Is Bitcoin Basher Jamie Dimon Floating a Presidential Run?

JPMorgan CEO and noted bitcoin basher Jamie Dimon says he’s not running for president, but he wants everyone to know that, if he did, he could defeat incumbent President Donald Trump. “I think I could beat Trump” in an election, the Wall Street icon said Wednesday morning, according to a Bloomberg report. “I’m as tough

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The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Wants to Be President

The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Thinks He Can Be Elected President

In today’s edition of The Daily we cover stories about Shapeshift shutting down its decentralized portfolio platform Prism, the bitcoin-hating CEO of JP Morgan, Jamie Dimon, thinking he can be elected US President, an exchange expanding to 20 more states, and further censorship of bitcoin-related accounts on Chinese social media.

Also Read: 66% of Cryptocurrency Enthusiasts Don’t Want to Receive Wages in Fiat

Shapeshift Shuts Down Prism

Shapeshift, which recently announced a shift to a mandatory membership model, is now also shutting down its decentralized portfolio platform, Prism. When it was launched last year, Prism promised the ability to secure a basket of cryptocurrencies without exposure to third party risk, meaning without leaving your funds on an exchange. It also featured some social trading capabilities, like displaying public performance leaderboards so users could learn from top traders and copy their portfolios.

Shapeshift didn’t indicate that the move is related to its recent change of model, instead stating it has been done to focus on developing its core product line. “With the work we’ve done over these past 18 months, it’s become clear to us that there is actually a different (and likely superior) product to be built with this underlying technology. It requires more than a pivot: a reimagining of the product itself…These reasons combined have led us to the conclusion that we should sunset the current Prism product, both in order to focus on our core platform, and to clear the pallet for a potential reimagining of what this technology can do later on.”

Bitcoin-Hating Banker Thinks He Can Be Elected President

The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Thinks He Can Be Elected PresidentJamie Dimon, the CEO of JP Morgan Chase and former director of the New York Fed, seemingly loves to stir up controversy in a way that will grant him maximum publicity before quickly retreating. After attacking bitcoin as a fraud and regretting it, he has now said he can be elected President of the United States – and then almost immediately took it back. Apparently the Wall Street banker thinks he can beat current president Donald Trump because “I’m as tough as he is, I’m smarter than he is.”

It would have been both entertaining and enlightening to discover just how much the American public love bankers in this ultimate popularity contest, but Dimon took his words back as soon as they were made public, proving he is neither as tough nor as smart as he imagines. “I should not have said it. I’m not running for president. Proves I wouldn’t make a good politician.”

Okcoin Expands to 20 More States

The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Thinks He Can Be Elected PresidentOkcoin exchange has announced an expansion into 20 new states with token-to-token only trading. These include: Alaska, Arizona, Colorado, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, Tennessee, Texas, Utah and Wisconsin. And the team have added they are in the process of applying for money transmittal licenses (MTL) in the remaining states for both token-to-token trading and fiat-to-token trading.

“In order for the cryptocurrency market to reach its full potential, exchanges like Okcoin have to work with existing and new regulators for convertible virtual currency, digital goods, and/or securities,” said CEO Tim Buyn. “Our team has worked diligently within the complexities of the US regulatory frameworks. We’re excited to take this major step forward as we aim to break down the barriers preventing a truly global digital asset market while adhering to long established regulations.”

Wechat Blocks Bitmain

According to reports from China, the dominant social network Wechat has blocked one of Bitmain’s accounts (“antminersale”). This comes after last month the network shut down the Wechat social media accounts of several local crypto news outlets, and the government blocked access to 124 foreign exchanges said to be targeting Chinese and banned hotels and other venues from hosting blockchain-related events. Considering these recent actions, some commentators see the move against the mining hardware producer as part of a new crackdown on the industry in China.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Kim Dotcom: Invest in Bitcoin Before U.S. Debt Spirals Out of Control

Controversial Internet pirate and bitcoin advocate Kim Dotcom is urging everyone to invest in gold and bitcoin because the U.S. government is adding $1 trillion to its debt every year, which will never be paid. The debt will destroy the U.S. and create a global economic collapse, Dotcom argued in a tweet. 1 TRILLION DOLLARS … Continued

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First Assassination Markets Appear on Prediction Platform Augur

