News update.
The world is beginning to enter the stages of a dystopian economy the higher in value bitcoin becomes, according to Jaime Dimon. Listen to his words hehehe.
Also, the United States' stock market might fall because of Trump's ongoing tradewar against China, a tradewar that Jaime Dimon is defending.
Topic: Cryptos would only have value in a dystopian economy said JP Morgan (Read 590 times)
March 20, 2019, 10:47:24 PM
Good find. We are near on the way to this dystopian economy. Especially since JPM wants to create their own stable coin crypto.
March 20, 2019, 10:17:04 PM
This appears to show the hypocrisy of the banking industry when it comes to the developments and accomplishments of bitcoin, not only in the cryptospace, but the whole world. I shake my head.
They want to accomplish what bitcoin has accomplished for their coin. They will fail however, or they might create dystopia with jpcoin which would be good for bitcoin hehehehe.
It’s no secret that the executives sitting at the top of JPMorgan Chase – one of the largest banks in the world – are not the biggest fans of Bitcoin and other similar cryptocurrencies.
Although the bank’s distain towards the nascent technology initially appeared to be genuine – and possibly rooted in fear – it now appears that they are, in fact, bullish on the tech – as long as they are the ones controlling it.
In a recent interview with CNBC’s Squawk Box, Ron Karpovich, the Global Head of eCommerce Solutions at JPMorgan Chase, explained that the traditional banking system is so intertwined with the world presently that there is no true way around avoiding it.
The recent news regarding the bank’s foray into the crypto industry with the introduction of their JPM Coin was quite surprising to the crypto community, as Jamie Dimon, the CEO of the bank, is notoriously anti-crypto.
One of the show’s hosts asked Karpovich about his bosses’ anti- crypto sentiment, to which he responded claiming that there is a difference between utilizing blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he explained, avoiding directly confronting Dimon’s previous comments about crypto.
Read in full https://www.newsbtc.com/2019/03/20/jpmorgan-executives-flip-bullish-on-crypto-after-jpm-coin-release/
They want to accomplish what bitcoin has accomplished for their coin. They will fail however, or they might create dystopia with jpcoin which would be good for bitcoin hehehehe.
It’s no secret that the executives sitting at the top of JPMorgan Chase – one of the largest banks in the world – are not the biggest fans of Bitcoin and other similar cryptocurrencies.
Although the bank’s distain towards the nascent technology initially appeared to be genuine – and possibly rooted in fear – it now appears that they are, in fact, bullish on the tech – as long as they are the ones controlling it.
In a recent interview with CNBC’s Squawk Box, Ron Karpovich, the Global Head of eCommerce Solutions at JPMorgan Chase, explained that the traditional banking system is so intertwined with the world presently that there is no true way around avoiding it.
The recent news regarding the bank’s foray into the crypto industry with the introduction of their JPM Coin was quite surprising to the crypto community, as Jamie Dimon, the CEO of the bank, is notoriously anti-crypto.
One of the show’s hosts asked Karpovich about his bosses’ anti- crypto sentiment, to which he responded claiming that there is a difference between utilizing blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he explained, avoiding directly confronting Dimon’s previous comments about crypto.
Read in full https://www.newsbtc.com/2019/03/20/jpmorgan-executives-flip-bullish-on-crypto-after-jpm-coin-release/
March 04, 2019, 01:19:55 AM
This is an article about Andreas Antonopoulos' video commentary on government issued cryptocoins and the last era of paper money.
Another clear reason to hold bitcoins while the world celebrates the development of government issued coins, I reckon hehehe.
What they [governments] are trying to create is a currency panopticon a situation a virtual digital prison of money in which everything you do is controlled everything you do can be seen can be monitored and at that point your freedom is one binary switch free not free free not free and one day someone’s gonna go through that virtual control room ago click-click click-click click-click I won the election of course
Source https://ambcrypto.com/bitcoin-btc-proponent-there-are-going-to-be-more-state-sponsored-cryptocurrencies-because-cash-is-going-to-be-eradicated/
Another clear reason to hold bitcoins while the world celebrates the development of government issued coins, I reckon hehehe.
