Bitcoin Forum

From cointelegraph

Yet another high-profile criticism came against Bitcoin, this time from the “Wolf of Wall Street” himself, Jordan Belfort.

Belfort called Bitcoin a fraud and said that “the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking. I know people who lost all their money like that.”

It came only weeks after Chase Bank CEO Jamie Dimon called Bitcoin a fraud, and made his distaste for Bitcoin crystal clear when he suggested he would fire any employee trading Bitcoin on the company’s accounts. However, JP Morgan bought a large block of Bitcoins days after the CEO statement.

But Jamie Dimon is not the only one with this view on Bitcoin. Ray Dalio, the founder and head of the world’s largest hedge fund Bridgewater, recently stated that Bitcoin is “a highly speculative market”, and in fact is a “bubble”.

Belfort also finds it “bizarre” that Bitcoin is only backed by a program that creates artificial scarcity and said that because of this, the digital currency is not sustainable.

Although Belfort believes in the concept of cryptocurrencies, he stated the current model holds too many problems. According to him, there is a future for digital currencies, but he thinks it’s essential for digital coins to get “some sort of backing” by central governments.

In his opinion, a central bank will sooner or later introduce their own cryptocurrency, which will be more sustainable.

“There will be a time when everybody is freaking out about Bitcoin and dumps it and who knows what’s going to happen?”

In a situation like that there’s no buffer, for example the Federal Reserve, to cushion the blow.

He issued a final warning to investors and said, “Be very careful not to invest a lot of money into something that could vanish very quickly.”


GOOD RESPONSES



RJF  Enterprise Miner • 7 hours ago

“Be very careful not to invest a lot of money into something that could vanish very quickly.” You mean like the mortgage and bond markets did in 2008? Typical Wall Street scum bucket. No clue what he is talking about, trashing Bitcoin because Jamie pulls his strings. Most likely hoping to buy when the price drops from his uninformed statements. Tell you what Jordan, you keep right on preaching that crap as the world passes you by. Wonder if you'll be able to beg for Bitcoin on the street or will your pride prevent that? Maybe Jamie and you can share a cardboard box... Or a cell.


sjs • 11 hours ago

Just like Dimon, he is buying himself some banking establishment kudos with anti bitcoin rhetoric. For all we know he may well be invested in the very thing he castigates. It wouldn't be like him to miss out on the next opportunity to make a killing - the great wolf of wall street. Perrick. To be ignored!!


Paul Peters • 13 hours ago

You can store your bitcoins offline very simply. That solves the hacking problem.

And with the right hardware or a little practice you can still get transactions off in under 30 seconds. This guy doesn't know what he's talking about.

And even if for some reason you didn't store them offline it would still require user-error to allow someone access. The only "hacking" would be dependent on the person who owns them.


Rich Martel • 13 hours ago

Bahaha, what an idiot. You can't hack someone's Bitcoin! He doesn't even know what he's talking about!


Artem S. • 15 hours ago

As I see it, establishement, which Mr.Belfort obviously belongs to, is afraid of a gigantic black hole (Bitcoin) that has begun sucking all assets and fiat. Fiat money is controlled, inflated, very inefficient to transfer from peer to peer, and censored.


Antony Alloin • 15 hours ago

“the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking.”

Get educated fool!

"it’s essential for digital coins to get “some sort of backing” by central governments."

I, the central government of the decentralized interwebz, declare to back every bitcoin in existance with a worthless piece of paper.

“Be very careful not to invest a lot of money into something that could vanish very quickly.”
Yeah, just look at Venezuela!

The more attention we give to these kind of people, the worst it is for Bitcoin. No matter the product/Currency or whatever you call it, anything that is innovative/out of the ordinary it is, is bound to criticism. It's not worth giving them the attention they want, often, they are hoping to influence the price so they can buy when the price falls.

Hang on, the biggest concern he has is hacking something that's significantly more secure than any high street bank? What? Seriously, this guy is saying that? I thought he was supposed to be smart.

If someone wants to hack your bank account, they'll find that much easier than your bitcoin wallet. I've had my card cloned three times in 5 years, in US, Thailand and UK...but bitcoin is a risk? Behave your ill-informed self.

Yes, but this time, I added a bunch of valid responses, just to preemptively make him look like a fool. Don't let that stop you from making belfort, dimon, and others look like fools. Please chime in!

is what he said true though? Can coins be hacked away from people? This is very concerning if true. Security is supposed to be one of the advantages of the BTC concept. The mainstream will view this as a major deterrent to becoming involved.

