JPMorgan Chase CEO says cryptocurrency is only useful for criminals, should be "shut down"

[ScottSoapbox]

Bitcoin isnt competition to the banking system… it’s a bigger fool Ponzi scheme. People aren’t looking to have loads of bitcoin, they’re looking to cash out in USD when the timing is right, so they can have loads of USD. That’s a critical difference to an actual monetary system.

People speculate in stocks, bonds, gold, real estate too. That doesn't make all of those things ponzi schemes either.

Nor does some people speculating mean other people aren't happy to replace dollars with bitcoin as their primary currency.

Finally, yes, if Bitcoin goes mainstream it would replace the need for much of banks' services and completely remove the government's ability to expand the money supply to pay for things (instead be forced to borrow or tax).

 

[scavengerspc]

I really wish people would learn what that word means

They still don't realize that calling crypto a "Ponzi scheme" instantly takes them out of any fact based conversation.

 

[p51d007]

I love all the commercials about owning physical gold.
You do know that the government banned private individuals from owning gold once before?
Look up Executive Order 6102.

 

[hahahanoobs]

It's a dead meme at best.

 

[Looiplooi]

The dude is trying to help his short position that's getting rekt.

Agree, This is the best buy signal you will see this whole year !!

 

[VitalyT]

They still don't realize that calling crypto a "Ponzi scheme" instantly takes them out of any fact based conversation.

I don't know, .... I am actively trading crypto, and profitably, but I still consider it a financial pyramid, one that will end badly. The world is already unstable as it is, and bringing in crypto makes it only more unstable.

 

[scavengerspc]

I don't know, .... I am actively trading crypto, and profitably, but I still consider it a financial pyramid, one that will end badly. The world is already unstable as it is, and bringing in crypto makes it only more unstable.

I did too for 6 years. Everything I had I bought early days of bitcoin, I never mined a single one, and held on to it until things started looking shaky.
But a Ponzi is a misleading fraud. Its "contributors" are tricked and lied to.
Bitcoin is a lot like the stock market in that you can buy low, sell high. If you time it right.
Place our bets and we take our chances. But the market value is always there to see and follow.

 

[Beerfloat]

He's not entirely wrong.

But one could argue there are still some more or less legitimate uses besides laundering, tax avoidance, sanctions violations and such. Crypto can be used a store of value - whether it is a wise one is another matter - for instance to hedge against inflation. Or, perhaps most crucially, if you happen to be unlucky enough to be paid in a currency that is outright non-convertible (like, say, the Cambodian Riel) or de facto non-convertible (I.e. Chilean Peso, Brazilian Real etc) outside of local black markets.

 

[JamesBlond]

This statement makes so much sense, lets Quote it : JPMorgan Chase CEO says cryptocurrency is only useful for criminals, should be "shut down"

JPMorgan owns USDC, Onyx, JPMCoin

So a Criminal will know that because of what they plan to do with it.

It all makes sense.

 

[JamesBlond]

Well if we continue down our debt path then the dollar is going to worthless. Not really worried about what our government thinks of crypto if while they're destroying their own by amassing more debt than anyone civilization in history has.

Cash...Gold, Silver is king
Cannot go wrong, what you need is a place to store it, safe and secure, a way to retrieve it that nobody knows.
Then you are king of your own kingdom and inflation will not effect you

 

[MasterMace]

Under Article 1 Section 8, Congress can simply shut down crypto currencies, but the likely reason they haven't may surprise you - that litigation firm that dabbles in entertainment. The House of Mouse. Getting rid of cryptocurrency would also likely get rid of Disney Dollars.

 

[EricaM]

US Currency is fiat. Fort Knox gold and silver are gone. Nothing backs the dollar - it's just assumed to be valuable, and people have bought into the illusion. They don't want to accept the truth since that leads to obvious economic and political chaos.

 

[ZedRM]

I don't know, .... I am actively trading crypto, and profitably, but I still consider it a financial pyramid, one that will end badly. The world is already unstable as it is, and bringing in crypto makes it only more unstable.

A Pyramid scheme does not make a Ponzi scheme. They are distinctly different, both in concept and in legal definition.

 

[anastrophe]

Bitcoin isnt competition to the banking system… it’s a bigger fool Ponzi scheme. People aren’t looking to have loads of bitcoin, they’re looking to cash out in USD when the timing is right, so they can have loads of USD. That’s a critical difference to an actual monetary system.

That really doesn't fall within the definition of a Ponzi scheme.

 

[captaincranky]

I also find it funny that the monetary system you are defending is what created the financial crisis we're currently in.

