Cryptos would only have value in a dystopian economy said JP Morgan

[deisik]

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)

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[South Park]

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.

[bbc.reporter]

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/

[el kaka22]

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.

[The Sceptical Chymist]

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.

[Wind_FURY]

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/

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.

[bbc.reporter]

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/

[peonminer]

Good find. We are near on the way to this dystopian economy. Especially since JPM wants to create their own stable coin crypto.

[bbc.reporter]

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.