Decentralized Ponzi Schemes

Jamie Dimon had the best take on crypto this week speaking in front of the the Bank Judiciary Committee. Many crypto fanboys were butt hurt by the headlines that he called cryptos a ‘Decentralized Ponzi Scheme’. The JP Morgan Chase Bank executive made his case that crypto currencies and tokens that do not provide utility and used for illegal activities are bad for society. Coins that have paid influencers to shill for it and do not solve a real world problem have been used to pump and dump on unwitting investors. These scam coins like The Squid Games Coin which ‘rug pulled’ investors are exactly as Mr. Dimon stated, Ponzi Schemes. 

So is crypto dead? 

HELL NO! It is so important to listen to the entirety of Mr. Dimon’s statement. He explicitly states that blockchains and ledgers are technologies that are here to stay. The revolution of digital currencies and assets to allow for a better financial system is fully underway. Jamie Dimond even talked about how JP Morgan Chase have their own coin that they use “1:1” with the US Dollar to help payment settlements. 

Crypto winter has revealed which crypto’s have real utility and which do not. The ones that solve real problems are here to stay and those that are not… buyer beware.