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Bitcoin => Bitcoin Discussion => Topic started by: preshpr1nce on February 28, 2018, 11:10:03 AM



Title: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: preshpr1nce on February 28, 2018, 11:10:03 AM
Quote
Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future.

In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
...

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/

Interesting to see this, won't add much more, take a read


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: avikz on February 28, 2018, 11:25:24 AM
A lot more such comments will keep coming during this year. Jamie has already made it clear that they are seeing bitcoin and other crypto currencies as a threat to their business in 2017. They have called it fraud and bubble and many other negative things. After his first public address about bitcoin, he even managed to bring the price down up to 35%. But that didn't last long. After that, Jamie released such negative statements many times, but market never reacted. I am sure, nothing will happen this time as well regardless of what he says officially or unofficially. Crypto community learnt to ignore his foul thoughts.

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.



Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: Red-Apple on February 28, 2018, 11:28:01 AM
from the beginning of all this, they knew perfectly well that bitcoin is a big threat to their banking system so they took it very seriously from the start. that is why they sent their CEO to bash bitcoin over and over again in the media.
i am also almost sure that they are one of the biggest investors in bitcoin who have been accumulating bitcoin last year. so don't be surprised if you saw JP Mogan bank started offering some bitcoin related services....


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: mast3rm1nd on February 28, 2018, 11:33:15 AM
and guess what you greedy piece of s**t, cryptocurrencies will kill your business one day. you can fight and lobby against it all you want; but you'll never win in the long term. technology and the will of the people will prevail !!


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: alyssa85 on February 28, 2018, 11:36:16 AM
Ethereum is more of a threat to JP Morgan than bitcoin. A regulated ICO platform would allow legit businesses to raise new capital easily without paying eye-watering fees to the likes of JP Morgan to create an Initial Public Offering (IPO).

The bulk of JP morgan's fees come from IPO fees, forex dealings and from investment banking fees. Ethereum takes the leg out of the first.

And then there is bitcoin, which means you don't need to bother with forex.

JP Morgan is looking at a shrunken future.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: Mandoy on February 28, 2018, 11:43:49 AM
Quote
Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future.

In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
...

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/

Interesting to see this, won't add much more, take a read

This is very true. If somehow even  one of the cryptocurrency will succeed as a medium of exchange and will have a purchasing power both online and offline then surely the baking business will be very threatened. As of this moment though cryptocurrency is not widely used as a medium of exchange but many people are now making their cryptowallets as their banks rather than going to banks themselves. This is just a start but there is a long way to go since there are many flaws and risk in engaging in the cryptocurrency world.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: jtipt on February 28, 2018, 11:48:37 AM
So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.
Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: Davidbee on February 28, 2018, 11:51:16 AM
Quote
Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future.

In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
...

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/

Interesting to see this, won't add much more, take a read
Yes, they acknowledge the impact of bitcoin on traditional Banks. Bitcoin is now accepted by many people, and when bitcoin is accepted by the world's countries, it affects the interests of traditional Banks, so they have been saying that bitcoin is a hoax.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: preshpr1nce on February 28, 2018, 11:53:22 AM
The reason I posted this is more so to show the stupidity of JPMorgan as a company, in under a year they've gone from calling it a fraud to admitting the risk and even creating their own coin being Quorum, to me this is the complete opposite of FUD, when you have a company as big as JP seeing a threat and trying to jump on board, it can only be seen as a positive, competition creates fear, I would be more interested in investing in something competitors view as a threat myself.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: zxl912157 on February 28, 2018, 11:53:49 AM
So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.
Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.
You may lose trust in him, I understand the above article as a new thinking that is able to change the face of the banking world.
Blockchain at this time may be a threat but a time of threat can be a useful. and the new World will be present in sight.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: bug.lady on February 28, 2018, 12:03:49 PM
And this may be another side of ICO regulation - one side is to eliminate scammers from ICO space, and it is undoubtly positive, but the other side is to enable regulators and appointed entities (banks?) to take some share of ICO profits. Well, we'll see.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: BTCLovingDude on February 28, 2018, 12:04:04 PM
Ethereum is more of a threat to JP Morgan than bitcoin. A regulated ICO platform would allow legit businesses to raise new capital easily without paying eye-watering fees to the likes of JP Morgan to create an Initial Public Offering (IPO).

The bulk of JP morgan's fees come from IPO fees, forex dealings and from investment banking fees. Ethereum takes the leg out of the first.

And then there is bitcoin, which means you don't need to bother with forex.

