Bitcoin price started a downside correction after a sharp move towards $3,750 against the US Dollar.The price corrected lower and tested the $3,540-3,530 support area, where buyers emerged.Later, there was a break above a key bullish flag with resistance near $3,570 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair is placed nicely in a positive zone and it could continue to move higher towards $3,650 and $3,800.Bitcoin price is slowly gaining bullish momentum against the US Dollar. BTC/USD remains in a decent uptrend, with high chances of a bull run towards the $4,000 resistance in the near term.Bitcoin Price AnalysisRecently, bitcoin price spiked sharply from the $3,350 support area against the US Dollar. The BTC/USD pair rallied and broke the $3,500 and $3,600 resistance levels. There was also a break above $3,700 level and the 100 simple moving average (4-hours). Buyers pushed the price towards the $3,750 level and a new monthly high was formed near the $3,745 level. Finally, the price started a downside correction and traded below the $3,700 level. There was even a break below the $3,650 level, but the price remained well above the 100 simple moving average (4-hours).During the decline, the price broke the 23.6% Fib retracement level of the last wave from the $3,343 low to $3,744 high. The price traded below the $3,600 level, but buyers appeared near the $3,540-3,530 support area. Moreover, the 50% Fib retracement level of the last wave from the $3,343 low to $3,744 high also acted as a support. A new support base was formed near $3,340 before the price moved higher. Recently, there was a break above a key bullish flag with resistance near $3,570 on the 4-hours chart of the BTC/USD pair. The pair is now placed nicely above the $3,550 level, with a bullish angle.On the upside, an initial resistance is near the $3,600 level, above which there are chances of more gains. The main resistance is near the $3,750 level, followed by $3,800. If buyers remain in action, the price could even test the $4,000 barrier.Looking at the chart, BTC price is showing positive signs above the $3,550 level. Should bitcoin fail to gain pace above the $3,600 level, there could be a bearish reaction. An initial support is at $3,540, below which the price could test the $3,500 support area.Technical indicators4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently placed above the 50 level.Major Support Level – $3,540Major Resistance Level – $3,600
Archives for February 16, 2019
Ripple price is struggling to clear the $0.3000 and $0.3100 resistance levels against the US dollar.There is a crucial bearish trend line formed with resistance at $0.3000 on the 4-hours chart of the XRP/USD pair (data source from Kraken).The pair must gain momentum above $0.3000 and the 100 simple moving average (4-hours) for more gains.On the downside, a break below the $0.2940 support could trigger bearish moves in the near term.Ripple price corrected lower after a decent upward move against the US Dollar and bitcoin. XRP/USD is likely to make the next move either above $0.3000 or below $0.2900.Ripple Price AnalysisAfter forming a support near the $0.2850 level, ripple price made a nice upward move against the US Dollar. The XRP/USD pair rallied and broke the $0.3000 and $0.3150 resistance levels. The price traded close to the $0.3200 level, where sellers emerged. A high was formed at $0.3198 before the price started a downside correction. There was a sharp decline below the $0.3100 and $0.3000 support levels. Sellers pushed the price below the 50% Fib retracement level of the last wave from the $0.2853 low to $0.3198 high. Besides, there was a close below the $0.3000 level and the 100 simple moving average (4-hours).Similarly, there were bearish moves in bitcoin, Ethereum, eos, litecoin and other altcoins. Later, ripple found support near the $0.2940 and $0.2950 levels. It traded close to the 76.4% Fib retracement level of the last wave from the $0.2853 low to $0.3198 high. Finally, the price started trading in a range between the $0.2940 and $0.3050 levels. On the upside, there is a crucial bearish trend line formed with resistance at $0.3000 on the 4-hours chart of the XRP/USD pair. Therefore, a break above the trend line and $0.3040 could open the doors for more gains. The next key resistance is near the $0.3110 level, above which the price may test $0.3200.Looking at the chart, ripple price seems to be trading in a range above $0.2940 and preparing the next move. If there is a downside break below $0.2940, the price could test the $0.2850 support area. The next key support is near $0.2770 and the 1.236 Fib extension level of the last wave from the $0.2853 low to $0.3198 high. The overall price action is slightly bearish, but the $0.2940 support might continue to hold losses.Technical Indicators4 hours MACD – The MACD for XRP/USD is showing a few bearish signs in the bearish zone.4 hours RSI (Relative Strength Index) – The RSI for XRP/USD just moved below the 50 level.Major Support Level – $0.2940Major Resistance Level – $0.3000
