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it has been years since the industry of crypto was established and if you have been around since the time of its creation until now you would know that the market was surrounded by fear and doubt more than support people who had no idea of how it works easily dismissed it as a scam that only functions to steal the money of people looking back at it now these assumptions were Justified although fortunately proven to be untrue with this one can only say that being doubtful of an initiative the first time it takes flight is an indispensable ingredient of progress but if we are to see the same accusation today when Bitcoin and cryptocurrency in general is showing potential like it never has in the past years is it still justifiable thank you for watching Diversified streams your go-to YouTube channel for all things crypto and finance be sure to check out our community post about these subjects we are curious to know your opinions on these matters also if you haven't subscribed yet click the Subscribe button so you don't miss out on the latest news and tips related to crypto and make sure to keep your notifications on so you'll be updated with our latest videos we frequently post so you wouldn't want to miss them in today's video we will be talking about the recent comment that Jamie dimon has said about cryptocurrency being a Ponzi scheme quite a big and controversial remark made by big personality in the business directed towards an almost enormous industry all this and more we will be discussing in this video so let us get started before anything else let me share you a quick update with binance because most of you I know are also Avid Watchers of what is happening in finance this is pretty exciting because binance has just announced that they will be forming a global Advisory Board the name itself already sounds pretty significant but binance is indeed setting up a team of experts who can give and device solutions to both political and social issues that threaten the stability of the industry this is important because there have been some discussions about the lack and introduction of regulatory bodies in the space and binance's initiative might be what we need to settle any future legal matters interestingly the council will be composed of names to we have known before this includes Max palkus former Senator U.S ambassador to China the former senior advisor and campaign manager of ex-president Obama David plouffe Lord vasey the former minister of State for culture and the digital economy of Britain and Bruno beza the former head of France's Treasury Department having these leaders take the seat as members of the council is indicative of how binance's seriousness to sharpen the company's expertise in the industry it operates this might change the way people think of the industry especially those who think that there is not enough Security in crypto to be investing large sums of money into it this is a developing story and we have yet to know more about the global Advisory Board as more information is released relative to it we'll make sure to discuss more of this in our future uploads speaking of people who are still dubious of the industry we are now addressing the elephant in the room and that is all about the CEO of JP Morgan Jamie dimon saying that cryptocurrencies like Bitcoin and the whole of crypto is nothing but a Ponzi scheme if this remark is something that came out from someone who is completely out of touch with how the financial industry works it would be easy to dismiss however one of the most respected people in the industry is the one who said it which makes it a sensitive issue worth discussing for a full understanding of Diamond's perspective here's a short clip for you to watch if I can ask you one other question I'd like to ask about another topic that I've been very focused on which is the rapid development of digital assets and related Financial technology I believe the United States should lead the development of emerging Technologies like distributed ledgers and blockchain and the federal government should provide the certainty needed for the country to serve as a hub for financial Innovation and I've developed legislation to help Define qualified stable coins which I know the chairwoman and the ranking member are also working on and to select the appropriate regulator I've read that you're a little skeptical of some of these new technologies but what are the biggest things keeping you from being more active in the space and do you worry that we would miss the boat and give other nations like China an opportunity to advance their digital currency and other payment systems that could undermine the US dollar and I'd love to get some of your thoughts on that so uh you have to separate blockchain which is real D5 which is real ledgers you know tokens that do something and deliver information money ideas simplify smart contracts that's one thing I'm not a skeptic okay I'm a major skeptic on crypto tokens which you call currency like Bitcoin they are decentralized Ponzi schemes and and the notion that's good for anybody is unbelievable 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 in ransomware AML sex trafficking stealing uh is dangerous there'd be nothing wrong with the stable coin properly which is like a money market fund properly regulated properly regulated you have some today and they are not JP Morgan has a JP more we are a big user blockchain as a JPMorgan coin which is a token but if you send it to us we give you a US dollar it's a dollar deposit that can be moved just the way uh cryptocurrencies can be moved stable value very low cost before taking this head-on and talking about what we think I want to know what you think first of diamond statement do you somehow believe that all of the effort put into making the markets Thrive is just a part of its function as a Ponzi scheme or do you think that this is just his way of discouraging people to invest so there will be more assets for him to buy let us know what you think by leaving a comment below and while you're at it make sure that you've liked this video and that you are subscribed to our Channel we appreciate it and would love to have you as a part of our community just to clear the air the opinions we make in this video are ours to make and it may or it may not be in line with yours in the same way we do not claim to be Financial analysts who never talking about prices in the market what we think of these issues are just as significant as your own Thoughts with that aside it is important for us to tell you that this is not the first time JP Morgan has done something like this five years ago in 2017 back then Bitcoin itself was still young and showed potential Diamond said that he would be terminating the contracts of any JPMorgan Trader that has any ties with Bitcoin as a person with so much influence with his people and others it is a demand that got almost everyone avoiding Bitcoin as if it was some kind of transmutable disease interestingly after this announcement though it was later exposed by Glenn Beck that JP Morgan was one of the biggest buyers of the dip that happened in the same year this is something that feels illegal to do but is not as either way JP Morgan still got away with it and managed to snatch a huge amount of Bitcoin from the crash that happened in 2017.
are we seeing the same tactic employed by the giant this year it is highly likely given that Bitcoin is also currently experiencing some major crashes and other experts like Raul pal are hinting at this point to be extremely bullish on the asset and start buying Bitcoin we can only assume this but historical data shows a possibility and it is historical data that never fails to give us some type of assurance in this industry you can believe that Bitcoin and crypto is a Ponzi scheme and we will not be judging you for it but in the quantifiable number of times words like this have been signed by people Bitcoin always manages to prove them wrong that is one thing worth considering in other news here's some update for ripple the CDC or the Chamber of digital Commerce has acquired its approval to be a part of the SEC versus Ripple lawsuit Additionally the CDC has been granted the status of a friend of the court giving them the power to be a part of the ongoing investigation through the provision of helpful information and insights if you are a holder of xrp the entry of CDC and their interest in the case will provide an emphasis on how the Court's decision in the future will affect those laws relative to secondary transactions just a refresher for what happened with ripple they were sued by the SEC for allegedly selling unregistered Securities both the SEC and ripple agreed to let CDC be a part of the case so this might be a major Game Changer especially for ripple and that is it for today's video I hope you found this video informative and helpful as always if you did please show us some love and support by giving this video a big thumbs up and subscribing to our Channel and make sure to keep your notifications on so you will be updated whenever we post new videos on all things related to crypto this has been Diversified streams thank you so much for tuning in and see you in our next video thank you
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