Mike Krieger Asks Which Is 'Fraudulent': Bitcoin Or JP Morgan?

Tyler Durden's picture

Authored by Mike Krieger via Liberty Blitzkrieg blog,

I’m really grateful JP Morgan CEO Jamie Dimon decided to once again lash out in anger at Bitcoin, as it provides us with ample opportunity to highlight a practice very near and dear to how the bank operates. Fraud.

The way the news cycle works, any topic that isn’t already at the forefront of enough people’s minds will be largely ignored irrespective of its importance. The fact that Jamie Dimon ironically called Bitcoin a fraud, allows us to ask highlight some very important facts about the seemingly systemic fraud inherent in America’s largest bank, JP Morgan.

First, let’s take a quick look at some of what Mr. Dimon said. Courtesy of the financial plutocrat network, CNBC:

Jamie Dimon has not changed his mind about bitcoin.

 

Mr. Dimon, the long-time CEO at J.P. Morgan Chase, continued his well-documented criticism of the digital currency bitcoin. Speaking at the Barclays financial services conference on Tuesday, Mr. Dimon was asked whether his bank had a trader who traded bitcoin.

 

His response? “If we had a trader who traded bitcoin, I’d fire them in a second,” he said. “It’s against our rules” and any trader that deals in them is “stupid.”

 

Ultimately though, Mr. Dimon said that he thinks Bitcoin is “a fraud” and it “will eventually blow up.” He referenced approvingly the comments of another titan of the traditional markets, Howard Marks, who recently called bitcoin “an unfounded fad.”

Of course he hasn’t changed his mind about Bitcoin, and he never will. As he himself noted back in 2014.

It’s not the first time Dimon has issued a warning about Silicon Valley businesses.

 

“They all want to eat our lunch,” he told investors a year ago. “Every single one of them is going to try.”

What he once saw as competition, he now seems increasingly terrified of, which is notable in its own right. Beyond that, the most interesting aspect of his recent comments was the use of the word fraud, which provides us with a textbook case of psychological projection. After all, it’s there’s anything Jamie Dimon seems intimately familiar with, it’s fraud.

But don’t take my word for it. Financial journalist and author, William Cohan, wrote an important piece earlier this month for Vanity Fair titled, Jamie Dimon’s $13 Billion Secret—Revealed. I thought about sharing it when it was published, but ultimately decided it wouldn’t get the traction it deserved. Fortunately, Dimon’s Bitcoin commentary has propelled him into the spotlight long enough to turn your attention to this very important piece. Indeed, you can barely read a single paragraph without coming into contact with the word fraud, not in relation to Bitcoin, but in myriad descriptions of routine practices at JP Morgan.

Here are a few choice excerpts:

In November 2013, JPMorgan Chase, the nation’s largest bank, agreed to pay a then-record $13 billion fine to federal and state authorities in order to settle claims that it had misled investors in the years leading up to the financial crisis. JPMorgan Chase’s settlement raised many eyebrows on Wall Street. The huge settlement appeared inconsistent with the oft-repeated narrative of the bank’s heroism during the crisis…

 

People wondered why one of Wall Street’s ostensible white knights would pay $13 billion—$9 billion of its shareholders’ cash, plus another $4 billion in mortgage relief—in a government case…

 

A number of clues about what had forced Dimon’s hand, however, began emerging soon after the conference call. As I reported in The Nation in 2014, JPMorgan Chase’s settlement came at the end of an intense series of negotiations with a wide range of government officials. Perhaps the most pivotal moment in the conversations occurred in September 2013 when D.O.J. lawyers shared with Dimon and his attorneys a draft of a 92-page civil complaint that Benjamin B. Wagner, the then U.S. attorney in the Eastern District of California, and his colleagues were prepared to file in federal court. The draft complaint—based upon hundreds of thousands of subpoenaed internal JPMorgan documents; and interviews with its bankers, employees in its mortgage-backed securities division, and third-party mortgage originator—alleged that the bank’s due-diligence process had been subverted, and ignored, during the years before the crisis. In Wagner’s narrative, the bank was not nearly the white knight of Wall Street.