JP Morgan is looking at a shrunken future.

since bitcoin will soon have smart contracts for free then if these shitty ICOs are the real threat to them then bitcoin will be a much bigger threat to them. specially since there will be no fees for smart contracts using RSK on bitcoin!

additionally i disagree that it will shrink their future. you say they earn money from forex dealings,... then there is nothing stopping them from entering bitcoin markets and make the same fees there....


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: lenj on February 28, 2018, 12:06:33 PM
from the beginning of all this, they knew perfectly well that bitcoin is a big threat to their banking system so they took it very seriously from the start. that is why they sent their CEO to bash bitcoin over and over again in the media.
i am also almost sure that they are one of the biggest investors in bitcoin who have been accumulating bitcoin last year. so don't be surprised if you saw JP Mogan bank started offering some bitcoin related services....

I dont surprise too if its happen. If its really happen, its very good for growing of bitcoin specially and crypto for generally.
I will support any kind of similar action by big supporter like this to make bitcoin grow and grow.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: 12tribes on February 28, 2018, 12:07:59 PM
Sure, any true financial giant will simply be amazed at the potentials and benefits the cryptocurrency world is introducing........
Listen folks the benefits are huge and the profit endless. It is a source of asset and credit for the financial prudent.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: Tapyaks72 on February 28, 2018, 12:09:10 PM
A lot more such comments will keep coming during this year. Jamie has already made it clear that they are seeing bitcoin and other crypto currencies as a threat to their business in 2017. They have called it fraud and bubble and many other negative things. After his first public address about bitcoin, he even managed to bring the price down up to 35%. But that didn't last long. After that, Jamie released such negative statements many times, but market never reacted. I am sure, nothing will happen this time as well regardless of what he says officially or unofficially. Crypto community learnt to ignore his foul thoughts.

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.


You are are correct mate ,JP Morgan Chase CEO president make it clear financial institution feel the treat of crypto currency in their business they might be afraid that some of their investors and clients would think that crypto currency has a better future now a days and someday it will become one of their competitors because they had witness how fast it proliferate .






Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: erickkyut on February 28, 2018, 12:11:56 PM
Cryptocurrency is the mortal enemy of the banks. They are threatened because if the cryptocurrency will be highly accepted worldwide, they will surely lose their clients and they will shift to investing in the crypto industry. That is one of the reasons the banking community are spreading negative news about Bitcoin and altcoins. They are afraid that Bitcoin will overcome the fiat system in the future.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: 1Referee on February 28, 2018, 12:41:32 PM
and guess what you greedy piece of s**t, cryptocurrencies will kill your business one day.

No matter how much I would love to see that become reality, I unfortunately have to remain realistic and say that it won't happen. To be more precise, crypto shouldn't and doesn't need to 'kill' banks - banks just need to adapt to the situation and allow crypto to be part of their core business, which eventually will happen, but it takes time for them to admit their importance at this stage. Crypto is an entirely new asset class, with the potential to surpass the traditional assets eventually, which is a bitter pill to swallow for them at this point, because a lot of their activities revolves around traditional assets. To add; the more economical adoption there is for Bitcoin, the more utility value it will have, which is something we should be happy with, because we definitely need to lower the speculative aspect, and make the actual usage aspect pop out more. Less speculation = more stable price = more incentive for people to actually use Bitcoin.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: YuginKadoya on February 28, 2018, 01:08:35 PM
This man jaime dimon had done it again, After he calls bitcoin a fraud do we ever thing he will spout a good and positive feed back about bitcoin because the truth is he wants to manipulate the value again by saying nonsense things in the internet, Let's just say that there are things that are harmful to banks, And bitcoin might be one of them but I think There are still good things bitcoin can be done about the banks.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: Pan Troglodytes on February 28, 2018, 01:15:35 PM
So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.
Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.
Well they are one of the most powerful and influential people, you know. The laws throughout the world are created according to their wishes and they don't need any credibility in the eyes of average people. They just want to squeeze money out of everybody and everything and they will adapt to this new situation if they were not the ones who created it in the first place.

If they say something then there is some hidden motive behind it. You shouldn't assume that those people are dumb and just blabbing around.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: preshpr1nce on February 28, 2018, 02:09:24 PM
So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.
Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.
Well they are one of the most powerful and influential people, you know. The laws throughout the world are created according to their wishes and they don't need any credibility in the eyes of average people. They just want to squeeze money out of everybody and everything and they will adapt to this new situation if they were not the ones who created it in the first place.

If they say something then there is some hidden motive behind it. You shouldn't assume that those people are dumb and just blabbing around.

