Bitcoin Forum

Bitcoin has went down to usd 4,000 since August 22 and the JP Morgan chief executive, Jamie Dimon, called it a fraud. What do you think?

Bitcoin fraud? Hahaha. Are there still people who calling bitcoin like this?
Let's  see what they will say when bitcoin will be 10000$.

There are still lots of people calling it a ponzi scheme lol  :D
They cant really understand that price is determined by supply-demand and there are no guarantees that it gonna rise like in ponzi schemes.

JP Morgan has been fined many billions of dollars for participating in frauds (including the Bernie Madoff ponzi scheme), so you would think he knows what a fraud is. I think he misspoke.


People that call Bitcoin a ponzi scheme either don't know how Bitcoin works or don't know what a ponzi scheme is. Bitcoin cannot be a ponzi scheme because it is 100% transparent.

He is so "out there" threatening to instantly fire any employee he discovers that owns/uses BTC.  Where in the law would that fly, and what a stupid thing to say!!

Bitcoin has been called a fraud since the start.
Bitcoin itself fluctuates on supply and demand between July and August the bitcoin price raised from 3000 to 4800 there is nothing wrong with it, this kind of volatile price is normal.
Many bitcoiners selling and the price went down, many bitcoiners holding the price went up and so on. Add to this the difficulty of mining bitcoin day by day.

JP Morgan Chase needed a $12 Billion bailout and still takes $14 Billion/yr in government subsidies ... how many government bailouts has BitCoin needed, Jamie?

Fines, fines, fines... http://www.corp-research.org/jpmorganchase (http://www.corp-research.org/jpmorganchase)

(AKA cost of doing business)

The more we were talking about that insecured human being, the more we make him famous to be the ignorant one. Being a rich man with good fortune doesn't permit him to belittle others who goes beyond or different from what he is doing. His interest and greeds pictures his persona and painting his attitude in anger by some is a must and he deserve more than what we bitcoiners want him to be experienced someday.

Exactly, there are many people saying bitcoin is fraud and a ponzi scheme. But if they allow themselves to know more about bitcoin they can learn that it has many benefits that could offer to anyone users. Yes it is really the demand and supply that price may decrease and increase.

I agree to the both of you! Saying bitcoin is a fraud is somewhat delusional. Maybe if they will have a thorough investigation about this 'fraud', they will be addicted, too. They are being so narrowminded. I always tell my friends that supply and demand are the factors for bitcoin's unstable price.

Don't be tooo worried if the chief officer of a major BANKing corporation has a few negative things to say about Bitcoin.  :D He is merely protecting his investment and assets. He knows he's in deep trouble and is probably investing into a cryptocurrency right now, say Ripple.

You can't trust these banking guys because they are experts in fudging numbers out of the thin air unlike entrepreneurs and real business owners.

Are you out of your mind? Bitcoin bearish? How? Who the hell told you that? Bitcoin does not have a bearish market. Have you seen its price growth for the last decade? Bitcoin has been rising like hell. I know the market has been acting a bit bearish at the moment, but that does not give you the right to call it bearish. You have to take into account the entire expanse of the Bitcoin market to characterise it as bearish or bullish. And as the poll has shown very clearly, much of the Bitcointalk community think of Bitcoin as bullish.

people have been calling bitcoin names for ages. from being dead and rat poison to things like ponzi scheme. and not "fraud". and none of it ever mattered and it will not matter when big and advanced countries like Japan has adopted bitcoin as a real currency.
in fact these people are making a public idiot out of themselves when they say things like that!

and the reason why they say these things is either because they feel threatened by bitcoin or they want to make profit from the drop. there is no other possibility.

Although the JP Morgan chief executive, Jamie Dimon called bitcoin as a fraud, many countries still accept it as a way of payments. And i believe it will go back to a high price in the coming days.

Let them describe it a fraud, because even in the early days of bitcoin's growth several such issues have come as an obstacle on its path. This has been overcome by the growth causing with the support of the entire users. One such is the important developer describing it as a failed experiment and moved to something new. The price dropped, but it regained all of the sudden.

I don't understand your poll question.

Jamie Dimon's position is obviously bearish. Is that what you're asking us to respond to? Whether his opinion is bullish or bearish?