 

No one knew precisely what Wagner’s investigation had uncovered about JPMorgan Chase, however, because his brief was never filed publicly. Within weeks of Wagner sharing a draft copy of the complaint with Dimon—and following a tense face-to-face meeting at the Department of Justice between Dimon and Eric Holder, then the U.S. attorney general—the two sides agreed to the $13 billion settlement, at the time the largest ever. (It has since been surpassed by Bank of America’s $16.65 billion fine, settling similar claims.) In return, the Department of Justice agreed with Dimon and JPMorgan Chase that, among other things, it would not file Wagner’s complaint. Instead, an anodyne 11-page “Statement of Facts” was released. But it didn’t offer a tremendous amount of insight.

There’s some banker justice for you.

Wall Street C.E.O.s have many reasons for using their shareholders’ money to settle nettlesome lawsuits—from “optics” and brand preservation, to boosting their stock price and keeping embarrassing facts out of the public’s hands. And in the wake of his bank’s $13 billion settlement, Dimon made clear that he was frustrated that the bank had to settle. At a Microsoft C.E.O. summit, Dimon confessed that he “had to control his rage” regarding the topic.

 

To keen observers, though, it also seemed that he and JPMorgan Chase appeared intent on keeping Wagner’s unfiled complaint out of the public record. The specter of the document becoming public was again raised in a separate court case, when, a few weeks after the Department of Justice announced the settlement with JPMorgan Chase, lawyers for the Federal Home Loan Bank of Pittsburgh, which had sued JPMorgan Chase’s investment bank, along with other defendants, alleging it had sold the bank more than $1.7 billion in squirrelly mortgage-backed securities, wanted a copy of Wagner’s complaint. In fact, a state judge in Allegheny County, Pennsylvania, ordered the bank to turn over the draft complaint. But JPMorgan Chase settled the litigation after the judge’s ruling—a settlement that, among other things, included a provision that the draft complaint was to remain private. (Disclosure: after JPMorgan Chase fired me as a managing director in January 2004, I brought—and lost—an arbitration claim against the bank. I also remain in litigation with the bank as the result of a soured investment I made in 1999.)

 

Now, nearly four years later, as part of a Freedom of Information Act lawsuit initiated by Daniel Novack, an enterprising First Amendment attorney in New York City, the D.O.J. sent Novack a partially redacted copy of Wagner’s curiosity-stoking draft complaint against JPMorgan Chase. Novack provided a copy of the partially redacted complaint to me. “By this action,” the draft complaint begins, “the United States seeks to recover civil penalties” against JPMorgan Chase and its investment banking arm “for a fraudulent and deceptive scheme to package and sell residential mortgage-backed securities” that the bank “knew contained a material amount of materially defective loans.” As the unfiled complaint continued, “JPMorgan knowingly securitized and sold billions of dollars of mortgage loans that were originated in material violation of underwriting guidelines and law.” (When reached for comments and responses to the various allegations in Wagner’s unfiled brief, a spokesperson for JPMorgan Chase told me, “These allegations have been addressed, resolved, or refuted years ago.”)

Perhaps I’m delusional, but I think I saw the word fraud in there somewhere.

Wagner’s unfiled brief catalogs behavior rather at odds with the public narrative about the bank in the years preceding the crisis. It further asserts that JPMorgan Chase knew that “many of these loans were tainted with fraud” and “knowingly misrepresented” that the loans met its underwriting guidelines, even though they clearly did not, and that the loans had sufficient equity value to collateralize the mortgages even though they did not. Notably, Wagner’s complaint argues that “these fraudulent misrepresentations” cost investors “to suffer billions of dollars in losses.”

There’s the pesky word again. Twice in one paragraph, but, but Bitcoin.