ETH price started a major consolidation after a nasty upward move above $120 against the US Dollar.There is a contracting triangle in place with resistance at $124 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair is likely to accelerate higher once it breaks the $124 and $125 resistance levels in the near term.On the other hand, a break below $119 might call for more declines towards the $114 or $110 level.Ethereum price is placed nicely in a positive zone versus the US Dollar and Bitcoin. ETH/USD could soon make the next move either above $125 or below the $119 support.Ethereum Price AnalysisThis past week, there was a solid upward move above the $120 resistance in ETH price against the US Dollar. The ETH/USD pair traded towards the $125 area, where sellers emerged. Later, the price started a major consolidation pattern below the $125 zone. During the consolidation, there were a few attempts to clear the $125 resistance, but buyers failed. Besides, there were bearish waves as well towards the $120 level. The last swing low was formed at $115 and the last swing high was near $124. The price is currently trading near the $122 level and well above the 100 simple moving average (4-hours).The 23.6% Fib retracement level of the last wave from the $115 low to $124 high is near the $122 level to act as a support. It seems like there is a contracting triangle in place with resistance at $124 on the 4-hours chart of ETH/USD. If there is an upside break above the triangle resistance and $125, there are chances of a solid upside continuation. The next resistance above $125 is near the $128 and $130 levels. The main resistance is at $134, where sellers are likely to appear.On the other hand, if there is a downside break below the $120 and $119 supports, there could be more losses. The next key support is at $118 and the 61.8% Fib retracement level of the last wave from the $115 low to $124 high. Below $118, the price could test $116 and the 100 simple moving average (4-hours).The above chart indicates that ETH price is likely preparing for the next key break either above $124 or below $119 in the near term. Even if there is a downside break, the price remains supported above $115.Technical Indicators4 hours MACD – The MACD for ETH/USD is about to move back in the bullish zone.4 hours RSI – The RSI for ETH/USD is currently well above the 50 level.Major Support Level – $115Major Resistance Level – $125
A Chinese crypto mining pool founder predicted that the next bull run would unleash the market’s full potential, enabling the Bitcoin price to ascend to unfathomable heights before the euphoria cools down.
Bitcoin Market Cap To $12 Trillion?
News 8BTC’s Lylian Teng reports:
“Zhu Fa, co-founder of crypto mining pool Poolin, recently made a bullish statement on bitcoin’s price, predicting that bitcoin would surge to new highs at 5 million Chinese yuan (roughly US$740,000).”
“From record high above $17,000 to year lows near $3,000, Bitcoin’s year-long turbulence has not discouraged crypto bulls. The operator of the world’s fourth-largest mining pool with over 11% of global hashrate still goes hyperbolic on bitcoin price forecast despite the current sluggish climate.”
“Bitcoin price will be in the range of 500,000 yuan – 5,000,000 yuan ($74K-$740K) in the next round of bull run.”
If Bitcoin were to rise so dramatically as Zhu Fa suggests, he’s predicting its future market cap will be USD$12 trillion.
The Flagship Cryptocurrency’s Current All-Time High
Bitcoin’s current price peak occurred on December 17, 2017 when buyers had to fork over 200 Benjamins (USD$20,089) to purchase 1 BTC. At that time, the coin had a market cap of USD$326,141,280,256.
Time Table For His Prediction?
Zhu didn’t give a time frame more specific than “next round of bull run” in his recent comment on another crypto influencer’s remarks on instant messaging platform WeChat.
