Bitcoin, Crime, and Uncle Jamie: Separating Fact from Fiction

The crime organization leader spoke: JP Morgan CEO Jamie Dimon, or as we call him 'Uncle Jamie' due to his family's roots in Izmir, attacked Bitcoin again as the cryptocurrency entered a bear market over time. This time, Dimon made a comparison with decentralized Saadet chains for crypto assets. While Bitcoin was rising again in 2023, Dimon remained silent. His Excellency appeared at the congress this week and added a new dimension to his nonsense. Dimon used the following statements for Bitcoin and its companions: 'The only real use of this is, if I were the government, I would shut it down, for criminals, drug traffickers, money laundering, and tax evasion.' Where should I begin, with the inversion of the sentence or the fact that the statement is completely false and ignorant from start to finish?

The real use of crypto assets is not for crimes, etc., but for ordinary citizens to protect themselves from inflation. During the early days of 2017, when Damon called Bitcoin a fraud, it was possible to buy one Bitcoin for $1,000. Today, its price has dropped to $43,000, so those who believed in JP Morgan CEO have suffered at least a 40-fold loss in dollar terms. I won't even mention the much higher increases in altcoins during the same period. Those who listen to Jamie Dimon or his ally Senator Elizabeth Warren seem to think that criminals are using Bitcoin, as if drug traffickers, tax evaders, money launderers, terrorists, etc., have never engaged in such activities with dollars or still predominantly use dollars.

Especially since 2005, Jamie Dimon, who has been leading JP Morgan, is the last person to speak on this matter. JP Morgan, the largest bank in the United States, has been fined more than $36 billion since 2000 by the country's regulatory authorities for 218 criminal cases. Among the penalized practices of the bank are financial crimes, violation of Consumer Protection and Competition laws, irregularities in government tenders, and unlawful transactions against its own employees. Financial crimes include violations of banking regulations, misleading customers, misuse of regulated securities, and, hold on tight, money laundering. Jamie Dimon, who constantly insults crypto assets that people turn to for protection against inflation, has overseen JP Morgan's worst crimes, including market manipulation. JP Morgan, especially infamous for its fraud in markets with limited assets like gold and silver, faced a lawsuit in the United States in 2010 and 2011, accusing the bank of manipulating silver prices in derivative markets. The court confirmed that JP Morgan had the ability to influence prices, but the judge ruled that it could not be proven that the bank intentionally manipulated prices.

Dimon managed to survive this scandal unscathed, but danger reappeared a few years later. In September 2020, the Commodity Futures Trading Commission (CFTC), which oversees US markets, announced that JP Morgan had manipulated gold and silver markets from 2008 to 2016. The bank admitted the crime and paid a record fine of $920 million as a settlement. According to the CFTC, under Diamond's management, JP Morgan engaged in 'spoof trading.' In other words, the bank entered large orders in precious metal markets such as gold, silver, platinum, palladium, as if it were buying or selling, and canceled the orders when the price moved in the desired direction.

Jamie Dimon claimed that this big scandal was the work of a few ignorant traders. However, confessing JP Morgan traders stated that they learned spoofing techniques from more experienced employees and performed these transactions with the knowledge and approval of the executives. The noose tightened for Diamond in August 2022. In the case that was finalized this time, it was revealed that at the beginning of the incident, Michael Novak, the head of JP Morgan's precious metals trading desk, and senior gold trader Greg Smith were involved. Interestingly, the US Department of Justice, which opened the case, described JP Morgan's precious metals trading desk as a criminal organization in the indictment. In other words, Diamond, who lied by saying 'only criminals use Bitcoin,' according to official documents, was actually managing a criminal organization. However, while Novak and Smith received sentences, Diamond, to everyone's surprise, escaped the case as if he knew nothing.

In fact, the penalty given to the bank was also ridiculous. JP Morgan, manipulating trillion-dollar markets and possibly making tens of billions of dollars in profit, received only a $920 million prize-like penalty. According to official US court records, Diamond, who is the leader of a criminal organization, does it end here with 7? No, the real bomb is coming now: the Epstein case. Jeffrey Epstein, a fund manager who has been known in US financial circles since the 1990s, was almost friends with everyone who became famous and rich. Bill Gates, Kevin Spacey, Chris Tucker, Bill Clinton, Donald Trump, Prince Andrew, and others were always around Epstein. In 2007, Epstein was charged with offering money for sexual intercourse with children. Epstein admitted his crime and received the lowest possible sentence. After this date, rumors constantly increased that Epstein sold small children for sex to rich and powerful elites, but a bank, ignoring court orders and rumors, allowed Epstein to continue his multimillion-dollar transactions. Yes, you guessed it; this bank was our Diamond's JP Morgan. No one else.

In June, the US judiciary fined JP Morgan $290 million for providing financial infrastructure to Epstein for selling children for sex between 1998 and 2013, as a result of a lawsuit filed by one of the victims. Lawsuits by other victims on this matter are still ongoing. Epstein finally revealed himself as guilty of this crime in 2019; while in custody, he somehow hanged himself in a high-security prison. Not a single name of his clients has leaked to the press until today. Now the world's largest cryptocurrency exchange Binance is being sued by the United States for failing to prevent the financing of terrorism and similar activities, and rightfully so, CEO CZ is stepping down. But behold, while much more crime is being committed by JP Morgan, the largest bank in the United States, CEO Jamie Dimon claims to have no knowledge of these things. Really, Uncle Jamie? He wants the whole world to believe this and shamelessly suggests talking about Bitcoin and shutting it down. Jamie Dimon is both a leader of a criminal organization and ignorantly foolish. The United States or any government cannot technically shut down Bitcoin, but Bitcoin can work without central network power, without even the internet. The name of Diamond, my burning friends; on his father's side, his grandfather worked as a banker and stockbroker in Izmir and Athens, then migrated to the United States, changed his surname from Papa Dimitriu to Diamond so that it would not be understood that he was Greek. So, our Uncle Jamie from Izmir's real surname is not even Diamond, it's Papa Dimitriu.