Worse, the unfiled brief notes, the bank continued to sell mortgage-backed securities even though Dimon himself was worried that the residential mortgage-backed securities market was about to crash. According to Wagner, during the second week of October 2006, Dimon allegedly told King, the co-head of the Securitized Products Group, that he needed to “watch out for subprime”—a reference to low-quality mortgage-backed securities—because he feared that the market “could go up in smoke.” The document also notes that Dimon wanted King to reduce the bank’s exposure to that market. The “impetus” for Dimon’s concern, Wagner continues, was his review of reports from the mortgage-servicing arm of the bank that showed that delinquencies on such mortgages “were rising at an alarming rate.” At Dimon’s “insistence,” the unfiled complaint asserts, “JPMorgan formulated an exit strategy to divest itself” of the riskiest pieces of mortgage-backed securities that had been accumulating on its balance sheet. But, Wagner writes in the draft complaint, “despite knowledge at the highest levels that underwriting had deteriorated across the industry and early payment defaults were spiking, JPMorgan continued to purchase and securitize subprime loans without addressing the known breakdown of its due diligence practices and without disclosing its knowledge to investors.” This is pretty much the exact same thing that Goldman Sachs did leading up to the financial crisis, a practice for which the bank was roundly criticized.

 

Wagner’s unfiled complaint provided details on 10 allegedly fraudulent mortgage-backed securities that JPMorgan Chase underwrote and sold to investors. (Four of the 10 examples were redacted in the copy the D.O.J. provided to Novack and that Novack provided to me, because “the D.O.J. contends that these paragraphs contain information pertaining to an ongoing investigation,” according to a recent ruling in Novack’s case.)

 

The draft complaint further stated that the 10 examples “do not encompass the full extent of JPMorgan’s fraudulent scheme.” In one un-redacted example, the U.S. attorney’s office in the Eastern District of California described what happened to a $1 billion security that JPMorgan underwrote in August 2006 that contained more than 5,500 mortgages issued by Countrywide Financial, then an independent public company (and now part of Bank of America). Prior to purchasing the Countrywide pool, one-quarter of the loans were tested by an independent third-party consultant hired by JPMorgan. The third-party evaluator’s report, received by JPMorgan in May 2006, showed that up to 17 percent of the mortgages contained “material” defects, including “excessive” loan-to-value ratios, “incomplete or defective” appraisals, and missing verifications of income, employment, or assets at closing, among other problems.

 

According to Wagner’s draft complaint, after JPMorgan received the third-party report showing the defects in the mortgages, the company’s bankers “manipulated” the results by re-categorizing the defective mortgages because of “missing documents,” which lowered their risk assessment and made them appear to comply with the bank’s underwriting standards. But, according to Wagner’s unfiled complaint, “these missing documents were not delivered” and despite “knowledge of the material defects in the Countrywide pool,” JPMorgan Chase nevertheless bought 99 percent of the mortgages, and securitized all but seven of them into what became known as JPMAC 2006-CW2. Furthermore, the bank “did not inform investors of material amount of materially defective loans” that created the security. Wagner’s complaint, drafted seven years after the security was issued, noted that JPMAC 2006-CW2 “has suffered hundreds of millions of dollars in cumulative lost principal balance, and more losses are projected.” The complaint noted that although the top tranches of the security were once rated AAA, they had since been downgraded to “junk bond” status or below. And some had defaulted.

