Comment by Curious Cryptos December 7, 2023 — Contrarian | Mark Timmis | Coins | December 2023
tl;dr
As the cryptocurrency bull market begins, naysayers who feel worried, confused, and threatened are trying to pretend otherwise.
market snap
market lab
Perpetual futures funding rates are a sea of red, meaning leveraged buys are becoming increasingly tight. The adjustment will be healthy and you may even get a correction once your long position is liquidated.
Comment by Curious Cryptos — Jamie “You can’t fire me” Dimon
JP Morgan’s longtime CEO was not held accountable for his company’s leading role in the subprime crisis, which posed an existential threat to the global banking system until the United States intervened with the Troubled Asset Relief Program (TARP). He certainly wouldn’t allow himself to be fired for his role in that financial failure. He has forever been anti-cryptocurrency.
In choreographed comments to the Senate Banking Committee alongside Sen. Elizabeth Warren, a senator with her own “anti-crypto” army, Dimon responded with a comment that authorities should “shut down” Bitcoin. It showed a level of ignorance. It was a realistic prospect.
“Real-world use cases for cryptocurrencies are criminals, drug traffickers, money laundering, and tax evasion. “If I were the government, I would have shut it down,” he said.
That tired old analogy has been rejected too many times to allow the same position to be revisited, but Dimon freely showed that he had no curiosity whatsoever in understanding the reality of the situation.
But what irritates many is the sheer hypocrisy of his and Warren’s positions.
“FinCEN today (January 7, 2014) charged JP Morgan Chase with willfully violating the Bank Secrecy Act by failing to report suspicious transactions arising from Bernard L. Madoff’s multi-decade fraudulent investment scheme. Bank, NA fined $461 million. ”
or:
“JP Morgan will pay $75 million to settle lawsuit over its relationship with Jeffrey Epstein.”
JP Morgan has been fined a total of 200 times and 72 times for misconduct since 2000, paying nearly $40 billion in fines.
This encourages “criminals, drug traffickers, money launderers and tax evaders” that are inherent to JP Morgan’s everyday business model. or…