Ouch, CNBC is Bullish on Bitcoin?
Touting the Lightning Network as a positive sign for bitcoin, CNBC along with celebrity CEO Jack Dorsey, who has been pushing the Lightning Network since March 2018, and who is CEO of Twitter and Square, a payments company that “will” be using the Lightning Network in the future, according to him.
Does anyone remember Jacob Canfield and his CNBC counter trade indicator for bitcoin?
That CNBC was bullish on bitcoin gave me a laugh, but that wasn’t what caught my eye.
The Lightning Network publicity campaign seems to be gearing up, but one thing about the Lightning Network, besides the fact that it is a layer on top of Bitcoin, and not Bitcoin itself, which is a whole other discussion, is that in the original whitepaper published in 2016 by Joseph Poon and Thaddeus Dryja, they said that eventually, “the network will look a lot like the correspondent banking network.”
Which is interesting because there are a lot of big time banking names associated with the Lightning Network through Blocksteam, who launched the Lightning Network payment processing system for retailers in January 2018, and who is partially funded by Digital Currencey Group, which is in turn funded by MasterCard, and has at least one board member who is on the Federal Reserve Bank of New York, and a former U.S. Treasury Secretary.
Blockstream’s mission is to create the financial infrastructure of the future, and apparently that means bringing banking style infrastructure to bitcoin.
Is that bad? Is that good?
That would depend on your definition of good or bad, and your opinion about the global financial system. If you thought bitcoin was a way to escape financial slavery and the global banking elite, you’d be wrong. They are doing what they can to build an infrastructure on top of bitcoin which they own and operate.
That’s if you believe in a global financial elite who doesn’t have your best interests at heart. Lol.
Otherwise, the Lightning Network will bring mass adoption, which is not necessarily a bad thing.
It’s just not the way early investors in bitcoin thought it would go.