Bitcoin Forum

Earlier we saw Jamie Dimon tweeting Bitcoin as a fraud.And now he has said that  ‘Stupid’ Bitcoin Buyers Will Pay the Price."

And now,Credit Suisse CEO terms "Bitcoin is the very definition of a bubble"

So,they have started to scream on seeing Bitcoin's gigantic progress.

Have Wall street firms turned in to sinking ships?

Have these guys really started to realize that they are travelling in sinking ships due to Bitcoin?

Please share your thoughts.

Definitely,they have started to lose their patience.But still,they are well established firms.I think that have started to lose even their last bit of patience.That's why Jamie dimon and then Credit sussie CEO bashing at bitcoin.On the other hand,we could even hear some news that some wall street people don't want to miss the chance of benefiting from bitcoins and so they too have started to buy bitcoins now.Ant way,it would take a very long time for them to get affected significantly due to bitcoin.

Well yeah, that's why they're calling bitcoin a bubble.  It jumped from $400 to $7400
in something like a year, and they're calling it how they see it.  I don't see why any of this
is cause for criticism from anyone here.  That's precisely the sort of manic increase in price
that you see in every bubble, isn't it?

I also don't see the relationship between them expressing a critical opinion and Wall Street
firms being sinking ships.  Something got lost in the translation there.  They are what they
are and bitcoin is what it is, and both right now are doing just fine.  You might have noticed
that the Dow is at 23,000.  If they called that a bubble no one here would utter a peep.

Not yet. its too early to conclude. But if bitcoin is recognized and used by more  and more country, then its too late for them.

There is a saying:

if you cant beat them join them.

 Wait a minute.  Have we forgotten our history already?
Those fraudulent, criminal con-artists were bailed out back in 2008 - too big to fail.  They aren't floating, they're being buoyed up by the taxpaying public (and likely their children and their childrens' children).  They know bubbles alright but you can't trust what they say because they are all criminals who escaped prosecution because they have government in their back pockets.

 Bitcoin doesn't allow for bailouts.  It doesn't have a limitless supply.  Bitcoin wont sink them; they just can't make use of it for their fraudulent purposes.

Ignore naysayers, there's no stopping bitcoin from becoming mainstream. And these so-called Wall Street futurists will be the first to jump on the bandwagon. Who knows? They are probably investing right now, as we speak, though secretly.

I personally do not believe they're wrong when they say Bitcoin screams "bubble", and that's for a few reasons.

1) There has been a very rapid buildup in the price but there hasn't been much support for it beyond some speculative news from what I know; this implies that the floors might give way if enough negatives occur.
2) These people have been working in stock markets for years, they see when a bubble is forming after their experiences within the markets.
3) They believe a bubble is forming, from their perspective, because they still think Bitcoin operates on similar rules as the stock market with similar patterns.

I can't say if they're right for any of it, but they aren't wrong solely based off of their comments alone.

I agree, they are also watching and interested on bitcoin blockchain technology. See, they are aware how BTC has fastly grown especially its price. So I doubt that they don’t have any investments on it. Just accept the fact that crypto-currency is being embraced now world wide. BTC is unstoppable and treated as an investment to gain more profits in the long run.

It's far too early to call these guys sinking ships. Bitcoin certainly poses a threat to them, and their speaking out means it has become too big for them to ignore. That does not mean they're as good as dead though. The cryptocurrency revolution is in its infancy. There aren't enough people who know about it, and not even all of them are holders. Crypto is still nothing compared to Wall Street.

At the rate we're going though, Bitcoin will definitely sink them, but even then, not anytime soon. Plenty of things can still happen.

I agree on the thing you do say on here which its too early to say that those guys are sinking or even on the things they are involved too. For the words that they have said in the past I'm sure they are questioning back on the things they do said about bitcoin specially now its price did hit up $7500 price.I know they would really have questions on mind why it did grow for a short span of time.It isn't a bubble but a strong community support which do driven the price. Sinking ships isn't appropriate to be talked about because they aren't sinking for sure.

It's to be expected since Bitcoin existentially threatens their business. Jamie Dimon is just saying what a good CEO banker is expected to say. I'm sure the loudest voices against the model-T were the horse carriage folks.

Why, exactly? For one thing, the major firms will likely just get bailed out again in any major economic crisis. "Too big to fail" is not a thing of the past, and I'm not at all convinced of the doomsday rhetoric that bitcoiners are always spreading. They just repeat the same rhetoric I've been hearing for decades from goldbugs, more or less verbatim.

For another thing, I think a lot of Wall Street firms are now entering BTC speculation with the launch of LedgerX, and the likely launch of CME futures. Why can't they profit from the rise of cryptocurrencies? They have much more assets and leverage to invest than we do.

Old Boys Club worried on the entry of the New Kid in Town. Sooner or later, they’ll have to face reality. Cryptocurrency is the thing of the future. Resistance is futile.

Surprisingly, they seem to be coming around quickly. All it took was the CBOE entering the market for their competitors like CME and NASDAQ to follow, probably out of fear that traders would leave for CBOE.

And after Bitcoin finally sailed through $10k, JP Morgan released a new report (http://www.telegraph.co.uk/business/2017/12/04/bitcoin-could-new-gold-says-jp-morgan/) stating that they believe that Bitcoin could become a reliable, long-term store of wealth. They said it could become a traditional asset class, comparing it to gold! This is the same bank run by Jamie Dimon, the infamous Bitcoin bear.

After the exchanges, broker-dealers and investment banks join us, governments will be next. I predict that they'll be storing cryptocurrencies in the national treasury in the future. Things'll get really interesting for cyber-warfare at that point. :P

traditionall institutes like banks, equity funds or goverments are a lot too big right now to care much about bitcoin. Surely they will have an eye on it and discuss how to controll it but to compare the amount of fiat, gold and stocks to the cryptocurrencies is to to cmpare the sun with our moon.

I think bitcoin will not be at any time obtain mass adoption like any currencies, but instead it will act as a storage of value like gold nowadays. We are not using gold on our daily basis, but we all agree it is valuable. So what will be the price of bitcoin? I think it really depends on our faith, so is it a bubble? it depends, it may at some point it will burst, but it will never go away

I don't think so. The way they do business now is endangered and their position in current system and this is the main reason for the negative comments and FUD. But i believe they will adapt to the new situation - they have everything behind them: money, corporations, governments. So i would not worry about them.

They may be not very happy watching all these massive profits earned by simple people, the profits which flow past their pockets. They are obviously envious since this is part of their life and nature. But I don't really think that Wall Street is sinking. How do you really imagine that? You should understand the scale of financial markets that Wall Street is running to see how minuscule bitcoin as well as other crypto markets are in comparison to them despite the huge progress crypto has made recently.

They can never know for sure what Bitcoin Truly is. They can only assume!

not yet, they will stand for few more years unless they start adopting the changes and embrace crypto, especially Bitcoin. But i guess those super talented people of wall street will adopt the change and go Bitcoin Friendly.