What they [governments] are trying to create is a currency panopticon a situation a virtual digital prison of money in which everything you do is controlled everything you do can be seen can be monitored and at that point your freedom is one binary switch free not free free not free and one day someone’s gonna go through that virtual control room ago click-click click-click click-click I won the election of course
Source https://ambcrypto.com/bitcoin-btc-proponent-there-are-going-to-be-more-state-sponsored-cryptocurrencies-because-cash-is-going-to-be-eradicated/
Shower thought.
What if J.P. Morgan is already holding a large stash of Bitcoin, while planning on issuing its dystopian JPMcoin at the same time to give birth to a scenario of a "dystopian setting", wherein Bitcoin will have high value. Logical?
HODL.
March 01, 2019, 02:56:27 PM
I don't particularly care for that article, because it doesn't give you the whole quote from JPM, and I don't really trust any media source to interpret quotes correctly.
Also, I'm not sure there's any clear definition of what constitutes a "dystopian" society. Some might call present-day Venezuela pretty dystopian, while others might be thinking along the lines of The Walking Dead. The further you go into dystopia, the less likely bitcoin is going to be viable as a currency--or even an asset. If we're talking about a situation where the internet or the power grid is down, nobody is going to have any use for crypto.
But hey, this is JP Morgan here. Take all of this with an enormous shaker of NaCl.
Also, I'm not sure there's any clear definition of what constitutes a "dystopian" society. Some might call present-day Venezuela pretty dystopian, while others might be thinking along the lines of The Walking Dead. The further you go into dystopia, the less likely bitcoin is going to be viable as a currency--or even an asset. If we're talking about a situation where the internet or the power grid is down, nobody is going to have any use for crypto.
But hey, this is JP Morgan here. Take all of this with an enormous shaker of NaCl.
March 01, 2019, 01:58:39 PM
What JP Morgan fails to understand is that we do want that "dystopian" economy they are talking about. We do not want their traditional economy, their own version of the economy makes rich people richer and poor people poorer because they are bound to make more money, rich people and big corporations are forced to make more and more profits for shareholders otherwise their shareholders will leave which will make their stocks go down and cause them to be gobbled by another company.
So, unless JP Morgan keeps making profits they will be destroyed and in our "dystopian" economy no one can keep on making profits more and more and more above inflation unless someone gives them their money, which means there are no governments to continue supporting their ways to screw the system and taxpayers to continue making profits.
So, unless JP Morgan keeps making profits they will be destroyed and in our "dystopian" economy no one can keep on making profits more and more and more above inflation unless someone gives them their money, which means there are no governments to continue supporting their ways to screw the system and taxpayers to continue making profits.
February 28, 2019, 09:23:11 PM
This is an article about Andreas Antonopoulos' video commentary on government issued cryptocoins and the last era of paper money.
Another clear reason to hold bitcoins while the world celebrates the development of government issued coins, I reckon hehehe.
What they [governments] are trying to create is a currency panopticon a situation a virtual digital prison of money in which everything you do is controlled everything you do can be seen can be monitored and at that point your freedom is one binary switch free not free free not free and one day someone’s gonna go through that virtual control room ago click-click click-click click-click I won the election of course
Source https://ambcrypto.com/bitcoin-btc-proponent-there-are-going-to-be-more-state-sponsored-cryptocurrencies-because-cash-is-going-to-be-eradicated/
Another clear reason to hold bitcoins while the world celebrates the development of government issued coins, I reckon hehehe.
What they [governments] are trying to create is a currency panopticon a situation a virtual digital prison of money in which everything you do is controlled everything you do can be seen can be monitored and at that point your freedom is one binary switch free not free free not free and one day someone’s gonna go through that virtual control room ago click-click click-click click-click I won the election of course
Source https://ambcrypto.com/bitcoin-btc-proponent-there-are-going-to-be-more-state-sponsored-cryptocurrencies-because-cash-is-going-to-be-eradicated/
February 05, 2019, 01:06:46 PM
We are already in a dystopian economy.
If you lend money to the bank, the interest paid is minimal.
If the bank lend money to you, the interest paid is monstrous.
