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Before you believe Dimon’s claims that Bitcoin is a fraud just remember what he tried to build in 2013




Bitcoin is a fraud

JP Morgan boss Jamie Dimon has ruffled a lot of feathers this week. Mr Dimon claimed that Bitcoin is a fraud that will ultimately blow up. There is just one little problem with Mr Dimon’s assertion. To find out why we need to go on a trip to the long pastimes of 2013, where Mr Dimon and JP Morgan attempted to set up their own Bitcoin rival.

The concerns raised by Mr Dimon certainly raise some questions about his own motives

Mr Dimon’s concerns are strange considering that in 2013 JPMorgan attempted to file a patent for a currency that strongly resembled Bitcoin. After all, he believes that cryptocurrencies are only viable if you are “in Venezuela or Ecuador or North Korea or a bunch of parts like that” or are a drug dealer, a murderer, stuff like that”. It seems very odd for an upstanding financial institution like JP Morgan to want to corner the Venezuelan drug dealer market. If Bitcoin is a fraud, then surely his own idea was no better?

To be fair to Mr Dimon and JP Morgan they weren’t entirely copying Bitcoin. They simply wanted to make a system where users could make anonymous online transactions without a fee using ‘virtual cash’ that would sit in an ‘online wallet. So nothing like Bitcoin or any other  cryptocurrency at all.

It is in Mr Dimon’s interests for Bitcoin and other cryptocurrencies to fail. They risk undermining the ability of financial institutions to retain customers and make money. Especially if currencies they have no control over come to dominate the market, forcing big banks to compete on a relatively equal playing field.

Despite his motives Mr Dimon does have some legitimate concerns

Mr Dimon’s comments come on the back of a major crash in the cryptocurrency market. At time of writing Bitcoin has slipped below the $4000 mark and at time of writing sits at $3,483. This crash was largely on the back of China’s concerns about Initial Coin Offerings.

There are many aspects of the cryptocurrency market that could pose problems for the market in the future. They key problem will be lack of regulation over how currencies operate. If Bitcoin and other cryptocurrencies are ever going to get a real mainstream appeal they will need to be accepted by Governments. This will mean regulation. The problem for the currencies is that even the hint of regulation can spark mass selloffs.

There are also concerns over investor protection and security. Ethereum was forced to fork due to potential vulnerabilities and Korean hackers are currently targeting Bitcoin exchanges. If there are security breaches then users are at risk of losing their entire investment with little or no recourse to recover any of their funds.

Many of these weaknesses can and are being dealt with over time. It should also be remembered that cryptocurrencies are still fairly new technology. There will be a number of experiments, some of which will do well and some of which will fail.

No matter how much Mr Dimon claims that Bitcoin is a fraud it is not so different from any other form of investment at the end of the day. If you don’t invest more than you are able or content to lose then you will not face any problems.


You'll find me wandering around the Science sections mostly, excitedly waving my arms around while jumping up and down about the latest science and tech news. I am also occasionally found in the gaming section, trying to convince everyone else that linux is the future of the computer gaming.


Want Diablo 4 immortality? Hardcore Level 100 Before Most Others





The devilish launch of Diablo 4 is days away (less for Ultimate Edition buyers). Blizzard has promised the ultimate reward for the first 1000 players to accomplish level 100 on Hardcore Mode: a statue of in-game antagonist Lillith.

Diablo 4’s Hardcore Mode is a character-creation-only difficulty adjuster. It automatically deletes characters when they die, making things infinitely harder regardless of World Tier. But 100? That’s several playthroughs on increasingly difficult World Tiers with new adversaries in harsher setups and about 150 hours of flawlessly rapid gameplay.

Honoring the dying.

Being remembered with those brave souls lost on the journey is the ultimate gamer boast. Do you dare?


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Sony Expects 108 Million PS5 Sales This Generation





After the COVID-19 supply collapse, Sony CEO Jim Ryan is optimistic about PS5 sales. The Sony executive anticipates the PS5, the best-selling console for months, will sell 108 million units.

That’s difficult stuff considering Sony needs to sell 70 million more PS5s. Since supply has increased, consoles are selling like hotcakes in major countries, suggesting the firm is above 40 million.

Ryan stated in a recent games business briefing webcast and Q&A (thanks, TweakTown):

“The 70 million, I think, is the existing PlayStation 4 user base, and while we would hope to convert a large number of those people, we will definitely target and definitely be successful in bringing large numbers of gamers who did not own a PlayStation 4, and in many instances, who have never owned a PlayStation at all.”

Mr. Ryan’s numbers—should we focus on the 108 part?

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Industry and Service

Best Practices for Using Composite IBC Totes





According to the International Organization for Standardization (IOS), totes are classified into two categories. Let us take a closer look: 

First, there are intermediate bulk container (IBC) totes that are described as rigid. These are often made from metal, wood, or fiberboard. They are designed as a single unit and do not call for additional support when they are filled up. 

Then there is the composite kind. These are made up of a cage that supports and protects the inner lining when weight is added. As a result, the lining and the cage work in tandem as one unit. 


In this read, we are going to dive into the gist of things and explore practices that you should implement when it comes to using your 330 reconditioned IBC totes. Keep in mind that these are general requirements and you should seek specific advice from your supplier as your needs may be different. 

-If you intend to store products meant for human use, ensure the totes are food grade. This helps ascertain harmful interactions or reactions do not happen during transportation or storage. 

-When handling items with extremely low flashpoints, store them in totes that are explosion-proof. Some materials, however, will need permeation barriers to prevent them from diffusing through the lining. 

-In regards to hazmat transit, the container’s material as well as filling material compatibility should undergo thorough testing. These tests, however, can differ between European and American regions. They are put into place to determine the best material to use for your situation and so, is imperative to allocate enough time for comprehensive testing. 


The Best Practices for Filling & Handling/Shipping IBC Totes


  1. Filling

In order to fill a tote, the following three things should be done: 

-Close the outlet valve

-During filling, the process should be performed at atmospheric pressure, and shouldn’t go beyond 70ºC/158ºF. Therefore, the tote should not be pressurized. 

-During the cooling stage, the receptacle should be vented. This is to prevent vacuum deformation from occurring. Once this is done, ensure the cap is screwed in tightly. 


  1. Handling or Shipping

-The totes should be well-secured to make sure no damage occurs during transit

-Never use tie ropes on the totes with the intention of moving them this way. 

-If you are using a pallet jack or a forklift to handle the IBC totes, the forks should reach the pallets’ entire length. 


  1. Storage or Stacking

-Prior to stacking, it is imperative to identify the plate for stack testing. This helps determine whether the IBC totes are stackable. 

-Always put nesting into consideration. It means arranging the totes in a way that they fit closely together. An effective way to do this is by using a two on two configuration. 

-During transportation, the stack should not go beyond two layers


  1. Emptying

-When emptying a tote, only do it through the lower outlet valve. 

-Open the top before emptying to avoid a vacuum collapse

-If you are emptying through a pipe or a pump, make sure that it is supported and does not rely on the cage. If you use the cage to support the pump or pipe, the vibrations are likely to cause damage to the cage. 


The Takeaway

These are some of the general practices when handling composite IBC totes. It is also important to note that these practices are just the tip of the iceberg. As such, we recommend forming a relationship with a supplier that has been in the field for years to ensure that you always make informed decisions.

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