Jamie Nickel & Dimon and the geniuses at JP Morgan Chase finally figured out that cryptocurrencies are a threat to their business model. No Shit! These guys are really on the ball over there. I’m guessing that is why they make the big bucks! These guys are simply criminals that know how to commit fraud and extract money by charging fees on everything. Walk into their bank, there’s a fucking fee associated with that just to be in their presence. Ask a question, there’s a fee. Sneeze and need a tissue, that’ll be $3. That’s their model.
A spokesman recently declined to comment why all of a sudden, they consider cryptocurrencies to be a ‘risk factor.’ It is not hard to figure out and really doesn’t need to be said. I don’t know why they would decline to comment on that. On a distributed ledger system, how do you commit fraud? How do you fee people to death by potentially being rendered obsolete by a system that doesn’t need intermediaries for people to transfer money peer to peer? Bank of America has issued a statement as well recently also recognizing that customers may flee their ‘fee-you-to-death model’ as well for something they claim to be "risky and speculative."
The writing is on the wall for a financial system that is archaic, leaves billions of (mostly poor) people around the globe without the ability to access financial services, and steals money from people who do use their services by feeing them to death. Therefore, these banks are now trying to adapt and integrate blockchain technology into their system. Good luck with that! Anyone who understands what bitcoin brought to the table was the potential for an individual to have a Swiss bank account in their pocket. They are their own bank! JP Morgan Chase and Bank of America cannot duplicate that. They want to maintain their systemic monopoly of controlling people’s money and finance by now shifting to using a technology that actually frees people up from using the current banking system.
In conclusion, most people who have been using cryptocurrencies and understand the freedom to be in total control of your own monetary financial assets (depending on how you classify them) is something most people won’t give up. People who haven’t, or have yet to use cryptocurrencies, unfortunately may continue using the systems that will come out of these criminal institutions that have done nothing but usurp money from customers, and have always been big components of the fraudulent, money creation racket. The main reasons being that they are familiar with them, they don't understand the monetary system, and that they buy the propaganda around the dangers surrounding cryptos. It’s up to you and me to steer people away from the large banks and into the world of individual financial freedom by getting them to use cryptocurrencies already available which aren’t centralized, and to help educate them.
Sources: http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/
Image Source: https://medium.com/@coinpupil/jp-morgan-ceo-jamie-dimon-calls-bitcoin-a-fraud-cryptocurrency-news-and-media-c4f1743f32d8