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cryptocurrencies are dangerous Ponzi schemes that put billions of dollars at risk every year Jamie Diamond declared in a U.S congressional hearing when reviewing volatile digital assets many crypto investors bought crypto for the first time last year and a number of them are staring at a significantly devalued portfolio right now the prolonged price drop of cardano had prompted some investors to wonder if the naysayers were right after all cardano has disappointedly failed to deliver up on his promises and expectations but does that make it a Ponzi scheme and if so then investors have a good reason not to buy the coin the Terra Luna crash cracked a hard nut open and ascertained that just like Ponzi schemes many cryptocurrencies are dependent on unsustainable growth exposing them to Frailty in the event of a sudden downturn unless investors regain their risk appetite they will likely see more implosions which seemed to be a good thing it's just like bleach that will wash the market of the stains in the form of dodging sustainable cryptocurrencies but our question is is cardano one of them as a result of the booming growth of ADA cardano's won the most targeted projects by fraudsters who are increasingly employing fishing to defraud naive consumers nonetheless cardano boast of solid results void of crooked or fraudulent processes so let's take a look into Jamie Diamond's claims Jamie dimon the CEO of JPMorgan Chase and Co shared his view about cryptocurrency emphasizing Bitcoin in particular during a congressional Hearing in a response to a question raised by representative Josh gotenheimer dnj about fast-growing development of digital assets that I'm in hammered on the need to separate cryptocurrencies from other Innovations he stated that these Innovations are real like blockchain decentralized finance and tokens that do something I am a major skeptic on crypto tokens which you call currency like Bitcoin they are decentralized Ponzi schemes and the notion that is good for anybody is unbelievable he said the J JPMorgan CEO went ahead to reference that billions of dollars are lost every year through crypto automatically connecting cryptocurrencies to crimes such as ransomware payments money laundering sex trafficking and theft judging from his perspective cryptocurrency is quote-unquote dangerous speaking about the incoming legislation for regulating stable coins or crypto assets that are not intended to fluctuate by holding their value to another asset such as the US dollar there will be nothing wrong with a stable coin which is like a money market fund properly regulated he said stable coins make up 75 to 95 percent of the total trading volume in the crypto Market Traders use the assets to protect their crypto gains during the periods of heightened volatility according to defy llama stable coins make up 152 billion dollar market with the largest circulating Supply tether or usdt holding about a 44.5 share of the market followed by circles usdc which accounts for 32.4 percent Jamie dimon pointed out that JP Morgan has his stable coin asset launched in 2019 the JPM coin is used for cross-border payments liquidity funding and corporate treasury Services between the bank and its clients and a closed system referring to the blockchain the JPMorgan boss affirmed that he is a big user of blockchain blockchain and stablecoins make a perfect fit for Diamond's definition of doing something simply put cardano has been considered safe and trustworthy however Jamie Diamond has never failed to expose his contempt for cryptocurrencies especially Bitcoin he has repeatedly warned investors to take heed when investing in cryptocurrencies cautioning that they have no intrinsic value during the Great crypto boom of October 2021 he attested that Bitcoin was worthless and questioned its limited Supply currently he has stopped calling them currencies currencies have rules of law behind them central banks and tax authorities I call them crypto tokens he said an interview with the Greek news Outlet however in this regard diamond is particular really accurate according to the economic theory the kind of currency he was referring to which is backed by governments and their agencies is often called Fiat money the champions of the crypto claim that the value of cryptocurrency lies in the lack of centralized control this justifies the fact that currencies don't necessarily need to be backed by central banks to function as a medium of exchange the JP Morgan boss has a point although in the aspects of currencies facilitating exchange for goods and services and storing value ethereum may buy you an nft listing on open C but such use cases are still rare the main thing that crypto can be exchanged for is fiat currency and while it may be possible to argue that cryptocurrencies do store value they do it less reliably than the dollar or other Fiat currencies in fact the price of Bitcoin has face weld swings and if a fiat currency was ever that volatile its users would be in severe trouble Jamie dimon also claimed that he didn't understand crypto assets and suggest that other people don't either when Diamond calls cryptocurrencies tokens he is casting them as specific kinds of tradable or fungible assets with limited utility but crypto enthusiasts think of the tokens as a subset of all cryptocurrencies diamond is just telling them cryptocurrency is already much narrower and more limited than they would like to believe nevertheless the JPMorgan Chief acknowledges the fact that many of his clients do not agree with his perceptions and opinions about Bitcoin I am not a Bitcoin supporter and I do not care about Bitcoin I have no interest in it on the other hand clients are interested and I don't tell clients what to do he had said it turns out that Jamie Diamond is not the only one nursing these perceptions about Bitcoin ever since people first began to invest in Bitcoin Skeptics have lined up to tag it as a Ponzi scheme the general thought is that Bitcoin does not do anything so the only way is value can go up is if people buy more of it and push the price up the Black Swan author Naseem Nicholas taleb has also criticized Bitcoin as a gimmick telling CNBC that he believes it is too volatile to Be an Effective currency and it is not a safe hedge against inflation in a Squawk Box interview Talib said basically there is no connection between inflation and Bitcoin none I mean you can have hyperinflation and Bitcoin going to zero there is no link between them the author once held favorite views towards Bitcoin as the world's largest cryptocurrency by market value however he claimed that he was fooled by it initially because he thought it could develop into a currency used in transactions something that moves five percent a day twenty percent a month up or down cannot be a currency was his conclusion cryptocurrency prices can fluctuate very often therefore they may not be appropriate for all investors however more people can venture to enter into the world of digital assets in which cardano and his Ada token are gaining prominence for cardano it's important to pay attention to what it does and not just what people say being a blockchain platform Cardona was designed to process transactions using Ada the cardano platform can handle all kinds of transactions but the real goal is to become the inner internet of blockchains creating an ecosystem that permits seamless interchangeability between different blockchains the Cardinal Community believes it could become one of the leading cryptocurrencies thanks to its innovative and environmentally friendly system Cardona is supported by a lot of research and resources but yet still remains a high risk investment just like its rival blockchain ethereum Cardona has smart contract functionality and developers can use it to build decentralized applications and large decentralized Finance platforms it is an Open Secret that Cardona Remains the network with active developments and growth and for the aspect of decentralized finance developers continue to flock to the network the result of this activity has been the surge in volume being transacted on the blockchain most of which is triggered by all the development being carried out bringing forth good news to investors Cardona was quite late to the game but is catching up with other established D5 players the most important indicator of a cryptocurrency staying power is its ability to thrive in real use cases just like Bitcoin several cryptocurrencies have been seen as worthless but card dono's development structure unique characteristics and potential for real world use cases increase its chance of survival troubled waters are definitely coming for the crypto industry if every cryptocurrency is perceived as a Ponzi scheme the truth digital currencies do not fit in the definition of a Ponzi scheme however the outrageous opinions of people have overshadowed this truth dramatic price drops in the onset of the crypto winter do not automatically make cryptocurrencies a Ponzi scheme cardano is doing something by setting its sights High to make the world work better for everyone and redistribute power to the margins it is indeed a platform for change makers innovators and Visionaries this means that cardano has more to offer than just huge stacks of cash so it is actually the best time to go all in after all it's worth all of the trust what what are your thoughts on this let's have them in the comments section below we'll see you in the next video but before then check out our other videos to find out how cardano is living up to the dream of being the ethereum Killer and as always make sure you click on this subscribe and notification buttons
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