JP Morgan WIPES Debt; DASH dApp Platform; Coinbase Delists Zcash; Chainlink Profit Selling

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JP Morgan WIPES Debt; DASH dApp Platform; Coinbase Delists Zcash; Chainlink Profit Selling

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Morgan Creek’s Anthony Pompliano keeps over half his net worth in BTC

Pompliano, the co-founder at Digital and outspoken Bitcoin bull, said that 50 percent of his net worth was in BTC in an interview with CNBC’s Squawk Box. He was then slammed by Shark Tank judge Kevin O’Leary, who said it went against the rules of investing and diversification, calling the move “insane.”

Crypto skeptic and Bitcoin bull face off on CNBC’s Squawk Box

CNBC’s Squawk Box has become one of the few mainstream platforms for discussing cryptocurrency. The show has hosted some of the most notable faces in the crypto industry, including Fundstrat Capital’s Thomas Lee and Galaxy Digital Mike Novogratz. Recently, the show hosted Anthony Pompliano, the partner at Morgan Creek Digital, and one of the most outspoken Bitcoin advocates in the industry.

Pompliano was joined by Kevin O’Leary, a Canadian investor best known for his role as the shrewd money-hungry judge on ABC’s “Shark Tank.” During the short time slot on Squawk Box, the two had a heated discussion about the volatility and lack of real-world usage for crypto.

To prove that the extreme volatility of digital assets discouraged people from investing in it, O’Leary asked Pompliano how much of his wealth he held in cryptocurrencies.

“If you’re such a believer, how much of your own dough is in it?” O’Leary asked, seemingly unprepared for the answer that was about to ensue.

….

“Over 50 percent of my net worth is in Bitcoin,” Pompliano responded.

O’Leary says keeping half of your net worth in BTC is “insane”

A known crypto skeptic, O’Leary was visibly shocked by the response.

“I forbid that, that’s insane. That breaches everything about diversification and investing. That’s crazy!” he told Pompliano. He went on to call the move “crazy,” saying that people should never go beyond concentrations of 20 percent when investing in a single asset.

However, Pompliano went on to explain why he put over half of his net worth into cryptocurrencies. He said that despite being highly volatile, Bitcoin has actually proven itself as a non-correlated asset. That means that it is one of the few asset classes that isn’t heavily influenced by macroeconomic events such as political turmoil.

Pompliano explained that the negative correlation between Bitcoin and other financial markets was shown when the coin surged 55 percent after the trade war between the U.S. and China escalated in May. At this point, he said in a recent blog post, it was almost irresponsible for institutions not to invest in Bitcoin.

Bitcoiners lauded Pompliano’s argument. Many on social media criticized O’Leary as being “condescending” and “arrogant” while giving out advice on things he “didn’t fully understand.” Pompliano, on the other hand, received criticism about being “too soft” on O’Leary.

That said, these criticisms should be taken with a grain of salt considering that most of Pompliano’s followers tend to be hardliners about crypto. Nevertheless, it seems the mainstream debate over the merit of Bitcoin continues.

The post Morgan Creek’s Anthony Pompliano keeps over half his net worth in BTC appeared first on CryptoSlate.


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Morgan Creek’s Anthony Pompliano keeps over half his net worth in BTC

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Over 50% of Morgan Creek Founder Anthony Pompliano’s Net Worth Is In BTC

’s Antony Pompliano says that half of his net worth is in Bitcoin, Kevin O’Leary disapproves heartily


Source: cointelegraph
Over 50% of Morgan Creek Founder Anthony Pompliano’s Net Worth Is In BTC

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JP Morgan Warns: ‘Dollar Could Lose Status As World’s Dominant Currency’ – Interesting Read.

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JP Morgan: US Dollar Could Lose its Reserve Currency Status, Need for Investment Portfolio Diversification

The dollar will struggle to remain the global reserve currency, in the coming decades, having already completed its tenure as a GRC. “The dollar has been the world’s dominant reserve currency for almost a century,” wrote, bank’s strategist Craig Cohen in a report earlier this month. “We believe the dollar could lose its […]
Source: bitcoinexchangeguide
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JP Morgan Admits Dollar’s Doomed Reserve Status to Unwittingly Cheer Bitcoin

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JP Morgan’s Jamie Dimon: Facebook’s Crypto Isn’t a Short-Term Concern

“We’re going to be talking about Libra three years from now,” JPMorgan Dimon said Tuesday.
Source: worldnewsoffice
JP Morgan’s Jamie Dimon: Facebook’s Crypto Isn’t a Short-Term Concern

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JP Morgan’s Jamie Dimon: Facebook’s Crypto Isn’t a Short-Term Concern

