Bitcoin Terrifies Banks: Hypocritical JP Morgan is Blacklisting Crypto Firms

[talkbitcoin]

I'm guessing they want to monopolize the industry with their own coin, or they are scared of the decentralization of bitcoin and other cryptocurrencies?

i think they have been mostly scared of falling behind and becoming obsolete rather than wanting any monopolization. that may come later as an attempt which i guess will fail but the main reason what what i said, with bitcoin growing every day and them seeing how the transaction volume of bitcoin has been growing they must be scared.

[kryptqnick]

It's a shame that solid crypto businesses are having troubles with operation in the US. JP Morgan will suffer from this stuff more than the crypto projects, IMO. This is just agony, a desperate attempt to keep doing what they're doing and not embracing necessary innovations. This bank has been accused in a coulple of money laundering scandals as well, so I find it unfair that it's even still around. Anyway, I am sure there are other banks in the US, so the crypto businesses will be able to find a solution. If not - maybe it's time to say bye-bye to America and bring innovation to other, less posh countries.

[dothebeats]

This is nothing new for JP Morgan. If they can't ensure profit, or can't ensure that they'll be benefiting into supporting something or accepting something for their business, they won't do it no matter how negative their public image can get. Crypto services and institutions are among the most prone to hacks, thefts and other ill-fated events that can happen to a business, so I guess this is just somewhat protecting their own business from getting burned. Nevertheless, creating their own cryptocurrency while being hostile towards other crypto coins/services etc. just proves that they are hypocrites of the highest degree.

[magneto]

Maybe JPMorgan blacklisting these firms are exactly as a result of the creation of their own internal cryptocurrency, in order to lessen the competition.

But anyhow, their stance on bitcoin has fluctuated and has always been quite ambiguous to begin with. I don't think that them blacklisting bitcoin companies will necessarily have a significant impact on the market, especially when it comes to the individuals that actually use the bitcoin blockchain.

Do I think that they have a valid concern from the front of AML? Probably not. Which is a part of the reason why I tend to agree with the other people here, it simply makes no sense when a corporation is trialling their own coin and actively trying to disadvantage others - seems like anti-competitive behaviour to me.