Bitcoin Forum

Well what do you know, more scams from one of the worlds most corrupt and immoral banks and their CEO Jamie Dimon.  Many of you of course remember how Jamie Dimon came out and called Bitcoin a scam. The funny thing is the day he came out and said this Chase Bank trader made moves to take advantage of the price drop.

Once again his bank gets caught for fraudulent trading activities. So I ask, what's really the scam..bitcoin or traditional banks such as JP Morgan Chase

https://www.cnbc.com/2020/09/23/jpmorgan-to-pay-almost-1-billion-fine-to-resolve-us-investigation-into-trading-practices.html

This is not the first time these traditional banks are caught doing fraudulent trading activities and even though they know that if they are caught they will be slapped with a huge fine they still carry on those practices. The reason some of these bankers are against bitcoin is because they know it is a decentralized platform and no one of power will voice their difference when they chirp against bitcoin and more over they get all the media attention for bashing bitcoin.

In other news, water is wet, and the pope is catholic.  ::)

Relevant video: https://www.youtube.com/watch?v=v_wlZr1aBdI

the funny thing is that when one dude does something illegal with bitcoin worth 10 bucks the media renders us deaf with the nonstop negative news but when these banks are caught in their illegal act worth trillions of dollars we only see a small article with a very mellow tone that nobody really reads either. in fact the topic is mostly discussed in bitcoin forums and not many place else.

One of the reasons for this could be that people are less sensitive to scams related to banks as the whole system is built on it, so such news does not get much traffic when reported or is not reported broadly so as not to create panic. But when scams is related to Bitcoin, no matter how loose the connection is, it usually gathers lots of attention; The massive printing of money was reported by lots of media houses but was not debated heavily on general forums, such a supply hike in a currency like bitcoin would surely get much more interest.

There's also the case of government pushing the narrative that Bitcoin facilitates scams through media houses.

I still remember what he did before. And that opened my mind about what these big names from the financial industry that whatever they say, the people listens.

Accurate. The media's create some salty headlines and articles whenever they had a scope of a transaction like that in bitcoin.

Not surprised that they find themselves in lukewarm (not hot) water again. This is just another mild slap on the wrist of these giant bankers and they will just repeat the cycle all over again unless none of them are charged with sentence and are put behind bars. Also, Jamie Dimon has always been that harsh against bitcoin, though at some point he had become considerate of what bitcoin offers. I will not be surprised if he continues his badmouthing BS with bitcoin because he gets the attention he wanted from it.


Because banks are the media and government's friends. Without these institutions providing financial support, they would be going under in no time considering that there's not a lot of money to gain solely on news reporting and by being good public officials.

This has been long going on, probably why bitcoin was made in the first place. To combat these banking institutions that are stealing money away from their customers and once and for all put the power back to where it matters most. What's sad is the fact that the fines were never gonna be put to the victimized customers again and would instead be transferred to the pockets of the yet another corrupt institution.

damn, the Irony. I wonder how stupid he feels every time someone mentions that he called bitcoin is a scam then turning out that he was a scammer himself.

well, that is what they are being paid for. to create a bad image to those who they don't like.

Who could be paying them voluntarily for doing that? banks? I don't think that any establishment would do that anymore for an enemy or competitor that's no one is controlling and is automatically rolling through its community. I could understand if it's just another crypto exchange paying for bad publicity of another competitor exchange. But who knows if there really are establishments who are still doing this, knowing that they can't beat bitcoin.

Banks around the world are heavily involved in scandals and under mandatory investigation, with the form of money laundering or market manipulation so anything is possible.and bitcoin is not so because it cannot be controlled and its development seems to be ceaseless.

The big banks like JP Morgan are laundering trillions of dollars,and yet Bitcoin is still being called a scam. ;D
What a hypocrisy.I knew that Jamie Dimon is a "rotten apple". Smart bankers never talk BS on interviews.The smart bankers usually don't give interviews at all.
That Chase Bank Trader just saw an opportunity and he took advantage of it.Is this illegal?I don't think so.
It would have been illegal,if the trader knew that Jamie Dimon will say this BS and dump the price of Bitcoin.

It's not something which is unknown or unexpected to be fair. Traditional banks have long been laundering money and involved in fradulent activities and they get fined in billions of dollars. They only want to avoid decentalised currencies because it threatens them.

Bitcoin is adopted by PayPal (well, not fully, but still) and JP Morgan Chase gets fined yet once again.
Bitcoin heads up, JP Morgan Chase goes towards the wall heads first. I don't mind.

A billion dollars is just nothing for them as have a huge amount of money already.

He is calling Bitcoin a scam while they are the true scammers. What an ironic thing to think but well, Bitcoin destroys their industry so what do you expect him to say :D. Its obvious that it will be negatives will be said by him towards Bitcoin. Yes banks are helpful as  of now but I don't use them TBH.

I knew they were doing it when there were reddit threads years ago that when Bitcoin market reacted to the first tweet about Bitcoin by Dimon he quickly made tweets about bitcoin his habit.

He also said that he'd fire any employee engaged in bitcoin trading but his bank was found wiring money to exchanges to buy bitcoin. So was it all taking place behind CEO's back? I doubt it!

Then he admitted in some interview that his daughter is a Bitcoin trader. It really started to make sense.

If they were manipulating stocks and attacking bitcoin, they were also trading bitcoin, I'm sure of it.

Maybe he got something wrong and meant banks and not bitcoin?