You make a good point, I think blockchain is the grand deception.
In the past we've had a few attempts to convince the masses we need a one world currency, it's always been resisted heavily.
We now have a concept which the same people who say f*ck the bankers are adopting as they view it as free, open and what not, just like the federal reserve, prior to it's existence you had serious resistance to a privately owned reserve, the "federal" reserve was the grand deception in those days and it worked wonders, even today if you asked 10 Americans who owns the federal reserve, most would say the government, same applies in most countries with private reserves.
Not saying it will be bitcoin but I believe the global currency will be on the blockchain.

To deceive people you have to play along, "it's a scam, it's a fraud" and what not, once it's gained enough traction you change your game plan a little, we're seeing this now with things like "it's a threat" from JP and "it's incredible useful" from goldman sachs, after the biggest correction and during such a fearful time, wouldn't they be saying "we told you so!" instead? yet we're starting to see the opposite.

Here's a 30 year old pictures from the economist, notice the 2018 on the coin.

https://i.imgur.com/Ioi5rqr.jpg


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: mOgliE on February 28, 2018, 02:21:15 PM
Well,

I guess that after the period of complete reject, banks are now obliged to face bitcoin and deal with it. They have tried to communicate about how dangerous this is, but people still have adopted it and now they see they have to really take care of it. So the most reasonnable reaction is to say that the tool is "interesting but limited and will never be able to become a currency, due to its inner characteristics".

I take it as a good sign, though. Because it shows that bitcoin matters.

I also see it as a threat. Because if large entities invest in cryptos, they will be able to manipulate rates, and nothing will change!


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: bug.lady on February 28, 2018, 02:29:06 PM
You make a good point, I think blockchain is the grand deception.
In the past we've had a few attempts to convince the masses we need a one world currency, it's always been resisted heavily.
We now have a concept which the same people who say f*ck the bankers are adopting as they view it as free, open and what not, just like the federal reserve, prior to it's existence you had serious resistance to a privately owned reserve, the "federal" reserve was the grand deception in those days and it worked wonders, even today if you asked 10 Americans who owns the federal reserve, most would say the government, same applies in most countries with private reserves.
Not saying it will be bitcoin but I believe the global currency will be on the blockchain.

To deceive people you have to play along, "it's a scam, it's a fraud" and what not, once it's gained enough traction you change your game plan a little, we're seeing this now with things like "it's a threat" from JP and "it's incredible useful" from goldman sachs, after the biggest correction and during such a fearful time, wouldn't they be saying "we told you so!" instead? yet we're starting to see the opposite.

- snip -

You are right mate.
I recommend everybody reads "Currency Wars" by Song Hongbing. It tells a great deal on what one can expect from banksters and how far they will go and to what level of deceipt they will go to legalize their shady business. One thing, though: US Federal Reserve is private but in other countries (my country for that matter) it is the government organization.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: Kprawn on February 28, 2018, 02:38:48 PM
Banks will still exist for years to come, but their days of exploitation of the poor will be at an end. Banks will retain most of the

people who are conservative and reliant on centralized authorities. A lot of people will not trust open decentralized public

networks and the people controlling it and governments will continue supporting these Banks. {One of their biggest sources

of intelligence and information gathering.} Bitcoin and other Alt coins will take a lion share of their market.  ;)


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: Pan Troglodytes on February 28, 2018, 02:52:01 PM
Banks will still exist for years to come, but their days of exploitation of the poor will be at an end. Banks will retain most of the

people who are conservative and reliant on centralized authorities. A lot of people will not trust open decentralized public

networks and the people controlling it and governments will continue supporting these Banks. {One of their biggest sources

of intelligence and information gathering.} Bitcoin and other Alt coins will take a lion share of their market.  ;)
You are talking here about the services for retail customers and you may be right. However, retail is only a fraction of what banks do and get their money from. They are the ones behind the Federal Reserve as my predecessors rightly claim (above), they are the ones who credit governments, issue bonds and found wars. Also, even for retail customers, things like mortgages and credit will not be there (even with bitcoin) without banks. There are sites lending people money in a distributed way even with fiat, but they are greatly unsuccessful, and with bitcoin it will be even harder (how will you make a person return the bitcoin back?).

So I wouldn't be expecting banks to fail anytime soon. If anything, they will have more money sources as they already do tests running their own blockchains.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: BrewMaster on February 28, 2018, 03:54:45 PM
this should open some eyes up, hopefully!
JPMorgan is now like the symbol of FUD among bitcoiners and the more they spread FUD the more people will realize how dumb all of it is. and now that they are even admitting how they are scared of bitcoin everyone can become more sure about their evil motives when they were spreading FUD!
hopefully soon we won't see as big a effect as we saw in the past.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: nightxglow on February 28, 2018, 04:04:32 PM
Hmm with that kind of statement, i wonder if the government will be influenced and started to think that bitcoin is a threat as well?
Since it's just a common sense that the government should protect the banks, or else i can say that the economy will be unstable. And if bitcoin is threatening banks, it's just normal for them to choose ban bitcoin and never support it.
Although i don't want that to happen, i also kinda realize that bitcoin can lead to worse things. But this far, i only feel the good ones, we don't know how the government feel about it.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: jtipt on February 28, 2018, 04:08:17 PM
So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.
Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.
Well they are one of the most powerful and influential people, you know.