 

In another un-redacted example from Wagner’s complaint, a mortgage-backed security that JPMorgan Chase underwrote in February 2007—relatively late in the cycle—for some $980 million contained around 35 percent of mortgages originated by GreenPoint Mortgage Funding, Inc. The mortgages, which were drawn from two pools with unpaid principal balances of $459 million and $300 million, respectively, had many of the same underwriting flaws as found in the Countrywide mortgages. Once again, JPMorgan hired a third-party consultant to look at a sample of them and to report back to it about their quality. Approximately 25 percent of the sample evaluated came back as containing unacceptable risks because of the low quality of the initial underwriting. According to Wagner’s draft complaint, “JPMorgan had knowledge that a substantial portion of the loans did not comply with the originator’s underwriting guidelines and had a substantial risk of default.” The bank packaged up the GreenPoint mortgages and sold them anyway. In the end, investors suffered “hundreds of millions of dollars” of losses on that one security. In all, the unfiled document concludes, JPMorgan Chase and its investment bank “reaped substantial profits from their fraudulent scheme, having sold over $25 billion in nonprime RMBS”—residential mortgage-backed securities—“certificates backed by toxic loans.”

Not only did the bank view fraud as a key revenue driver, but key employees escaped criminal prosecution and came out like bandits. Indeed, Cohan ends his piece with the following observation.

Dimon’s pay package for 2013, the year of the big government settlement, was $20 million—a raise of 74 percent from the year before.

Certainly, you say, bank executives must have learned lessons from the crisis and reformed their fraudulent ways. Certainly not.

Wall Street on Parade did an excellent job of chronicling post-crisis JP Morgan fraud. Here are some examples from the post, What JPMorgan and Citigroup Have in Common When It Comes to Crime:

The crime spree at JPMorgan Chase became so surreal that two trial lawyers, Helen Davis Chaitman and Lance Gotthoffer, published a breathtaking book on the subject, comparing the bank to the Gambino crime family. In addition to the settlements noted above, the authors add more details as to what has occurred on Dimon’s watch, such as:

 

“In April 2011, JPMC agreed to pay $35 million to settle claims that it overcharged members of the military service on their mortgages in violation of the Service Members Civil Relief Act and the Housing and Economic Recovery Act of 2008.

 

“In March 2012, JPMC paid the government $659 million to settle charges that it charged veterans hidden fees in mortgage refinancing transactions.

 

“In October 2012, JPMC paid $1.2 billion to settle claims that it, along with other banks, conspired to set the price of credit and debit card interchange fees.

 

“On January 7, 2013, JPMC announced that it had agreed to a settlement with the Office of the Controller of the Currency (‘OCC’) and the Federal Reserve Bank of charges that it had engaged in improper foreclosure practices.

 

“In September 2013, JPMC agreed to pay $80 million in fines and $309 million in refunds to customers whom the bank billed for credit monitoring services that the bank never provided.

 

“On December 13, 2013, JPMC agreed to pay 79.9 million Euros to settle claims of the European Commission relating to illegal rigging of benchmark interest rates.

 

“In February 2012, JPMC agreed to pay $110 million to settle claims that it overcharged customers for overdraft fees.

 

“In November 2012, JPMC paid $296,900,000 to the SEC to settle claims that it misstated information about the delinquency status of its mortgage portfolio.

 

“In July 2013, JPMC paid $410 million to the Federal Energy Regulatory Commission to settle claims of bidding manipulation of California and Midwest electricity markets.

 

“In December 2013, JPMC paid $22.1 million to settle claims that the bank imposed expensive and unnecessary flood insurance on homeowners whose mortgages the bank serviced.”

In contrast, Bitcoin is the fraud killer, and Dimon must know this. Its code is open source, while its supply is capped and distributed in a transparent process. Sure, there are many legitimate criticisms of Bitcoin, but one thing it certainly isn’t is fraud. This is what makes Jamie Dimon’s commentary so fascinating. He must know deep down that the financial system that has made him so fabulously wealthy is the real fraud and that Bitcoin, and technologies like it, threaten that corrupt and destructive paradigm. The more anger Jamie Dimon spews toward Bitcoin, the more confident we should be that we’re the right side of history.

Finally, let me end this on a more humorous note with a few tweets that perfectly sum up the situation.