Finally, some form of justice for these criminals! Big banks are the loudest to express concerns over the potential use of Bitcoin for fraudulent activities, but they're the biggest scammers! However, I think someone has to go to prison for this, and the bank should face severe oversight and restrictions if not get closed. It's not right that people commit crimes on such a huge scale, but end up just losing some money while still remaining rich and powerful. That's why Bitcoin is so attractive. No rich a-holes getting away with scam over and over again and legally (!) controlling lots of money that was given to them by other people.

No proof and we're just giving an idea that they are the one that's controlling this. That explanation you have said, it's not being given that much attention because they all look at bitcoin being the bad currency.
The fine that's given is high. I think it's the first time that I've seen a company that's fined 1 billion dollars. Most of the fines that I've seen were hundreds of millions but didn't go through to billions.

Only naive individual will sees cryptocurrency as a scam while 95% of all scam are done through fiat due the document which exposed Billions of dirty money moved to a Bank and what hurt the most is that the institutions/Banks thats said Bitcoin was said are actually of the scammer operating behind the scheme. However, it good that Jamie Dimon scam activities was exposed and this make think this could be also among the thing that change the mind of paypal CEO through crypto.

Jamie Dimon is not the only one who called Bitcoin is a scam, and if we look back we can see what Paypal as saying few years ago, but look at them now :)

We all know banks are doing all the shady illegal stuff for years, but many people are just keeping their mouths closed, chasing the small fishes and yell at Bitcoin.
 

A lot is going on in the space. Peter Schiff accused of banking criminals, JPMorgan fined for manipulation, John McAfee arrested... Clearly all the Bitcoin haters are getting hit at the same time. Coincidence? Maybe, but a very convenient one. Then PayPal goes 180 on Bitcoin and JPMorgan does the same:

   https://decrypt.co/46201/jpmorgan-tells-investors-bitcoin-is-next-big-thing-a-decade-too-late


If BTC goes to the moon before the end of the year you can start making conspiracy theories.

You will find the collective group of billionaires accusing all crypto of being scams because it's a direct affront to their business model and their status. Dimon, Buffet, Gates (he used to support it until he went viral - pardon the pun) - they all have it against crypto.

For those who think this 1 Billion as a punishment - well Chase must have made $5 Billion if the fine was 1 billion. The fines are always less than the true amount of the crime. It's why the banks continue to do this repeatedly. Just like DRAM price fixing, the billion dollar fine that Samsung/Hynix had to pay was less than their profits.

Good old Chase bank - kicking active military out of their homes during wartime because the soldiers were too busy on front lines defending their country to be fighting unlawful foreclosure notices. If you're not a religious person this kind of makes you wish there was a hell  :D

exactly! Paypal froze some accounts before owed to crypto dealings and after few years, their stand towards crypto changes.

https://themerkle.com/paypal-continues-crackdown-on-crypto-sellers-permanently-limits-accounts/

though we still welcome this kind of progress as this will drive adoption among PayPal users but wonder if those users that got their account frozen or banned will have justice from that unfortunate situation? but i dont think they will ever apologize or return the funds to those users.


they are protecting their own interests and their businesses. that's what businessmen do. and of course, that fine is nothing as compared to what they raked as profits!
 banks are known to torment homeowners to pay for their dues. where do you think they can get huge profits from?

that isn't wondering news even he did several bullshit things in past, i remember.they already aware about the result, that what would happen if they got caught during doing fraudulent trading, even though they continue pracrising & thus they ruining themselves.After get caught & fined 1B, what should we expect from them except saying bitcoin is scam! Rather they are real scammer.

I echo most all of your sentiments.  The moral of this story is how this massive scam JP Morgan, the worlds second richest bank, isn't really all the big of a deal in the end after the dust settles. The sickening this about this in my opinion is that not ONE , NOT ONE person is going to see the inside of a jail cell over this which is absolutely disgusting.  You and I would go to jail for the tinest infraction yet 1 Bill fine and no one to see bars.  This is the product of allowing big business to buy political elections.

Not a single business leader who is involved with corruption/fraud will ever be prosecuted and face jail time because the politicians they support receive the same treatment. If the politicians were actually held accountable for bribery and corruption and put into jail, perhaps they would actually care to make sure offending company leaders are prosecuted. The mindset "it's better you take the fall than me".

Sadly the ones who uphold the laws (courts) are usually appointed by the corrupt politicians. So it's a feedback loop - no discernible way to interrupt the pathway.

There are several possibilities related to what he said:
1. He didn't know Bitcoin very well at that time and certainly didn't know very well how profitable Bitcoin was.
2. At that time, he may have invested before but it failed and also lost a large number of funds.
3. At that time he thought that BTC would become a big rival to his bank and would make his bank go bankrupt.
4. Maybe he was already concerned about BTC but hid it to cover up the bank crimes he had committed.

Who knows?

Jamie is the CEO of the worlds second largest bank, trust me he always knew what bitcoin was and how it works.  That's his job, to know what other payment types out there exist. I don't think any of these points you've made here are on track.  The simple truth is that it does compete with his bank.  He doesn't think, nor with it , ever cause his bank to go bankrupt, but he does see it as competition that could hurt his bank.  Jamie is a scumbag, and anything that threatens his bank he will go after.

Of course there is one answer, banks are "fraud". Fraud is to block people’s money and steal them, freeze their accounts, control their money and monitor them and not allow them to move their money to the place they want. Isn’t this, what banks do?

No, this is not what all banks do.  All of the major banks, Bank of America / Chase/ Wells Fargo etc are a bunch of scum sucking scammers, but not all banks are.  Credit Unions, and those "mom and pop" small town banks where they know your name when you walk through the front door, those institutions are not frauds.  It's important to remember there is a difference between the two.