“We’re going to be talking about Libra three years from now,” JPMorgan Dimon said Tuesday.
Source: coindesk
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JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed Drug War

A History of Violent Intervention: John McAfee Offers to Help Cuba Resist US Sanctions With Crypto

A ship seized by the U.S. Customs and Border Protection Agency in June carrying 15,000 kilos of cocaine has now been tied to ’s asset management unit. Officially the company does not exercise any operational control of the vessel, but some serious questions are raised when such large scale transport is used for black market exchange. Especially given the extensive history of globally established banks paying reparations for money laundering. In view of this, Richard Nixon’s “War on Drugs,” and the popular focus on bitcoin and crypto as means to purchase illegal drugs, is interesting. Compared to fiat money, bitcoin’s impact on the failed drug war barely warrants a mention.

Also Read: IRS Agents Propose Draconian Tactics to Investigate Bitcoin Users

Are Most Crypto Transactions Illegal?

The claim that a significant percentage of bitcoin and crypto transactions is illegal isn’t really new, and isn’t really contestable, depending on how one defines “significant.” But then again, a claim that a significant percentage of fiat transactions is illegal isn’t contestable, either.

A January 2018 joint study conducted by researchers from the University of Sydney, University of Technology Sydney, and the Stockholm School of Economics in Riga found that approximately half of all BTC transactions were connected to illegal activity. Within the very same year, however, a source from the U.S. Drug Enforcement Administration (DEA) claimed that the percentage of bitcoin transactions related to illegal drugs had shrunk drastically in five years, from 90% to 10%, as a result of greater speculative interest in the currency.

Regardless, according to the study, the result of this crypto market action adds up to about $72B per year, with around 24 million market actors making these transactions. It is also important to keep in mind that “illegal” here denotes all criminal transactions, not just those associated with illicit drugs. Estimates regarding the total market action (fiat, crypto) for illegal drugs are pinned at around $400B per year. Fiat is the clear winner here as far as volume, it would seem.

JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed Drug War
JP Morgan Chase-owned ship MSC Gayane. Top left: U.S. Customs and Border Protection agents inspect a container.

Drugs Are Winning the War On Drugs

Considering that 90% of U.S. paper money is contaminated with cocaine, questions of crypto being used illicitly are put into a new perspective. Of course, black market drug transactions have been going on since long before the advent of crypto. Laws and regulations have historically engendered black market demand. And where there is black market demand, there are exorbitantly high prices to follow, which dealers and traffickers seek to exploit to the fullest. From small time peddlers to government agents themselves, regardless of legislation, the market will and does provide.

In the U.S. alone about $50B is spent every year simply on capturing illegal drugs and eradicating their use, with a reported 10% success rate. This large expenditure does not even measure the size of the fiat market for illegal substances itself. It is only the cost of trying to stop that same market from proliferating, and it’s already close to equalling the total amount in USD of illegal yearly bitcoin transactions.

JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed Drug War

The Human Cost

Then there is the a tragic humanitarian crisis accompanying this ‘war’ to consider. There is an average of one drug-related arrest every 25 seconds in America, with over one million individuals arrested every year for use or possession. Over $3B annually is spent keeping these individuals, many of whom are non-violent, in cages.

National drug overdose rates are increasing rapidly, year after year, hitting a remarkable 70,237 deaths in 2017 according to the Centers for Disease Control and Prevention (CDC). Despite all of this, illicit drug use as a whole has not declined (the increase has been mostly due to marijuana use) and both fiat and crypto purchases of illegal substances continue to increase as well, as far as direct measurements go.

JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed Drug War

Know Your Dealer

Some of the biggest drug traffickers in recent history have been connected to seemingly unlikely parties, thought commonly to be the arbiters of justice and order in society. To big government and big business interests, in not-so-tenuous fashion, in other words. For example, cartel kingpin Pablo Escobar’s son has recently gone public with his claim:

[My] father worked for the CIA selling cocaine to finance the fight against Communism in Central America.”

The late Gary Webb, a groundbreaking and controversial journalist who released an incendiary three-part series in the San Jose Mercury News called “Dark Alliance” in August 1996, alleged that the L.A. crack cocaine epidemic of the 90s was an intentional ploy by the U.S. Federal Government to fund guerilla groups in Latin America for political and strategic military purposes.

JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed Drug War

Webb was dogpiled by mainstream media outlets and even the Mercury News itself, which had stood by him initially, turned on him in the end. Many wrote Webb off as a fringe conspiracy theorist. In retrospect however, his claims don’t seem so crazy. Webb’s contemporary Jesse Katz would reflect in 2013:

As an L.A. Times reporter, we saw this series in the San Jose Mercury News and kind of wonder[ed] how legit it was and kind of put it under a microscope. And we did it in a way that most of who were involved in it, I think, would look back on that and say it was overkill. We had this huge team of people at the L.A. Times and kind of piled on to one lone muckraker up in Northern California.

