Crypto Thoughts — FUD on Bitcoin from Dimon
Well today lot of FUD is happening in real world related to Terrorism, Terrorist Financing and Money Laundering. The premise is that those who are at the helm of power are saints or VIPs and common people like you and me are potential money launderers or terrorists. At least going by the current KYC and AML norms that seems to be the case. In recent days more and more media outlets are waking to the fact that Bitcoin and various Crypto currencies have no liquidity, they are speculative and high risk investments have potential for terrorist financing and money laundering given the anonymous nature which has been its main feature from Day 1 so may response will be MEHHHE because those who get into crypto currencies learn one thing first DYOD/DYOR (Do your own due diligence and do your own research).
Case in point can be the latest statement from JP Morgan CEO Jamie Dimon had to say on BTC. Basically he said it was a “fraud”, “not real”, and would be shut down by the US government.
JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency "is a fraud." "It's just not a real…www.cnbc.com
Well the Dimon was also CEO of JP Morgan in 2013 when they tried to apply for around 175 patents that used blockchain. They all failed.
Dimon is trying to specifically discredit Bitcoin in order to make Ethereum or even JPMC’s project Quorum look like a more appealing option for those wanting to invest in cryptos but don’t know much about the current state of things. The comments from Dimon may extremely calculated and he knows what he is doing. He is making calculated, strategic comments that make new & accredited investors less likely to put their money in BTC.
It is also noteworthy that he timed those comments perfectly with the China FUD and somehow mainstream media implied that it was his comments that “crashed” Bitcoin. I find this highly suspicious as his statements may only coincide with all other outlets doing a coordinated attack on Bitcoin. While
Well if we have to define fraud then this statement from a reddit defines fraud.
JP Morgan agreed to $13 billion penalty for taking sub prime mortgage bonds and fraudulently selling them as premium securities. These f*cks define fraud.
Whats more JP Morgan paid $29B in fine as of now which are total fines since 2010. And when considering that JP Morgan is one of the biggest financial institution in US and the World the amount of fraud they are involved is staggering.
So how is JP Morgan is involved
Well the below two tweets summarize how JP Morgan like many financial institutions is involved in Blockchain & Ethereum alliance and may be actively trading and cyrpto currencies.
But the worst part is that while many of the Regulators and Exchanges are glorifying Blockchain but vilifying Bitcoin, they forget that it was Bitcoin which bought Blockchain technology to the fore and even today the best use case of Blockchain technology is and will be crypto currencies.
I will not add more to these FUD and will only share the below Meme which I liked and sums up my mood about the current conversation and narrative that is going in mainstream media about Bitcoin. “Buy Bitcoin”