Thursday, August 5, 2021

“If you were a drug dealer, a murderer. . .” open an account at JP Morgan

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from thedailybell:

On Tuesday afternoon, Jamie Dimon, the CEO of banking giant JP Morgan, let loose on Bitcoin.

He was speaking at the Barclays Financial Services conference, and when asked whether his bank employs any Bitcoin traders, he responded-

“If we had a trader who traded Bitcoin, I’d fire them in a second,” calling any trader who deals in the cryptocurrency “stupid”.

He went on to say that Bitcoin is a “fraud” and “won’t end well”.

Now, Dimon is a brilliant executive and banker. He knows his stuff. But… fraud? Really?

My dictionary defines fraud as “wrongful or criminal deception intended to result in financial or personal gain.”

That term seems to more aptly describe the banking industry that Dimon represents.

From Wells Fargo’s illegal opening of fake customer accounts to the constant manipulation of interest rates, exchange rates, and asset prices, outright FRAUD is standard practice among big banks.

Dimon also stated that Bitcoin is primarily appealing for criminals– “if you were a drug dealer, a murderer, stuff like that. . .”

Again, this is a totally baseless and confounding statement. 10+ million Bitcoin users are drawn to the cryptocurrency for a multitude of reasons.

For some, the fact that it is decentralized is a major factor. For others, it’s the low transaction cost.

Sending an international wire transfer through the banking system, for example, can take three days and cost $100. With Bitcoin it takes an hour and costs less than a dollar.

Sure, criminals might use Bitcoin. They also use Amazon.com gift cards and government bonds.

Ironically for Jamie Dimon, criminals even use JP Morgan bank accounts to launder their money, considering that the bank has paid BILLIONS in fines over the last few years for failing to detect their customers’ illegal activities.

Read More @ http://www.thedailybell.com

The Bitcoin Psyop

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from CorbettReport:

Bitcoin Explodes Above $14,000 – Korean PM Fears “Serious Pathological Phenomena”

from Zero Hedge:

Well that escalated quickly…

Just a few hours ago, Bitcoin surged above $13,000 and now, on notable volume, it has reached the stunning $14,000 level… up 20% today…

For those keeping track, this is how long it has taken the cryptocurrency to cross the key psychological levels:

  • $0000 – $1000: 1789 days
  • $1000- $2000: 1271 days
  • $2000- $3000: 23 days
  • $3000- $4000: 62 days
  • $4000- $5000: 61 days
  • $5000- $6000: 8 days
  • $6000- $7000: 13 days
  • $7000- $8000: 14 days
  • $8000- $9000: 9 days
  • $9000-$10000: 2 days
  • $10000-$11000: 1 day
  • $11000-$12000: 6 days
  • $12,000-$13,000: 17 hours
  • $13,000-$14,000: 4 hours

As Bitcoin has soared, it appears traders have sold other cyrptocurrencies to chase it as Ether has dropped in sync..

 

One of the regions in the world with the most active Bitcoin community is South Korea where so many Koreans have embraced bitcoin that the prime minister recently warned that cryptocurrencies might corrupt the nation’s youth.

As Bloomberg reports, while neighboring Japan hosts more transactions by some measures, Korea punches far above its weight: In the 24-hour period through Wednesday evening in Seoul, about 21 percent of the world’s bitcoin trades on fee-charging venues involved the Korean won, according to Coinmarketcap.com. The country accounts for about 1.9 percent of the world economy.

As Korean policy makers grow increasingly worried that the mania has gone too far, the nation could become a focus for bitcoin traders around the world. Korea’s top financial watchdog, which briefly roiled cryptocurrency markets with its ban on initial coin offerings in September, said this week that it has “grave concerns” about overheated speculation and has formed a task force with other government bodies to increase supervision.

Read More @ ZeroHedge.com

This Could Be Bitcoin’s “Mainstream Moment”

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by Greg Wilson, Casey Research:
On August 9, 1995, the internet had its “mainstream moment.”

That’s when Netscape held its initial public offering (IPO) and released its web browser, Netscape Navigator, to the world.

At that point, the internet had already been around for 15 years.

Yet despite being one of the greatest inventions in history, the world was slow to adopt it. In 1995, only 0.3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of the world’s population used the internet.

The internet needed a catalyst. And looking back, it was Netscape.

The numbers back it up.

Doug Casey: How I Learned to Love Bitcoin, Part II

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by Doug Casey, International Man:

In all of Africa, most of South America, and a great part of Asia, fiat currencies issued by governments are a joke. They’re extremely unreliable within those countries. And they’re totally worthless outside the physical borders of the country. That’s why those people now want dollars. But those are physical paper dollars. And governments everywhere are trying to eliminate physical currency.

I think, therefore, that the Third World will adopt Bitcoin in a huge way.