Eyeballing the graph of Bitcoin’s last bull run, the price seems relatively level until the beginning of 2017, and that’s where it “goes parabolic,” rocketing straight up by the end of the year when it peaked at its all-time high.
Winklevoss Twins Predicted $4 Trillion in December
Cameron and Tyler Winklevoss predicted in December that the world’s most highly valued private currency could appreciate against the U.S. Dollar by as much as 4,000% to a total market value of $4 trillion:
“The twins have often compared Bitcoin favorably to gold, forecasting that the digital asset will disrupt the yellow metal, and Cameron Winklevoss said that the recent Bitcoin price decline has not caused him to waver from this optimistic prediction.”
The Brothers Winklevoss were the first verified Bitcoin billionaires. They invested massively in Bitcoin early on when 1 BTC was priced at USD$120, and they are hodling on tight.
Tim Draper: Bitcoin to $250K By 2022, $80 Trillion Market By 2033
In September, American tech billionaire, venture capitalist, and crypto bull Tim Draper stood by his April prediction that Bitcoin would reach $250,000 by 2022, which would put the total market cap of the cryptocurrency comfortably above $4 trillion.
He also predicted that the overall cryptocurrency market cap would be $80 trillion by 2033.
These People Are Just Saying Numbers
It seems to me that people are flashing around big numbers but not saying very much of substance to justify these figures. Of course, it’s tough to put together solid assumptions to make specific predictions, but if they’re going to say the figure, I think they should elaborate some solid ground to make the numbers they’re stating at least meaningful and to be more precise about what they do know and – more importantly – what they don’t.
Featured Image from Shutterstock
Since NewsBTC’s last updates on the QuadrigaCX situation, little knowledge has been garnered about the current whereabouts or legitimacy of the exchange’s supposed Bitcoin, Ethereum, Litecoin, and other digital asset holdings. But, this hasn’t stopped astute industry participants from scouring the web for clues, as victims continue to clamor for their hard-earned funds.Bitcoin Private Key DangersIn what can only be described as a jaw-dropping find. Doug Alexander, a Bloomberg journalist focused on Canadian markets, recently claimed that Gerry Cotten of QuadrigaCX was well aware of private key management. Per Alexander, in a February 2014 installment of the so-called “True Bromance Podcast,” the then Vancouver-based Cotten warned of the importance of keeping Bitcoin keys under lock and key.
Speaking to the show’s hosts, he remarked that losing keys is like “burning cash in a way,” adding that even if the world’s most endowed supercomputers were to try cracking Bitcoin, they wouldn’t be able to. In other words, “it’s impossible to retrieve [private keys].”
This, of course, is an odd comment, especially coming from the now-deceased founder of a crypto platform that purportedly lost over $150 million in assorted crypto assets.
But, this is where Cotten’s podcast appearance turns from odd (in retrospect) to confusing. The QuadrigaCX chief executive and founder, who died in India due to Crohn’s disease, made mention of Bitcoin paper wallets. He even remarked that at the time, his firm was holding his customers’ funds in offline paper wallets, situated in “our bank’s vault in a safety deposit box.” Giving some rationale to this move, the Canadian entrepreneur stated that this was the “best way to keep the coins secure.”
It is unlikely that QuadrigaCX’s remaining funds are left in safety deposit boxes scattered across Canada, but such a comment have made some think and ponder the details of this debacle.
QuadrigaCX Loses Additional Funds In Mishap
This story comes as Ernst and Young (EY), a “Big Four” firm actively overseeing this case, told Canadian officials that someone at the embattled exchange sent $500,000 Canadian worth of hot wallet funds into the purportedly unaccessible cold wallets. The sum purportedly amounted to approximately 103 Bitcoin. No other crypto assets were sent from QuadrigaCX’s hot wallets, now under the control of EY.
It is unclear what the financial incumbent will do with the 51 Bitcoin, 800 Litecoin, 950 Ethereum, among a smattering of other assets left in the hot wallets. While the sudden move of hundreds of thousands to locked wallets could have been an innocuous but expensive fat-fingered mistake, some have begged to differ.
