Former Wells Fargo chairman and CEO Dick Kovacevich has been true to his name declaring that Bitcoin is a scam and a pyramid scheme. The level of stupidity of this man is unparalleled. This sort of statement is simply not true.
Bitcoin is a cryptocurrency that runs on something called a blockchain, it’s a ledger, it’s an honest, open ledger that anyone can query. Unlike Mr Kovacevich’s organisation which is a bank, now THAT is a completely dodgy organisation that uses fractional reserve banking, they don’t even have the currency to back up their transactions. Have you ever wondered why if there is a run on the bank they shut the doors?
Cryptocurrency scares people like this because his wealth is based on taking interest from people and charging them for sending them letters. Something that never happens with Crypto. He doesn’t want us to own our own currency, he wants governments and banks to control it, to control our whole lives.
Never in my life have I heard such complete rubbish. From someone who has no idea how Cryptocurrency will free the world from people like him running our money.
I suspect that he is making these claims simply because he does not understand how it works. He does not understand the blockchain.
But wait, this is NOT the view of Wells Fargo. They have embraced the blockchain…
Judd Holroyde, Wells Fargo’s head of global product manager, said in a statement: “There is a clear opportunity to create a better customer value proposition by offering real-time financial transaction status tracking, better visibility on financial institutions’ fees to and from participating partners, more accurate recovery of fee revenue, and faster resolution of disputed billing transactions.”
If only he knew that Wells Fargo is using the Blockchain – wait, that would make them a pyramid scheme as well!. I suggest he actually works out what a pyramid scheme is. Because Bitcoin is not one.
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