That’s not just because people who own cryptocurrencies are currently making money. They’re saving an appreciating asset rather than a depreciating asset. You’re on a Sisyphean treadmill if you try to save a Third World currency—but three-fourths of humanity has no alternative. Nobody in these backward places wants to save the worthless local currency—but, by law, that’s typically their only option. Billions will try to get into Bitcoin.

These coins are also private. They can transfer wealth outside of the country, which is very helpful. Kwachas, pulas, pesos, and such are worthless outside of the countries that issue them. Of course, governments hate that, and this will present a big problem down the road. Governments hate Bitcoin. It gives their subjects a huge measure of extra freedom.

The whole Third World is going to go to these cryptocurrencies. They all have smartphones in these countries. A phone is the first thing they buy after food, shelter, and clothing. Bitcoin will become their savings vehicle.

Sure, it’s a bubbly market. But soon billions more people will be participating in it. So, it’s going to get more bubbly. That’s my argument for the bubble getting bigger, and the prices of quality cryptos going higher.

But like I’ve said, cryptocurrencies are just the first application of blockchain technology. I think they have staying power simply because government fiat currencies are bad, and will be getting worse. They’re not going away. But I view them mainly as a speculative opportunity right now.

How high is Bitcoin going to go? Bitcoin is kind of the numeraire. It’s the gold standard, as it were, of cryptocurrencies. John McAfee, who founded the cyber security giant McAfee, Inc., thinks it’s headed much higher. He thinks Bitcoin’s going to $50,000.

That sounds outrageous, but it’s entirely possible. Another 10-1 in a manic market is possible—although it brings up thoughts of tulip bulbs, of course.

Remember, Central Banks all over the world are printing up fiat currencies by the trillions, desperately trying to put off a collapse of the world economy. Many will issue their own cryptos—they’re trying to totally abolish paper cash as we speak. And they won’t want competition from private currencies like Bitcoin. Governments may well try to outlaw peer-to-peer cryptos.

That’s a topic worth exploring. Governments are going to get into these currencies in a big way. But only their own versions, probably making private cryptos like Bitcoin illegal. With paper cash no longer available, they’ll then be able to track absolutely everything that’s bought and sold.

At that stage—which is in the near future—the blockchain tech will have gone from one of the biggest pro-freedom innovations to one of the most repressive. Like gunpowder—first a liberator for the average man, then a means to suppress him. That said, technology, in the long run, is eventually always a liberating force.

Read More @ InternationalMan.com

Bob Moriarty: Bitcoin to Zero – Maurice Jackson

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by Maurice Jackson, Sprott Money:

In this episode, Bob Moriarty, the founder of 321gold and 321energy.com, sits down with Maurice Jackson of Proven and Probable to discuss his thoughts on Bitcoin, Gold, Silver, Platinum, Palladium, Rhodium, and 3 issuers that have this attention at the moment. Bob pulls no punches on his where he sees Bitcoin heading and addresses time tested alternatives where he is allocating his capital. In addition, Bob conveys his concerns that on the financial obligations that Hurricane’s Irma and Matthew may present to the United States. Action packing interview always with the legendary Bob Moriarty!

Read More @ SprottMoney.com

Bitcoin Bust Resumes: Is the Top In?

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by Mish Shrdlock, Mish Talk:

The top 15 cryptocurrencies are all in the red after a brief bounce following a 40% plunge in Bitcoin.

Despite the plunge, one third of the top cryptocurrencies are still in the green from a week ago. Bitcoin itself is the biggest loser over the last seven days, down nearly a third in value.

Is the top in?

I don ‘t know, nor does anyone else. But if the top is in, a 90% decline from the top, or far more, is likely in the cards.

Someone has to get sucked in at the top. Was it you?

Read More @ MishTalk.com

Jeff Berwick – Return of Cryptos

by Kerry Lutz, Financial Survival Network:

Jeff Berwick understands trends. He was on the Bitcoin band wagon when it was $3 and was a seller at $19000+. Now he believes that it’s gone full cycle and will be going even higher than before. The time to buy something is when it’s beaten up and down. Perhaps he’ll be right again. Certainly debt keeps piling up and there’s no solution in site, so it could well be cryptos to the rescue.

Click HERE to Listen

Bitcoin Roasted Like a Thanksgiving Turkey, Drops 40% in Two-Week Span

by Peter Schiff, Schiff Gold:

Bitcoin dropped below $4,000 as a massive selloff in the cryptocurrency market continued over the Thanksgiving weekend.

The price of a bitcoin fell as low as $3,604 during the sell-off. It has lost some 80% of its value from highs reached late last year when the price of bitcoin eclipsed $20,000. Bitcoin has fallen 40% in just two weeks of November. It was the worst price drop since April 2013.

Other cryptocurrencies including ethereum and ripple have seen similar price drops.