Crypto is Unstoppable against the Web of Deception and Exploitation

Jamie Dimon, the CEO of JPMorgan, has blasted digital assets, saying they are for criminals. This is a kind of threat to an esteemed kingdom without any ability to destroy, just like the barking dogs in my sense. During a Senate Banking Committee hearing, Jamie Dimon, the CEO of JPMorgan Chase & Co., voiced his vehement opposition to the cryptocurrency business. Dimon has been an outspoken opponent of cryptocurrencies for a while now, calling them "frauds" and "Ponzi schemes." This most recent critique comes at a time when the market has been rocked by a number of breaches and scandals, and politicians and U.S. officials have been watching closely—especially after Sam Bankman-Fried's cryptocurrency platform FTX was shut down. Sen. Elizabeth Warren, a Democrat from Massachusetts, and Dimon and other financial executives agreed during the session when they emphasized the possible dangers of cryptocurrencies, especially regarding money laundering and the funding of terrorism. Dimon and the other CEOs supported Warren's position.

Though JPMorgan has aggressively embraced blockchain technology for several initiatives, including creating its own stablecoin, JPM Coin, Dimon's opinions on the subject range. Within the next two years, the bank projects that JPM Coin will be able to process up to $10 billion in transactions per day. Digital asset firms are spending record sums of money in Washington to further their interests; in the first three quarters, these corporations spent $18.9 million on lobbying. Additionally, federal authorities like the Securities and Exchange Commission have been closely monitoring the business.

The saying grapes are sour is also true in some sense; when you are lagging behind or missed any revolution that is going forward, the best way to try to break the system and make yourself competitive is to catch up with the rally. Besides, these bullshits are not uncommon in the crypto space as all the mainstream economic institutes are trying their best to sue the crypto world but in vain. Several countries have severely attacked the crypto universe, like China, by banning the complete operation of BTC and similar currencies from mining to trading. The result was a short-term negative impact, but the market went up multiple times after such a breakdown. And the same things are gonna happen more often as the traditional systems are profit makers and they want to kill your full financial freedom.

Recently, I read a news about the cumulative fines of the top BANKs in USA. The four biggest US banks—Bank of America, Wells Fargo, Citigroup, and JPMorgan—have paid a combined $181 billion in penalties since 2000, according to Violation Tracker. Bank of America, Wells Fargo, Citigroup, and JPMorgan have all paid 324 penalties totalling $87.2 billion, 261 fines costing $27.3 billion, and 181 fines worth $181 million. But how much crypto is liable for such activities which is not so high for sure, but all the blame goes on it. According to Dimon, cryptocurrency assets are used by criminals for things like drug trafficking, money laundering, and tax evasion. He thinks cryptocurrency is quick, semi-anonymous, and yet in its infancy. Additionally, Dimon contends that existing mechanisms like as OFAC, Know Your Customer (KYC), and criminals may circumvent penalties via the use of crypto. Dimon would shut down cryptocurrency holdings if he were the government.

The conventional financial system, which is built on centralized organizations such as companies and banks, has come under fire for its propensity for misuse and opaque business practices. Unfair interest rates, unrealistic investment returns, hidden fees and levies, and a lack of accessibility and control are a few of them. Exorbitant fees are often concealed by banks in contracts and documents, making it hard for customers to keep track of their actual expenses.

In addition, traditional financial institutions charge exorbitant interest rates on credit cards and loans, which makes it hard for people to break free from debt cycles. People may get trapped in a vicious cycle of debt and dependency due to this system, favouring lenders over borrowers.

Financial companies often advertise complicated investment products that make exaggerated claims of high returns, leaving investors unprepared for unanticipated losses. People may make financially harmful judgements if profit is prioritized above financial knowledge and prudent investing techniques.

Because of its decentralization and transparency, cryptocurrency offers a viable substitute for the established banking system. The decentralized blockchain networks that underpin cryptocurrencies do away with the necessity for middlemen like banks. Thanks to this openness, people may immediately monitor their transactions and money, which lowers the possibility of manipulation and unstated costs. Because blockchain transactions are public, they may deter fraud and encourage more responsibility.

Anyone with an internet connection may access cryptocurrencies, regardless of where they live or their financial situation. This may encourage financial inclusion for those who were previously shut out of the regular banking system and empower those living in underprivileged neighbourhoods. Financial services that are more easily accessible and have lower transaction costs may foster economic expansion.

Cryptocurrencies may enable people to take charge of their money by doing away with the need for centralized authority, resulting in more financial autonomy and independence. The likelihood of financial crises and economic instability brought on by institutional acts may be decreased by this move away from a centralized authority.

Blockchain technology's decentralized structure facilitates the creation of novel and inventive financial offerings, like micro-investment plans, peer-to-peer lending systems, and decentralized markets that function without middlemen. Although it is still too early to tell how exactly cryptocurrencies will affect the established financial system, their potential for decentralization, accessibility, and transparency points to a time when people will have more financial control and be able to participate in a more equitable financial environment.

So, what do you think about such deception from these financial institutes and their schemes with many hidden facts? However, the lack of law and enforcement implementation in the crypto universe through effective ways still needs to be designed and materialized. On the other hand, people should be aware of this new technology through proper education in account safety and management of fraudulent schemes on the internet to be safe online as all the occurrences will have no excuse to claim losses from anyone.

Thanks for your time an attention.
Have a nice day.