Researchers are hard at work doing their utmost to determine if the disgraced platform ever held the sum Cotten’s widow reported in the original affidavit.
Featured Image from Shutterstock
Adam Jones, Global Auto Analyst at Morgan Stanley, warned that the production of an electric vehicle by either Tesla or Rivian could be bad news for traditional car makers in Detroit. Why? This wildly profitable segment of the vehicle industry is one that auto companies don’t mess around with.
Amazon Plunks Down Major Cash to Invest in Tesla Competitor Rivian
As CCN reported, Amazon led a $700 million funding round in Tesla rival Rivian Automotive LLC. According to the reports, while GM wasn’t included in the round as previously speculated, analysts expect the automaker to inject funds into Rivian in the future.
Speaking on the funding round, Rivian CEO RJ Scaringe remarked:
“Beyond simply eliminating compromises that exist around performance, capability and efficiency, we are working to drive innovation across the entire customer experience. Delivering on this vision requires the right partners, and we are excited to have Amazon with us on our journey to create products, technology and experiences that reset expectations of what is possible.”
Rivian Schemes to Beat Tesla to Market with an Electric Pickup
This Amazon-led Rivian funding round likely won’t be the EV startup’s last, but for now, the automaker is flush with cash and it could be knocking on Tesla’s door in 2020 – when it plans to launch its first batch of trucks. Tesla holds the aces for the EV market, and it has been doing so for a while.
Recent reports show the California car maker has extended its run on the leaderboard by some distance thanks to the continued production of the Model 3, which shipped almost 56,000 units in the U.S. alone. While Tesla is king for sedans, there’s no king for pickup trucks yet, simply because no one has produced any.
Rivian’s All-Electric R1T
Rivian will be looking to gain the incumbency power by developing the first electric pickup truck in the U.S. With a vibrant pool of farmers, professional contractors, and recreational drivers, there’s a large market waiting for an EV truck when it launches.
Rivian has taken a giant step, previewing its R1T at the Los Angeles Auto Show in November. Company CEO RJ Scaringe explained that the R1T would deliver 400 miles of range, be able to hit 60 mph in 3 seconds, and tow up to 11,000 pounds – not bad for an EV truck. For pickup drivers, the towing capacity of their trucks matter and this option from Rivian could be a game changer.
Last year, Americans purchased 2.7 million pickup trucks, and heavy-duty versions accounted for more than 35 percent, according to IHS Markit. Why the pickup truck market could favor EV manufacturers is due to the evolving needs of buyers. The profile of the average heavy-duty buyer has changed over the years from contractors and builders to include non-commercial buyers who now make up two-thirds of the market.
Tesla’s Summer Plan
While Rivian’s R1T got top marks at last year’s Los Angeles Auto Show and now has a major stamp of approval from Amazon, it will have to contend with future competition from Tesla, the electric market’s reigning king.
Tesla CEO Elon Musk has bragged about the company’s plan for trucks, saying that he would love to work on pickup truck vehicles, including those with all-wheel drive and “crazy torque & a suspension that dynamically adjusts for load.”
I’m dying to make a pickup truck so bad … we might have a prototype to unveil next year
— Elon Musk (@elonmusk) December 11, 2018
No Tesla truck has been formally announced, but that could change soon. Speaking on a conference call after Tesla’s Q4 2018 earnings report, Musk said:
“We might be ready to unveil that this summer. It will be something quite unique, unlike anything.”
Featured Image from Ben Moon / Rivian / Handout via REUTERS
This week, the Securities and Exchange Commission tweeted out its guidelines for those launching and investing in ICOs, although many would say that over a year on from the peak of the cryptocurrency boom, the guidelines amount to too little, too late.
That said, the document still throws up several points of contention, including a rather gloomy outlook for cryptocurrency exchanges – even decentralized ones – and at least one possible violation of the First Amendment on the part of the SEC.
