It seems like, with each passing day, we have more evidence of the need for cryptocurrency.
Are you familiar with Kanye West? This guy is either a billionaire or very close to it. He is also a controversial figure as most hip hop artists are. Evidently, he has the tendency to upset some people.
That said, it appears the latest skin he got under was JP Morgan.
Now before going any further, we need to highlight this is a bank. JP Morgan is one of the largest investment banks in the world. It also, through its ownership of Chase, is one of the biggest depository institutions in the United States.
To say it has some power is an understatement.
It was also one of the banks used by Jeffrey Epstein, who ran an underage child prostitution ring. Obviously, this guy met the requirements to be a customer of the bank.
Kayne Told To Take A Hike
Unless one pays attention to the exploits of Kayne, which I do not, his latest incident didn't register. Nevertheless, in light of some of the past customers of JP Morgan, the latest move by the bank is surprising.
Now it is cancelling Kayne.
The bank made an announcement that West has a month to remove his funds. It doesn't like his antics and his ties to the far right.
So they decided to cancel Kayne.
Certainly, the United States has a problem with the love of celebrities. Personally, I could care less about these people. What is important however, are institutions that want to trample over the rights of people. It is likely that most disagree with Kanye's view on, well, everything. The guy appears to be lost. He is self proclaimed mentally ill, something most could agree upon. Yet, for some reason, he is a commercial success.
Whatever the feelings about West, this is a bank that was comfortable holding money for Epstein. Another notorious figure was Bernie Madoff, head of the largest Ponzi scheme in US history. Guess where he had funds. JP Morgan.
And lest we forget, Chase was the bank that funneled funds of the Third Reich to South America to avoid FDR's ruling to freeze German assets.
Perhaps the bank is cleaning up its act.
Of course, we might have to overlook the ship that was found to have $1.3 billion in cocaine on it in 2019. That was owned by JP Morgan.
The Need For Cryptocurrency
A situation like this is one of the fundamental motivations for cryptocurrency. Satoshi Nakamoto original vision for Bitcoin was a monetary system that was outside the reach of bankers. Here is an example why.
The bottom line is if JP Morgan will go after a billionaire, the rest of us are like fish in a barrel. A prime example was the bail-in that took place in Cyprus a number of years back. During that episode, people were not given the choice to remove their funds. Instead, they were given a 10% haircut.
In other words, it was simply taken from their account.
Cryptocurrency solves this problem.
We often discuss the idea of replacing the banking system. Digital wallets satisfy the banking needs for 90% of the people. It allows people to send, receive, and store money. This simple premise is what most people use depository institutions for. Sure, when we get to the investment banking level, things are different. However, the local branch provides few services outside of that for the majority of customers.
The fact that Chase has the ability to kick Kanye out is the problem. It shows a structural issues that comes with financial intermediaries. The fact that Kayne is likely a very bad apple shows the need for defense of this. When companies are able to place arbitrary rulings on individuals, the targets become very subjective. History is littered with examples of this. It is tyranny no matter how much it is justified by the hatred for the individual or what he/she stands for.
Cryptocurrency doesn't get into any of this. Blockchain is agnostic. It is completely neutral in terms of the operation. There is no consideration to the person, association, gender, or anything else. The only variable is whether the private key is accessed. If so, the wallet can be opened and transactions go through.
This is just another example of why cryptocurrency is so important.
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I can't wait to see what kind of trend this starts with other businesses
!PGM
!PIZZA
We will see if it does but it is likely that it will start a trend.
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Kanye should emit a token representing his popularity.
I don't think they clean up their act. Kanye just angered to many people now. I wonder how long it will take until that never-aired podcast episode will surface.
There is no doubt Kayne is near impossible to defend. However, when dealing with freedom, this is exactly what needs to be defended. Most will agree the guy is scum. Of course, I would make the case for his ex inlaws too but that is another matter.
Regardless of what I feel about any of these people personally, they have certain rights. The fact that Chase chose to single out Kanye based upon his absurd views is a dangerous path to go down.
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Even if he's a bad apple he shouldn't have been treated that way, imagine how that can be done with ease if it was an average person.
And to add one annoying fact, at least in Canada. Banks limit your daily money spending.
I understand the "safety " aspect but in truth what right do they have to say I can only withdraw 1000 or 2000 a day?
Cryptocurrency is the future. No doubt about it.
It is amazing how they do this stuff to "protect" us.
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Hahahahaha Hahahahaha Hahahahaha 🤣 😂
I wonder what Kanye will do when (or if) other power players decide to follow suit? It's not like we're judging the person here but not conforming to the norm will tend to take away your freedom. It's like you have to keep 'within the box' or else you're punished for it.
Sometimes, you might not even be 'outside the box' but they can kick you out just because they don't like you anymore.
It would be a problem. However, he does have enough money that someone will want it so not everyone will turn their back on him. However, for those who dont have the clout, it could be a problem.
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Cryptocurrency solves a lot of problems, yes, but people seem to like this problems.
It’s starting to upset me how much energy is being put into trying to make people see or do the right thing, sometimes it feels like “bad” is really winning. It’s as if people don’t want to be free, as if being oppressed by “bad” is good enough for them.
Man, I'm definitely not one of the most outspoken people on these kinds of issues (not indifferent, just tired of arguing), but the way they are trying to punish people for their political stances or semi-controversial statements really doesn't seem to be slowing down. I don't think censorship resistance is the most effective tagline for hive and bitcoin when it comes to mainstream adoption, but it's a really important pillar to create something better and I see it being more and more of a factor in the adoption of crypto. It was the Canadian banks cancelling people's accounts for protesting that made me realize that despite all my skepticism about bitcoin, it's way better than anything they have planned for us.
Nice one as usual
The move in Canada should have been an eyeopener for everyone. Sadly it wasnt. Those in crypto understood but I think the masses missed it.
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I think it was because he attacked the Black lives matter movement. But this is more proof that the future for crypto is green. The moment these big figures realise that there has been space for them to speak their mind and keep their money and have control over what happens in the structure it will take Hive to new heights.
I want to make a video on this content. I will tag you when it is out.
They didn't bother having Jeffrey Epstein as their client but they are bothered with Kanye. You are right, these suckers do prove how vital and underestimated crypto is.
Yeah. When banks suddenly get moral or righeous, it is laughable.
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Unbelieveable, but then again it is believeable. We are becomeing less and less tolerant of differing beliefs.
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They shouldn't have the power to do so and I wish the backfire will be swift. It's similar to how Paypal wanted to charge people for misinformation and I just don't think the politics should matter that much.
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many bigshots own crypto but don't say it
Just like when the media companies started coming after Alex Jones, we need to rally behind Kanye for the simple reason that ultimately we are on that list. I don’t think it’s got a coincidence with the PayPal ToS move that people flipped out about. These are all moves these criminals want to make as a way to control us. I’m glad I don’t have an account at either of these institutions but it’s important people close accounts and move to a different one as a way to show we will defend everyone, regardless if we agree with them or not.
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Chase would probably find apologists to defend such action by claiming that the bank acted in the best interests of its shareholders and majority of customers. Kicking Kanye and his hundreds of millions of dollars out was price worth if the alternative was massive boycott over alleged condoning of anti-Semtism that could have theoretically result in bank losing hundreds of billions.
However, even if take this into consideration, I agree with your post. Putting your wealth and livelihood into the hands of institutions that might take it away by snapping fingers over some capriciously and selectively applied criteria is very unwise. Crypto again proves to be much better alternative, especially these days.
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