The “muckraker” Webb is also backed up by a government report which found: “It is clear that individuals who provided support for the Contras were involved in drug trafficking … In each case, one or another agency of the U.S. government had information regarding the involvement either while it was occurring, or immediately thereafter.” The U.S. Federal Reserve as well, had no power to stop this violent trafficking, or was complicit.

Finally, none of the above is to even mention the legal opioid crisis currently plaguing the United States, with a reported 130+ people overdosing daily on largely FDA-approved medications (arguably little more than legalized and controlled heroin). This, coupled with the annual economic burden of the crisis estimated by the CDC to be around $78.5B, and one begins to wonder who the real drug dealers are.

JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed Drug War

Three Points to Consider

Whether or not JP Morgan Chase leadership is tied to the massive loads of coke on that ship is anyone’s guess. The following three points are clear, however:

First, crypto purchases of illegal substances happen, but they also happen in fiat, and at much greater volume via the latter.

Second, there is a strong argument to be made for some of the largest peddlers of illegal substances being the very entities that ostensibly legislate against them in the first place, reaping profits and political influence via black market exchange.

Finally, as with the advent of any new tool or development of any substance, new means by which to participate in unsavory or violent actions using said tool or substance will be discovered. This does not make the tool or substance immoral in and of itself.

JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed Drug War

The Lost Cause of Endless War

Cocaine has medicinal uses not related to abuse, violence, or overdose. It is merely a substance derived from plants. The same is true of cannabis and many other “illegal drugs.” The American drug war has been a failure both by the numbers and by standards of basic human dignity, compassion and natural rights.

Breaking up families, caging non-violent individuals, and obfuscating paths to viable treatment options for physically dependent individuals doesn’t help anyone. As King County, Washington Prosecutor Dan Satterberg says:

So many major social problems come to the criminal justice system to be fixed … the only thing we really know how to do is send people to prison.

Sadly Satterberg is stating what is already painfully clear to so many: the drug war has been a failure. It’s by design violent and solves nothing. Ironically, it’s those talking the loudest about saving us from plants and inanimate substances that seem to be exploiting these markets the most.

What are your thoughts on the cargo seizure and the ongoing drug war? Let us know in the comments section below.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


Images courtesy of Shutterstock, Fair Use


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The post JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed Drug War appeared first on Bitcoin News.


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JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed Drug War

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Morgan Creek CEO Believes Bitcoin Is Heading To $30k

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The famous crypto personality and , Mark Yusko, was recently featured on CNBC where he set a new Bitcoin price prediction. According to the head of the capital management group, Bitcoin is the best performing asset since October by a long shot.

His comment is viral in the latest cryptocurrency news and reads:

“I think we’re in the next parabolic move. That will take probably into the $30,000 level before we get another little correction.”

Yusko also pointed out that the Bitcoin price has soared 70% since October 2018, while the stock market has been flat with those levels in the same timeframe. The Morgan Creek CEO, who previously ran an endowment fund, did not stop there and pointed that Bitcoin’s “path to $100,000 by 2021 is quite easy to draw out.”


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This, as per his comments, is about a 733% increase the next couple of years which is still unheard of in other asset classes. The Morgan Creek CEO and his statement are featured on many best cryptocurrency news sites – but are not the most aggressive prediction so far. Previously, the billionaire venture capitalist Tim Draper said that BTC could visit $250,000 in the next few years, mostly driven by the scalability issues which are now being fixed.

Bitcoin has been an attractive option for normal and institutional traders. It managed to grow a lot this year with catalysts such as institutional adoption and price momentum helping to fuel its gains. Crypto could also be benefiting from the slowed-down economy which puts investors in the arms of Bitcoin.

As the Morgan Creek CEO said, it is doom-and-gloom on the stock market. He also pointed out that “stocks are overvalued right now” and any upcoming interest rate is a sign of a weak – and not a strong – economy.

Yusko’s colleague and Morgan Creek’s partner Pompliano recently pointed that Bitcoin has been outperforming stocks. He said:

“Bitcoin’s price appreciated 55% during May, but more interestingly, the asset had a negative correlation to the S&P 500 (-0.9%) and gold (-0.8%). That means that as stocks and gold became less attractive, Bitcoin was becoming more attractive.”

The Morgan Creek CEO, however, did not attach a timeframe on the $30,000 price prediction.

 

The post Morgan Creek CEO Believes Bitcoin Is Heading To $30k appeared first on DC Forecasts – Leading Digital Currencies.


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Morgan Creek CEO Believes Bitcoin Is Heading To k

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