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Author Topic: Bitcoin Terrifies Banks: Hypocritical JP Morgan is Blacklisting Crypto Firms  (Read 323 times)
Jonking (OP)
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March 04, 2019, 06:57:14 PM
 #1

Thought he is creating his own coin?

https://www.ccn.com/cryptocurrencies-threat-banks-hypocrite-jp-morgan-blacklisting-crypto?fbclid=IwAR34IaoW3bm7VaIaxtcKfxosM8l7yokoamBCxbtu8Gv_y_UG9BVkjbynb8c
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March 04, 2019, 07:57:43 PM
 #2

Is it even legal in US? Can a bank refuse to open accounts for a particular type of businesses which are not illegal as per local law? Carrying out a legal business is a fundamental right of a human being and how can a bank refuse to open an account?

They can close/block an account if they find anything suspicious but refusing is not a correct step. I am sure JPM will be snapped a huge fine if the company moves to court. How can a bank like JPM that handles daily transactions worth 3 trillion USD everyday, is terrified by cryptos?

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March 04, 2019, 10:15:29 PM
Merited by kryptqnick (1)
 #3

Can a bank refuse to open accounts for a particular type of businesses which are not illegal as per local law?
Absolutely. They can refuse you for any reason they like. What's more, is that they are not even obligated to tell you the reason.


How can a bank like JPM that handles daily transactions worth 3 trillion USD everyday, is terrified by cryptos?
Because bitcoin doesn't just threaten some of their revenue, if threatens the entire system they are based on. It can't be printed at will, it isn't inflationary, it beats them on speed, it beats them on fees, it beats them on international payments, it beats them on everything. They are not worried about a handful of companies moving away from fiat - they are worried about fiat collapsing altogether.
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March 04, 2019, 10:31:30 PM
 #4

What seems to me is JP Morgan is clearing their way as much as they can to rule one day in the crypto nation.
Maybe my statement is baseless to all, but this is what it looks like to me.

Previously we heard JP is launching their own crypto and they are entering crypto nation, then why they are not supporting other crypto firms?

Kraken account has been shut down.... maybe they had a plan to launch their own crypto exchange...  Roll Eyes

Morgan's show is not over, many things yet to come.
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March 04, 2019, 10:59:53 PM
 #5

Is it even legal in US? Can a bank refuse to open accounts for a particular type of businesses which are not illegal as per local law? Carrying out a legal business is a fundamental right of a human being and how can a bank refuse to open an account?

They can close/block an account if they find anything suspicious but refusing is not a correct step. I am sure JPM will be snapped a huge fine if the company moves to court. How can a bank like JPM that handles daily transactions worth 3 trillion USD everyday, is terrified by cryptos?

They have a reason to file charges if they cannot come out with a good reason why they are allowing them to open a bank account, I think they should file this is going to be a landmark case and we can score it big if we win on this one, which I'm pretty sure will win.

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March 04, 2019, 11:14:27 PM
 #6

Institutional organizations included banks don't want to compete with dominant cryptos. Maybe that's the key reason behind these questions. They are afraid of change and innovation that can be the biggest threat to their old business model. JPM is not an exception here.

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March 04, 2019, 11:25:10 PM
 #7

Institutional organizations included banks don't want to compete with dominant cryptos. Maybe that's the key reason behind these questions. They are afraid of change and innovation that can be the biggest threat to their old business model. JPM is not an exception here.

Yeah, they afraid that crypto will be successful and the banking institutions will be collapsed  but as far as I know crypto wont make bank disappear , and if they afraid of changes then the nation won't be develop to a better future, I am furious to see how JPM handle this situation, seems like JPM betray the all the crypto users, if they do a better research then they will know crypto could be very useful for them
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March 05, 2019, 01:30:44 AM
 #8

Well the coin they're creating is hardly a cryptocurrency. It's going to be controlled and centralized, so this isn't very hypocritical on their part. They basically want all the perceived benefits while still being in control.

As for being terrified, I find it more likely that they're terrified of the overhead, which this guy concurs with:

Quote
“It’s not illegal for big banks to bank the crypto industry, but it’s a massive compliance headache that they don’t want to put the resources in to solve.’’ – Sam Bankman-Fried, CEO of Alameda Research.

Either way, let them lose out on business if they want. Lots of people here seem to hate banks and at the same time want them to give in to their whims lol.

