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JPMorgan Extends Banking Services to Bitcoin Exchanges
- deleted 6y ago[deleted]
- leeoniya 6y agothe same 2017 Jamie Dimon that called bitcoin a fraud?
- newguy1234 6y agoSure looks like him: https://www.youtube.com/watch?v=X8Sywc3ko_g https://www.youtube.com/watch?v=X8Sywc3ko_g
- MisterPea 6y agoPeople's opinions can change. Good on him for not being stubborn about it
- leeoniya 6y agoprofiteering opportunity sure has a way of doing that
- deleted 6y ago[deleted]
- ivalm 6y agoWould you prefer exchanges not be banked by large banks? This is bitcoin’s biggest win since 2017.
- fourstar 6y agoTo be fair it’s antithetical to the entire premise of BTC.
- ivalm 6y agoI mean, only if you view BTC as a full scale replacement to fiat currency, which currently it just isn’t and cannot be in the near term. For wider adoption BTC needs easy and reputable interoperability with fiat, which big banks can provide.
- GoblinSlayer 6y agoHow BTC can disallow banks to use it?
- CPLX 6y agoYou’re operating on the unstated premise that Jamie Dimon doesn’t enjoy a leisurely fraud himself from time to time.
- deleted 6y ago[deleted]
- conchy 6y agothey permanently closed my checking account for buying bitcoins ... in 2011. haha jokes on you now JPM!
- Lerc 6y agoOn the bright side, You bought bitcoins in 2011. My bank was much more polite, they asked me what I was doing because they had seen a bunch of people transferring to the same offshore account(mtgox). Had to explain what Bitcoin was but then they were fine with it.
- buboard 6y agoI ran a bitcoin price leaderboard website, and my bank sent me a termination letter. Will be interesting to see how they react to this
- dependenttypes 6y agoWas it connected to your bank account in some way?
- buboard 6y agono! no money exchanges was going through the website. it was my business account however
- dependenttypes 6y agoI am confused. If no money exchange was going through the website then how did they found out that you were running it?
- buboard 6y agoThey went through the websites on my portfolio as part of KYC.
- nimbius 6y agonon paywalled: https://eresearch.fidelity.com/eresearch/evaluate/news/basicNewsStory.jhtml?symbols=JPM&storyid=202005120714DOWJONESDJONLINE000083&sb=1 https://eresearch.fidelity.com/eresearch/evaluate/news/basic... Exchanges all adhere to KYC, so this is relatively low risk for established financial institutions who are already familiar with commonly accepted methods of money laundering. https://en.wikipedia.org/wiki/Know_your_customer https://en.wikipedia.org/wiki/Know_your_customer Tinfoiled among us could see the limited incursion of federal oversight into this venture as a natural progression from the existing system by which corporations and dynastic elites funnel wealth into traditional Cayman/Geneva strongboxes which have a tedious habit of being exposed to the press, to a system of truly untraceable laundering. Combine this with the 2020 creation of Privacy ICAO Addresses in ADS-B transponders and it becomes clear that the cloistered elite really do not want you so much as thinking of them.
- someguydave 6y agoI would rather banks not spy for the government, and to be able to fly my own airplane without broadcasting my position in a government directory. If that means empowering rich people, so be it - they are gonna get empowered either way.
- dependenttypes 6y agoThe elites will always be able to secretly transfer money around with the help of the government. What they do not want is for average people like you and me to be able to do the same.
- aSplash0fDerp 6y agoYeah. This does seem to be a quite dated move. I wonder how long it took them to get into clamshells when they were a thing.
- mraza007 6y agoBanking is highly regulated industry so they had to be careful
- bravoetch 6y agoThis is a big deal for the crypto industry. If you've ever transacted between your bank and a Bitcoin exchange you may have seen the boutique banks they've been dealing with labelled on your transactions. It's been hard for these companies to get a big name-brand bank onboard. This really helps lubricate the money-go-round.
- qubex 6y agoSo much for ‘crypto’ becoming an payment system independent of the “fiat currency”-based fractional reserve financial system all the crypto-goldbugs rail against on a regular basis. This just shows that ‘crypto’ has failed at its stated aim of becoming a payment system and has instead devolved into being an asset class for speculation — a volatile one at that because it’s totally devoid of fundamentals.
- strgcmc 6y agoCertainly as a payments system, Bitcoin looks to be failing/has-failed/will-fail. But there is another possible future other than being a fake-internet-money "asset class for speculation... devoid of fundamentals": a long-term return to something akin to gold-backed aka bitcoin-backed fiat currency. Personally, I don't think deeper integration with traditional fiat currency/banking systems is a sign of failure; rather, it's the first step towards this possible future (which of course, is highly unlikely still, but 20 years ago it was 0% likely, 10 years ago it was 0.00000000001 likely, and now, who knows maybe 0.0001 likely?). Of course, this too, is all speculation. It's hard to predict the future.
- DeepYogurt 6y ago> This really helps lubricate the money-go-round. Doesn't it though.
