JPMorgan CEO slams crypto, Bitcoin Ordinals flying high, FCA warns about Poloniex

JP Morgan CEO Jamie dimon has told the Senate that crypto is a decentralized Ponzi Scheme good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags stirring You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curb in Crypto make sure you click that follow Button okay grab yourself a coffee let's Get into [Music] It there were two big stories yesterday So to today's episode contains two Double headers okay here's the rundown If I was the government I'd close it Down said Jamie dimon CEO of JP Morgan Chase the crypto Community deconstructs Demon's comments Bitcoin ordinal has Gone parabolic in recent weeks a Bitcoin Core developer cus ordinals a Dos attack On the network and Pon X is added to a UK Regulators warning List okay everyone in crypto is talking About this story so let's start there if I was the government I'd close it down Said Jamie Dion CEO of JP Morgan Chase About crypto he then added that it is a Decentralized Ponzi scheme labeling Bitcoin as a fraud and stating its only True use case is to facilitate crime This happened yesterday at a hearing of The Senate Banking Committee on the

Oversite of Wall Street companies and Dimon addressed several United States Lawmakers over a topic that Senator Elizabeth Warren raised Warren claimed That North Korea had funded much of its Missile program using and I quote Proceeds of crypto crime and then threw In funding Hamas for good measure I've Discussed both of these in the past few Weeks on this podcast but a quick Catchup would be that the Hamas claim Has been allit disproven or it's very Misleading and the North Korea claim Could well be accurate but they have State sponsored hacking underway and if They were hacking traditional Banks Warren wouldn't be presenting this in The same way don't you think Turner Right spoke to a spokesperson for the Crypto education focused organization Ceda Innovation Foundation who said that Warren's claims revealed a lack of Understanding of blockchain Technology Adding that it is misleading to claim That crypto facilitates illicit Finance Any more so than traditional fiat Currency they also highlighted the Common Narrative of crypto blockchain And defi representing a direct threat to The traditional Financial systems Unsurprisingly the crypto Community were Dissatisfied with Jamie dimon and Elizabeth Warren's Comments so the anti-crypto tyde that

Happened in this hearing contained far More criticism of the space and Particularly Bitcoin than the comments Here I have mentioned but the high Highlights are certainly damning after Dion addressed the Senate the reaction Of the crypto Community was passionate And so Braden lindrea wrote a piece Capturing some of the points made much Of what irked the crypto Community was The hypocrisy of demmon the crypto Lawyer John E Deon summarized it Beautifully with this tweet talk about An effing hypocrite who's the criminal Jamie demon let me ask you a question in The Last 5 Years when JP Morgan has been Fined over $35 billion for illicit and Fraudulent activities did any of your Staff use Bitcoin or crypto in this Article bradden also added to that Stating that JP Morgan is the second Largest penalized bank with 272 Violations since the year 2000 according To good job First's violation tracker Braden then went on to quote the most Damning and specific example here which I'm just going to quote in October 2013 The bank paid $13 billion the largest Fine in its corporate history for Fraudulently misleading investors over Toxic mortgage deals toxic Investments Fall in value significantly causing the Market to collapse so I tweeted this Earlier but I wanted to highlight some

Hypocrisy from JP Morgan and Jamie dimon That I haven't seen anyone else mention Yet in February 2022 I wrote an article For token gamer about the first bank to Open a space in the metaverse a place Called the Onyx lounge and it was opened In the center of the centraland that Bank JP Morgan and the space had a pixel Portrait of Jamie dimon in it and the Opening was accompanied by a paper Written by JP Morgan titled Opportunities in the metaverse how Businesses can explore the Met and Navigate the hype versus reality there Seems to be some wild cognitive Dissonance over at JP Morgan okay we're on to the second of The double headers and this one is about Bitcoin ordinals I think many of you Will have heard of Bitcoin ordinals but Perhaps a good portion aren't as clear On what they actually are they only Arrived on the scene in January of this Year so Bitcoin ordinals were created by Casey rmore at the start of 2023 and They offer a way to inscribe digital Content art text even video directly Onto the Bitcoin blockchain they use Ordinal Theory which assigns individual Identities to Satoshi the smallest unit Of Bitcoin this of course annoyed Bitcoin Maxis for many reasons and that Whole conversation is actually Fascinating but Bitcoin ordinals have a