Or is that you're asking if his bearish opinion of bitcoin will have a bullish or bearish affect on bitcoin? E.g., a guy that runs an investment bank (the "enemy" of bitcoin) talking shit about bitcoin would actually generate more support for it

Or are you asking if we're are personally bullish or bearish?

i think jp morgan called the bitcoin fraud because his panicking and insecured about the bitcoin popularization in the world as decentralized currency, bitcoin treat  to the bankers to replace bitcoin as currency later on.

I think we should not just judge something on just one event. Ya its common norm to criticize mistakes but i dont see price falling a a mistake. It is just normal for traders to see fall in prices. Because trading would be none sense if the price just go one ways. Price still need to go down to at least have a pump again. So i say stop this issue and accept the fact that btc is a stockmarket.

It's just a FUD news.

I think this is bullshit from JP Morgan to try to lower the bitcoin price, but I think it's just as temporary as the wind goes by, so far bitcoin has benefited me, and created financial freedom in my life I will never doubt or worry about the price of the bitcoin at this time. see a bit later the bitcoin price will surely soar high. my suggestion be patient with what happened at this time.

I think we should see the reality with our eyes, what is real and what is fake or fraud. If we have no judgmental to realize about the things then it is our fault, not every thing is fraud. It is talk about only bitcoin, that's why i disagree with Jamie Dimon. A huge number of people are working with bitcoin and invest in bitcoin a big money then IS it fraud?

I will trust Jamie the day they stop working on project Quorum. Two faced thug

https://github.com/jpmorganchase/quorum

The way I see it, Jamie Dimon calls out Bitcoin to be a fraud on media and then goes back to buy more bitcoins in secret, thanks to the low Bitcoin price caused by his out urst. The big whales be mopping up the coins being sold away by panic induced investors.

This is just another FUD stunt and I won't be surprised if he will be on bitcoin one day. Remember mcafee, he had the same notion with bitcoin before. But now he is big in bitcoin.

Earlier,bitcoin has been termed as ponzi scheme by many people.Some said that it would soon die.Some others said that its a dangerous investment.Bitcoin has made many of their mouths shut by performing well.It has not disappointed its investors.Bitcoin has proved itself that its a profitable investment many times and it has travelled far ahead of the stage where it required good tweets from big investors,business enterpreneurs,etc.So,it would be better to just turn a deaf ear to such statements.

The price of bitcoin is starting to get lower and lower and i believe that it is on the bearish mode and a lot of people are dumping their coins for a lower price and hoping to get out from the crashing market but they doesn't know that it is just a fud and after a few weeks or months we can see bitcoin going up again because of the people who took advantages to buy at the dips.

When you think you are more powerful and clever than the average person on the street, arrogance gets the better of you. JP Morgan has a horrid track record of fraudulent activities and Jamie Dimon is still arrogant enough to call Bitcoin a "fraud".

The thing about these people is this : The higher they go, the harder they fall. The Ponzi King, Madoff also thought that he was the King of this world and the smartest kid on the block  and look at him now. ^LoL^

Give them enough rope and they will hang themselves. ^smile^

First of all it's kinda funny to see everybody answer to a FUD dropped by a newbie with 3 or 5 posts.

And about the question: I would say that banks are a fraud, since they give away for big bucks money they don't even have. See, I can have a rational argument. Why the banker thinks the Bitcoin is a fraud, because it's expensive, really? Now, I will also tell why this discussion should not take place: because of the conflict of interests. The banker tries to protect the banks' interest and I try to protect Bitcoin.

What side are you for? What you think?

Predicting bitcoin price is dangerous, but I still see long-term trend as bullish. Bitcoin price went to $2900 in June, then dropped to $1900 in July. Then in August it started to rise again and was almost $5000. I see the present fall to $3800 as a correction, similar to that in July (and the price now is two times higher than just two months ago!). The current negative news may be (or may be not, we cannot know) just a deliberate attempt to manipulate the price to allow large players to buy low.

