In life, what goes around comes around; it is only a matter of time. The laws of nature have started hitting Jamie Dimon and his JPMorgan Chase & Co. bank hard as the firm has been dragged to court for allegedly charging customers exorbitant fees on bitcoin and cryptocurrency-related transactions.
On February 3, 2018, customers of JPMorgan chase along with some other banks were about the ban on cryptocurrency purchases with credit cards. However, they could still buy bitcoin and other cryptocurrencies via cash advances and other payment channels.
Under normal circumstances, customers are charged higher fees when they purchase bitcoin using Cash advances compared to when they transact utilizing credit cards.
Meanwhile, Brady Tucker a ‘bitcoiner’ who regularly purchases bitcoin with his credit card at Chase claims he was slapped with hefty charges of over 30 percent a year on his purchases from January 27 to February 2, 2018, without any prior notice from JPMorgan Chase. The case is Brady Tucker v. Chase Bank USA NA, 18-cv-3155, U.S. District Court, Southern District of New York (Manhattan.)
According to , Tucker filed a lawsuit on April 10, 20,18 claiming he was charged $143.30 in fees and $20.61 in “surprise interest charges” by the bank for five virtual currency transactions he made before Chase banned crypto purchases with credit cards.
The Lawsuit
When Tucker noticed there were substantial discrepancies in the Chase charges, he put a call through to their customer service department notifying them about unacceptable ‘error,’ but the bank blatantly refused to remove the extra fees, even when they had failed to inform the customer beforehand, concerning any policy changes whatsoever. An excerpt from the lawsuit reads:
“Chase stuck the plaintiff with the bill, after the fact of his transaction, and insisted that he pay it.”
Now, the JPMorgan Chase has been accused of violating the U.S Truth in , which states that credit card issuers must inform their clients in writing before they affect a change in charges or terms.
The U.S Department of the Treasury frowns against such practices and has clearly written guidelines concerning this matter, through the Office of the Comptroller of the Currency.
An excerpt from the OCC regulation document concerning credit cards :
“The OCC has issued guidance to national banks on credit card practices that are unacceptable because they may constitute unfair or deceptive acts or practices. The OCC has taken a number of formal enforcement actions against national banks that have engaged in abusive practices and has required the payment of millions of dollars in restitution to customers harmed by such practices.”
As stated in the lawsuit, the plaintiff seeks to be paid actual damages and statutory damages of $1 million.
Who’s the Real Fraud?
In 2017, the CEO of JPMorgan Chase made , calling it a “fraud” and threatened to sack any of his workers who are “stupid” enough to trade bitcoin. Although Dimon later said he regretted those words, but the damage had already been done.
Tucker did not forget to cite Dimon’s harsh comments about bitcoin in the case.
“It appears that in addition to firing its ‘stupid’ employees, Chase elected to start fining its ‘stupid’ customers: unilaterally,” Tucker in his lawsuit.
Tucker may not have been the only person who received abnormal charges on his credit card purchases without prior formal notice, but he has decided to fight for his rights by filing a lawsuit. The cryptocurrency revolution is on, and power must go back to the people. Even though a $1 million fee may seem like a pinch of salt to the mighty bank, it would be very satisfying to the author if the onetime number one critic’s firm is made to pay for their fraudulent act.
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Genesis Vision launched the alpha version of its GV platform where users are already able to make transactions with crypto and traditional currencies, CFDs, metals, and commodities, join the brokers’ community, and choose the role of manager, investor or broker of Genesis Vision system. The required cooperation agreements with brokers are already signed.
Moreover, the Genesis Vision managers will be able to trade using the top-notch trading services provided by a fully licensed and heavily regulated global broker with offices in USA, Europe, Russia, China, Mexico, and India – Just2Trade (trademark in Russia – Finam).
The launch of alpha version will enable the GV platform managers to start investments thus giving the start for the historical data accumulation. This will form the statistic base necessary for investors to make the investment decision. Besides, the users will learn the profit distribution mechanics, and understand the manager ranking system.
Genesis Vision decided to start out with the platform in a demo mode. Anyone can join the Alpha version and try it without any financial repercussions since all of the funds will be of virtual value. The demo state will go on for as long as it is necessary to carry out all the testing and honing.
Alpha version in demo mode will be available only temporary – until the project team decides to launch the real account mode. The Alpha version release in demo mode is aimed at protecting all the participants from possible errors that may result in funds loss.
Moreover, Genesis Vision will reward best managers and investors at the end of the demo mode.
“We consider it necessary for users to test the platform and understand the way it functions, and only after that they will be able to start trading operations with real funds,” comments Alexey Kutsenko, CBDO of Genesis Vision. “The opportunity to test platform without any risk to lose money is a huge advantage for all the participants. We also consider demo mode to be a helpful tool to discover the possible errors and to correct them before the launch of the real version.”