That is not really the problem, banks are a business and like any business they need to get profits, if you eat at a restaurant it is clear they are charging you for your food more money than all the costs associated with it and banks follow the same logic, the problem I have with banks is their ability to create all the money they want and to basically own the economy and do as they wish with it to the detriment of the rest of the population. If you lend money to the bank, the interest paid is minimal.
If the bank lend money to you, the interest paid is monstrous.
February 05, 2019, 05:11:24 AM
I feel like some people in Bitcoin community also hold a similar belief, that Bitcoin will go to the moon as soon as fiat, stocks and traditional economy will collapse. So, it seems like both them and JP Morgan think that crypto and fiat can't coexist, and one must fail in order for the other to succeed.
They're wrong. A booming crypto is a luxury afforded by booming conventional markets. The money going into it doesn't appear from a vacuum. It's from people earning in fiat and cashing out other assets. In several decades it could conceivably be something you could move into and never look back. Until then it's dependent on the health of everything else out there
But the same can be said with respect to any asset out there
I assume some people are going to come up with the idea that gold doesn't belong to this category, i.e. when everything falls gold rises. But it is not so. Gold just happens to fall slower in value under such circumstances even if its price denominated in fiat money (say, the dollar) may in fact be rising. The bottom line is that you can't actually take Bitcoin (or crypto in general) and say it is a luxury as everything else would be a luxury in this context (apart from bare necessities like water, food, shelter)
February 05, 2019, 04:57:14 AM
There has been a spike in BTC volume in Venezuela, but it's still too insignificant to take seriously. It could also be caused by local market makers exploiting the premiums, so it would then be speculative volume.
I believe it's because less people have access to Bitcoin and Bitcoin exchanges.
Make it more accessible, would you still believe that more Venezuelans would prefer to hold the Bolivar than Bitcoin?
Given a choice between the two they'll prefer Bitcoin, sure. If Venezuelans had to choose between Bolivars and sacks of sugar, I'm sure they'd choose the sugar too. That doesn't mean BTC (or sacks of sugar) is what they really want. This is what they actually want:
Quote
Increasingly, the line between survival and starvation is determined not by having a job or an education, but something else.
Access to U.S. dollars.
Access to U.S. dollars.
There needs to be more than just access to Bitcoin exchanges. There needs to be actual demand for BTC among merchants, producers, etc. otherwise nobody can spend them. Venezuelans can spend USD anywhere (because people are willing to accept it, because it holds its value). So USD is king.
Yes exactly, the point was not because Bitcoin is "the best", which it really is. But if you make it very accessible, more accessible than the dollar, then volumes would surely rise.
"USD is king" because it might be easier to convert, more accessible, more people use it, easier to spend no internet required.
February 04, 2019, 06:48:57 PM
No, it is not about access, its about them not having anything. I talked about this somewhere else as well I think but those people in Venezuela do not have food or clothes or anything they own and have hard time living, I have seen people boiling a SHOE in a water to make it taste something and drink like soup. Now, you expect if we install 1000 bitcoin ATM all over Venezuela you can change that persons life somehow ? They do not have a bread to eat and we assume bitcoin could change their lives ?
it reminds me of depression era stories i used to hear about people eating "dirt soup" and things like that. indeed, it seems silly to think that this is a strong basis for bitcoin adoption.
Something that bothers me about hyper inflating currencies being exchanged for bitcoin... well yes, great for the person buying bitcoin, but who the hell's on the other side of that exchange? Who's going to sell bitcoin for Bolivar!?
for the same reason traders short bull markets. they think they can outsmart the market, and for a time they might be right. eventually, they'll be run over and lose all their coins when people stampede for the exits.
February 04, 2019, 01:22:54 PM
We are already in a dystopian economy.
If you lend money to the bank, the interest paid is minimal.
If the bank lend money to you, the interest paid is monstrous.
If you lend money to the bank, the interest paid is minimal.
If the bank lend money to you, the interest paid is monstrous.
February 04, 2019, 11:28:27 AM
No, it is not about access, its about them not having anything. I talked about this somewhere else as well I think but those people in Venezuela do not have food or clothes or anything they own and have hard time living, I have seen people boiling a SHOE in a water to make it taste something and drink like soup. Now, you expect if we install 1000 bitcoin ATM all over Venezuela you can change that persons life somehow ? They do not have a bread to eat and we assume bitcoin could change their lives ?