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March 05, 2019, 04:02:49 AM
 #9

i am wondering whether the actions like this are going to open up some sort of competition. like any other business, banks are also competing with each other so when one big one rejects a certain group of businesses it can open up room for others to pick them up and increase their own revenues. it would be interesting to see how this changes in the future too, as bitcoin grows and more and more businesses start up.

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March 05, 2019, 04:11:03 AM
 #10

Well the coin they're creating is hardly a cryptocurrency. It's going to be controlled and centralized, so this isn't very hypocritical on their part. They basically want all the perceived benefits while still being in control.

As for being terrified, I find it more likely that they're terrified of the overhead, which this guy concurs with:

Quote
“It’s not illegal for big banks to bank the crypto industry, but it’s a massive compliance headache that they don’t want to put the resources in to solve.’’ – Sam Bankman-Fried, CEO of Alameda Research.

Either way, let them lose out on business if they want. Lots of people here seem to hate banks and at the same time want them to give in to their whims lol.

Even while they have to deal with compliance, I still leaning towards them being scared of crypto thus their negative reaction to it. They may be corporate giants but crypto may still be a threat to them. Surely they're not stupid and can see the potential of crypto technology. That is why they have created their own coin despite being against crypto.

As said in the article:

Quote
BANKS ARE TERRIFIED (AND CLUELESS) ABOUT BITCOIN
Wall Street continues to blame “money-laundering” on its refusal to bank crypto businesses.

This is rich considering Wall Street launders more drug money than bitcoin. JP Morgan was fined $1.6 million for its failure to stamp out money laundering. And Deutsche Bank was recently complicit in $10 billion worth of money-laundering.

Looks like they've been trying to divert attention by espousing negativity on crypto so they may redirect the blame.
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March 05, 2019, 05:14:15 AM
 #11

Institutional organizations included banks don't want to compete with dominant cryptos. Maybe that's the key reason behind these questions. They are afraid of change and innovation that can be the biggest threat to their old business model. JPM is not an exception here.

Yeah, they afraid that crypto will be successful and the banking institutions will be collapsed  but as far as I know crypto wont make bank disappear , and if they afraid of changes then the nation won't be develop to a better future, I am furious to see how JPM handle this situation, seems like JPM betray the all the crypto users, if they do a better research then they will know crypto could be very useful for them
They are preparing for worst scenario, and for sure they believe if they don't adopt cryptocurrency they will slowly die and those who adopted already will replace them on top. JPM, maybe already realized this things and its good for us since many businesses will also study the market and start making their own currency. This is what expected by many institution that major banks will use blockchain technology in the future.
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March 05, 2019, 05:25:47 AM
 #12

-snip-

Even while they have to deal with compliance, I still leaning towards them being scared of crypto thus their negative reaction to it. They may be corporate giants but crypto may still be a threat to them. Surely they're not stupid and can see the potential of crypto technology. That is why they have created their own coin despite being against crypto.

As said in the article:

Quote
BANKS ARE TERRIFIED (AND CLUELESS) ABOUT BITCOIN
Wall Street continues to blame “money-laundering” on its refusal to bank crypto businesses.

This is rich considering Wall Street launders more drug money than bitcoin. JP Morgan was fined $1.6 million for its failure to stamp out money laundering. And Deutsche Bank was recently complicit in $10 billion worth of money-laundering.

Looks like they've been trying to divert attention by espousing negativity on crypto so they may redirect the blame.

Yeah it's really just a matter of opinion. They could definitely be scared on some level, but at the scale crypto currently is now, I don't see them actively going out of their way to not earn money. The only conclusion I can think of, therefore, is that there's not much money to be made off crypto clients.

I also get the money laundering angle, but the way I see it, they need to put on a front for regulators. No matter what shady things they are doing behind the scenes, they still have to implement AML procedures for their clients (or most of them anyway lol). Think of it this way: if they do money laundering themselves, they earn money despite the risks. If one of their clients do money laundering, they get investigated and penalized. It's only natural for them to not want clients to launder money.

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March 05, 2019, 05:28:46 AM
 #13

This is just another reason why centralized services like this must be disrupted. They can make anti-competitive decisions like this and it is supported by governments, because they are in bed together. The whales in Bitcoin should put funds together to fund a Crypto currency Bank that support Crypto currency business or we should crowd fund such a Bank to offer businesses like this another alternative.

