JP Morgan rugged pulled by a bag full of stones – should have verified

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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