"easily steal through hacking" lol
He clearly doesn't understand how Bitcoin works, and I bet his friends were using shady exchanges to store the coins.

This is so funny, I actually can't stop laughing reading this. One of the biggest stammers that lived is telling Bitcoin is a scam what a joke. Where do he and that Ceo come from, or most importantly what are they smoking on. Now I am getting bit suspicious these people are trying to get it to low price then buy it, go high and sell it, I believe they are making a fool out of us. We should stop giving them attention only.

Damn bruh! This dude so stupid it makes me laugh instead of being mad! Haha. Clearly, that dbfck doesn’t have a clue what he is talking about and just jealous he couldn’t get ahit done with bitcoins or any other crypto currency because again, hes dumb and doesn’t understand sht about the crypto world. Lol. He wants attention to make other people hate crypto currencies and become as dumb as him so that he won’t be alone dreaming about having btc. If hetso smart, he should’ve researched about bitcoin first before spitting out sht.

Banks get hacked as well and that could be easily avoided by buying a hardware wallet or storing bitcoins safely in a paper wallet. He clearly have no idea what he is talking about, we simply shouldn't give much attention about these comments anymore because I know we will see more of these in the future and their only goal is to try and to break bitcoin. The funny part is that this kind of comments always come from people who are themselves scammers and accused of fraud.

Hell yeah!, coming from the wolf of wall street that stole a big amount of money to the people of USA then now he called bitcoin as a fraud also, this people obviously want a free publicity for them. Who are him to say that bitcoin is a fraud, trusting a guy that did almost all of the vices in the world is like putting your money on the fire.

How I wish that one of the president of the most powerful countries will once say that bitcoin is a fraud. Most of the losers are the only one that saying bad things about bitcoins because they can't accept the fact that their time is over and a new thing is here. I feel sorry to this kind of people, they think that people nowadays is still gullible to what they say.

How ironic  that the so called wolf of wallstreet talking about stealing money. LOL. He is just full of bullcrap. Maybe a lot of them are really riding the coat tail of bitcoin because its really gaining some reputation now. And the likes of him talking about bitcoin will likely bring attention to himself and becoming relevant once again. People are already wise not to listen to them if they talk negative things about bitcoin because it is proven that is not true. Or quite the contrary, opening their mouths likely put new investors into the crypto sphere. Look at the price right now, suddenly past $4000 once again. I guess its has no effects already. We are already immune from such attacks.

How can we call Belfort, Dimon, and others who have come out with this type of stuff, MORONS, to their face? It would be ideal to be able to make them look stupid in front of a large audience.

this is just another idiot trying to make his voice heard. although this time he is too late for spreading FUD to be able to take any kind of benefit from doing so.
this part of the quote is the best in my opinion:
“the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking. I know people who lost all their money like that.”

somebody needs to remind him of all the credit card frauds and all the other hacks tha happen every day in all the different monetary systems and then compare it with the hacks tha happen to someone who owns a proper cold storage!

the thing is, you can never prevent someone from hacking your credit card but you can easily prevent them from hacking your cold storage!

It's really pretty typical that Bitcoin is often bashed by people who don't seem to understand how Bitcoin works.

It's also possible to get hacked when you're online banking for example and the problem usually is due to user error regarding good security practices.

I'm sure that there will be other forms of crypto currencies that are going to be issued by banks or governments in the future, but I wouldn't be too sure if they would be able to top Bitcoin.

ROLMAO!!, at this Belfort, and your responses, which are so TRUE. Below I add a link of his interview when he says all of this. Listen to what a Weisel he is.

https://www.thestreet.com/story/14320675/1/bitcoin-is-a-fraud-says-wolf-of-wall-street-jordan-belfort.html

Here let me help assist these oh so evolved wall street fools.

*Insert negative nonesense story* bitcoin.
*blah blah blah* bitcoin.
*bitcoin is bad blah blah blah*

Pretty much sums up anything they will ever happen to say.

All we hear is blah blah blah and our favourite word bitcoin.

Otherwise it is *blah blah blah, drugs, crime bitcoin blah blah blah*

With all the crap they talk you would think they would give up by now. I mean the first time people freaked out but now that we all know morgan and company are circus clowns none fear it and we all laugh at them. Experts indeed !!

