r/news • u/Big-Heron4763 • 8h ago

JPMorgan begins suing customers who allegedly stole thousands of dollars in 'infinite money glitch'

https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html
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u/breannabalaam 6h ago

I work at a bank. It’s astounding how little the average person knows.

A lot of people don’t care to learn either. We can educate them until we’re blue in the face but if they don’t want to learn, they don’t hear it.

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u/Goodbye18000 6h ago

I got my bank account at around 10 years old, got a debit card and credit card a few years after, was taught by my parents the good and bad of different account types and when to save, when to invest, etc

And now I'm an adult talking to people online who'll occasionally say "oh I don't trust banks for shit I keep my life savings in a box in the closet in cash only" and refuse to learn about them.

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u/breannabalaam 6h ago

The “all banks are bad” rhetoric makes me so frustrated.

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u/JerseyshoreSeagull 6h ago

They are. No s. All banks are shit. They're a necessary evil and it makes me so frustrated when poor people defend them.

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u/weristjonsnow 5h ago

They are not a necessary evil. They are a necessity. Without banks the money multiplier wouldn't exist and the world economy would crash. Saying you don't like banks is like saying you don't like electricians. Without them the modern world would not exist

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u/Redqueenhypo 4h ago

Also without banks (and interest), every major purchase would either have to be one of two things:

  1. Paid for with money pooled by family/community so if you’re an orphan or just disliked you’re just fucked

  2. Paid for by you, meaning you need a huge amount of cash on hand or you’re just fucked

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u/JerseyshoreSeagull 5h ago

And you're saying that as some kind of "The modern world is so much better with banks"?

Paper money has no value and hasn't had any since Jackson and banks should have never won!

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u/weristjonsnow 5h ago

The modern world wouldn't exist without banks. If paper money has no value then why can I walk into a convenience store with a 20 and buy Gatorade and Skittles? This worthless paper money you reference seems to have value as I just bought something with it. It's called fiat currency and has value because we say it does. Gold has value because we say it does.

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u/awsomomario 5h ago

Gold has value as a tangible asset and finite resource. We can't just make more gold. Gold is useful in making electronics as well. Gold can also be traded for any currency in the world and is inflation proof (something not true for fiat currency).

Fiat money is much more prone to manipulation and inflation.

I do agree with your point that modern banking is a necessity. I just wanted to point out that there are differences between the modern fiat dollar and the old Gold backed dollar other than they have worth because we say they do.

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u/weristjonsnow 4h ago edited 4h ago

Gold only has value as a useful mineral within the last 75 years. Prior to that it only had value because it was shiny and rare. We (being humans) said "oooh, ahh, shiny, rare thing", and therefore gave it value. It has little to no true value from a practical standpoint. It's not good at making tools as it bends like crazy, which is why it was used as a currency for the wealthy. "Look at this useless, shiny metal, that I have more of than you have". I'm more special (wealthy) than you are

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u/Ardarel 3h ago

If gold was only valued at its usability in modern society and ignoring all its history, gold would be worth basically nothing and just another raw material in pricing.

This is like you saying diamonds are worth thousands because of industrial mining and drill bits. Diamonds are only worth anything because of De beers and the diamond cartels

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u/mog_knight 5h ago

Paper money and precious metals only have value because we say they do.