It’s clear to me now that Wall St. is behind the failure of the New York Agreement. Roger Ver and his championing Bitcoin Cash was used as a stalking horse to destroy Bitcoin’s ability to function in the marketplace.
But, it is this very kind of attack that betrays the weakness of their position.
The news of the day is payment processor Stripe just dropped Bitcoin as a means of payment saying the fateful words, “It fails as a currency.”
From the post at RT:
“Over the past year or two, as block size limits have been reached, bitcoin has evolved to become better-suited to being an asset than being a means of exchange,” the company said in a statement.
That’s the bad news.
The good news is that Stripe still believes in cryptocurrencies, just not Bitcoin. The company’s statement makes it clear it understands the issues and that other projects may be suitable for future needs, most notably Litecoin and Steller Lumens.
Stripe added that it remains bullish on cryptocurrencies, naming the most promising projects, including Lightning, OmiseGO, Ethereum, Bitcoin Cash, and Litecoin. The company will probably include Stellar cryptocurrency in the list of services it provides.
What becomes immediately obvious is that governments and the banking industry/cartel are fighting a war of attrition against cryptocurrencies. By consistently throwing up roadblocks, perceived or real, to their adoption, they seek to simply slow down their development as a challenge to the existing financial order.
Ultimately, this is a good thing.
First They Laugh At You
Then They Fight You
Then You Win.
Never Attack Down
The establishment never attacks down if it isn’t fundamentally threatened by something or someone. It’s the first rule of politics.