Sometimes it really feels like to me that these wall street names are simply trying to say stuff against bitcoin in order to accumulate bitcoin at a cheaper price. Of course another reason why they would say stuff like this is that they obviously do not want bitcoin to succeed as that would ruin their business.

Anyhow, bitcoin may be in a bubble but how can it be a fraud when it's got nobody controlling it?

In fact, central banking may just be the biggest fraud in the histoyr of the world with so much debt being carried.

I got your point on the banks because most hacked money was from banks accounts or any transactions online that is connected to some master card. For me it is more risky to put money on bank because you should have maintaining balance to meet to avoid them from charging you. For people with little money like me would have an issue like this but i guess for those wall streets they are not having that issue thats why they called btc as to be easily hacked. I am more secured in private wallet than even in banks.

I'm surprised caused by jordan belfort scammer said the bitcoin just a fraud. The more grandpa and scammer said that bitcoin as another fraud and the market will have a better immutability.


https://en.wikipedia.org/wiki/Jordan_Belfort


What a shame because jordan was a scammer, Because he was fuckin payless shoes.

We can without doubt blame ourselves for listening to these people and then from what they say we will act in a frenzy and sell our bitcoins. They are without doubt threatened by bitcoins and they will do anything to bring it down for their own selfish interests.Never mind the taunts of the enemy.

Bitcoin is hard enough for believers and technies to understand.  Amazing how we listen to these so called experts.

I wouldn't trust words from a criminal.

That reminds me famouse "Trading is too risky!" on other board.
How WS big asses get used to be saved by taxpayeers money. Let them keep trading 30 times overbought stocks.

I am very much agree to the both of you, the more they get our attention the more they are winning. I never believe anymore to this guy that is hating on bitcoins because it is obvious that they have so many hidden agenda and their background speaks for themselves. They are all stupid for me and if you believe to what they are saying then you are more stupid.

It’s really strange to hear such comments from Jordan Belfort the master of pump and dump. He would comment on anything just to sell seats at his sales seminars...

They never get tired, so Dimon called a rescue and he finds out that "wolf" of wall st? I didn't even know who that guy is but whomever is he, there is something wrong with his statement supporting Dimon's statement bitcoin is a fraud. The real fraudsters are them they know how to make money out of thin air since they are living with financing industry and investment there is Wall St. I'm waiting for some more alias of Wall St to support their FUDs.

probably he does not even know what Blockchain is

Bad propaganda is still a propaganda as they say. So if they throw mud on bitcoin it only strengthen its foundation in our society. More advertising also used this kind of image building and it works but on the different effect. Bitcoin is given more attention by curious bystanders who will find and look for bitcoin because of this kind of statements.

If the portrayal of Leonardo DiCaprio is a relfection of the real him then I won't listen to his suggestions or anything at all. Jordan Belfort is know for his manipulating power which is the reason why he got rich, he was really never a trader his persuasiveness led many people bankrupt where he didn't really care at all. And the most important thing here is that it is just his opinion there is no good basis on his explanation.

What theae people asy in public does not mean much,
a lot of them hold bitcoin anyway.

I think it only advertises bitcoin in the long run and
possible helps to introduce more people to bitcoin

I think these guys are the ones playing pump and dump game with BTC. They are people that can influence the value of Bitcoin, and with this kind of talks, they believe it will go down, so they could buy them at low prices. All of them want to taste BTC, if they are saying that BTC is a fraud, then they are just inventing stories to decrease BTC value and buy them!

Exactly, they are just creating FUD to make people panic and sold their bitcoin so that they could bought it at a cheaper price. However, we know what Dimon has done, which is basically what they guy is doing right now. Create negative sentiments around and I'm sure that we will invest millions into it to gain profits. But, we are now wiser and mature not to believed this weasel because they have their own agenda behind this attacks and bashings. And if Leonardo is investing in bitcoin today, he might call Jordan Belfort an idiot for calling bitcoin a fraud. That would be classic. LOL.

who should we trust? below is the link to article of wall street millionaire and his tweet. confused ???

http://oshenews.blogspot.com/2017/08/cryptocurrency-trading-or-digital-gold.html

people like these come and go.There are many people against bitcoin who should says it is a fraud but never believe them.These are just rumors to decrease the price of bitcoin.

Very interesting statement. If this person believes that the bitcoin problem is in the safety of his storage ... It's ridiculous. I think the security of the crypto-wallet is much more reliable than many banks of any country. A two-track system for authentification, code words, double passwords, alerts ... And this is not the whole list of all degrees of protection.
I think the point is that they want to create a negative image around bitcoin by any means. Otherwise, it is impossible to explain those strange things that were claimed.

