SCAM JP Morgan CEO Jamie Dimon Calls Cryptocurrencies Ponzi Schemes

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JP Morgan CEO Jamie Dimon Calls Cryptocurrencies Ponzi Schemes​

  • September 21, 2022 @ 3:34 pm By JD Alois


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Megabanks today, JP Morgan CEO Jamie Dimon was asked about his opinion on blockchain technology. Dimon said he was not a skeptic when it comes to blockchain, smart contracts, Defi, etc., these are real things in which he sees benefits. But Dimon took umbrage to “crypto tokens” or cryptocurrencies which are nothing more than decentralized Ponzi schemes – appearing to lump Bitcoin into the lot. He said the notion they are good for anybody is unbelievable. Dimon lambasted cryptocurrencies pointing to affiliated fraud and hacks that have seen billions of dollars in losses for holders.

Asked directly about stablecoins, Dimon said there is nothing wrong with a stablecoin that is properly regulated. He added that it should be treated like a money market fund. Dimon noted they are a big user of blockchain mentioning the JP Morgan coin; “It’s a dollar deposit.”

Currently, there is legislation in the works pertaining to stablecoin regulation that should be revealed by the Committee in the coming weeks or months.

The Hearing today was largely an elongated bank bashing session with the CEOs in attendance on the defensive in regard to their operations and alleged transgressions
 
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www.bnnbloomberg.ca

Dimon Says Crypto Tokens Are ‘Decentralized Ponzi Schemes’ - BNN Bloomberg

(Bloomberg) -- Jamie Dimon didn’t mince words when a US lawmaker mentioned the executive’s history of criticizing cryptocurrencies.
www.bnnbloomberg.ca www.bnnbloomberg.ca

2h ago

Dimon Says Crypto Tokens Are ‘Decentralized Ponzi Schemes’​

Max Reyes, Bloomberg News

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during a House Financial Services Committee hearing in Washington, D.C., US, on Wednesday, Sept. 21, 2022. The CEOs of the biggest US consumer banks are set to warn lawmakers that Americans are struggling amid surging inflation, as they brace for tough questions about how they’re helping customers being pummeled by rising prices.

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., speaks during a House Financial Services Committee hearing in Washington, D.C., US, on Wednesday, Sept. 21, 2022. The CEOs of the biggest US consumer banks are set to warn lawmakers that Americans are struggling amid surging inflation, as they brace for tough questions about how they’re helping customers being pummeled by rising prices. , Bloomberg

(Bloomberg) -- Jamie Dimon didn’t mince words when a US lawmaker mentioned the executive’s history of criticizing cryptocurrencies.

“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin,” the JPMorgan Chase & Co. chief executive officer said in congressional testimony Wednesday. “They are decentralized Ponzi schemes.”

Stablecoins -- digital assets tied to the value of the US dollar or other currencies -- wouldn’t be problematic with the proper regulation, and JPMorgan is active in blockchain, Dimon said.

The comments represent the latest criticism leveled against digital currencies by Dimon, who once called Bitcoin “a fraud” before eventually saying he regretted the comments.

House Financial Services Committee Chairwoman Maxine Waters and Ranking Member Patrick McHenry have been working to reach an agreement on stablecoin legislation. Under the latest version of the bill, it would be illegal to issue or create new “endogenously collateralized stablecoins” such as those similar to TerraUSD, the algorithmic stablecoin that collapsed earlier this year, according to a copy obtained by Bloomberg.

While Dimon has been a vocal critic of Bitcoin, the firm has been focused on using blockchain for financial services. JPMorgan uses its custom blockchain and token, JPM Coin, to conduct intraday repurchase agreements, which allows other financial institutions to take out short-term loans using high-quality collateral. JPMorgan was also the first Wall Street bank to launch a presence in the metaverse in February.

Dimon deemed Bitcoin a fraud in 2017, comments he later said he regretted. In October, he said it was worthless but that he’d follow clients and recently acknowledged that decentralized finance -- where banks are replaced by algorithms -- is “real.”

(Adds details on stablecoin legislation and JPMorgan’s blockchain efforts, beginning in the fifth paragraph.)

©2022 Bloomberg L.P.
 
Txkstew

Txkstew

Veteran Member
I agree. However I do wish I'd have bought some at less than a dollar. My step son was pumped about it at the time. I said it was a scheme at the time.
 
John Green

John Green

Veteran Member
He should know.
Supposedly Bernie Madoff was shocked that he was being charged with running a ponzi scheme by the people running the biggest Ponzi scheme in the world.
 
M

Murt

Veteran Member
sometimes I wonder if the illegal immigration isn't an effort to keep the current ponzi game going
it would seem that to keep the "game" going you would need an ever expanding base
With birth rates going down the base would be contracting --probably to the point that the con could no longer be supported so new blood was needed by any means necessary

just a thought from a grumpy old man
 
db cooper

db cooper

Resident Secret Squirrel
It may or may not be a ponzi scheme, but a digital currency has a similar fault, in that the investment can turn into a huge zero without notice. By that I mean there is no physical possession of any investment, such as with gold, jewels, land, stocks, bonds or for that matter green backs. It's all electrons floating around in cyber space and if someone wants to yank it away from you, they can and you are screwed, big time.
 
Mark D

Mark D

Now running for Emperor.
db cooper said:
It may or may not be a ponzi scheme, but a digital currency has a similar fault, in that the investment can turn into a huge zero without notice. By that I mean there is no physical possession of any investment, such as with gold, jewels, land, stocks, bonds or for that matter green backs. It's all electrons floating around in cyber space and if someone wants to yank it away from you, they can and you are screwed, big time.
Click to expand...
Ummm... No. That's not how it works.

FWIW: the entire world will run on blockchain in the very near future. Commerce, government, banking, communication, real estate, EVERYTHING. What you watch, what you eat, your medical history, what you buy, where you go, your commute, your conversations, your bills, your payments, your legal contracts... Heck, there are even militaries looking at some of the ecosystems for secure comms.

Blockchain and/or Distributed Ledgers will run EVERYTHING... THAT is why the big boys are buying up as much crypto as they can during these dips.
 
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