If they say something then there is some hidden motive behind it. You shouldn't assume that those people are dumb and just blabbing around.
I don't disagree with you. And neither are the wrong about their current stance, blockchain is a n obvious threat to the traditional banking they are correct about that.
And yes obviously when they say something they have a clear motive to benefit themselves, and no I am not assuming that they are dumb, they are not. It's just that their opinion on crypto has been made clear that they are against it, so any more of their statements don't interest me.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: deepcoreotc on February 28, 2018, 04:09:25 PM
A lot more such comments will keep coming during this year. Jamie has already made it clear that they are seeing bitcoin and other crypto currencies as a threat to their business in 2017. They have called it fraud and bubble and many other negative things. After his first public address about bitcoin, he even managed to bring the price down up to 35%. But that didn't last long. After that, Jamie released such negative statements many times, but market never reacted. I am sure, nothing will happen this time as well regardless of what he says officially or unofficially. Crypto community learnt to ignore his foul thoughts.

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.



The 35% price fall following his statement regarding Bitcoin wasn't only because of him. It was just really bad timing and his comment + other bad news helped bring the price of Bitcoin down.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: CryptoBeefy on February 28, 2018, 04:10:02 PM
Of course J.P Morgan knows the threat of cryptocurrencies, that's the reason they've been so active in trying to call Bitcoin out and calling it a threat. They're worried and trying to put as many people off as they can


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: tramadols on February 28, 2018, 04:18:34 PM
A lot more such comments will keep coming during this year. Jamie has already made it clear that they are seeing bitcoin and other crypto currencies as a threat to their business in 2017. They have called it fraud and bubble and many other negative things. After his first public address about bitcoin, he even managed to bring the price down up to 35%. But that didn't last long. After that, Jamie released such negative statements many times, but market never reacted. I am sure, nothing will happen this time as well regardless of what he says officially or unofficially. Crypto community learnt to ignore his foul thoughts.

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.




I agree with what you say.
JP morgan is one that makes many rumors skewed on bitcoin, the result they invest in bitcoin as well. I'm not surprised by CEO Jamie Dimon's statement. because he is the one who said discordant, and threatened his worker if involved bitcoin will be fired. this is so embarassing


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: KwizatzHaderach on February 28, 2018, 04:19:49 PM
They should be. It has always been the disruptors that will change the future of money.
Banks will somehow try to find ways to profit from it still.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: uncleduckerr on February 28, 2018, 05:04:19 PM
Oh wow, old news but just being said now. Seriously we all knew it was a threat to the foundation of which bankers and governments stood on, but they just didn't want to admit that. Waiting for the day when Warren Buffet admits he was wrong, because he took a long stupid stab at Bitcoin and I want that old man to admit he was completely wrong and out of line.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: Blitz99 on February 28, 2018, 05:52:47 PM
Every business has a risk so only they highlighted. Its a common term only so no need to panic much.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: jhean_arcane on February 28, 2018, 06:56:50 PM
"In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.

“Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation,” the bank (JPM, -0.02%) wrote in the report."

Quoted from the article itself.

-----------------------------------------------------------

I think JP Morgan knew from the start that cryptocurrency is a threat to their business and so they started to spread FUD. Partly because they are also in denial. These people are financial experts and they knew that they have to do something about cryptocurrency to stump its growth. However, now that it's obvious how bitcoin and ethereum are doing good, despite their high volatility, they can no longer deny its existence and so they acknowledge that these are threat to their business.

The banks controlled the currency system for the longest time and they were so over confident that nothing can ever replace this system. By the way, Ripple made it through the decentralized system, and I think it is the general bank's attempt to adopt to the system. However, banks still feel threatened because the two biggest names ctc: bitcoin and ethereum promises better opportunities for the consumers.

I don't want to sound cheesy, but here's the thing: people dream of a utopian society and bitcoin appeals to the mass due to its visionary approach to the utopian order - decentralized, indepedent and free.


Title: Re: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business
Post by: nsasuiteb on February 28, 2018, 07:02:02 PM
If there is risk for them, yes I think they are right. What are they going to do? They will adopt the technology and even buy some cryptocurrencies  :)