Why would anyone in right mind listen to anything this person has to say? I don't want to judge him but he documented his moral stance in his book.

why we must care such person. like jp morgan ceo. suck

We should be expect more of this attack as a lot FUD is going to be created this time around in other to bring bitcoin price down. Bitcoin is not a fraud and we all know this includes those make that comments. We can not denying the fact that bitcoin in future is going to take the jobs of bankers and wall street guys and they are not going to fold they hand to allow that to happen.

Seriously? Easily steal by hacking? how about banks? they also can be hacked through credit cards which often happens today. Jordan Belfort is making a statement about Bitcoin without fully understanding what it is all about, does he know anything about blockchain technology? and why people should listen to this man who have been in prison because of manipulating the stock market, running a penny stock scam and money laundering.

I think he just said that so that he can but bitcoin at a much cheaper price after his pronouncement. Bitcoin is not a fraud and definitely not a joke! Many big investors are already inside and kept on investing to bitcoin because they saw the real future of bitcoin and it is evident of how it emerges from few cents to thousand of dollars nowadays.

This is so funny, he is addressing bitcoin as a scam where he himself is being accused of frauds. Clearly based on his statements, this guys knows nothing on how bitcoin works. He is so ignorant about it specially on the wallet thing. The multi million dollars scammer is addressing bitcoin as a scam, a scammer busting something that is not really a scam, the guy is so jealous.

Usually they say that to manipullate the market and buy At a lower price. That way they get more profit

That might be the true fact. To make profit these guys used to reveal statements and manipulate as they hold a huge volume of bitcoin. The same develops panic among the users and leads to selling and the same will be used as an opportunity to invest at the lowest price.

The thing is that if your credit card gets hacked, it's usually no problem for the credit card company to reverse the payments.
With Bitcoin, it's just impossible and you're relying on the efforts of law enforcement to get your coins back (never happens).

I can see why people who have a poor understanding of technology consider Bitcoin to be unsafe. For them it probably is.

Make sense. That is why we need to do all efforts to make sure that our bitcoin wallets and all our bitcoin-related transactions must be safe from scammers that are roaming around the web. I was once a victim of fraudster and I have learned my lessons pretty well.

Don't believe what famous people say. Maybe they just wanna get their purpose. If they say something is bad, proprably they had buy "put opinion" before. 8)

Wall street idiots don't have a proper knowledge on what bitcoin is, they don't do their damn homework and say whatever bull shit comes to their mind. Don't consider their opinions, consider it as an illiterate dumbass who knows nothing at all about bitcoin trying to explain bitcoin, it's just a waste of time for you.

They may even have hidden agenda - they want to destroy temporarily bitcoin (with in mind that it can recover anytime soon) and then buy bitcoin as much as they can and when the price bounce back, they already have in a pretty good position.

This is always expected as another Billionaire throws away negative views on Bitcoin. We can this maybe another FUD to turn the Bitcoin value down as we can see that BTC value today is surging. And they need to take advantage of it.

It always happens, the price of Bitcoin is currently High, they need a cheap entry point.
This is just a way to shake some weak hands.

Bitcoin doesn't care how many criticisms and critics are there but it doesn't talk like an idiot. It is doing it's job and the value will do the talk. The mainstream are showing supporters and critics about Bitcoin but people will fully understand why Bitcoin is a talk of the world.

Right mate. I also even think that those news against bitcoins are just manipulative ways to dictate the price of that bitcoin on that particular period and when it goes down, big investors will be buying like freenzy and position themselves in a comfortable profit in the following days, months, or years to come.

He maybe an expert on stocks but he has no knowledge how Bitcoin or blockchain works. He also has a record of taking advantage of people so he is the fraud not Bitcoin. He is likely trying to make the Bitcoin price drop so he can have a nice entry point on Bitcoin. Their strategy are to obvious, bash when the price drops buy. 

You have it right there mate. I also suspect that he was doing it to bitcoin and with all of these publicities and press releases so that it will affect the price of bitcoin to go down and he can then enter and buy bitcoin at cheaper price.

Most likely he did not buy bitcoin in time and now he regrets

If that is the case, yes. This guy is a good investor and a good trading investor and a very skilled trader, they have these skill sets to be able to determine and sometimes "may" manipulate things our so that they can get in in the ideal price position for them.

