand in the way of securing the financial future of their children, if given that chance. Another 3 billion are underbanked, currency controlled and living under terrible governments.We have a choice to make: Big-brother money that is under surveillance in a world where cash and other alternatives are banned? Or a free world where hundreds of currencies compete, with each individual free to choose the money that represents their principles?I know what I choose.