Last week saw some tumultuous moves in Bitcoin and the crypto currency market in general following news that China would be cracking down on ICO’s (Initial Coin Offerings) purportedly in an effort to prevent fraud and capital flight. Just days prior to these announcements, JP Morgan chief Jamie Dimon publicly said that Bitcoin is a fraud and that anyone in his firm caught trading the digital currency would be terminated. By the end of the week, it was revealed that not only were people not being fired at JM Morgan, but they were actively buying the crypto on European exchanges.
This begs the question: Was Jamie Dimon simply “talking his book” by attacking Bitcoin and other crypto currencies so that his firm could load up after the price dropped some 35% from its all-time highs? Either that, or Dimon clearly understands the threat it poses to the banking sector as it exists today, including the profits from their multi-billion dollar customer fee structures .
According to Frank Holmes, who is the head of top advisory firm U.S. Global Investors and recently appointed as the Chairman of the first publicly traded blockchain mining company Hive Blockchain Technologies, blockchain stands to completely uproot the entire banking sector. Holmes highlights that, while Dimon is talking about Bitcoin being a fraud, large bank consortiums in South Korea, Japan and even here in the United States are exploring how the technology can improve their businesses and keep them competitive as this emerging technology takes hold globally:
Jamie Dimon’s comments surprised me… Bitcoin has woken up the significance of blockchain technology… and Ethereum comes along with smart contracts on the blockchain… and this is so significant because this is basically going to uberize banking… it’s going to be such a big benefit that the major banks are all spending billions of dollars to get into blockchain…
So for him to go and say that was really shocking to me.
His full interview with SGT Report follows:
Last week there was a huge energy conference in Houston supported by major energy companies…the whole idea is using this encryption… this blockchain technology for securing energy information.
And then there’s another one taking place for healthcare… if you think of Medicare and all the bureaucracy that goes on there… when you put it on blockchain they can drive down the costs, which would be a benefit for the government and a benefit to individuals.
So there’s other ways that this can show up in saving humanity that’s so important.
The other fact is that it’s decentralized… When you buy with Mastercard or Visa they control the processing of each transaction… whereas the verification of blockchain is by millions of people.
That concept is really catching hold with not just investors, but around the world…
What we’ve seen with Bitcoin and Ethereum is the embracing by a consortium of South Korean and Japanese banks earlier this year and that led to a big surge of activity… everytime there is a missile shot over Japan we get a surge in Bitcoin and Ethereum… so there’s something that’s happening there as an additional… as a result of fear… gold plays a role in someone’s portfolio and so does Bitcoin as a currency.
Holmes goes on to note that Bitcoin, while still under scrutiny in the United States by the Securities Exchange Commission because of Anti-Money Laundering concerns, it is only a matter of time before it is allowed to be traded on major stock exchanges in the form of Exchange Traded Funds and other investment vehicles:
When I met with the regulators, the anti-money laundering compliance supersedes everything.
It reminds me that when we first had the tragedy of 9/11 and flying… before they came along with TSA Preferred… you almost had to strip naked to go through and fly an airplane… and everything was being delayed… the process of long lines, etc…
That’s like AML… and they have not found a way to streamline it… It took almost 10 years before they really started to let people fly more readily and easily..
Do the coins come from a hacker? Do they come from legal means?
I think that’s the biggest reason.
You can watch the full interview with Hive Blockchain Technologies Chairman Frank Holmes Here
Learn more about Frank Holmes at the Hive Blockchain Technologies website
For more news, video reports and commentary visit SGTreport.com
Jamie Dimon calling something a fraud is the height of hypocrisy. Given what happened to the bitcoin price after his comments, it’s almost as if he knew exactly what was going to play out. Then we find out they were buying at the lows?! Typical banker bullshit.
Blockchain is here to stay.
Ransomware hack targeting 2 million an hour
“A ransomware attack sweeping the globe right now is launching about 8,000 different versions of the virus script at Barracuda’s customers, Eugene Weiss, lead platform architect at Barracuda, told Axios, and it’s hitting at a steady rate of about 2 million attacks per hour.”