Everyone knew that it was inevitable that assassination markets would quickly pop up on decentralized prediction market platform Augur, but that doesn’t make the fact that users are now betting on whether U.S. President Donald Trump will be assassinated by the end of the year any less jarring. Assassination Markets Let Augur Users Gamble on

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Fmr. Trump Advisor Steve Bannon is Building a Utility Token for the Global Populist Movement

Former Trump advisor Steve Bannon may no longer have an office down the hall from the U.S. president, but he still thinks he can have a profound impact on the world — using cryptocurrency. Bannon, who served as White House Chief Strategist during the first year of Donald Trump’s presidential administration, provided a glimpse into … Continued

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Fmr. Trump Advisor Steve Bannon is Building a Utility Token Cryptocurrency

Former Trump advisor Steve Bannon may no longer have an office down the hall from the U.S. president, but he still thinks he can have a profound impact on the world — using cryptocurrency. Bannon, who served as White House Chief Strategist during the first year of Donald Trump’s presidential administration, provided a glimpse into … Continued

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Trump Task Force to Fight Financial Crimes Includes Cryptocurrencies

President Donald Trump has ordered the U.S. Attorney General to develop a Department of Justice task force on market integrity and consumer fraud that would include crimes involving cryptocurrencies. The executive order specifically mentions digital currency as an area to be investigated and, where necessary, prosecuted. The task force replaces the Financial Fraud Enforcement Task

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Libertarian Party Urges Trump to Pardon Silk Road Founder Ross Ulbricht

The Libertarian Party has requested President Trump grant a full pardon to Ross Ulbricht, who is serving a life sentence with no parole possibility for his role in launching and operating the Silk Road website, which facilitated illegal drug trading. The party passed a resolution urging the pardon at its annual convention on July 3. On … Continued

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Libertarian Party Urges Trump to Pardon Silk Board Founder Ross Ulbricht

The Libertarian Party has requested President Trump grant a full pardon to Ross Ulbricht, who is serving a life sentence with no parole possibility for his role in launching and operating the Silk Road website, which facilitated illegal drug trading. The party passed a resolution urging the pardon at its annual convention on July 3. On

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Grammy Winner Akon to Launch Cryptocurrency ‘Akoin,’ Build ‘Crypto City’ in Senegal

Akon, a Senegalese-American rapper and solar energy entrepreneur, plans to offer a cryptocurrency in two weeks to help improve conditions in Africa, according to Page Six. Speaking at the Cannes Lions International Festival of Creativity in Cannes, France, the entertainer and entrepreneur told a panel that cryptocurrency and blockchain technology could empower people in Africa

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Steve Bannon Moves into Crypto – How? Why? Doing What?

Steve Bannon moves into crypto

Steve Bannon Moves into Crypto – In August of 2017, President Donald Trump decided to remove Steve Bannon from his administration. Since then, Bannon has been the subject of scrutiny. In fact, some have recently gone as far as saying he is a man who disrupted U.S. politics. Now, however, it’s June of 2018, and Steve Bannon has moved on from politics. Specifically, he’s moving onto cryptocurrency.

Yes, you heard that right. Steve Bannon is reportedly now involved in the crypto space.

Steve Bannon Moves into Crypto

On Thursday, Bloomberg reported that Bannon has ...

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Venezuela’s Petro Saga Set to Continue as Maduro Is Re-Elected in Controversial Election

Venezuelan president Nicolás Maduro has been re-elected this Sunday, which means he’s staying in power for another six years. The electoral process was embroiled in controversy, as his mains rivals claim it was filled with irregularities. Maduro’s new term presumably means the country’s oil-backed cryptocurrency, the Petro, will keep on growing. According to Reuters, the … Continued

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Trump’s Former Economic Advisor Joins the ‘Blockchain Not Bitcoin’ Brigade

One of President Trump’s former advisors has hopped on board the “blockchain not bitcoin” brigade. Gary Cohn, who led the Trump Administration’s National Economic Council prior to his resignation last month, told CNBC that he believes in the promise of blockchain technology but is not sold on bitcoin. The longtime investment banker, who served as … Continued

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Free Publicity: Venezuela Thanks Trump’s Petro Ban for Doubling Investors

The executive secretary of Venezuela’s Blockchain Observatory, Daniel Peña, recently did an interview for the country’s Cuatro F newspaper, in which he claims Donald Trump’s Petro (PTR) ban was free publicity for the oil-backed cryptocurrency. So much so, it allegedly helped double the number of interested investors. As covered by CCN, US President Donald Trump … Continued