- tomcooks 6y agoExactly, it only seems to lubricate things one way, as most tech against centralized banking.
- Mengkudulangsat 6y agoThis might be due to a rise in use of tracing services such as Chainalysis and Elliptic. Exchanges want to employ them to comply with AML but on the development side, the community is actively working to neuter the efficacy of those services. Once that happens, banking access might be withdrawn once again.
- aerique 6y agoBut hopefully by then there will be a substantial amount of money in cryptocurrencies.
- ashtonkem 6y agoI’ve said it before, Bitcoin is one of the least anonymous currencies ever devised. A permanent, public transaction log of every trade a wallet has ever made does not make anonymity easy. Sure, there are some techniques you can use (mixers, for example), but if any of your techniques are defeated in the future your entire transaction history will be unmasked forever, which is bad.
- bavell 6y agoTrue, but if you know what you're doing it's not that hard to reclaim anonymity with BTC. I'm mostly referring to mixing services here but of course there's more to it than that. Bit complicated but still not hard.
- coderintherye 6y agoSilvergate Bank deserves a lot of credit here for being an early backer of crypto. It's really the work of banks like theirs that have dragged the bigger banks forward.
- tsukurimashou 6y agowhy would we need banks to back crypto? isn't the point of bitcoin to not have to rely on banks?
- Dobbs 6y agoAt somepoint someone is going to need to buy/sell bitcoin for $/€/£, when that happens you need to have some interface to the non-digital world. That requires banking services. Places to store the money, the ability to receive the money, and the ability to send the money.
- qubex 6y agoThat’s the entry point from whence you divine that ‘crypto’ has failed at becoming a payment system (as it was originally envisioned to be) and has instead become a mere asset class for speculation.
- deleted 6y ago[deleted]
- woah 6y agoHuh? How would any envisioned use of Bitcoin work without the ability to trade it for dollars?
- qubex 6y agoThe cop-out snide answer is “anybody who lives outside the US and doesn’t use dollars as their main currency”. The answer that actually addresses the central question, however, would follow the lines of “if a scrip does not have institutions that use it natively across the board to address all functions of a currency, but rather depends on gateway institutions, then it isn’t a currency”. (A ‘scrip’ is a kind of quasi-money token system such as “Disney Dollars” at Disney’s amusement parks, vouchers used in company towns, and so forth.)
- speedgoose 6y agoThis is bad for the environment.
- hasa 6y agoProof of work really sucks. Bitcoin was poor invention.
- patwillson22 6y agoClearly this is a CIA plot. I know people who work in JPMorgan and they have shown me APIs specifically designed to detect deep web bitcoin purchases. Let's just say that there's no such thing as privacy anymore.
- fourstar 6y agoSo what are ZEC and XMR?
- deleted 6y ago[deleted]
- TACIXAT 6y agoI've long believed that bitcoin started as a CIA black budget program. I know it's out there, but they are one of the few organizations with the development skills and opsec skills to put out an anonymous application. The motivation makes a lot of sense too. The dubbed successor to Nakamoto visited the CIA. [1] Speculated about in the article, my theory has always been that it was an interview of sorts. Anyway, just a conspiracy. Take it with a large grain of salt. 1. https://thenextweb.com/hardfork/2019/07/19/satoshi-nakamoto-left-bitcoin-because-of-the-cia-theory-cryptocurrency/ https://thenextweb.com/hardfork/2019/07/19/satoshi-nakamoto-...
- Craighead 6y agoBitcoin is very likely the Chinese government. Not everything is the big spooky CIA, other less democratic secret services are far more ruthless and untethered than America's
- polynomial 6y agoAgree that it is an enticing and certainly plausible theory, but it doesn't seem to line up with the actual events of Gavin visiting the CIA and Satoshi disappearing right after that, even if you grant them n-dimensional chess plot mastery, unless Gavin was either a mole all along, or inexplicably turned into one. Edit: I won't delete this, as I think it's an interesting discussion, but I immediately realized they could have just been playing Gavin all along. And his scene with CSW certainly highlighted his gullibility. Hmmm...
- runawaybottle 6y agoThis is fine if you want to sit on some Bitcoin as an investment, like literally have bitcoin sitting in your Coinbase wallet, but I’m not sure how great it is for anything else. You still can’t really buy bitcoin quickly on Coinbase and transfer it to a online poker site for example (directly, without raising possible issues). Now add JPMorgan into the mix.
- sdan 6y agoAfaik, bitcoin addresses are easily interchangeable, so you can make a unique one every-time someone transfers it to the poker site. So how can CB find out if you're using it on poker?
- runawaybottle 6y agoMaybe things have changed, but I recall Coinbase catching poker site transfers. Most people usually pull it out of Coinbase to another wallet and transfer from there to avoid any issues. But you sure as hell aren’t going to be able to transfer poker money into Coinbase and then dump it into your Chase account. At least I don’t think you can.
