JPMorgan Sees a Silver Lining in FTX Collapse
JPMorgan said the FTX collapse could serve to dramatically accelerate cryptocurrency regulation, a belief echoed by other market players.
State the obvious! I mean, that was the plan.
Interesting report: U.S. Mid- and Small-Cap Banks Crypto Banking Weekly
However, I disagree - this looks more like the banking crisis in the US of 1907, than anything in 2008. But JPMorgan may not wish to advertise their role in 1907.
It resulted from the collapse of highly-leveraged speculative investments propagated by easy money policies pursued by the U.S. Treasury in the preceding years. This led to runs on New York banks and trust companies that had been financing these risky investments and to shrinking stock market liquidity as smaller regional banks, in turn, drew down their deposits from the New York banks.
Without a central bank to fall back on, leading financiers (most notably J.P. Morgan) stepped in and put their own money on the line to bail out the surviving Wall Street banks and other financial institutions. This event became the impetus for the establishment of the Aldrich Commission and the infamous meeting at Jekyll Island, Georgia, where the foundations for the Federal Reserve System would be laid.
Watch the banksters pick up the nicest crypto morsels.
The J.P. Morgan quote that sticks in my mind was what he said to Tesla:“If I can’t put a meter on it, it will never happen!” or a similar version,"If anyone can get electricity anywhere, then where do we put the meter?".
Algorithmic fees sounds perfect, especially if they are high for the retail investor - think Ethereum.
As always in this power-grab, check out the alternatives, think of how they will get screwed and then investigate if and how they can continue anyway.
I find it very interesting that an exchange few of us ever heard of before a few days ago has done so much damage. Something is not right.
I still think the smell emanates from those seed investors - their own valuation is what created 418bn "out of thin air". The rest is just rampant fraud. I also note that those seed investors include hardened criminals such as BlackRock but also some total newbs who have no other crypto investments!
I wish I could remember the book - explains how the 1907 banking collapse was engineered by those who wanted to create the Fed. Very similar by creating your own minor banks then over-leveraging them.
I think FTX may have been a vehicle to take US taxpayer dollars dark. Where have those many billions of dollars we sent to Ukraine gone? 110 million dollars A DAY according to this article.
Yeah shtf is coming up on us fast.
Where did you find the info about the seed investors?
hah!!
https://bitcoinist.com/ripple-cto-investor-groups-facilitated-of-ftx-scam/
what have I been saying?
he seems to blame naive greed - naive!? mmm... i am less charitable.
re seed investors, look at some of the recent posts.
Most names seem to be scrubbed from the bankruptcy filing - greedy pigs can fly away! but many can be traced back to happier days when FTX didnt mean "Fk This Xit!"
like I said, some just seem to be crypto-virgins - didnt bank on backdoor man.