FTX is done — What’s next for Bitcoin, altcoins and crypto in general?

FTX is gone, and it looks like many centralized crypto platforms will fall with it. But is there a silver lining?

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JPMorgan CEO slams crypto as ‘decentralised Ponzi schemes’

JPMorgan (NYSE: JPM) CEO Jamie Dimon has slammed cryptocurrencies, pointingly mentioning Bitcoin (BTC), as nothing but ‘decentralised Ponzi scheme.’

Dimon’s fresh criticism of crypto came during a US House Committee Oversight hearing on Wednesday.

The JPMorgan executive, who has previously referred to Bitcoin as a “fraud,” told lawmakers that he remains sceptical about crypto and does not see how anyone can claim they are of value when billions are lost in various scams.

“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralised Ponzi schemes, and the notion that it’s good for anybody is unbelievable.”

Reiterating his view, he went:

“So we sit here in this room and talk about a lot of things but two billion dollars has been lost every year, 30 billion dollars. And ransomware, AML, sex trafficking, stealing…it is dangerous.”

Dimon also talked about stablecoins and the need for proper regulation of these in the United States.

According to him, stablecoins should be regulated just as are money market funds, remarks that come as a proposed bill seeks to prohibit the issuance or creation of endogenously collateralised stablecoins. As Invezz reported late July, that bill had been delayed as Congress proceeded for recess.

But while Dimon remains overly critical of bitcoin, he acknowledged blockchain is real and does have value; as are decentralised finance (DeFi), smart contracts and ledgers among other aspects of the digital assets and emerging financial technology space.

Indeed, JPMorgan has increasingly moved towards blockchain-based implementations across its financial services and continues to invest in companies and startups using the technology.

The banking giant also has a custom blockchain and in-house token – JPM Coin, which it uses as a dollar deposit and which institutional investors can tap into for collateralised short term loans.

The post JPMorgan CEO slams crypto as ‘decentralised Ponzi schemes’ appeared first on Invezz.

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Mozilla Foundation Suspends Crypto Donation; Co-Founder Said it is a “Planet-Incinerating Ponzi”

The crypto drama is endless; this time, the big guns are trained on Mozilla Foundation, the organization powering the Firefox internet browser. On December 31, 2021, Mozilla Foundation excitedly tweeted that it was accepting various coins, including Dogecoin, Ethereum, and Ethereum, as crypto donations. This was good news and was... Read More

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South Park Is More Bullish On NFTs Than You Think

Surprisingly, the South Park NFT references aren’t as negative as the coverage of the special has made it seem. Covered: The South Park Special’s Many Crypto References Are NFTs Just Ponzis? The South Park Special’s Many Crypto References South Park’s latest special — with a name I will avoid for potential SEO repercussions — delves […]

The post South Park Is More Bullish On NFTs Than You Think appeared first on CryptosRus.

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Gary Gensler: Crypto market is like 1920s stock market, full of 'fraudsters'

Gensler argued that securities laws helped prevent stock market scams once they were passed in the 1930s and can benefit the crypto market of today.

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Louisiana Senator Compares Modern Banks to ‘Sophisticated Ponzi Schemes’

Louisiana Republican senator John Kennedy recently stated in an interview published on Wednesday that the U.S. Federal Reserve may need to increase the federal funds rate to 8-10% to address the country’s inflationary pressures. Kennedy’s remarks come after he criticized the Biden administration in mid-March for bailing out Silicon Valley Bank and Signature Bank, emphasizing [...]

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