*  *  *

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HRClinton's picture

As I wrote earlier today, Demon and his miscreant ilk are absolutely horrified of BTC and Gold Bullion working in tandem, like the Dynamic Duo of Batman & Robin.

It is the COMBINATION of GOLD + CRYPTO that terrifies them to their very Demonic souls.

 

Creepy_Azz_Crackaah's picture

Let the shrieking, hyperventilating, and name calling by tmosley begin!

SILVERGEDDON's picture

tmosley Cramered himself right up the ass with his investor acumen during the ramp up in silver. 

Now, he is about to Cramer himself again with Bitcoin.

Pumpers gotta pump, Goldmanites gotta lure in sheeple for shearing, and muppets for fleecing.  

Pinto Currency's picture

The answer is both are a fraud.

Blockchain has been hacked according to Pippa Malmgren and, even if not hacked, it has no intrinsic value.

Manthong's picture

 

JPM is a bank….

..by definition a counterfeiter and a fraud….

…there is nothing else to say except Jaimie Demon needs to share a jail cell with Lloyd Blankenstein for the next 30 years or so.

 

Withdrawn Sanction's picture

Intrinsic Value?  What has value apart from a valuer?  Perhaps the phrase you're looking for is "value in alternative uses." 

Pippa Malmgren is an establishment boot lick.

runningman18's picture

EXACTLY!  Both are fradulent, which is why JP Morgan is heavily involved in Etherium and blockchain technology.  The banksters love the idea of a cashless system with no privacy.  Dimon is playing both sides of this game.   

Spinelli's picture

Dishonest open source code O.o

your autistic?

Spinelli's picture

When you say https://github.com/bitcoin/bitcoin is a scam, may I ask what part of the code executed dishonestly from its documentation (itself lol).

Ill be sure to file the scam (dishonesty) report for you on github, although it will be the first time in history source code has been dishonest (scammed), so ill have to ask them to create that option for us.
 
>__<

tmosley's picture

Says the guy with the word "silver" in his name that registered his account at the fucking top of the silver market.

Jesus Christ, do you oldbugs just have ZERO self awareness?

tmosley's picture

Gold they can deal with. It's crypto that is a mystery to them.

Speaking of which, here's a video of an oldbug dreaming about the EMP that finally wipes out cryptos once and for all: https://www.youtube.com/watch?v=UFatVn1hP3o

BallAndChained's picture

"Beyond that, the most interesting aspect of his recent comments was the use of the word fraud, which provides us with a textbook case of psychological projection."

The crypto pumpers always accuse others of ignorance. That is the same texbook case of psychological projection.

The crypto holders themselves feel ignorant of what they really are holding, so they call others ignorant lol

"Psychological projection is a theory in psychology in which humans defend themselves against their own unconscious impulses or qualities (both positive and negative) by denying their existence in themselves while attributing them to others.[1] For example, a person who is habitually rude may constantly accuse other people of being rude. It incorporates blame shifting."

Spinelli's picture

FYI crypto is backwards compatible with fiat.
Meaning you can use crypto as if it were normal fiat, but you cant use fiat as if it were crypto.
If the entire planet lost all electrical capabilities (for one wed all end up dieing as a result of that).

But lets pretend we all lived and there just was 0 electricity.

People could just print out phsysical crypto notes (fiat). without the network we would loose the trustless scheme and would need to relay on fiats scheme... trust...

^_^

So after all is said and done you wasted your time with that scenerio.

The bitcoin coins you use'd to be able to buy prove many ponts, especially if i add i bought my 25btc coin for less than 1 grand ;)

tion's picture

It's going to be a bad scene when the shadow gold comes out to play. Maybe I should be brushing up on my Mandarin.

RedDwarf's picture

Gold is owned by by the banks, governments, and a handful of very rich individuals.  They do not fear gold, they hold most of it, and any gold in quantity that they do not hold they can always confiscate.