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Report Claims Putin Aided Maduro in Creating Venezuela’s Crypto, Petro

Report Claims Putin Aided Maduro in Creating Venezuela’s Crypto, Petro

A Time investigation into the development of Venezuela’s state-backed cryptocurrency, petro, revealed strong anecdotal and circumstantial evidence connecting Russia to its launch. At least two Russians with ties to Vladimir Putin were present at petro’s unveiling, complete with the Venezuelan president’s thanks. Analysts are claiming the South American country is Mr. Putin’s crypto guinea pig as the two nations try to find innovative ways around US sanctions.

Also read: Bitcoiners Demand More Crypto CFDs and Spread-Betting in the UK

Report Claims Putin and Maduro Teamed to Launch Petro

Time online is referring to Tuesday’s official sale of petro as “a half-hidden joint venture between Venezuelan and Russian officials and businessmen, whose aim was to erode the power of U.S. sanctions,” finding “Moscow’s fingerprints all over the creation of the petro.”

Such revelations come at an interesting time for all three countries. In the US, the present administration has been accused of being too close to re-elected Russian President Putin. Mr. Putin is under international pressure for alleged acts of assassination on foreign shores along with meddling in elections abroad. Venezuela has long been a client state of Russia, and has equally been the object of scorn for several US administrations. The three were tied together, somewhat unknowingly (on the US side at least) by President Trump’s recent Executive Order forbidding formal participation in the petro.  

And truth be told it is Russia who would rather tread lightly at this point. Indeed, as Mr. Putin’s economic advisor, Igor Shuvalov, explained, “For Russia, it’s too dangerous. If we say that the only reason we do it is to avoid U.S. sanctions, then the United States is definitely going to be displeased about it. Venezuela has nothing to lose. For them it’s the only chance.” The Venezuelan economy is the daily subject of press accounts, documenting economic horrors.

So it might have seemed somewhat brazen to have no fewer than two Russian nationals connected front and center at petro’s media scrum launch last month. Denis Druzhkov and Fyodor Bogorodsky were thanked publicly by Mr. Maduro, and Mr. Bogorodsky stands at the one hour and eight minute mark to give a congratulatory speech in Russian (see video inset).

Covering Tracks on a Gamble

The two men were initially identified as representatives of a shadowy company, Aerotrading, which claims blockchain specialty. Within days of the presser, presumably to establish the company’s legitimacy, a sudden website and Twitter account were set up. Of the two men, Mr. Bogorodsky was the only to comment publicly.

Mr. Druzhkov is well connected to a Russian billionaire, while Mr. Bogorodsky is a former banking executive living in South America. The report describes him as having “close business ties with Russia and other former Soviet states.” It appears he’s been involved with petro since its inception late last year. Mr. Bogorodsky stresses, “Russia has been moving in this direction for a while now, trying to draft laws to regulate cryptocurrencies.” Venezuela’s pace has evidently been much quicker. Dismissing potential US concerns, he laughs, “Any citizen of the world can do what he wants. We offer freedom of choice. So I think there will be lots of investors, big and small, from all over the world.”

Report Claims Putin Aided Maduro in Creating Venezuela’s Crypto, Petro

According to an anonymous “executive at a Russian state bank who deals with cryptocurrencies, senior advisers to the Kremlin have overseen the effort in Venezuela, and President Vladimir Putin signed off on it last year. ‘People close to Putin, they told him this is how to avoid the sanctions,’ says the executive. ‘This is how the whole thing started,’” the report explained. Russia is insisting it had nothing to do with the petro’s creation.

State apparatchiks, on the other hand, have made plenty of statements about US financial sanctions. The head of Russia’s second largest bank, VTB, Andrei Kostin spoke openly recently about how “The reign of the dollar must end. This whip that the Americans use in the form of the dollar would then, to a great extent, not have such a serious impact on the global financial system.”

US regulators are quoted as not being too worried about petro nor the possibility of a crypto-ruble. It is hard to say if state-backed cryptocurrencies could ultimately work. Such ideas have always suffered from violating key tenants of crypto: censorship resistance and decentralization. By definition, state-backed currencies violate both.

Do you think state-backed crypto can work? Let us know in the comments!


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