Cryptocurrency Promotion: A Knife’s Edge
The SEC defines a security as:
“A token or offering that promotes the likelihood for future returns based on the entrepreneurship or efforts of others.”
With that in mind, perhaps it’s no surprise that some prominent crypto executives have begun to declare themselves part of a “protocol” rather than a company in recent months. One example is Tron’s Justin Sun, who recently stated in an interview:
“We can see that Tron is also more like a protocol rather than a company. I think that’s also introduced like a brand new concept of the protocol rather than a company institution or profit or entity.”
A man with a reputation for marketing, Sun made a name for himself as the bombastic, bold founder who never shied away from making extravagant claims about future success. In late 2018, when Ethereum’s Vitalik Buterin was honest enough to admit that ETH’s 2017 bull-run was based on little more than hype, Sun took the opportunity to promote his own project, stating:
“Vitalik: next wave of crypto is not going to be built on hype.@VitalikButerin admits that #ETH lead the 2017 bull run built on hype. #TRON will lead next bull run built on massive adoption dapps and @BitTorrent.”
Tweets like these could be the very thing that attracts the attention of the SEC. Does this not flirt dangerously with the definition of promoting a security? It suggests that an investment in Tron will pay off thanks to the efforts of others – in this case, BitTorrent.
SEC: Exchanges May Violate Securities Laws [Even If They Don’t Know it]
According to the SEC, a cryptocurrency exchange would be in violation of securities laws even if it unknowingly facilitates the trade of security coins and tokens:
“If a platform offers trading of digital assets that are securities and operates as an “exchange,” as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”
That explains why many “altcoin-heavy” exchanges tend to base their operations on foreign soil, such as in legal havens like Malta, or parts of South America. Yet even that might not be enough to save them, if the recent shutdown of Marshall Islands cryptocurrency exchange 1Broker is anything to go by.
Globe-hopping might not be enough to avoid the reach of the SEC, but what about exchanges that aren’t based in any physical location?
Decentralized Cryptocurrency Exchanges: Do They Violate SEC Guidelines?
According to the SEC, it doesn’t matter whether it’s a centralized, proprietary exchange, or a decentralized, autonomous piece of code – what matters is that unregistered buying and selling happens there:
“The activity that actually occurs between the buyers and sellers—and not the kind of technology or the terminology used by the entity operating or promoting the system—determines whether the system operates as a marketplace and meets the criteria of an exchange under Rule 3b-16(a).”
“[Providing] a marketplace for bringing together buyers and sellers for digital asset securities through the combined use of an order book, a website that displayed orders, and a smart contract run on the Ethereum blockchain.”
But according to the non-profit digital civil-rights group, Electronic Frontier Foundation (EFF), prosecuting people who upload open-source bundles of code to Github would be clear violation of First Amendment rights.
“This isn’t just dangerous because it could quell research; it’s unconstitutional. The free speech protections enshrined in the First Amendment and upheld through court cases across decades include the rights of individuals to publish their ideas without preemptively obtaining a license. And code itself is speech.”
The EFF sent a nine-page letter to the SEC on Tuesday, urging the commission to keep constitutional rights in mind when wielding their regulatory whip, specifically in relation to the Ether Delta and Zachary Coburn case. Read the letter here for a quick rundown on computer code’s legal status in relation to First Amendment rights.
EFF Crypto Exchanges SEC by on Scribd
What’s Next for Crypto Regulation in 2019?
It’s difficult to predict what happens next: on the one hand, the SEC has signalled its intention to refresh its focus on cryptocurrency in 2019. But at the same time, the commission is already discovering that not all branches of the U.S legal system agree with its definitions.
In 2018, the SEC brought the hammer down on nineteen different cryptocurrency projects. The number of cases in the previous five years combined was just twelve. In November 2018, the commission ruled that Paragon’s $12 million ICO, launched in 2017, must be paid back to those investors who desire it – despite the messy technicality of a 95% price drop in the intervening time period.
