Bitcoin Forum

'Fraud,' or the Future of Finance? What do you think?

JPMorgan May Not Rule Out Bitcoin After All

 Chief Executive James Dimon is one of the most outspoken critics of bitcoin, indicating that if any of the bank’s traders bought or sold the digital currency he would “fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”   https://www.youtube.com/watch?time_continue=61&v=40OuVyVGdIM

Yet despite its leader’s strong distaste for bitcoin, the Wall Street bank is reportedly looking at business opportunities in the planned bitcoin futures market. (See also: Bitcoin's Potential Is Underestimated: Thiel.)

The Wall Street Journal, citing a person familiar with the matter, reports that JPM is considering whether to provide its clients access to CME’s new bitcoin product through its futures-brokerage unit. Chicago-based exchange operator CME Group Inc. is set to launch bitcoin futures by the end of 2017, subject to regulatory approval. The addition of bitcoin futures would carry the virtual currency one step closer to the financial mainstream, facilitating financial firms and retail investors in trading. CME’s smaller rival Cboe Global Markets Inc.
CBOE is reportedly also looking into launching bitcoin futures.

'Fraud,' or the Future of Finance?

While other big banks, including Morgan Stanley (MS), Goldman Sachs Group Inc. (GS) and Bank of America Corp. (BAC), who offer their customers access to CME’s markets through their futures-brokerage arms, must decided whether to support CME’s bitcoin futures, none have a CEO as opposed to bitcoin as Dimon. The CEO has deemed bitcoin a “fraud” and warned at a conference last month that “if you’re stupid enough to buy it, you will pay the price for it one day.” Dimon’s stance on bitcoin comes at a time when many institutional investors are changing their minds regarding the digital currency, with true bitcoin bulls expecting prices to reach $200,000.


https://www.investopedia.com/news/jpmorgan-may-not-rule-out-bitcoin-after-all/

If you ask me, yeah, it is a future of finance and a really good investment, but there are many different opinions. Like that:
Crashing Yesterday!
Bubble!

And where are Wall Street, are they already in the market?

I'm thinking we are slowly moving past the "fraud" stage, because people have started to see that cryptocurrencies are not a fraud. We are currently experiencing the "it's a bubble" wave, which I think will continue until the price stabilizes. It is currently unknown how strong a player bitcoin will be in the finance world in the future, but it will definitely continue to be influential.

agree with this point of view. but i think we never past "it's a bubble" stage

Most people still tag bitcoin as a bubble since they still don't get i or haven't studied it thoroughly--and honestly, even if they do, they'd still be unsure! My take is that the price will never stabilize until big merchants and names in the world economy starts using bitcoin for their enterprises. For now, it will be another medium of investment and value, but for exchange? Not so much.

And the only fraud in here are the banksters who have been scamming us since their inception.

Banksters are the real fraud and they fear that bitcoin will not let them in future to do so.So,jamie dimon is screaming at bitcoin.

Here we should notice an interesting aspect that JP MOrghan CEO is shouting that bitcoin is a fraud and his company JP Morgan has been issued a notice last week for money laundering purposes.This shows the true face of such banksters.

Whatever the critics say about bitcoin,bitcoin has traveled very high far away from their reach and CEOs like him are helpless.

I remember when Jamie said that if an employee of his was caught trading BTC he'd be fired. Soon a time will come when Jamie will have to fire himself. The memes are going to explode if he really goes through with those futures. I mean how dumb do you have to be to first go publicly against something and a month later find yourself supporting it.
People like him are their own worst enemies when it comes to PR.

If you could buy the coin for $5,000 why buy it while the price is at $8,000? If you know that your statement will cause panic on bitcoin's owner that will cause it's price to go down a bit why not give that statement then buy the coin when the price goes down. We know how businessmen plays the market as much as possible they want to save a dime from a purchase before getting into it.

Bitcoin=Blockchain=Future

It's not a fraud, but it's only matter of time when countries will want to centralize and control crypto-anything, otherwise country won't be able to control banks, hospitals or whatever is in their jurisdiction.  I highly doubt that countries like America will embrace crypto just like that and let it run around untamed

Americans love to be in control one way or another

I think that when JP Morgan says there could be a future in blockchain. What they mean is, there is a possibility create their own altcoin which is exactly like fiat in every possible way. The centralized mentality and business model of banks may be incompatible with true crypto currencies which utilize decentralized design and power structure.