I hate to, (somewhat) disagree with you my prince, and know that I'm no to go off topic to politics but, one person is almost single-handedly responsible for the US' massive debt, Donald Trump. Who BTW, racked up 8 trillion dollars in debt in only four years "in office". Full stop.

 

[yRaz]

I hate to, (somewhat) disagree with you my prince, and know that I'm no to go off topic to politics but, one person is almost single-handedly responsible for the US' massive debt, Donald Trump. Who BTW, racked up 8 trillion dollars in debt in only four years "in office". Full stop.

The US has been running a deficit for over 20 years. The issue is significantly larger than Donald Trump. It's easy to point to the president and say, "look, he did a bad thing!" The thing about government is that we have bipartisan support of deficit spending. I don't care how people justify it, fact of the matter is that we have bipartisan deficit spending.

To make things worse, the US has control of the world's reserve currency and we are absolutely ruining it. This isn't a Trump issue or a Biden issue or Obama or Bush, this is a fundamental issue with how the US spends money

 

[captaincranky]

To make things worse, the US has control of the world's reserve currency and we are absolutely ruining it. This isn't a Trump issue or a Biden issue or Obama or Bush, this is a fundamental issue with how the US spends money

I'm well aware of deficit spending. For verily I, as do most Americans, have several credit cards. We of the lowest tax brackets measure our "savings", not by cash on hand, but rather how far away from maxed out these cards are.

So yes, deficit spending has existed for a couple of decades, (a few maybe?). However, fuhrer sweinhundt was by far and away the worst contributor to our negative balance in American history.

And for those complaining about banks being "monopolies", they still have to compete with one another. The real monopoly is the Federal Reserve Board.

And FWIW:

"To balance the federal budget, government revenue must meet or exceed government spending. That's happened only twice in the past half-century: President Lyndon Johnson did it in 1969, and President Bill Clinton from 1998 to 2001."

But, there still was a deficit in those years, Johnson and Clinton simply avoided adding to it.

 

[gnite]

It's not just criminals, though. Some don't have much of an alternative, thanks to a weird prudishness of financial institutions.

"“I just want to sell titty pictures,” says Allie Eve Knox, a professional dominatrix and fetish performer, exhausted. “I never wanted to be an expert in financial discrimination.”

After starting out in sex work in 2014, Knox, like others in the field, has become something of a financial pariah. The first to ban her were the payment apps—PayPal, Venmo, and CashApp—which prohibit the sale of adult content as policy. But then Knox lost her bank account too. It took a week to recover her money.

Nine years on and 30-plus bans later, Knox is jaded: “I don’t want to have to know how to run money to different places. I don’t want to deal with any of this bullshit.”"

https://www.wired.co.uk/article/sex-workers-crypto-failing-them

 

[Thanthan]

I really wish people would learn what that word means

A Ponzi scheme is when you create a fraud scheme that looks like an investment, but the returns on the investment paid out to early investors is actually just the contribution of later investor, creating a system that is reliant on an ever increasing base of new investors putting money into the system… Specific enough?

Also guess what, the above exactly matches bitcoin xD you can only cash in your ‘investment’ if someone else buys into the system, purchasing the bitcoin you wish to sell. Since you’ll tend to want to do this at a profit, that means the entire thing is reliant on an ever increasing stream of real cash being fed into the imaginary crypto value space there is no value in the system except that fed into it by new investor cash. Just like a Ponzi scheme.

I hope I didn’t hurt your feelings.

 

[scavengerspc]

A Ponzi scheme is when you create a fraud scheme that looks like an investment, but the returns on the investment paid out to early investors is actually just the contribution of later investor, creating a system that is reliant on an ever increasing base of new investors putting money into the system… Specific enough?

People didn't know any of that when they "invested".
Eventually, people lost out and were cheated. That's a scam.

Also guess what, the above exactly matches bitcoin xD you can only cash in your ‘investment’ if someone else buys into the system, purchasing the bitcoin you wish to sell. Since you’ll tend to want to do this at a profit, that means the entire thing is reliant on an ever increasing stream of real cash being fed into the imaginary crypto value space there is no value in the system except that fed into it by new investor cash. Just like a Ponzi scheme.

And unlike a Ponzi, all those basics are well known and laid out from the beginning.
Rules and procedures were also clearly laid out.
Everyone knew the rules, and what they were getting in to.
That's not a scam.

I hope I didn’t hurt your feelings.

How could you have hurt his feelings? You are wrong and he wasn't.
And I hope that does hurt your feelings.