A Look to the Past
While the ICO space has changed a lot in the past year, the SEC’s view on initial coin offerings has not. As early as 2017, SEC Chairman Jay Clayton said:
“[A] token that represents a participation interest in a book-of-the-month club may not implicate our securities laws, and may well be an efficient way for the club’s operators to fund the future acquisition of books and facilitate the distribution of those books to token holders.”
That’s very different to what we have now, and the following analogy proved to be eerily accurate, despite being made before the heady peaks of the ICO gold rush:
“In contrast, many token offerings appear to have gone beyond this construct and are more analogous to interests in a yet-to-be-built publishing house with the authors, books and distribution networks all still to come.”
Featured Image from Shutterstock
Over the past year, crypto has struggled from a price standpoint. Thus, many investors that are looking to “HODL” have sought the light at the end of the tunnel that is institutional participation. But, one Wall Streeter, who has expressed some semblance of support for Bitcoin, recently claimed that this facet of the ecosystem just isn’t there yet.CME CEO “Not Sure” Bitcoin BottomSince Bitcoin fell off the public’s radar in mid-2018, most incumbents of the legacy world have shut their trap, so to speak, regarding the subject matter. But, Terry Duffy’s interview on Bloomberg TV took a turn for crypto on Thursday.
In response to an inquiry from a Bloomberg host regarding if the value of the flagship cryptocurrency has established a bottom, the CME Group chief executive noted that he’s “not quite sure,” likely accentuating that he doesn’t keep up-to-date with this whole ecosystem.
Duffy’s hesitant response on this matter comes as a number of analysts claim that Bitcoin has further to fall.
As reported by NewsBTC previously, Murad Mahmudov, a partner at Adaptive Capital, recently claimed that Bitcoin could find “steady support” at an MA300 of around ~$2,400. However, the prominent analyst made it clear that Bitcoin could “wick down” to as low as MA350~400 in the $1,700 range, “due to past patterns and how particularly overstretched the 2017 bubble was.”
Other made similar remarks. One crypto commentator recently noted that if history rhymes, BTC could fall to as low as $750 by mid-year, citing fractals and technical analysis.
Then again, some have been more optimistic. Leading researcher Filb Filb recently explained that there are “staggering pre-halvening similarities [between] 2015 [and] 2019.” More specifically, he noted that if the price action seen in 2015’s bubble plays out today, BTC will bottom in the coming weeks, before embarking on a strong rally heading into 2020’s halving event.
Crypto Needs Governments To Succeed
On the matter of his futures product, Duffy stated that from the perspective of the CME, it just wanted to list Bitcoin in a controlled manner to appeal to regulators. That led him to his next point about institutional involvement. The investor noted that the “bottom line” is that until global governments start to accept cryptocurrencies, whether it be Bitcoin, XRP, Ethereum, or even JP Morgan’s own digital asset, it will be “very difficult for the major commercials to come into this space” in a gung-ho fashion.
Thus he determined that for cryptocurrencies, or any other nascent market for that matter, to succeed, the ecosystem surrounding them will need to gain approval from governments.
While strides are being made, such as through statements of support from the U.S. SEC’s Hester Pierce or other pro-crypto moves, this is more than likely an uphill battle.
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JP Morgan Chase and Co. announced Thursday it would be the first major institutional bank to release its own cryptocurrency. Its new JPM Coin is an almost shockingly impotent reaction to Bitcoin and other cryptocurrencies by the United States’ largest bank.
Jamie Dimon Gets a New Toy
Newsflash: Bitcoin Basher Jamie Dimon & JP Morgan Just Launched Their Own Cryptocurrency https://t.co/VciDixDldH
— CCN.com (@CryptoCoinsNews) February 14, 2019
JP Morgan says you can now give them a dollar, and they’ll give you a JPM Coin, which you can redeem for your dollar with them any time.
So they’re using JPM Coin to keep track of how much money you’ve deposited and withdrawn. So they are offering basic banking as a new crypto.
