JPMorgan criticised cryptocurrencies that they cannot be printed as weakness!

[JuniAiko]

JPMorgan criticised Bitcoin and similar cryptocurrencies on the point that they cannot be printed by any central authority as a weakness.

Bitcoin evangelists, however, told Business Insider that JPMorgan's case rests on the assumption that printing money to shore up an economy is a good thing.

"This is a classic case of creating the problem you offer to solve, and exactly why bitcoin exists," said Aaron Lasher, the chief marketing officer at Breadwallet, a cryptocurrency tech company.

"Why do we have the need for "emergency liquidity" in the first place?"

Lasher says it all boils down to the fact that economies are based on fiat currency, which can be printed at the whim of central bankers.

"So banks have no incentives to manage liquidity risk precisely because the marginal cost of printing more dollars by the central banks is zero, providing a guaranteed backstop against sustaining losses incurred by excess risk taking," he said.

Arthur Hayes, the chief executive at BitMEX, a peer-to-peer crypto trading platform, said in an email to Business Insider that such policies ultimately translate into inflation in other financial assets.

"If money printing solved the ills of economic collapse, Weimer Germany, Zimbabwe, and most recently Venezuela would be the most productive and economically sound societies on earth," Hayes said.

"Money printing delays the inevitable," he added. "Without the ability to print base money at all, any institutional that extended credit would be evaluated by the market on its ability to responsibly originate loans."

http://www.businessinsider.com/bitcoin-design-might-be-its-achilles-heel-during-financial-2018-2

IMO, the printing of money, and the significant inflation which this induces, is a means by which the super wealthy steals money from everyone collectively to cover their losses. This is also the same tools that the US have been using to fund their wars for oil and minerals.

[JuniAiko]

"Charlie Munger urges regulators to ease off Wells Fargo, blasts bitcoin."
Read More: https://www.reuters.com/article/us-dailyjournal-munger/charlie-munger-urges-regulators-to-ease-off-wells-fargo-blasts-bitcoin-idUSKCN1FY2WE

LOL!!! Such irony. The corporatists that have crushed the economy w/o suffering any real consequence to their own livelihood nor were properly charged for their crimes, are now blasting cryptocurrencies that (despite of the current speculative rush during its very early infancy stage of development) remains a promising decentralized alternative currency that is made for the people of the world.

[JuniAiko]

The Untouchables: How the Obama administration protected Wall Street from prosecutions ~ Glenn Greenwald
https://www.theguardian.com/commentisfree/2013/jan/23/untouchables-wall-street-prosecutions-obama

PBS' Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.

Read More: https://www.theguardian.com/commentisfree/2013/jan/23/untouchables-wall-street-prosecutions-obama

And now, even worse, the US government is taken over by the GOP, which is an even greater swamp!
The US-debt have already surpassed one trillion USD due to massive corporate welfare tax cuts, and it is increasing fast + Donald Trump himself had even foolishly commented that the debt can be easily resolved by printing USD ("easy").

Trump: U.S. will never default 'because you print the money'
See: https://edition.cnn.com/2016/05/09/politics/donald-trump-national-debt-strategy/index.html

[metenjean]

Printing money is the main cause of inflation every year as inflation rise and its up to central bank to whether raise the interest rate or not, in these recent years the Fed has steadily raised interest rate to overcome the major economic transformation. As for bitcoin, limited supply means that bitcoin mainly will be consider as investment like gold rather than be used in normal transaction as the fee will steadily rise as the price of the coin rise and at the end it will even overcome conventional transactions fee and that why lots of altcoins start popping everywhere just to overcome the limited number of bitcoin such as the common used was Ethereum. So i dont think economist really understand the flow of bitcoin because without bitcoin printing more, there are still other coins to be used for transactions and that act the same as printing new money 

[avikz]

JPM criticizing bitcoin is not a new thing. That's an old practice taken up by Jamie to discourage the investors. He managed to successfully bog down the bitcoin price at his first attempt coupled with the China's ICO ban news. But the community decided to ignore his flawed comments about bitcoin since then and we haven't seen any impact on bitcoin due to his comments after the first time. It's an inevitable truth that Jamie will not keep his mouth shut when it comes to bitcoin, so let him do that. He is like a dinosaur, powerful but on the verge of extinction.

Also the inflation is never an effect of money printing. Inflation is caused by thousand other things and money printing probably one small factor of it. It's a good thing crypto currency can't be printed, so it is cutting down the cost of printing which is a significant one. So I see it as a strong point instead of weakness. Jemie has stopped making sense to the crypto community long back. It's better to start ignoring him for our own good.