Crypto by being fully digital is vapor, and I do not mean that in a negative way.  Gold, for all it's nice properties, has FORM.  Because it has form it is vulnerable.  Crypto is formless and proof against simple attack.  They can't control it, there is nothing to attack.  They can throw up roadblocks but only at great expense and eventually economic self-immolation as their attacks improve the crypto security and grow the black-market through agorist processes.

ebworthen's picture

I love you crypto believers, I really do.  I hate the banksters and their toadies in .gov too.

However, you have to look at who got $11+ Trillion of bailouts for skullduggery and legerdemain and no jail time.

It was Jamie Dimon and his fellow cabal of crooked Wall Street thieves, .gov has their back, and they own the Internets.

They don't just own and control the delivery channel for crypto, but also the myriad police and intelligence agencies in black S.U.V.'s.

For them to send out teams to steal the Gold of even 25,000 holders is untenable, but to flip a switch and send 1 or 2 teams to the exchange operators is nothing.

Crypto-currencies have already been labeled a tool of:  the hackers, tax evaders, drug dealers, terrorists, and money-laundering ne'er do-wells. 

If you can use it to shuffle some things around in the moment fine, but if you put all your eggs in it you are a damn fool.

RedDwarf's picture

"Jamie Dimon and his fellow cabal of crooked Wall Street thieves, .gov has their back, and they own the Internets."

They do not own the internet, and even if they did if they turned it off not only would their own power totally disappear overnight since all fiat, which is also 97% digital, would go away, there would be a revolution and a total collapse.

"For them to send out teams to steal the Gold of even 25,000 holders is untenable"

The majority of gold is in the hands of governments, banks, and a few rich oligarchs.  You're a fool who thinks they give a shit about the fraction that is still in the little people's hands.  They already confiscated it all decades ago or did you forget that?

"but to flip a switch and send 1 or 2 teams to the exchange operators is nothing."

Umm, we are not talking about 'exchanges'.  Those are easy to shut down, but also don't matter very much.  They cannot stop you and me from running an app on or computer or phone that does bitcoin transactions.  BitCoin became a major currency for buying drugs and other illegal stuff for the very reason that they cannot in fact realistically shut it down.

"If you can use it to shuffle some things around in the moment fine, but if you put all your eggs in it you are a damn fool."

Umm, I never said anything about putting all my eggs into the crypto basket.  Sure, own some gold and silver while you're at it.

Jimmy Jimmereeno's picture

"....Gold is owned by by the banks, governments, and a handful of very rich individuals.  They do not fear gold, they hold most of it,.."

Your statement is patently false.  Either you are a liar or you are completely ignorant about the fundamental supply/demand situation of gold. 

To quote Antal Fekete, " Fifty percent of all the gold in existence has been produced since 1960. The same fifty percent has been withdrawn from the public domain during the same period of time and [has] disappeared in private hoards.  There is no way to account for this gold. We do not know the location, the identity of owners, nor their intentions [of] what they want to do with it..."

I would suggest that you spend a little time reading the essays of Keith Weiner at monetary-metals.com.  Maybe that will inform you a bit about the distinction between gold and crypto. 


RedDwarf's picture

Very little of the gold mined in the world is minted into small bullion.  Your average American does not own a single ounce of gold.  If you think gold is well distributed among the population, you're ignoring reality.

BallAndChained's picture

> Crypto by being fully digital is vapor, and I do not mean that in a negative way. 

The crypto pumpers are now selling vapor as a positive quality lol

Don't buy a house because it may catch fire. Buy my vapor for $5000 each because it will never catch fire!

RedDwarf's picture

Sure, because a house and money are the same thing.  You're a moron.  Money has always been a social technology, there is no need for it to have form.

Spinelli's picture

You should read reddawrfs comment but ill add that vapor means theres no code. NOT "has no physical form", which is probably what you ment, in which case - perfect.. thats the point lol

SILVERGEDDON's picture

Both are real. 

tmosley is fake news.  

tmosley's picture

Peanutz STILL love Jamie!

zpinch's picture

i downvoted you 1/5th times just for fun shithead ;)

tmosley's picture

And you believe this gives you power over me?

