Let’s keep the money in the bank they said, it will be fun, they said.

Here in the UK people are quick to forget the financial crisis of 2008. But Barclays Bank is finding it hard to put that little disaster behind them with the Serious Fraud office looking to fine them. Not only that they may lose the license to bank in a number of countries.

So what happened?

So basically 4 guys from Barclays gave a loan to a company in Qatar, who also charged Barclays for “Advisory Services”. No small amount as the loan was for a whopping 2.3 billion. Now that’s strange but then the same company (who just borrowed 2.3 billion from Barclays), charged Barclays 330 million for “Advisory Services”. Then in 2008, the SAME company gave a loan BACK to Barclays to stop it going bust. Now that was 12 billion.

Sounds just a little bit dodgy.

Why this cannot happen with Cryptocurrency.

Cryptocurrency is not controlled by any one person but simply by mathematics. There is no one who can loan money to Bitcoin – it just cannot be done as Bitcoin is not some bank somewhere. Yes, people make get all excited about Bitcoin bouncing around like a child on a trampoline, but at the end of the day it’s just making its way back to fair price.

As I keep trying to tell people – although it might seem an unregulated currency like Bitcoin is a bad idea, when things like this happen you start thinking that actually a currency outside the control of the banks and governments is actually a much better idea.