Bitcoin has built a sterling reputation for producing long term value and reliability. Central banks could use that reputation to push their wealth redistribution, profiteering campaigns by building unreliable, regulated, systems using blockchain technology. One might compare it to ethereum which many believe to be stable and reliable as bitcoin, despite ethereum being far more like a fiat currency which can be printed ad infinitum into hyperinflation.

Blockchain technology may also be more affordable and easier to deploy than traditional electronic banking systems. It could boast higher reliability. There are reasons which make blockchain an attractive design from an engineering and business model standpoint.

While there has been an unbelievable amount of fraud in the crypto world, it is clear that crypto itself is not a fraud, but instead only the Humans who use it for nefarious purposes, unfortunately.

You are right the future of finance will be good because of bitcoin, bitcoin become the top cryptocurrency and that’s why the condition is finance also become better, the fact of fraud I really didn’t get because fraud like things I never seen in bitcoin still now and I am sure that it will be rubbish .

It is quite confusing how can a bank like JP Morgan embrace something that is a big threat on their main business. We know that bitcoin's main purpose is to become a currency that can be used in the whole world and people are embracing it because of the fact that it is decentralized and I know that JP Morgan is aware that if they are going to create their own crypto currency it will be a centralized one will is impossible to surpass bitcoin.

What I'm seeing here is that JP Morgan already invested in Bitcoin and they are protecting their investment.

I think that bankers say and do, only what is beneficial to them.
Customers want to earn on crypto-currencies, this will force bankers to give them this service.
Crypto currency-future, ortrodci will soon die out

Well we pass the fraud stage then bitcoin now goes to the "bubble" stage they were talking until the price stabilize bitcoin will be the future of finance.

Considering how Bitcoin went up in value, it sure looks like a bubble. But, if you consider it went up one million fold in the past 7 years, there's no reason it can't go up one hundred fold again in the coming years.

If it ever stabilizes, it'll lose the inflow of fresh money caused by speculation. Just like most people don't buy dollars or pounds to speculate on a price increase, this phase will eventually end for Bitcoin too.
By then, the people who own some already are rich, and others will just earn it the way they earn fiat money now. Either way, the future potential is too big to risk not getting in now.

Bitcoin itself is no fraud. It can't be, it's a technology that works. For the tulip comparison, it's like saying tulips are a fraud. That's impossible, they're just flowers!

Well it's pretty obvious that banks are starting to consider the fact that Bitcoin could be the future of finance. They have resisted, and even bashed it as a collective, but are now facing the reality that they can either adapt, or be left behind. You just know things are starting to get really serious for them to have made this 180. Either way, I welcome it, and if nothing else, I do believe that it's an indication that the future for Bitcoin is bright.

He is the real fraud here, he buys 75 million worth of bitcoin then spontaneously bashing it to the public, making it clear that he is into something, the motives are selfishly undeniable that he wants a dip to buy a lot of coins then bash again to dip it then the cycles continue as long as people bite to this FUD's he never really stops for doing it. Well, it looks like your fraud are going to 10k or more by the end of this year so what's the magic word that you will tag? I'm really excited to hear and see what are his review for this pump.

That's cool mathematical formula, I have one also: BTC+ETH=Future*blockchain=Monetary Innovation

It is not a fraud mate, it is only speculation, they all knew that bitcoin is going to be the new revolution of money, and we all agree with that.

But it is not going to replace fiat, no matter what, and that is the main reason of why all those banks and governments, and of course, all those ceo's from different companies are now supporting bitcoin, because they want more money, and of course, more power.

And yes, the price is going to be much more higher than now, it is just matter of time until we can see another big bull trend on the market (wow, we are into one right now) but lets just wait. i dont think that all this thing from the CME is dangerous.

For every  invention, there are always two sides to it. The advancement of technology which led to the break out of the internet today is still being seen as the cause of so many social problems we have in the world today. From crime to loss of moral values, loss of the connection of family, exposure to the amount of knowledge that made one question the very reason of existence and the likes.

So also is to bitcoin, while some are bent on saying it should not be allowed, others are saying its the best thing you can hope for which a lot of us have keyed into. It then depends on which side of the table you personally want to feature from.

