JP Morgan rugged pulled by a bag full of stones – should have verified
JP Morgan Chase owned bags of stones when it was supposed to be a bag of Nickel — lending weight to the saying “Verify, don’t trust.”
Quick Take
- One of the advantages of Bitcoin and running a full node is verifying every transaction on the blockchain.
- An expression comes to mind ” verify, don’t trust.”
- Precisely the opposite of what JP Morgan did.
- According to the WSJ — JP Morgan owned a bag of material kept in a Dutch warehouse that was supposed to contain nickel but was full of stones.
- The news came to light when the London Metal Exchange discovered bags of stones instead of nickel that underpinned a small handful of its contracts.
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