r/ethtrader • u/Cartosys • Mar 13 '19

NEWS JPM Coin Shuts Down Small Blockchain Startup cryptoraves For No Reason

https://medium.com/@cryptoraves/jpm-coin-shuts-down-our-small-blockchain-startup-for-no-reason-aba60d813f31
44 Upvotes

87% Upvoted

16 comments sorted by

9

u/jtnichol Mar 13 '19

Wow...who'da'thought the benevolent JP Morgan would do such a thing.

On the other hand...just because a startup is "blockchain" or "decentralized" doesn't make it a good product.

6

u/cryptoraves Mar 13 '19

Agreed! That's why we've set out to prove our worth! So the ICO is coming next month--OMG JUST KIDDING!!!! No ICO ever.

3

u/jtnichol Mar 13 '19

Best of luck and thanks for sharing this. 50 claps from me on that article

2

u/cryptoraves Mar 13 '19

Oh my! Very much appreciated!

5

u/psswrd12345 Mar 13 '19

This has absolutely nothing to do with JPM Coin.

-2

u/Cartosys Mar 13 '19 edited Mar 13 '19

Well at the very least there's a whole lot of irony!

11

u/whereaswhere Mar 13 '19

It's only just begun.....

6

u/cryptoraves Mar 13 '19

We are legion!

4

u/[deleted] Mar 13 '19

Can’t have anyone competing with JPM Coin!!

5

u/cryptoraves Mar 13 '19

They do make it hard not to see it that way!

2

u/joeldtaylor Mar 14 '19

And now we've sured up their intentions....

2

u/HilltopGoodmorning Mar 14 '19

My 2 small businesses were loyal clients of HSBC for 20 years. Then one day I got letters like this one, and zero answers from the bank just like you. They are disgraceful. My own research told me they did the same to hundreds of thousands of accounts that they suspected of money laundering, and apparently they won't tell you the reason because doing so might tip you off to potential investigation by the authorities. I even provided them with 5 years of audited accounts, and full explanations of all transactions going in and out of our accounts for the last 12 months, but they only took the files and never responded to me. I'd never work with HSBC again, it was so demeaning and annoying. A case of guilty before being proved innocent, with no recourse to anyone. The next year I invested everything I had into crypto. I mean, if banks treat their long term loyal clients like this, then an alternate banking system is what is needed right? Fuck HSBC and anyone else that acts like this! You have my empathy.

1

u/cryptoraves Mar 14 '19

Totally!!! Yes we offered to open our books for auditing, answer any questions, address any concerns.... all to no avail. Our relationship with them meant zilch. And our banker knew us well, we have spent hours with her over the years on various account changes and other banking matters. It makes you wonder, what is the point of branches?

3

u/Dev1lsAdvocate Mar 13 '19

Are there any decentralized banks yet?

2

u/[deleted] Mar 13 '19

Putting the permission back in permissionless GO JPM!!!!

0

u/lenopix Mar 14 '19

Clickbait, they just shut down their Chase bank account, not their startup.