Here’s what you need to know on the latest:
• Automated hacking: “Nobody actually sat there and made 8,000 digital modifications,” Weiss said. The way they do it is by using a kit that essentially automates code variations.
• What to watch out for: An incoming email spoofing the destination host, with a subject about “Herbalife” or a “copier” file delivery. Two of the latest variants Barracuda has detected include a paragraph about legalese to make it seem official, or a line about how a “payment is attached,” which tricks you to click since, as Weiss puts it, “everyone wants a payment.”
• If you remember one thing: “Don’t click the link that is absolutely the most essential thing.”
I, and many others, have pointed out the extreme likelihood that anyone making a public negative statement about bitcoin does so for the purpose of privately buying on the price drop.
That goes for the dinos, central banks, chinese “officials”, etc etc.
This sounds more like banker shell games, Magic money that disappears in your hand when you try to use it. What happened to all the pallets of money stored in the vault in the World Trade Center…. taken out 4 days before the attack on 9/11 i’d bet that money / gold went to Saudia Arabia.
Why oh why are these people still running our country? Why has nobody gone to prison over this?
Most people misunderstood Dimon. When he said Bitcoin was a fraud, what he actually meant was: Instead of Bitcoin, you should buy Ethereum.
Grandmas are starting to talk about bitcoins.There is talk about another split. China just banned it and other “free” countries will start “regulating” soon.
Get your short term trading in soon because this can not last.
As China makes it illegal….and the Yuan is backed by gold…not computer bits….Bitcoin is dead…along with the dollar…
Valid point for all to consider
I’m waiting for the hackers to realize that the more that people invest in digital currency, the more vulnerable the world becomes to the loss of that data. It’s funny how people actually believe that the state of polarity of a processor register somehow has value. 0 or 1, huh? And just when will it become so evident that altering, erasing, scrambling those binary values is out of the investors’ hands and in the grip of whomsoever has the knowledge and will to write or over-write what they want in those locations?
Good point there!
Wish more people would see Bitcoin for what it is – to get the mASSES used to cashless.
Resist the cashless agenda by using it as much as you can.
Ethereum And Bitcoin Energy Consumption Surpasses Entire Countries’ Power Budgets
Peak Oil / Shut The Hell Up >>>>> The Earth Is Flat Right ?
There’s an old saying that “if you don’t possess it, you don’t own it”. How could anyone have confidence in a system where all your wealth is digital? Just a bunch of zeros and ones in space? And all the hacking, data breaches, identity theft, NSA spying, etc….are of no concern? Where you could be wiped out by a hacker, or a govt agency? This is madness. I want my wealth in cash, coins, food, medicine, guns, ammo, toilet paper, whiskey. If you want to take it, you’ll have to physically steal it from me….lots of luck, Gringo.!!!!!!
BARTER, BARTER, BARTER….if you are not bartering NOW with neighbors and small business owners, and establishing your own SUSTAINABLE SMALL COMMUNITES where you can feed yourselves and offer protection far, far, far away from the doomed collapsing violence ridden disease ridden dying hellhole cesspools of insanity known as New Babylonian American Cities-you will not survive in the future it is that simple.
People, don’t be fooled by the apparent advantages and usages of Blockchain technology or Bitcoin, it’s what you don’t know that is destructive to you personally and to society in general. It is merely another way to control you through information, to hack into your private lives and the only ones that truly benefit from this technology are the global wealthy elite, the greedy, materialistic oligarchs of global chaos and conflict. Bitcoin is virtual money, it doesn’t really exist except on the computer!
Real money is gold, silver, precious metals and gemstones, natural resources. Paper currency and coins use to be backed by gold or one of these other material commodities and was payable upon demand to any the person who had the dollar bill or coin currency, it was once written right on the Dollar bills and it was legal tender backed by the governments’ gold reserve! But corruption on an unprecedented scale took over and the general public was tricked into accepting a false standard of the economy where people blindly trusted another system which really didn’t benefit them. Just look at all the financial and economic chaos around you that has effective your lives over many decades and the political instability growing every day!