If they do not want that Crypto business, give it to people that wants it.  Wink  <Take your friends and family with you>

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March 05, 2019, 05:31:55 AM
 #14

I don't think that they are clueless. For sure they know the effects of crypto that's why JP Morgan are afraid of what it can really bring to their banking system. I mean, just imagine if half of their customers will suddenly shift to bitcoin or any cryptos as a store of value as a hedge, they will literally lost billions of profits. So now JP Morgan is blacklisting everyone, not just crypto firms but perhaps even individuals who they suspected of dealings with crypto in their bank.

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March 05, 2019, 05:33:24 AM
 #15

I am not sure if that is considered fear? more like ownage? It feels like they are wanting to create an exclusive coin that is bound to the bank? I am just guessing given they were into crypto not long ago.

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March 05, 2019, 07:31:46 AM
 #16

They can block whatever they want but it won't stop the inevitable from happening. Crypto is going to flip banks as they will see when the virus spreads

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March 05, 2019, 07:44:09 AM
 #17

The article said that they will fire any employees cought trading crypto, this mean that JP Morgan afraid of bitcoin. They afraid that people prefer like to use bitcoin rather than fiat money. If JP Morgan think that bitcoin is useless then they will not have such behaviour, JP Morgan behave like that because bitcoin is something usefull and can become something big and popular in the future.
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March 05, 2019, 07:54:24 AM
 #18

JP morgan have always been like this.
its nothing new
they closed accounts related to medical cannabis retailers. companies in the sx industry even places that just sell condoms..

so its none-news.
also banks dont suffer due to bitcoin. when on person buys bitcoin from another. the FIAT never actually gets burned/evaporates. all that happens is it moves bank accounts. from buyer to seller.
financially bitcoin is just the same business as selling an iphone. funds move from buyer to seller.

however banks do have a headache in regards to SARs reporting and the bureaucracy of investigating and KYC stuff. so with so much drama around american regulations requiring extra due dilagance and identifying those involved. and the reluctance of bitcoin businesses to disclose information about their clients. its easy to see that headaches emerge.

much like for instance kraken, using JPMC as an account not for exchange trading. but for paying staff salaries. normally fine for normal business.
but with kraken being a MSB and staff saleries resulting from profits of krakens exchange. you could see how JPM would have headaches trying to KYC/AML the funds going into kraken salaries account coming from the exchange account. and then paid out to staff. all while probably kraken wont wont to disclose the origins of the funds from the exchange account. thus headaches in regards to AML

but here is the ultimate lesson.
if your playing with fiat. follow fiat rules
if you dont like fiat rules dont play with fiat.

bitcoin is a option to store funds in a way that a bank or other party cant tell you what to do with your funds
(hense why i personally detest LN, as its a multiparty concept requiring co authorisation and participation of others to decide if my payments get processed.. just like banking)

so best option if you want to sever ties to fiat. dont handle fiat. get your staff to accept salaries in bitcoin and then get your staffs local shops/landlords to accept bitcoin. thus avoid fiat.. as that was one of the early aspirations of bitcoin before the flip from bitcoin innovator to fiat investor around 2013

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
franky1
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March 05, 2019, 07:57:20 AM
 #19

They can block whatever they want but it won't stop the inevitable from happening. Crypto is going to flip banks as they will see when the virus spreads

JPM is a national bank. meaning it has to adhere to strict legal tender laws of only promoting dollars. JPM wont be seen selling baked beans at it bank teller counter. nor would it be selling dildo's. its business model has to stick to fiat.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
timerland
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March 15, 2019, 09:55:44 AM
 #20

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? If JP is able to close and restrict people that are involved with crypto frms from having a bank account, that is very powerful for when their coin comes out, especially if it is easily liquidable/transferrable with their bank.

This is either another chapter of a big company trying to monopolize a market or the typical centralization vs decentralization clash. Quote from the article says it the best.

Quote
CRYPTOCURRENCIES ARE A HUGE THREAT TO BANKS
The money-laundering excuse is quickly growing old. It hides the true fact: banks are threatened by cryptocurrencies.

Bitcoin and crypto offer an alternative system that doesn’t rely on a third-party institution. They can’t be confiscated or manipulated by central banks and governments.

On a practical level, cryptocurrency transactions are faster and more secure than traditional systems. Trust in banks is declining and faith in bitcoin is growing. The revolution is here, and Wall Street is terrified.


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