I wonder if some time between 2018 and 2020 instead of Bitcoin, they start supporting Bitcoin cash and say that is the real and better Bitcoin and dump

Millions of Btc to pump their coin, like we don't know they have Jihan Wu and his fuck buddies as their personal pet bitch, they have bought him because

He was and unfortunately is one of the biggest miners. if you are buying Bitcoin @$9800 now, don't you fucking dare to dump when price is falling.

Because they will buy them all, they have been buying up to millions and will do that for another year before launching their biggest strike.

There are many reasons to call Bitcoin a Bubble, but I dont really care, I dont trade millions and so long as I earn money from it I am glad it is rolling.
We just have to be prepared for any accidents that could happen any time.

He used to call it a fraud but when bitcoin went up more than six times in price in less than a year he was obliged to change his convictions.
 
James Dimon declaration can be accepted since he had a reputation as a prudent financier distrustful speculative products  that is why he refused to support Bitcoin.
Not only J. Dimon, many known financiers and bankers are changing their attitude toward Bitcoin and start investing in it because they know that blockchain will be the future of finance.

bitcoin is not a fraud .bitcoin passed that early stage and now its a research of big big people.and you know what blockchain technology is best technology and financial institution gonna follow blockchain technology all over the world .bitcoin is future you can say

lOl @ fraud stage. What does that even mean? ;D - Bitcoin was never fraudulent, people just don't understand it. I still don't understand it fully, even though the basics are easy to grasp. Most of the FUD stems from misconceptions about how cryto currencies and the blockchain works, the rest is anger and jealousy at missing the boat early doors. Bitcoin may not be the future of finance, but it is shaking things up. Blockchain tech is definitely the future.

"[Bitcoin] is not going to replace fiat no matter what"

Sorry mate, I would have to strongly disagree with you on this one. BTC is going to replace fiat and already is. Let me repeat, BTC already is replacing fiat. See below for an explanation.

Do you know how may people already bought BTC using fiat money? People are exchanging fiat for Bitcoin right now like never before and it will only get more and more popular every day that goes by.

Its only jamie dimon continuously criticizing bitcoin that it is a fraud and no one should invest i it.But now,more financial firms are entering in to bitcoin market on seeing its potential.They all see it as the future of the economy.I think that dimon himself would get much irritated on seeing firms belonging to wall streets itself entering bitcoin market.Poor guy dimon.

You are right about banksters that they make problem to us in investing in bitcoin and that’s what we called fraud but we need to avoid them focus in our Bitcoin’s goal we make a target to achieve and that will only happened when we do hard work and doesn’t lode courage.

Bitcoin is a bubble, more new users = price grows, more new Tethers = price grows, more new usless forks (Bitcoin Cash. Bitcoin Gold, Bitcoin Diamond, Super Bitcoin?, Mega Bitcoin. Silver Bitcoin, etc), more future = price grows, sooner or later something will go wrong, but when and after what price?

This is an oppinion you rarely can hear here, but I am totally agree with it. One day we can lose some money, it would be great to anticipate and prevent it beforehand.

Sorry to barge in, but I disagree. Very few people have the capability to go purely digital. Their country would have to be developed to its teeth with perfect infrastructure and flawless internet connectivity. You have to consider the fact that all businesses must also be able to accept and transact with Bitcoins for this to even work. Not even the most developed countries are anywhere close to this, much less the developing ones.

Exchanging fiat for Bitcoin doesn't mean Bitcoin is replacing fiat. We know for a fact that most people only really use Bitcoin as an investment, hence the term HODLing. I'm sure most would also say they would rather use fiat for purchases because their Bitcoin could easily double tomorrow or the next day.

Bitcoin is not a fraud since it follows the jurisdiction of the law. Bitcoin plays a big role in the society where in it can be our future finance. Bitcoin will help every sector in the society to become civilize; through this it can build a well organized and efficient society for the life of tomorrow.

Obviously, the future of finance. According to me and may to all bitcoiner, there is no point calling bitcoin, a fraud. As bitcoin is evolved at such a higher rate and give itself a valuation of worth $11k. This valuation of bitcoin itself defines bitcoin, the future of finance and of planet too. It could never be called as fraud because neither it is a paper money, nor any company, which could do fraud to you. Its just a virtual currency in which you invest and mint money, as simple as people buy gold and sell when prices hike. Moreover it provides employment to millions, so definitely it is the future of finance.