[bug.lady]

Also the inflation is never an effect of money printing. Inflation is caused by thousand other things and money printing probably one small factor of it. It's a good thing crypto currency can't be printed, so it is cutting down the cost of printing which is a significant one. So I see it as a strong point instead of weakness. Jemie has stopped making sense to the crypto community long back. It's better to start ignoring him for our own good.

I think that inflation even in that word's derivative from latin (have a look at https://www.merriam-webster.com/dictionary/inflation) means "an act of inflating, expansion" in the sense that money supply volume is inflated.

Of course, inflation of money supply leads to price increases, and later in the end of 20th century the meaning of this word shifted to mean the price increase only, to make people forget what is the main reason behind it. I think that the shift of that word meaning was a carefully engineered procedure, to convince people that the prices rise by themselves, not by actions of governments.

[jseverson]

Inflation is healthy in small doses. Fiat is designed for that, even. Too much, and you devalue everything, too little and the economy could stall. The modern economy revolves around fiat being inflationary. Replace fiat with Bitcoin, which is deflationary, in this model and it's going to collapse.

If Bitcoin replaces fiat, the economy will have to adjust around it, not the other way around. Bitcoin having fixed supply and being deflationary is a con until then, at least in that context.

[Red-Apple]

bitcoin has a clear design and it is 100% transparent about its supply and everything else including the distribution of this supply. all these clowns that are publicly criticizing attacking bitcoin, they either never even bothered to study bitcoin or understand it perfectly well and because of that they find it threatening that is why they are attacking it.

look at your sources! JP Morgan! a big bank... do you think it is a reliable source?
and i bet they want to buy bitcoin again like the other time.

[bug.lady]

Inflation is healthy in small doses.

Well this is not a place for this discussion, but fiat is quite a new invention of 20th century. "Inflation is healthy in small doses" is what governments and bankers want you to believe.

Earlier, when financial systems were based on gold standard, inflation in the sense of inflating money supply simply couldn't occur (or could, but on a very small level). Note that the societies were developing al right.

Of course, whenever some ruler came to the idea of playing with their financial system they always had eventually some form of financial collapse and this is exactly what we can expect to come in our times too.

[jseverson]

Well this is not a place for this discussion, but fiat is quite a new invention of 20th century. "Inflation is healthy in small doses" is what governments and bankers want you to believe.

There is no way to prove or disprove this, so I'm letting you believe in what you believe. What I'm saying is that the the modern economy is built upon the assumption that fiat is inflationary, in part because of the shortcomings of the gold standard. Whether that is a good thing or a bad thing, you just have to pick a side.

[niteroy]

JP Morgan claims about the futility of crypto currencies and at the same time their fund issues a document on sheet 71 that the crypto currencies will not disappear anywhere and it is a good option for investors to multiply their capital. It's no secret that bitcoin is the future of the financial system and can not be ignored. Those who criticized him, simply regret that they did not have time to buy it on time, when it was cheaper and continue to make attempts to reduce its price by various discrediting statements.

[flippener]

They've had years to try the inflationary currency experiment, and it's been a dismal failure. I'm all for trying a bit of Bitcoin deflationary currency - the economic outcome couldn't be worse.

[ohlawdy]

This just reinforces my belief in crypto in general.
The biggest problem is the money printing that is happening right now , if they keep going this way the value of usd will only diminish.
The USA is just lending even more money this year compared to last years , and it keeps adding to a debt that can't be paid off.
I just love seeing banks scrambling like this and criticizing crypto , because they fear for their own jobs.

[Scorpion]

Once they know to make their own blockchain and cryptocurrency or even profit from the existing ones in a big way they'll start singing a different tune that's for sure.

[Clark13]

JPMorgan criticised Bitcoin and similar cryptocurrencies on the point that they cannot be printed by any central authority as a weakness.

Bitcoin evangelists, however, told Business Insider that JPMorgan's case rests on the assumption that printing money to shore up an economy is a good thing.

"This is a classic case of creating the problem you offer to solve, and exactly why bitcoin exists," said Aaron Lasher, the chief marketing officer at Breadwallet, a cryptocurrency tech company.

"Why do we have the need for "emergency liquidity" in the first place?"

Lasher says it all boils down to the fact that economies are based on fiat currency, which can be printed at the whim of central bankers.

"So banks have no incentives to manage liquidity risk precisely because the marginal cost of printing more dollars by the central banks is zero, providing a guaranteed backstop against sustaining losses incurred by excess risk taking," he said.

Arthur Hayes, the chief executive at BitMEX, a peer-to-peer crypto trading platform, said in an email to Business Insider that such policies ultimately translate into inflation in other financial assets.

"If money printing solved the ills of economic collapse, Weimer Germany, Zimbabwe, and most recently Venezuela would be the most productive and economically sound societies on earth," Hayes said.