Green Bastard's picture

Upvote for the Bane quote.

Manipuflation's picture

What?  Fraud?  Who could have knode? /sarc

RagaMuffin's picture

Slimin' Jamie Dimon has spoken.......

buzzsaw99's picture

my offer for bear stearns is this, two dollars, which you will accept at gunpoint.  oh, did i say $2?  i meant $10, which you will accept at gunpoint because THAT is my final offer.  [/just one example of the fraud king kleptocrat not the london whale james just fuck off and die already dimon]

zpinch's picture

fasb 157 dude you old fuck

;) cant belive ur still around/alive

Thinkpad's picture

He actually was their safekeeping bank and they were highly leveraged and he ratted them out to the fed because they refused his offer to buy them

Zorba&#039;s idea's picture

Jamie, Lloyd, Corzine, Madoff...make Attila the Hun look like a real Mensch.  :/

loveyajimbo's picture

No worries, intrepid AG Milquetoast Sessions is all over this.

Haaaaa haaaaaa bwaaaahaaaaa!!!

devo's picture

Both? That's why "it takes one to know one" is a saying.

any_mouse's picture

This is disturbing. Share important information, but only if it will be popular.

"I thought about sharing it when it was published, but ultimately decided it wouldn’t get the traction it deserved."

Sizzurp's picture

If they were to try and make bitcoin illegal, I am curious how that law might read? People can trade software, or block chain between themselves? How exactly does a law like that pass a constitutional test? 

Anonymous_Beneficiary's picture

Whaaa? The constitution? Never heard of such a thing...but didn't it die long ago?

any_mouse's picture

No central exchanges would exist on the Internet, only on the Dark Web.

You would communicate over the Internet that you accept BTC or will pay BTC?

Ha. Constitutional smell test. The Federal government has a limited set of Duties to perform. People have the most Rights, the States have Rights. The Federal government has NO Rights, only Duties to the People and the States.

The USSA has gone over 150 years past the Constitution. Why do you think the South used the term "Confederate States"? Lincoln nullified the Constitution with an Unconstitutional Act (that was not about slavery), and the Southern States chose to revert to the Articles of Confederation. They had the guts and the legal Right. Never about Slavery or Negroes.

Just like anyone who opposes Bolshevism or Zionism and is called a NAZI!, anyone who opposes the out of control Federal government's overreach is a Racist Nazi KKK member!

Utopia Planitia's picture

R U kidding?  Look at all the "laws" that were passed under the last administration.  Now you are FORCED to buy health insurance because it has been deemed a "constitutional tax".  WA DC can do anything to you they like, and you better be ready to smile when it comes!

wisebastard's picture

its decentrailized calculator money......

wisebastard's picture

have you ever actually got something useful from an infomercial? The Keiser Report is really just an infomercial for bitcoin. Now have you ever got anything useful from an infomercial that is also used on the dark web???....probably not!!!

tmosley's picture

I remember seeing a lot of infomercials for gold and silver too.

Thinkpad's picture

A Hollywood movie set for release this week, loosely based on the real life story about how the world’s biggest gold discovery turned out to be the largest fraud in mining history, has investors recounting lessons learned two decades ago.

 

http://www.marketwatch.com/story/biggest-gold-mining-scandal-in-history-...

Do You Remember BRE-X, the Biggest Mining Fraud Ever?
Thinkpad's picture

The silk road was closed in Sept last year by the FBI they confiscated 100mm in BTC. They currently have the largest BTC wallet of anyone out there. Monero is the favorite of  both dark web and drug dealers because it is the only truly anonymous coin in existence. Amazon and whole Foods accept BTC amongst a 100 other companies does that make them shady characters too? Probably not.

zpinch's picture

wellsfargo/bofa/bcci ? :D