When the First Industrial Revolution brought mechanisation to the textile industry, independent spinners and weavers were not happy. They went on rampages, smashing up the machines and protesting that the new tech would take away their livelihoods. They came to be known as Luddites, after a mythical leader called Ludd. In common usage, Luddite has come to mean anyone afraid of change, who resists progress and especially mechanisation or automation.

The Second Industrial Revolution brought the telephone, electricity and cars, the Third digital technology and the internet, and there were always those who objected. Not because progress is a bad thing for humanity, but usually because of money. The independent spinners and weavers were put out of business by machines which could do it faster, cheaper and on a larger scale. John Pierpont Morgan (a 20th century Luddite) put a stop to Tesla\'s plan for free electricity because he (Morgan) would not be able to make money out of it.

JP Morgan Chase and other bankers are following closely in their ancestor\'s footsteps, but because there is nothing physical to smash they have transformed into Fuddites. Fear, Uncertainty and Doubt (FUD) are spread by many in the current wave of technological progress, the Fourth Industrial Revolution that is the Blockchain and Cryptocurrencies. And as with the Luddites, the Fuddites are doing it because they’re afraid they’ll lose their livelihood.