Few benefits over ethereum nfts not Least that the content itself art text Video whatever is stored onchain not Just pointers to offchain content and That's a common criticism of nfts as a Whole right we're not even 10% of the Way through the Bitcoin ordinal course I' like to provide you so look in the Show notes I'll link a brilliant guide To them okay so ordinals have gone Parabolic recently and Tom Mitchell Hill Wrote a piece yesterday which really Highlights the growth we're seeing the Bitcoin ordinal based token AUD o r di Was the first brc2 token on bitcoin and Now it's the first to fly north of a$1 Billion market cap on the 11th of September this year Audi was $286 on the 5th of December it set its All-time high of $65 comfortably over a 2,000% gain in Fact at the time of recording Audi has a Value of over $1.3 billion Tom wrote That according to the organization Dune Analytics there are more than 48 million Ordinals assets inscribed that have Resulted in more than $1 Underf foot for ordinal Fans Martin Young covered a story about How some are perceiving ordinals and It's not about added functionality Yesterday Luke deser a Bitcoin core Developer sent out the following now Viral tweet PSA inscriptions are

Exploiting a vulnerability in Bitcoin Core to spam the blockchain Bitcoin core Has since 2013 allowed users to set a Limit on the size of extra data in Transactions they relay or Mine by off Fisca their data as program code Inscriptions bypass this limit this bug Was recently fixed in Bitcoin knots V 25.1 it took longer than usual due to my Workflow being severely disrupted at the End of last year Bitcoin core is still Vulnerable in the upcoming V26 release I Can only hope it will finally get fixed Before v27 next year so the top reply to This tweet asks the question we're all Asking here if this bug is fixed does Ordinals and the brc2 token ceased to Exist the shear simply replied correct Thear went on to reply to a lot of the Comments and he's not ambiguous in his Views he claims that ordinals is doing Huge irreversible damage to bitcoin and That it is essentially a denial of Service Doss attack on the network if Bitcoin ordinals and brc2 can truly be Patched out of existence that's unsteady Ground to build on you might be Skeptical about whether it could merely Be fixed well ordinals inscriptions were Only made possible with the introduction Of the tap rout upgrade to the Bitcoin Network Bitcoin Network giveth Bitcoin Network taketh away that was really hard To

Say okay we're now going to pop my side Of the pond to discuss a British Regulator adding ponx to its warning List after the $100 million hack the UK's Financial conduct Authority the FCA Is similar to the US's SEC yesterday the FCA published a public warning to their Website about poniac the crypto exchange Acquired by Justin sun in 2019 the Warning States firms and individuals Cannot promote Financial Services in the UK without the necessary authorization Or approval the UK has been infamously Difficult to register with as a crypto Company and as David Atley writes in This article in August the FCA revealed That since 2020 it has received 291 Applications from crypto companies Seeking registration and has approved Only 38 in October it announced that 140 Crypto companies including htx and Kucoin had been added to its warning List since then the regulator has Authorized only one entity PayPal UK on The 10th of November Pon X was a victim Of that $100 million hack and Justin Sun's other company htx formerly known As hobi have been on the end of several Hacks including the 86.6 million theft From the htx heo bridge we discussed a Few weeks ago what this warning means Going forward and why it has come about Aren't clear but there are a few Fair Guesses poniax won't be registered in

The UK anytime soon therefore the UK's Financial compensation and protection Schemes won't apply to UK citizens and I Wonder if this was all prompted by one Of those UK citizens being a victim of One of the Hacks okay finally I want to do a bit of A bonus round on a story that didn't Quite have enough meat on the bones to Get a full section nevertheless it's a Really cool story and it's worth knowing About Michael Jackson's first ever Studio demo is being released after five Decades and it's being released on the Blockchain through the blockchain music Platform another block Katherine Jackson Michael's mother said that the Recordings of our musical Heritage find A new Rhythm for the digital age it is a Testament that theck story just like our Music remains Timeless that was a very Poetic way of saying that and the Another block CEO Michelle chori was Also poetic and he said some songs and This one in particular deserve a special Home where they won't disappear in a sea Of hundreds of thousands of tracks Released every Day okay I'd like to think that episode Fired you up at the start but then Warmed you at the end I want to hear Your opinions on all of these stories But particularly the Jamie dimon and Senate story and the Bitcoin ordinal

Story you can tweet us on @ Cointelegraph or to me personally at RK Bags but that is it for today so Consider yourself informed thank you for Listening to the ryen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing or Leaving a review they really do help Have a great day let's do this again [Music] Tomorrow