$920 million — The figure of this fine imposed on JPMorgan Chase for market manipulation has caused quite a stir in the traditional finance world. But for us who focus on blockchain, this is just another exposure of the old financial system's deep-rooted issues.

Let's first look at what they did. JPMorgan Chase traders made a hefty profit—hundreds of millions of dollars—through so-called "spoofing" tactics in the precious metals and government bond markets. Sounds good? The problem is, this money was taken from other market participants' pockets, with total losses exceeding $300 million.

The "spoofing" tactic boils down to: placing a bunch of orders you never intend to execute to create false market signals. For example, a trader might place大量 sell orders on silver futures, while simultaneously placing lower-priced buy orders, then quickly cancel the sell orders—tricking the market into thinking prices will fall, when in fact it's a carefully orchestrated performance.

What’s most ironic? This isn’t just an employee’s overreach; it’s an "open secret" on JPMorgan’s trading desk. Former trader Christian Trunz testified in court that such manipulation has been openly encouraged within the institution for nearly a decade. On one hand, they act as market regulators; on the other, as market participants—this role conflict naturally becomes a breeding ground for systemic corruption.

In contrast, Bitcoin and Ethereum build a completely different world. Transparent, tamper-proof, real-time verifiable—these features are not just buzzwords but fundamentally eliminate the possibility of dark box operations from a technical perspective. While traditional finance still plays cat-and-mouse games, blockchain is redefining the underlying rules of financial markets. This is not just a technological upgrade but a reallocation of financial power structures.