"Money printing delays the inevitable," he added. "Without the ability to print base money at all, any institutional that extended credit would be evaluated by the market on its ability to responsibly originate loans."

http://www.businessinsider.com/bitcoin-design-might-be-its-achilles-heel-during-financial-2018-2

IMO, the printing of money, and the significant inflation which this induces, is a means by which the super wealthy steals money from everyone collectively to cover their losses. This is also the same tools that the US have been using to fund their wars for oil and minerals.

If printing is the basis of cryptocurrencies so that it can get its reputation, it is not a good and strong evidence. Many people are now rich and get success because of the cryptocurrencies. It does not need any printed currency if you can exchange them to your preferred currency.  Printing of money will not surely make the success of it. It has already its reputation and it takes too many people to destroy it. They have already the trust of people does not need to do anything to get more people.

[alyssa85]

Ha! He's wrong. We know that Tether regularly gets printed and that's a cryptocurrency.

Though they are of course being investigated for being a possible scam. Which says it all for printed currencies, doesn't it?

[w5pn73]

JPMorgan criticised Bitcoin and similar cryptocurrencies on the point that they cannot be printed by any central authority as a weakness.

Bitcoin evangelists, however, told Business Insider that JPMorgan's case rests on the assumption that printing money to shore up an economy is a good thing.

"This is a classic case of creating the problem you offer to solve, and exactly why bitcoin exists," said Aaron Lasher, the chief marketing officer at Breadwallet, a cryptocurrency tech company.

"Why do we have the need for "emergency liquidity" in the first place?"

Lasher says it all boils down to the fact that economies are based on fiat currency, which can be printed at the whim of central bankers.

"So banks have no incentives to manage liquidity risk precisely because the marginal cost of printing more dollars by the central banks is zero, providing a guaranteed backstop against sustaining losses incurred by excess risk taking," he said.

Arthur Hayes, the chief executive at BitMEX, a peer-to-peer crypto trading platform, said in an email to Business Insider that such policies ultimately translate into inflation in other financial assets.

"If money printing solved the ills of economic collapse, Weimer Germany, Zimbabwe, and most recently Venezuela would be the most productive and economically sound societies on earth," Hayes said.

"Money printing delays the inevitable," he added. "Without the ability to print base money at all, any institutional that extended credit would be evaluated by the market on its ability to responsibly originate loans."

http://www.businessinsider.com/bitcoin-design-might-be-its-achilles-heel-during-financial-2018-2

IMO, the printing of money, and the significant inflation which this induces, is a means by which the super wealthy steals money from everyone collectively to cover their losses. This is also the same tools that the US have been using to fund their wars for oil and minerals.

It makes you wonder if they believe their own bs or just want to convince people that fiat is better.

[jseverson]

Ha! He's wrong. We know that Tether regularly gets printed and that's a cryptocurrency.

Though they are of course being investigated for being a possible scam. Which says it all for printed currencies, doesn't it?

I fully believe that Tether is a scam, but I don't think it's solely because of the increasing supply, and I don't feel that it's fair to correlate that with printed currencies.

The problem with Tether is the claim that every single one is backed by USD. Not crypto in USD terms, but USD in cold hard cash. If that were true, then Tether should have 2 billion USD in reserve, and therein lies the problem. Releasing more supply is fine for as long as they're backed properly according to their claims, a fact which people are now starting to doubt. Printed currencies are backed differently, and I'd rather not comment on its legitimacy.

They've had years to try the inflationary currency experiment, and it's been a dismal failure. I'm all for trying a bit of Bitcoin deflationary currency - the economic outcome couldn't be worse.

We're getting a preview now. Most people would rather HODL than spend to increase its value. People might say that would stagnate the economy as spending is discouraged by deflation, but another case to look at is Japan and its new crypto rich -- they spent more because they had more and it had a positive effect on the economy. I'd say it wouldn't be too bad.

[Shrinath]

Such an irony! In the world of Crypto currency printing is not a problem at all. They need to be aware that the world is moving into a cashless market. The primary intention is for the world to be able to move into transactions without the need of CASH. The corporality that have crushed the economy without suffering any real consequence to their own livelihood nor were properly charged for their crimes, are now blasting crypto currencies that (despite of the current speculative rush during its very early infancy stage of development) remains a promising decentralized alternative currency that is made for the people of the world.

Bitcoin uses technology called a blockchain, the first of its kind. It creates an immutable ledger distributed over a network. This is very significant. Currency is one use of this technology, and other uses are being developed. There are over a thousand coins competing in the market now. Many are junk or scams, but some will thrive because they offer something useful.