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JPMorgan handles bitcoin-related trades for clients despite CEO warning

contracts -> securities

Like other Wall Street banks, JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note [ETC] designed to track the value of the crypto currency.

shade of the subaltern
JPMorgan's relationship with Bitcoin XBT came into question over the weekend when the financial blog Zerohedge asked why the bank was involved with the trading after Chief Executive Jamie Dimon called bitcoin a fraud and said he would fire anyone at the bank who trades it.

money function
Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services outside [Sic] of the regulated financial system.

lie
Because it is not backed by any government and has been tied to crimes, including money laundering, hacking and drug trafficking, most financial institutions have stayed away from dealing in bitcoin.

archived: Always read the footnotes

Diversity is the key to economic and political evolution.

by Cat on Tue Sep 19th, 2017 at 01:09:28 PM EST
[ Parent ]
they're ignoring Dimon because there's money in it, a LOT of money. I bet HSBC CEO said something about laudnering drug cartel proceeds, but they still set up a separate division to deal with the mountain of money.

As for it being a front for crime and fraud, well that just makes bankster standard MO more overt, not different

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Sep 19th, 2017 at 02:28:33 PM EST
[ Parent ]
by Cat on Tue Sep 19th, 2017 at 03:31:22 PM EST
[ Parent ]
The Empire Strikes Back with a Coordinated War on Crypto
It's not a battle between business and government. It's a battle between the centralized empires of the world and a decentralized rebel alliance of every day people, an eternal battle.

And it's not just a battle.

It's a war.

No.

archived:
"free-range capital is the foil for law and order and a reliable protagonist in social media pulp fiction." 2017

"Bitcoin, like all great fantasies, has a compelling creation myth ..." 2014

"And the epitome of nonsense: How much power do we spend to make Bitcoins? ..." 2013

Diversity is the key to economic and political evolution.

by Cat on Wed Sep 20th, 2017 at 04:22:57 PM EST
[ Parent ]

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