- chii 6y agodoesn't this sort of financial restrictions kinda destroy the purpose of using bitcoins? Are they doing this to comply with regulations? Or is it a malicious chilling effect banks implement but still be seen as allowing for bitcoins?
- runawaybottle 6y agoIt’s probably as simple as online poker being in a legal gray area in America, unfortunately. I guess it follows that if you directly deposit from Chase to those sites, Chase would close you down too.
- ketamine__ 6y agoThey have a list of suspicious addreses. If you attempt to transfer to one of those addresses they immediately close your account.
- Proven 6y agoYet another example of Bitcoin failing to fulfill its intended mission.
- Animats 6y agoCoinbase and the Winkelvii thing, Gemini, only.
- xorcist 6y agoOthers could presumably follow.
- ur-whale 6y agohttp://archive.is/Ki4vj http://archive.is/Ki4vj
- LatteLazy 6y agoI generally welcome this but I feel bad for the boutique banks that were providing this service: now they've taken all the risk and proved it's profitable, JPM etc will swoop in and take the business.
- zerm778 6y agowell, companies with monopoly have been doing this forever.
- I_am_tiberius 6y agoThey might even offer Exchange services on their own. They'll be easily able to migrate Gemini/Coinbase customers to their exchange then - I don't assume Gemini/Coinbase have added contract clauses in order to avoid this.
- dd36 6y agoWhy would they switch? JPM isn’t going to prioritize them.
- LatteLazy 6y agoJPM will offer them 0.5% lower fees. They can do that because they have lower fixed costs. If you're an exchange, 0.5% increases your profit margin by 10%. Hard to say no to that.
- vmception 6y agoits almost like they'll just be banks or something
- Oricle 6y agoReplace j p Morgan with Rothschild's and that's more correct! You know, JP Morgan, 79% owned by Rothschild's, funded white star liners, the people behind the Olympica,titanic and the unbuilt Britannica. JP Morgan and friends were meant to be on that maiden journey but cancelled the day before. Others on that ship were opposed against the formation of the federal reserve bank and died. 6 months after,the formation of the federal bank went though! Also, white star liners were refused an insurance payout over an accident testing out the titanic engines so it was a way of getting that too. See, these people do multiple things with one stone, 1 way of spotting their work. 9/11 and building 7 where the billions of debt was held and disappeared. Every fucking time!
- rootsudo 6y agoMeanwhile, no ones talking before how JPMOrgan Chase said crypto was fake, not money, would close accounts of people using it to wire money to Coinbase? https://www.ccn.com/crypto-startup-jp-morgan-chase-closed-our-account-with-no-explanation/ https://www.ccn.com/crypto-startup-jp-morgan-chase-closed-ou... https://www.cnbc.com/2018/02/02/jpmorgan-chase-bank-of-america-bar-bitcoin-buys-with-a-credit-card.html https://www.cnbc.com/2018/02/02/jpmorgan-chase-bank-of-ameri... https://www.theguardian.com/technology/2017/sep/13/bitcoin-fraud-jp-morgan-cryptocurrency-drug-dealers https://www.theguardian.com/technology/2017/sep/13/bitcoin-f... And countless more if you modify your Google search w/ anything previous to 12/31/19.
- alfiedotwtf 6y ago... and then you win
- WJW 6y agoMore like, "and then you find yourself paying money to the establishment you were trying to overthrow" in this case. It's a big stretch to say that bitcoin has "won" (or is winning) in any big way against the big banks ATM.
- Melting_Harps 6y ago> More like, "and then you find yourself paying money to the establishment you were trying to overthrow" in this case. It's a big stretch to say that bitcoin has "won" (or is winning) in any big way against the big banks ATM. Agreed, this! While positive on the face of things as it could keep Dorsey and the Winklevii content as they won't to keeping operating in obfuscated ways to conduct in the 'traditional banking system,' and lets them focus on more pertinent matters. It still doesn't solve what we were all after when we started this: we want to be unbanked by becoming the Bank ourselves. Although I disagree with your retort: JP Morgan and Jamie can say and do whatever he wants, positive or negative; we ate his lunch a long time ago and he failed to realize how much more of it was taken since then. This doesn't seem more than a petty concession to prolong his relevance to me, they have filed more patents for 'blockchain tech' than any other corp in the US to date. Take it form someone who on-boarded a significant amount of people into Bitcoin (that were not tech savvy at all) using Visa and MC channels only to have them taken away arbitrarily: this is not a solution, its a stall tactic. And a costly diversion at a time we should be innovating more than ever, cashless payments are the new norm now due to COVID. We have a superior network/product, let us not be reduced to thinking or appealing to what 'traditional thinking or conventional wisdom' will yield, because if we do then we lost the vision we were after.
- 7leafer 6y agoanarchy is order anonymity is transparency distributed is centralized Satoshi is JPMorgan
- kasabali 6y agoBad news for the environment
- exabrial 6y agoPlease stop legitimizing bitcoin :( This is the biggest waste of energy and a contributor to global warming.