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I could care less with Bitcoin tres4 how it trades Wyatt raise who trades it if you're stupid enough to buy you'll pay the price for it one day before we start talking about Bitcoin let's talk about the CEO of America's largest bank Jamie Dimon is 61 years old he was born in 1956 which means that when he was five years old JFK was assassinated when he was 13 American landed their first man on the moon and when he finished high school the Internet as we know it didn't exist when Jamie Dimon was thirty years old and his mom called him to wish him a happy birthday he answered on a phone that looked like this the reason that this is so important is that this guy and guys like him are in charge of looking after and investing your money if you're a millennial like me and you have some type of retirement account or 401k it's professional bankers just like this who we're paying to invest our funds and shape our future and I find it absolutely infuriating that a clown like this who we pay 28 million dollars a year to make sound financial and technological decisions has this to say about some of the most promising and upcoming technology I could care less my Bitcoin about it but Jamie Dimon isn't alone throughout history we've had haters that are more interested in protecting their jobs than proving their industry and making the world a better place in 1899 Charles dual who was the Commissioner of the US Patent Office said that everything that can be invented has been invented in 1927 hm Warner said who the hell wants to see films where the actors speak the fact is that Jamie Dimon is protecting a dying industry and he doesn't even know it yet I don't personally understand the value of something that has no actual value so in order to help Jamie understand the value of Bitcoin I've pulled up some charts from credit unions and banks in the United States and I want to go through each point one by one so mr.
Dimon sees absolutely no value in Bitcoin but he does see value in having a u.s. checking account which is interesting because if you have a u.s. checking account the chances are you're paying approximately $10 and 27 per month in fees just for the pleasure of having that account but wait if you go through a credit union you can reduce that feat of six dollars I just want to make it clear that if you own Bitcoin and you have a Bitcoin wallet it cost zero don't there's no maintenance fees there's no minimum balances there is absolutely no cost associated with actually owning Bitcoin next we have minimum balances and waived fees why do you need a minimum balance you're giving the bank your money they're using your money to go and lend to other people the very idea that they can't cover their fees and their operations is comical look at the profits look at the way their shares have been performing in the market and then add the fact that in 2008 we had to bail them out after they really screwed up our economy to a point that it was barely barely able to recover now they want to tell you it's incredible we have online banking I mean online banking has been around since 1999 you're 20 years late when I use my Bitcoin account and when I use my big tricks account they require that I have two-factor authentication when I use your bank account you want to send me an SMS message there's no comparison you're 20 years behind the technology and you're somehow still arguing about it one place that banks still have a large competitive advantage on is when it comes to getting fit in your hand because when you actually need currency converting Bitcoin to cash is still complicated there are more solutions coming out on the market the transactions are getting better and that's something as a community not we know that we're working on but when it comes to for example having a bank account and being able to go to an ATM and pull money that is one place right now that the banks are winning but if you've watched my videos you'll know that 10x and there are other payment providers that are hot on the heels of these banks and on these credit card processors so even that is about to change now the next part of this graph is really what pisses me off because it says here that if you have insufficient funds in your bank account that there's a 34 dollar fee associated with that now I want to point out that the minimum wage before tax in the United States is $7.50 that if you're a single mother and you're working and let's say that you go shopping and you overdraft your account by $1 you'll be charged $34 and fees now if you want to go and work you've got to go work five hours to go and pay off that stupid overdraft fee for a dollar and you could say well that single mother she should have checked her balances more often or she should have done something else look understand that you shouldn't overdraft your account and I understand that it was a mistake what I don't understand is how the fact that you were able to advance somebody literally $1 for one day you can somehow justify the fact that you need a $34 fee everything's done electronically you're not servicing the customers this wasn't like some huge massive inconvenience to you there's absolutely no reason or possible way that you can justify a $34 and forty eight fee and when the credit union says oh here's a here's a better deal we're gonna give you a twenty seven dollar and eighty two cent fee it's ridiculous Bitcoin and cryptocurrencies are changing this we are getting rid of banks things are becoming peer-to-peer we're building systems of trust we're building technologies where we don't need to trust banks anymore and the important thing to note is that banks haven't treated us very fairly in the past either the 2008 financial crisis was almost entirely caused by just sloppy lending practices by loose and reckless investments and just an overall mentality that things can keep going up forever the world economy is so big we move Jaipur alone these covers six trillion dollar moves all the way and Bitcoin in total is 50 all these two currencies are fifty billion dollars maybe a billion dollar trades a day I don't even know how I'm seriously supposed to respond to this so I think the best thing to do is to quote rain Wayne Gretzky and he's a famous hockey player who said a good player looks to where that the puck is a great player looks to where the puck is going to go and I think that that really summarizes chase banks position because if you want to look at where bitcoin is today yeah it's big it's not as big as the stock markets it's not as big as the other financial markets but if you look at the exponential growth do you think it's gonna stop tomorrow do you think this is slowing down do you think people like me are just going to give up and say oh no I want to hold US dollars again there are six billion people in this world that need banking and financial services and if there's anything that history's taught us is that JP Morgan and Chase is completely incapable of being the service provider so while Jamie Dimon earns twenty eight million dollars a year and lasts at the small volumes being done on Bitcoin he forgets to tell you that his marketing budget P Morgan Chase is over 2.8 billion dollars and really he gets a disproportionately large share of the media because people like me just average consumers just people who's had their lives changed by Bitcoin we don't really have a fair fight here but thanks to YouTube thanks to social media I'm able to come out into my backyard I'm able to articulate my argument and I hope that there is a small group of people that agree with me and that can see this and can sort of help us bring on this next crypto revolution so it's important to note that with Bitcoin there is a zero marketing