The poor have become miserably poorer, the middle class (the backbone of all society) is being reduced down to the same misery as the poor and the only ones becoming richer are the wealthy class who have separated themselves from the rest of society and are the one dictating the rules and the future according to their vision.
in the early years of the 2oth Century, the Gold Reserve Banks of America and Europe became the property of these greedy Bankers in American and Europe, no longer owned or controlled by the US or any European country, they became the willing puppets of the Oligarch Regime. These Oligarchs did away with “paying gold to the bearer on demand” because it was now their gold! Paper currency isn’t worth anything, even the paper it is printed on, in fact, paper currency has become plastic currency in many different forms like your credit cards!
When was the last time you actually had hard currency in coin or paper in your pocket? Everything we transact is now done on the internet with your credit or debit card or with just numbers!
But these greedy bastards aren’t done with you yet, now they want to introduce Blockchain Technology to TRACK and CONTROL EVERY TRANSACTION YOU MAKE and it’s irreversible!!! While all along they are trying to sell you on the phony “benefits” of this system. They are relying on you to “TRUST” them because they represent officialdom, they are your government, your elected officials, they are educated and have more power and control than you will ever have!
In their eyes, you are not their equal!!!!!
That is a reality that everyone needs to wake up to and take action against to correct this imbalance in society that is become an out-of-control “Frankenstein Monster” of materialism on the rampage to eventually enslave or exterminate you!
Blockchain Technology will track your every spending habit that you make, what you bought, how much you paid or sold, where you made your purchases, when you bought or sold, and how much, etc. It is one more way to know more about you and to control you, but then, you are already being tracked and monitored with the current economic standards.
With BCT, however, everything from every person will be fed into a central or global computer (think iCloud storage…exponentially!). And the IT puppets will ensure that nothing is missed and that you dutifully follow along like a good well behave minion or pet!
Just when you think it can’t get any worse, your nightmares will only be just beginning because, on the horizon, another new economic instrument of societal control is coming!
It is called “FEDCOIN”!!!
And you bloody well should be scared of it because your government is hell bent on implanting you with a microchip that identifies you and all your transactions and if you disagree with them or anything you don’t like about the life you have in society, your little microchip will inform its controllers and you could end up, God knows where!
You will not even be able to buy or sell or do anything without your scan able implanted microchip!
It is coming that is an absolute certainty! It’s money in the bank, just not your bank. and if this sounds suspiciously crazy like the “Latter Days” or the Apocalypse and you are being marked (micro chipped) with the sign of the beast, then, you would be absolutely correct!!!
This should be a big clue to you of the type of quasi-Christian eschatological mindset of the Oligarchs and the other powers that rule and control you! Never mind the governments to help you in your time of crisis, they haven’t really existed for a long time! Presidents and politician are decided upon before you even vote for them, as to who gets into office to supposedly “represent you”!
Corporations are the new governments and the wealthy corporate elite are its politicians and you thought you had some control or say in the way life unfolds? Think again!
I could go on and on, but you get the idea.
The only way to defeat these corrupt bastards is not to go along with their game! Start buying gold and silver in any amount, have paper and coin currency in your pocket at all times. Get rid of the credit cards, do business with hard currency and nothing else, don’t get into debt over your head, trade and barter good and services, invest in new gold mine discoveries, be honest with each other, surround yourself with like-minded individuals, protest against your government and its corrupt officials.
Economic Armageddon is coming and so is the Global Revolution against it, so you need to prepare yourselves for all future possible eventualities
The banks are dumping all the fiat dollars into any thing they can why do you think the stock market is stupid high . They are and have been getting all the free money they want from the gov think about it if the gov gave you as much money as you wanted with no interest what would you do with it just stack it in a vult or put it on the floor and roll around in it no you would buy any thing you could knowing it was worthless fiat