http://www.ronpaul.com/wp-content/uploads/2015/07/evil-central-banking.jpg SOURCE

This is the second time I am having to write this article as steem deleted the first one when I tried to post it. So forgive me if it feels somewhat rushed.

We all know that last month, JPMorgan Chase's, Chief Executive, Jamie Dimon said publically that "bitcoin is a fraud and will blow up". Well now UBS chairman, Axel Weber, has hopped on the bitcoin bashing bandwagon and said at a Swiss Finance Institute conference...

“I get often asked why I‘m so sceptical about bitcoin, it probably comes from my background as a central banker,”

PIC SOURCE

Now I am not quite sure that you, Mr Weber, being a central banker automatically means that people should be sceptical of bitcoin. It is not even remotely close to a valid reason. However, please go on... >“The important function of a currency is, it’s a means of payment, it has to be generally accepted, it has to be a store of value and it’s a transaction currency. Bitcoin is only a transaction currency.” Ok so let's break this down.

The important function of a currency...

according to Mr Weber

it’s a means of payment

http://i.imgur.com/A7han3i.jpg

it has to be generally accepted

List of Companies Who Accepts Bitcoins as Payment!

WordPress.com – An online company that allows user to create free blogs Overstock.com – A company that sells big ticket items at lower prices due to overstocking Subway – Eat fresh Microsoft – Users can buy content with Bitcoin on Xbox and Windows store Reddit – You can buy premium features there with bitcoins Virgin Galactic – Richard Branson company that includes Virgin Mobile and Virgin Airline OkCupid – Online dating site Tigerdirect – Major electronic online retailer Namecheap – Domain name registrar CheapAir.com – Travel booking site for airline tickets, car rentals, hotels Expedia.com – Online travel booking agency Gyft – Buy giftcards using Bitcoin Newegg.com – Online electronics retailer now uses bitpay to accept bitcoin as payment Dell – American privately owned multinational computer technology company Wikipedia – The Free Encyclopedia with 4 570 000+ article Steam – Desktop gaming platform Alza – Largest Czech online retailer The Internet Archive – web documatation company Bitcoin.Travel – a travel site that provides accommodation, apartments, attractions, bars, and beauty salons around the world Pembury Tavern – A pub in London, England Old Fitzroy – A pub in Sydney, Australia The Pink Cow – A diner in Tokyo, Japan The Pirate Bay – BitTorrent directories Zynga – Mobile gaming 4Chan.org – For premium services EZTV – Torrents TV shows provider Mega.co.nz – The new venture started by the former owner of MegaUpload Kim Dotcom Lumfile – Free cloud base file server – pay for premium services Etsy Vendors – 93 of them PizzaForCoins.com – Domino’s Pizza signed up – pay for their pizza with bitcons Whole Foods – Organic food store (by purchasing gift card from Gyft) Bitcoincoffee.com – Buy your favorite coffee online Grass Hill Alpacas – A local farm in Haydenville, MA Jeffersons Store – A street wear clothing store in Bergenfield, N.J Helen’s Pizza – Jersey City, N.J., you can get a slice of pizza for 0.00339 bitcoin by pointing your phone at a sign next to the cash register A Class Limousine – Pick you up and drop you off at Newark (N.J.) Airport Seoclerks.com – Get SEO work done on your site cheap Mint.com – Mint pulls all your financial accounts into one place. Set a budget, track your goals and do more Fancy.com – Discover amazing stuff, collect the things you love, buy it all in one place (Source: Fancy) Bloomberg.com – Online newspaper Humblebundle.com – Indie game site BigFishGames.com – Games for PC, Mac and Smartphones (iPhone, Android, Windows) Suntimes.com – Chicago based online newspaper San Jose Earthquakes – San Jose California Professional Soccer Team (MLS) Square – Payment processor that help small businesses accept credit cards using iPhone, Android or iPad Crowdtilt.com – The fastest and easiest way to pool funds with family and friends (Source: crowdtilt) Lumfile – Server company that offers free cloud-based servers Museum of the Coastal Bend – 2200 East Red River Street, Victoria, Texas 77901, USA Gap, GameStop and JC Penney – have to use eGifter.com Etsy Vendors – Original art and Jewelry creations Fight for the Future – Leading organization finding for Internet freedom i-Pmart (ipmart.com.my) – A Malaysian online mobile phone and electronic parts retailer curryupnow.com – A total of 12 restaurants on the list of restaurants accept bitcoins in San Francisco Bay Area Dish Network – An American direct-broadcast satellite service provider The Libertarian Party – United States political party Yacht-base.com – Croatian yacht charter company Euro Pacific – A major precious metal dealer CEX – The trade-in chain has a shop in Glasgow, Scotland that accepts bitcoin Straub Auto Repairs – 477 Warburton Ave, Hastings-on-Hudson, NY 10706 – (914) 478-1177 PSP Mollie – Dutch Payment Service Intuit – an American software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals. ShopJoy – An Australian online retailer that sells novelty and unique gifts Lv.net – Las Vegas high speed internet services ExpressVPN.com – High speed, ultra secure VPN network Grooveshark – Online music streaming service based in the United States Braintree – Well known payments processor MIT Coop Store – Massachusetts Institute of Technology student bookstore SimplePay – Nigeria’s most popular web and mobile-based wallet service SFU bookstore – Simon Fraser University in Vancouver, Canada State Republican Party – First State Republican Party to accept bitcoin donations mspinc.com – Respiratory medical equipment supplies store Shopify.com – An online store that allows anyone to sell their products Famsa – Mexico’s biggest retailer Naughty America – Adult entertainment provider Mexico’s Universidad de las Américas Puebla – A major university in Mexico LOT Polish Airlines – A worldwide airline based in Poland MovieTickets.com – Online movie ticket exchange/retailer Dream Lover – Online relationship service Lionsgate Films – The production studio behind titles such as The Hunger Games and The Day After Tomorrow Rakutan – A Japanese e-commerce giant Badoo – Online dating network RE/MAX London – UK-based franchisee of the global real estate network T-Mobile Poland – T-Mobile’s Poland-based mobile phone top-up company Stripe – San Francisco-based payments company WebJet – Online travel agency Green Man Gaming – Popular digital game reseller Save the Children – Global charity organization NCR Silver – Point of sales systems One Shot Hotels – Spanish hotel chain Coupa Café in Palo Alto PureVPN – VPN provider That’s my face – create action figures Foodler – North American restaurant delivery company Amagi Metals – Precious metal furnisher It is becomming "generally accepted", so much so, that earlier this year Japan accepted Bitcoin as a legal payment method. Midori Kanemitsu, chief financial officer of bitFlyer explained that the number of retail stores accepting bitcoin **“is expected to rise to 300,000 or so in 2017.”**

it has to be a store of value

What is a store of value? >A store of value is the function of an asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved. More generally, a store of value is anything that retains purchasing power into the future. Now this is where Mr Weber, in my honest opinion, is intentionally misleading the public by confusing volatility with terms such as "store of value" and transactional currency. Sure, short-term, bitcoin has been unstable but over the long term it is, arguably, the most stable store of value in history. ![](https://steemitimages.com/DQmQddJkLjrpSiVdZQzkZsXGfxttKQrimEFZ4obdGBrhiBa/image.png)

So what are you thoughts? Do you think the central bankers believe what they are saying or lying and investing themseves or lying and creating their own blockchain technology?

simondocherty