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Banking cartel seeks to overtake Bitcoin by creating its own digital currency

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First there was rhetoric in the media to downplay the currency. Then, government officials sought to regulate and control Bitcoin through the courts and power of law enforcement. Now on Dec. 10, JP Morgan Chase and the banking cartel is using the old axiom, if you can't beat them, then join them to create a new digital currency which will seek to overtake the success of Bitcoin, and dominate the market of e-currencies.

JPMorgan Chase sees “a new marketplace” emerging for “low dollar, high volume, real-time payments with payment surety for both consumers and producers.”

JPMorgan Chase: “The present invention further enables small dollar financial transactions, allows for the creation of ‘web cash’ as well as provides facilities for customer service and record-keeping.”

JPMorgan’s proposed system offers another eerily familiar component, which seemingly mimics “blockchain,” a publicly available, permanent ledger of bitcoin transactions. - E Credit Daily

JP Morgan Chase is not the first company to create a competitive digital currency to take on Bitcoin, but it may be the most dangerous. The primary benefits of Bitcoin have been its ability to reside outside the control of central banks and sovereign states, and is limited to a total volume of 21 million coins which will sustain the currency against future inflation.

These benefits have been the catalyst for people around the world in accepting the currency as a form of money, particularly in use of commerce over the internet. And as its exposure and acceptance has grown, its power to change the paradigm of money in the minds of people has created a significant threat to the current system of fiat money.

JP Morgan Chase is a poster child of the current system, and their ties to the Federal Reserve as a primary shareholder make their wanting to create a digital currency in the model of Bitcoin very suspect. And like Isaac Asimov's famous three laws of robotics, a digital currency created by, and run by, an entity within the current system will make it impossible for that currency to be safe from bank and state manipulation, and from regulation that would destroy the benefits a digital currency was meant to afford.

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