The embarrassing level of fail in this move is difficult to overstate.
It would be shocking but for the fact that we already knew for years where institutional banking’s head is at regarding cryptocurrency, how it thinks about crypto, the knowledge about crypto that it represses, and what it wants the world to think about Bitcoin.
We know from such well-worn shibboleths as:
“We’re excited about blockchain the technology underlying Bitcoin.”
Which would be like horse-drawn carriage makers a hundred years ago saying they’re excited about some of the underlying technology of these new horseless carriages…
But not the horseless part.
And then presenting a new “automobile” to the market that looks a lot like a Model T carriage and copies some of its finer details, but it’s pulled by horses.
The Very Idea of JPM Coin as a Currency Is A Fraud
They call it “minting” a coin to mean buying a digital JPM Coin from them, and “redeeming” the coin means selling it back to them for your U.S. Dollar.
This is almost too ridiculous to criticize cogently.
To begin with, you’re not minting anything. That usage, in this case, is in the realm of 100% fluff metaphor. When bitcoin is put into your bitcoin wallet, the fact that it was transferred to your account is indelibly minted into those bits.
Once the transaction has cleared, it’s irreversible. It’s much more permanent and immutable than a design stamped into a metal blank with a coin die and press.
But all that’s happening with JPM Coin, a stablecoin pegged to the dollar at a 1 to 1 ratio, is a client gives JPM a dollar, and JPM’s computer remembers it gave them a dollar and that they’re obligated to give it back when the customer wants to withdraw it.
That is literally exactly how things were at JPM before this so-called cryptocurrency. Clients would give them their money, and they’d give it back when the clients asked for it.
That’s just called banking.
The only meaningful difference may be that they’ve worked up some solutions to manage transfers between accounts faster and can verify more quickly whether there are errors.
JPM Coin Is Just JP Morgan Optimizing Its Database Software And Calling That A Crypto
It’s 2019 and JP Morgan Chase and Co. is finally getting around to spending some of that TARP bailout money on computer software to improve its electronic record keeping.
And it has hilariously decided to pass that off as JPM Coin, a new “cryptocurrency” brought to you by Jamie Dimon, the guy who called bitcoin a fraud.
The response from the crypto community was fierce and hilarious, ranging from “nothing like Bitcoin” (MIT Technology review), to “isn’t even a real cryptocurrency” (CCN), to 2019’s most popular token for money laundering:
The most popular token for money laundering this year will be JPM Coin
— Pomp 🌪 (@APompliano) February 14, 2019
— Logan [🗝🧙🏼♂️⚡💰] (@futjrn) February 14, 2019
JPM Coin Will No Doubt Be Used to Commit financial Fraud
That tweet by Morgan Creek Capital partner Anthony Pompliano is no glib remark.
Although its billionaire CEO Jamie Dimon said “Bitcoin is a fraud” in Sept. 2017, his company has paid billions and billions of dollars in what are amazingly slap-on-the-wrist fines compared to the amount of money being manipulated by JP Morgan for nefarious purposes:
“Since 2010, the year Bitcoin first began to circulate, under the leadership of Jamie Dimon JP Morgan Chase has been charged with 48 different violations of banking and securities fraud. $28,675,456,874.00 is the total they’ve paid out just in the past 7 years in slap-on-the-wrist fines by politicians whose coffers they’ve filled with money.”
They should have just named it FraudCoin because, chances are, it will be used for that at some point.
This is also just a way for JP Morgan, which says its new bank token is designed for wholesale business-to-business financial settlement among its major clients, to inflate its reserves with new JPM bucks created out of thin air and tell its clients: “Here, give us your money for these tokens.” What’s the convertibility of JPM Coin to Schrute Bucks?
Get Out of Here with Your So-Called ‘Bitcoin Killer,’ Jamie Dimon
The idea behind a stablecoin is an exercise in futility.
Like contemplating one of those absurdist koans.
The coin is pegged to the value of something else.
So why not just hold the something else, which ostensibly will always have the same value as the stablecoin, but is actually itself and not just something redeemable for itself?