Belford and Dimon has one in common,, no common sense.. It’s a September event that makes the dip to 2800$ when this CEO Jamie make this kind of comment that the intention is obvious,, to make cryptocurrency be destroyed but nothing happened then this Belford agree to this man and said the same thing.. If this was true then this 11000$ price is just an imagination of us,, this is what happen to CEO with self interest.. Insanely hypocrites..

I am sorry but this is not a convincing argument, and I am surprised how the “Wolf of Wall Street” can say something as stupid as that.
The best thing to do is to stop listening to these arrogant people. After all? what they say have no impact on bitcoin (no permanent impact).
We all remember Jamie Dimon calling bitcoin a fraud, and what happened then!! Bitcoin price upwarded.

Bitcoin does not cares with one person opinion and it cares the positive comment from more orhers.
This is i think very bad trick to make price down and he will try to buy from behind the wall.

Jordan Belfort is just paranoid on what people like him can do a system that is still not government regulated. Take it from a guy who spent time in the joint. But I doubt if he himself will stay away from bitcoins.

That is right mate, he must have bitcoin secretly right now because the future of bitcoin is really bright for all who have a hold of it. The more he says bad about bitcoin and publish it in the price, I think the more he will accumulate more when the price goes down.

Bitcoin was not that easy to steal from the owner if your realy not a careless person bitcoin is unhackable currency specialy if you have a offline wallet like trezor wallet or even online wallet like blockchain wallet no one can hack bitcoin. This man was clearly want the bitcoin price will fall again and he will buy more and more bitcoin so that he will get rich doing this propaganda.

Nothing is really that safe online as even big companies that hold bitcoins are being hacked and lost lots of bitcoin. Recent hacking event is with nicehash whose bitcoins deposited where stolen by hackers.

How is this guy not in jail still??  Last I heard he was pulling scams teaching farmers how to farm in Australia !!
Im not making this up .It was on ABC or something, getting loads in government grants. This boy has balls , ill give him that but the only people interviewing this criminal should be the Australian coppers .
Put him on the Barbi !!

lol. I will check the news on that. To be honest, I also don't like what he has done because I sold my coins at very low price because of that. I was too scared and I hate him so much because at some sort, he was like manipulating the price of coin and who knows he might buoght bitcoin that time.

Well exchanges, pools, etc have to keep a certain amount online to keep things flowing.  One could of course argue that some of them keep too much accessible.  The average joe can simply have a cold storage wallet if you want to go extreme security.  Pretty hard to hack that provided it is created from a clean machine. 

if you are already advance holder of bitcoin, you can always find a way to safeguard your coin and it is really not that of a concern already. However, newcomers are concern and so particular about this.

Reminder: "Jordan Ross Belfort is an American author, motivational speaker, and former stockbroker. In 1999, he pleaded guilty to fraud and related crimes in connection with stock-market manipulation and running a boiler room as part of a penny-stock scam."

Its old fashion now companies with huge capital manipulates market before buying bitcoin for the only reason to enter in market with maximum number of bitcoin in minimum price. Majority of these kind of people are either bankers or stockbrokers. In past one the banker attacked and manipulated bitcoin market. His company was found on top to gain the benefits of low price. Now it’s a stockbroker this time trying to do some good for himself. I am sure this same trick will work no more, the manipulators has to find new tricks in order to break confidence of bitcoin users.     

Actually we should not listen to those who sell think that bitcoins are scams, frauds because we know the truth. We do not have to influence what they say because we have our own knowledge. So let's not ignore them. Because they're even more popular. And it will make hoax news just so popular.

There are 3 kinds of people that are against the idea of bitcoin: 1. they want it badly to come in and invest but it is too expensive and thus they are trying to manipulate and inject the fear so holders will sell and if the price goes down, it will buy bitcoin; 2. the one that get so jealous that friends are making a fortune with bitcoin; and 3. people that just doesn't care.

I know several of people who lost money on credit card fraud and/or online Banking being hacked, so does that mean that I

can call the Banks and their technology a FRAUD? These Wall Street Fiat slaves will never learn about Bitcoin, because they

live in a little Bubble of protection. Their investments are done in a cosy safe environment and they have no clue what real

financial freedom are. It will only take ONE major hack for them to realize how vulnerable their investments are.  >:(

Wow I could not agree more with you mate. That is a good and fresh angle to look at and attack these kind of people who say something bad about bitcoin and are so confident to say that only fiat money to use in investing the only way and safe to do it.