Wall Street Scandal May Create An Opportunity For Bitcoin
Since the financial crisis of 2008, trust for the banking system has been low. The newly leaked Goldman Sachs Tapes show Goldman Sachs involved in criminal activity. In the following article we speculate what the implications of the Goldman tapes mean for the future of Bitcoin.
Satoshi Nakamoto, creator of Bitcoin, appears to be politically motivated as he has said:
“Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.”
Additionally, Satoshi appears to be focused on bank bailouts as the first Bitcoin transaction on the Bitcoin network had the message encoded into it:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”
Some people claim that Nakamoto had contempt for the central banking system.
Secret Goldman Tapes Leaked
In a stunning radio interview on The American Life, the details of a newer and even greater scandal have been revealed. For those who which to study the entire radio interview there is also a PDF transcript. The basis of the scandal is that regulators allowed Goldman Sachs to get away with criminal activity.
After they failed at that so spectacularly with the financial crisis, even the people at the
Fed admitted they should’ve done a better job. And to figure out how to do a better job,
one of the things they did is they commissioned a report – a secret report – that you and I
were never supposed to see.
However, this secret report was revealed as one employee who was fired from the New York Fed, Carmen Segarra, tape recorded interactions she had.
Segarra, bought a tape recorder, and started recording conversations between her and her former boss. In the report she details the corruption between the New York Federal Regulators and Goldmach Sachs.
How Bitcoin Will Be Impacted
The Bitcoin community has already reacted strongly to the tapes, as evidenced by this Reddit Thread with over 600 comments. One poster expresses his frustration that this story will likely be forgotten soon:
It’s frustrating to read such defeated post: “This will get buried; There’s nothing we can do.” Well fuck, not with that attitude. Lets make this an issue. Lets keep this from getting buried and swept away.
So the question I asked is this: What can and should be done by the common folks, like myself, to get this shit stopped.
Contact local congressman? Share and spread the information?
Some are commenting that Segarra, is the equivalent of Edward Snowden, but for the Federal Reserve rather than the NSA. Many posters are also saying that this story is related to Bitcoin because Bitcoin’s creation was a direct of central banking distrust. It may be people like Segarra which get others interested in Bitcoin. Many people purchased their first Bitcoin to hedge against central bank’s loose monetary policy.
Future Of Bitcoin
It will remain to be seen how these leaked tapes will impact Bitcoin. Will this most recent spectacular financial scandal drive more people into Bitcoin? Has distrust of central banks reached such a point that the general public will look for solutions to the central banking problem?
Leave us a comment below if you have an opinion on how Bitcoin will be affected by the Secret Goldman Tapes.