I remember reading an interview with a Venezuelan who made the point that even if you had money, the supply of most things is basically no longer there. It's a double whammy of the local currency and the local distribution of everything failing at once.
February 04, 2019, 11:24:50 AM
I believe it's because less people have access to Bitcoin and Bitcoin exchanges.
Make it more accessible, would you still believe that more Venezuelans would prefer to hold the Bolivar than Bitcoin?
No, it is not about access, its about them not having anything. I talked about this somewhere else as well I think but those people in Venezuela do not have food or clothes or anything they own and have hard time living, I have seen people boiling a SHOE in a water to make it taste something and drink like soup. Now, you expect if we install 1000 bitcoin ATM all over Venezuela you can change that persons life somehow ? They do not have a bread to eat and we assume bitcoin could change their lives ?Make it more accessible, would you still believe that more Venezuelans would prefer to hold the Bolivar than Bitcoin?
I mean of course there were some rich people or above average people who took their money out to bitcoin to save from inflation and made money purely on inflation reasons even while bitcoin was going down but bitcoin would have helped 20%-30% of the population at best, there are about 50% of them dying right now and bitcoin is the last thing they need.
February 04, 2019, 10:36:55 AM
Something that bothers me about hyper inflating currencies being exchanged for bitcoin... well yes, great for the person buying bitcoin, but who the hell's on the other side of that exchange? Who's going to sell bitcoin for Bolivar!?
I often wonder that but the most obvious answer is everyday expenses.
You can't spend BTC for most of life's necessities. Keep most of your money in BTC and drip feed out of it when you have to buy something vital and it's a pretty neat arrangement provided you can keep doing it.
February 04, 2019, 10:12:34 AM
Quote from: https://www.coindesk.com/cryptocurrencies-would-only-have-value-in-dystopian-economy-jpmorgan
In a recent note to its clients, the firm said that it was skeptical of the value of cryptocurrencies apart from in a “dystopia” where investors have lost confidence in “all major reserve assets (dollar, euro, yen, gold) and in the payments system,”
Says by the investment bank who only helps rich people become richer, these greedy bastards really have nothing good to say on things they are scared the most or at least see as a threat on their business. They know that these kind of assets (cryptocurrency) can upset the balance in terms of social hierarchy, they know that cryptocurrencies can create new breeds of millionaires within weeks from their personal investment and they are afraid that they will run out of business because of them. February 04, 2019, 09:19:08 AM
Something that bothers me about hyper inflating currencies being exchanged for bitcoin... well yes, great for the person buying bitcoin, but who the hell's on the other side of that exchange? Who's going to sell bitcoin for Bolivar!?
Aside from the profiteering aspect, people are stupid enough to believe that the next time will be different, and that's how they continue to have faith in something that will eventually implode completely.
I'm pretty certain that when people finally realize how toxic the Bolivar is, no one will be stupid enough to convert Bitcoin to Bolivars. One doesn't convert utter garbage to Gold, but it still happens. Ignorance is a crucial aspect within basically any dictatorial regime. It's an effective weapon. The less people know, the lower the odds are that they will figure out how to work around that system.
February 04, 2019, 06:29:28 AM
Something that bothers me about hyper inflating currencies being exchanged for bitcoin... well yes, great for the person buying bitcoin, but who the hell's on the other side of that exchange? Who's going to sell bitcoin for Bolivar!?
Arbitrage trading is reasonable.Surely still, somewhere down the line, someone ends up with a hyper-inflating currency?
Also, would arbitrage handle the volume?
February 04, 2019, 06:10:11 AM
Something that bothers me about hyper inflating currencies being exchanged for bitcoin... well yes, great for the person buying bitcoin, but who the hell's on the other side of that exchange? Who's going to sell bitcoin for Bolivar!?
Arbitrage trading is reasonable. February 04, 2019, 06:03:55 AM
Something that bothers me about hyper inflating currencies being exchanged for bitcoin... well yes, great for the person buying bitcoin, but who the hell's on the other side of that exchange? Who's going to sell bitcoin for Bolivar!?
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