About the Project
is the platform for the private trust management market, built on blockchain technology and smart contracts. We unite exchanges, brokers, traders, and investors into a decentralized, open and fair network, making the financial market even more global.
This is a paid press release. BTCManager does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. BTCManager is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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Several top investment pros are once again declaring the death of amid its recent price plunges. In fact, one Bank of America analyst called the pioneer cryptocurrency the “greatest bubble in history,” and said it’s popping right now. bitcoin evangelists, who have been around since the beginning, have heard all this before.
Analysts: bitcoin Has Peaked
Michael Hartnett, the chief investment strategist at Bank of America, warned investors in a somber April 8, 2018, that bitcoin’s recent erratic price fluctuations mirror those of other financial bubbles, including the 1929 stock market crash, the 17th century Tulip mania debacle, and the 18th century South Sea bubble.
In all those instances, the respective markets experienced a massive surge before crashing and petering out. BofA’s Hartnett said bitcoin’s wild recent price swings look eerily similar to those other bubbles before they burst, and used a chart to buttress his claims.
trades below $7k as BofAML calls cryptos a .
— Holger Zschaepitz (@Schuldensuehner)
Analysts at Barclays have also pronounced the bitcoin bubble has popped, Bloomberg reported. They said the only reason why bitcoin prices skyrocketed in the first place is because of intense word-of-mouth buzz that has since peaked. Barclays managing director Joseph Abate noted:
“We believe the speculative froth phase of cryptocurrency investment — and perhaps peak prices — may have passed.”
Since soaring to about $19,000 in December 2017, bitcoin prices have consistently nosedived below $7,000 for the past two weeks amid a barrage of negative news, including heightened regulatory scrutiny in , , , , , and .
Regulatory Crackdowns Had Chilling Effect
In the United States, the Securities and Exchange Commission () has been cracking down on sham initial coin offerings (), and the Internal Revenue Service () has warned bitcoin investors that they must pay taxes on their capital gains.
Adding to the tsunami of bad press are new by Twitter and Google. Social-media giant Facebook had banned crypto ads back in January 2018.
Despite the avalanche of bearish developments, SEC chairman Jay Clayton said regulation would actually be good for the unregulated, opaque virtual currency market. Clayton reasoned that stamping out fraudsters will ultimately benefit the nascent industry by ridding it of unethical scam artists who give the entire space a bad name.
(Source: )
“If we don’t stop the fraudsters, there is a serious risk that the regulatory pendulum – the regulatory actions – will be so severe that they will restrict the capacity of this new security,” Clayton said during a at Princeton University on April 5, 2018.
Cboe to SEC: Give bitcoin a Chance
Despite its harsh talk, the SEC quietly signaled its confidence in the crypto market by revealing it is considering two bitcoin exchange-traded funds — the ProShares bitcoin ETF and the ProShares Short bitcoin ETF — for listing on the , the first all-electronic exchange in the U.S.
The move came shortly after Cboe president Chris Concannon practically begged the SEC to allow crypto ETFs. Concannon said the market for virtual currencies is only getting bigger, and it continues to generate soaring investor and consumer interest.
“Because of its innovative features as a digital asset, bitcoin has gained wide acceptance as a secure means of exchange in the commercial marketplace and has generated significant interest among investors,” Concannon wrote in a March 23, 2018, to the SEC.
But don’t take Chris Concannon’s word for it. Listen to those who have skin in the game, like Mike Novogratz, a former partner at Goldman Sachs who left Wall Street to launch the crypto merchant bank Galaxy Digital.
Same with , who left HSBC and Bear Stearns to roll out ANX Pro, a Hong Kong-based cryptocurrency exchange.
‘Crypto Is the Future’
Despite some bearish sentiment on Wall Street, some pretty smart people are betting big on bitcoin.
Billionaire Changpeng Zhao, a former computer coder who founded top crypto exchange Binance, does not doubt that digital currencies are here to stay. “I’m convinced 100 percent that crypto is the future,” Zhao .
“I just know it will happen.”
The Winklevoss twins, Tyler and Cameron, . They predict that bitcoin will one day become a “multitrillion-dollar asset,” and that skeptics suffer from a “failure of the imagination.” In 2003, as students at Harvard University, the brothers set out to launch an obscure platform that’s known today as Facebook.
Changpeng Zhao and the Winklevoss twins know a little something about visionary investing and making money. Forbes recently its first-ever list of crypto billionaires.
Zhao came in at number three, with an estimated net worth topping 1.1 billion. As for Tyler and Cameron, they slid into the number 4 spot, with a combined net worth hovering at $900 million.
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