budget chase banks marketing budget 2.8 billion bitcoins marketing budget zero the whole Bitcoin community gets together it's individuals like me who are promoting Bitcoin I don't get paid by Bitcoin I get paid less than $1,500 per month in YouTube ad revenue and then I go and give that back to my viewers because I'm not interested in the $1500 I'm interested in the technology I want to get as many people using crypto currencies as possible I want everybody to educate themselves and understand the technology because I am 100% certain that once you understand how crypto currencies work and once you understand that this technology you will never ever think oh I want to use my bank account again adding to my frustration is the fact that there are so many fantastic entrepreneurs that understand technology I mean look at Elon Musk look at Steve Wozniak look at Richard Branson Mark Cuban Robert Herjavec Warren Buffett I mean we have so many incredible business moguls business icons investment specialists let's look to them and say what do you think about Bitcoin but no instead the people that get press and people get coverage about Bitcoin or Martha Stewart Jordan Belfort which is the guy that the video of wolf of what wolf of Wall Street was based off Jamie Dimon I mean these people are criminals they have a proven track record of not being able to run their business Jamie Dimon says all there's all this manipulation in the media in 2008 his bank took a billion dollar bailout and then he had the balls to come back and say oh the only reason that I took it is because if I didn't I was worried that the smaller banks wouldn't take their bailout these people are very good at manipulating the press these days and getting news your era if you want to talk about manipulating the media and I'm manipulating time I mean 2008 was chaos the banks had really turned our financial system on its head and the fact that now after the fact that you know everything's okay after the banks have recovered that Jamie can get up and say I didn't really need the money but you know I took it because I'm a good guy these people are very good at manipulating the press these days and getting news out so ever it's laughable like how else do you want me to even argue about manipulation of the media when you can get away with making comments like that and nobody calls you out these people are very good at manipulating the press these days and getting news out you're ever so while I have a decent understanding of cryptocurrencies and the economics behind them I don't really understand how banks work and it took me a while it took me a couple weeks to research but so JP and Morgan and Chase has paid over thirteen billion dollars in fines for fraudulent mortgage practices they've also paid over 1 billion dollars of fines for their part in the Bernie Madoff scheme all of this happened while Jamie was CEO of JP Morgan and Chase and yet he's the one that wants to call Bitcoin a fraud my daughter sent me an email saying dad I own two Bitcoin formerly smart daughter what's funnier is that Jamie diamonds family even sees the value in Bitcoin governments are going to crush it one day governments like to know where the money is who has it and what you're doing with it and you in case you haven't noticed Theodore Roosevelt was one of America's greatest presidents he created economic policies that set the United States on a path to become the world's largest most most efficient economy and he did it on this fundamental principle that the government is supposed to service the people so when we say government's will crush Bitcoin I don't think that that's fair we're forgetting the power that each citizen is supposed to have we are living in a world where we're supposed to be innocent until proven guilty and there is no crime in using Bitcoin so the fact that the government's want to regulate it I completely understand but just because you want to regulate something doesn't mean that I'm going to agree on it if you knock on my door and say hey can I look at your house no you can't come back with a warrant if you don't have a watch now unfortunately a lot of people don't understand their rights as citizens and this is why it's so important right now that we say hey big banks aren't treating us right we have a new technology platform that we can start to use and as a global citizen and as one of the lucky citizens that are living in a semi free democracy it's important that we take note because we have to think about our future we have to think about the world that we want our children to live in and we have to think about the impact that these large companies are having on all of us my favorite story about Theodore Roosevelt was he made it clear to the public that he was going to absolutely destroy cartels he made it clear that if America was to grow as a country we needed to have equal rights we needed to have a level playing field and that while these giant monopolies had been able to form they were actually doing a huge disservice to the country as a whole I think it was JD Rockefeller or one of the other magnets at the time was furious at this he got in his private train he went to Washington and he went to the president's office and said I demand to see the President Theodore Roosevelt said this is the problem with America rich people think that they can come in here and manat monopolize my time he said I'm a public servant I work for the people everybody has an equal say and this way of thinking just seems so foreign now when we have lobbyists when we have Donald Trump in power it really has changed over time so as citizens it's time to remember that we hold the power we hold the choice and if you're not guilty of a crime you need to be presumed innocent you can't create laws because you think maybe this is going to happen in the future and I feel like as a country this is something that we've just slowly transitioned into and as much as we've been centralizing these businesses the same way that in the 1800s oil railroad and gas did I mean all of our services have been centralized so maybe it's time we start D centralizing them maybe it's time we start looking at these anti-competitive behaviour and we start really addressing them instead of being like oh wow corporate greed is good is a really really unhealthy part to our economy there's something that's actually killing our D GDP killing creativity killing an efficiency so I think the sooner that we can take that strategy of the better will be guys thanks for watching this video I would absolutely love an opportunity to debate Jamie Dimon in public unlike Jamie I'm not a billionaire my net worth would probably be closer to somewhere around 1 million dollars but to show that I'm serious about this debate to show that I'm serious about this technology I'm willing to say right now that I'll stake $10,000 that I'll donate to charity if mr.
Dimon will debate me in any public forum he can pick the time the place and the audience I'm in so if you think this is a good idea let's maybe try to get something trending on Twitter let's use hashtag JP Morgan let's use hashtag debate David maybe we can get this topic to trend maybe there are some other people on the internet that would like to donate to this public debate maybe we can get this sir gain some traction in the YouTube community because wouldn't it be incredible if an average Joe like me who is able to debate a billionaire publicly for me every time somebody liked one of my videos I one of these plans every time somebody subscribes to my channel I give them the trees every time somebody shares a video on Facebook so if you like gardening dogs America or cryptocurrencies you should support this channel
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