This is just so funny because Dimon and the likes of institutional finance scoffed at Bitcoin, comparing it to the Dutch Tulip Mania, arguing that it is merely a shared hallucination of one greater fool after another of some kind of value in something with no intrinsic value.
Now they’re asking big players with a lot of money to buy their stablecoin, which they say is worth $1, but why is it worth that? Stablecoins are only worth what all the people who share the hallucination agree it’s worth, but there’s no intrinsic value in JPM Coin.
JPM Coin is so absurd it’s almost like a post-modern art project.
JP Morgan just issued a digital certificate that you can redeem for another digital certificate that you haven’t been able to redeem for hard specie since Nixon was president.
Are we actually witnessing the banking system viciously satirize itself?
Forget World War 3, nuclear Armageddon, the zombie apocalypse, rising sea levels, the AI winter, gamma rays from outer space, or some kind of nano-biotic gray goo.
Is the real chthonic force that will overwhelm the world the unbearable hilarity and terrifying blindness of dinosaur legacy institutions fumbling through our brave new world?
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Jamie Dimon Image from AP Photo / Jacquelyn Martin
Uber is suing New York, seeking to overturn the city’s year-long cap on new licenses for ride-hailing vehicles. The company said it’s suing the city because it’s worried that the temporary restriction could become a permanent draconian measure.
12-Month Cap Was Imposed To Curb Congestion
In its February 15 lawsuit filed in New York Supreme Court, Uber claims the city is punishing it with a “ban first, study later” approach that’s anti-competitive and hurts customers who live outside of Manhattan.
“The City chose to significantly restrict service, growth, and competition by the for-hire vehicle industry, which will have a disproportionate impact on residents outside of Manhattan who have long been underserved by yellow taxis and mass transit.”
“The City made this choice in the absence of any evidence that doing so would meaningfully impact congestion ― the problem the City was ostensibly acting to solve.”
During the year that the cap is in effect, the NYC Taxi and Limousine Commission plans to examine the effects of ride-hail services ― notably, its impact on traffic congestion.
Suicides Spike among Yellow-Cab Drivers
Authorities also cited a growing economic crisis among yellow-cab drivers, who complain that increasing competition from Uber and Lyft is hurting their livelihoods. The result has been an alarming spike in suicides among yellow-cab drivers.
In a November 2018 statement, the New York Taxi Workers Alliance discussed the harrowing crisis:
“Eight drivers have now died by suicide because of the crisis Uber created. That’s why Uber drivers and yellow cab drivers from across the city united to win the historic cap on for-hire-vehicles — to put an end to the financial despair, debt, and poverty that is literally killing our brothers.”
Cyclists and Pedestrians Hate the Extra Traffic
Anecdotally, people who take taxis in New York City will tell you that yellow-cab drivers hate Uber and Lyft, which they complain are stealing their customers and taking money out of their pockets.
In addition, anyone who bikes on Manhattan’s busy streets complains about the increased congestion caused by the barrage of ride-hailing vehicles. Finally, pedestrians are unhappy with the reckless driving of both yellow cabs and Uber drivers, who compete for fares.
Congestion on New York City streets is expected, but it has worsened in recent years due to the proliferation of ride-hailing vehicles. Ask any New Yorker, and they will confirm that this is true.
Amazon Ditches New York Amid Protests
The Uber lawsuit comes just days after online retail giant Amazon scrapped plans to build a second headquarters in Queens, New York.
As CCN reported, the facility would have created 25,000 high-paying jobs and would have been an economic boon to the industrialized area. The residual job creation was projected at an additional 67,000 jobs.
Democrat Congresswoman Alexandria Ocasio-Cortez led the protests to chase Amazon out of New York.
Ocasio Cortez is now being slammed for her disastrous activism, which is being blamed for the loss of tens of thousands of local-area jobs.
Now, there are concerns among some in the New York City business community that Uber might also leave the city due to its increasingly anti-business environment.
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