Of course we can not have a definite prediction about bitcoin prices, but we expect something positive to happen in the bitcoin price movement so that it can experience an improved price increase. And I have positive trend confidence will happen before the end of this year

Definately it is a bullish becuase JP MORGAN said Bitcoin is fraud.Don't panic this news.Everything will be alright after within few weeks.And when again start pumping btc i hope and believe from the heart.

He's a USD maximalist. Think about this, how much resources it needed to create 1 bitcoin over 1 USD? there, you have your answer. He's either ignorant or onto something. Crazy enough, her daughter holds bitcoin.

Jmie Dimon ? JP Morgan ? Are you killing me ?
LOL.
Where is the fraud ? Who is the thief ? JPMorgan and Jamie Dimon are the thiefs !
Bitcoin is the customer liberty.

Jp Morgan WHO? I don't even remember this company saying anything when it was new, or when it was 2k and now just a minor blip and they come out of nowhere and say it's a fraud, they are dumb and dumber people look at their predictions, not saying for op but I don't buy Jp Morgan words and they know nothing about Bitcoins, op just be patiencet sooner or later the prices shall shoot up, once this China mess is behind us, few more days, Bitcoin will rise from this mess stronger then ever.

The crypto market is so abrupt that you cannot give any final words about the price of bitcoins. Nobody expected bitcoins to touch 5k dollars almost within a month but it happened and now no one can tell what will be the lowest value in this dump phase. However, we all know that in future, the price will definitely raise beyond 5k dollars.

bitcoin had fallen sharply but now it's getting up, I think this is just a drama from JP Morgan, let panic sell, and I always think good about bitcoin, because bitcoin already gives me more what I want about my finances, in need my daily life.

I also disagree with Jamie Dimon because bitcoin has proved himself being a powerful and the most famous cryptocurrency among the people nationally and internationally. Bitcoin is a demonstrated successful cryptocurrency across the world.

People are very much trust on bitcoin that’s why people take interest and invest in bitcoin without any contradiction to earn for their bright future.  

Bitcoin is going to stay on this price for some days. It is possible that for a day or two it will depreciate its value towards 3000. But in the comming months the bitcoin value will appreciate tremendously. (Some say that the price will grow now to 7000, other people say that the price will stay around 4000-5000 for some good weeks.) What is certain is that the price will not go under 3000, and in the next two years it will appreciate.  

If a thieving bank owner tells me not to Buy Bitcoin it's 100% bullish. That guy stands for everything Bitcoin wants to destroy. If Crypto becomes global one day guys like him will end up unemployed. These threats are his swan song.
When you read any news you need to filter it and decide what the real message is. Like when somebody tells you to sell Bitcoin because Bitcoin Cash is going to be bigger. Do you react to it and sell? If not then why would you react to a message of some CEO?

Considering the fact that bitcoin and other crypto currencies have increased in price, recently there has been an increase in attacks on it by bank employees, civil servants and others indirectly related to them. Crypto currency in connection with its anonymity and uncontrollability really poses a certain threat to the established established by means of state coercion of public relations. The state can not control it, regulate the flow of money and levy taxes on its activities. That's the reason for these attacks.

Jpmorgan ceo say itbwas a fraud because he see that many people are using bitcoin and see that bitcoin really hurt they business. He also track that many bank account transfer bitcoin to dollars in large amount. So he need to make a statement to lost some percentage of bitcoin user. But in really life cryptocurrency are base on supply and demand law... Like what US do in gold

The price going down is completely normal after all even other resources such as gold, oil and dollars doesn't doesn't always go up. Well you consider this an negative effect or well you treat this as a chance to buy more while its still in a dip. And who gives a damn about the CEO of the biggest US bank that says bitcoin is a fraud everyday, then buy the dips. Faster way to make money than his own banking system.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies

Bitcoin is not a fraud, it may be considered as a fraud by few people who did not understand the ideology behind it. Many from the beginning may also refer to it as being a ponzi scheme. The people who have made up their minds in such things that are cryto-currency, usually regards Bitcoin as a fraud,especially if the cost of the value drops, a lot of comments will be pronounce just to water down the interest of many  about Bitcoin. When eventually there is a rises in the cost, only true investors of bitcoin actually appreciates  their Investments. 

JP even bought the dip. He was just playing the unsuspecting market to make money.