Bitcoin Forum

Its funny how after releasing their own JPM coin JP Morgan have done a complete u-turn and are now endorsing cryptos (providing you still use a normal bank sevice of course). When JP Morgan slated bitcoin last year there was a sudden price drop. Even though they were caught buying bitcoin on the dip for their clients the facade was allowed to continue. Pretending to rubbish publicly something whilst secretly working on it is the oldest trick in the book and its sad that so many people still take taken in by this game. I suspect that any day China is going to declare its support for crypto and lift its ban even though we all know its working on blockchain projects in the background. It just means we have to wait longer for the price to go up I guess.

Here is the JP Morgan article
https://www.newsbtc.com/2019/03/20/jpmorgan-executives-flip-bullish-on-crypto-after-jpm-coin-release/

I don't think they are fully endorsing cryptocurrencies immediately after releasing a press statement regarding their plans on the launch of their own coin. I'm still skeptical about JP Morgan's position in the cryptosphere as they--or should I say their CEO--are still on a badmouthing spree concerning bitcoin and crypto in general. For now, let them launch their own coin first and see whether after positive public perception, they will get their heads turned around for real for the first time, but I highly doubt that.

I don't get it? Where's the "Bullish on Crypto" part on the article's title? Because I really can't see it. It's just a clickbait title if anything.

Also, your topic title states: "Re: JP Morgan completely changes its stance on bitcoin". But they didn't though?

Your topic and what it contains is a little different. You mean JP Morgan going back from not supporting bitcoin or supporting with there coin...


I rather would expect a major bull if China declares publicly, there turning around to endorse bitcoin. Chinese would immediately buy in and we know they have large population. This will bring increase demand.

More like pragmatism. True money making people will have to sooner or later understand that the genie is out of the bottle, and the time has come for them to revise their business.

From time to time a technology comes that renders whole sectors of industry obsolete, and refusing to see whats in front of them just because their traditional business gave them profits for a century, doesn't mean they woun't be forced to change, they will, and so will the banks, which will shrink and or morph.

Perhaps sooner than later even banks will start thinking about a 100% reserve banking, exactly like the Austrian economists wished.

In such a bank: You would normally have to pay fees to keep your money stored (could be a single fee for each deposit/withdraw, like you see today with exchanges. That is unless you voluntarily lend your money, for a given period of time. During this period your money will be unavailable. Again, a few exchanges already do this.

So i maintain my posture that crypto exchanges and banks will come to fuse together, and they will bridge the transition from fiat to crypto for how many decades humanity may require. Those not doing so will be cast aside by progress, as many older but formerly lucrative business did.

The rest of the financing sector is more or less in the same situation, the world history has changed after Bitcoin.

Of course, if China participates in the game, it will be good for the price of the market, but you should not expect too much into China. If you have no faith in bitcoin , the potential of blockchain, but just waiting for salvation from Chinese , you should stop playing.

JP Morgan still sits by there stand against Bitcoin but not with the technology behind it, well I guess they putting the technology so that their reach can spread from the different part of the world.

The fact that they are releasing their own crytpocurrency means that they are bullush on crypto don't you think?

As far as JP Morgan changing its stance, do you recall this statement?

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would fire any employee trading bitcoin for being “stupid.”

A U-turn if ever I saw one.

https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

No. Their 'coin' is not a cryptocurrency. It's a dollar token that uses elements of cryptocurrency's technology to operate.

It has the exact same issues as the dollar itself with plenty of its own on top as an extra enticement. And it doesn't look like it'll be available to anyone other than the banks themselves for their internal operations.

Who gives a fuck a bought JP morgan's moves anyway?

They decided to go down a dark park talked ill about BTC and cryptos last time round and now they are coming up with their own coin?
Well fuck them, Let them die with their garbage coin. We shouldn't even give them any sort of attention or something.

They didn't change their stance on bitcoin or the rest of the crypto.

What they did is have their own token, (I wouldn't call it a crypto), and take advantage of blockchain technology. Also, you have to understand that this is a private token and for their own personal used only. So there's nothing to celebrate with those news.

The large populations of china will surely create a big impact to this industry, there's no question about that and moving back to what OP's statement, there's still no clear stand coming from JP even they are launching their own coin, there's still clarifications that we needed to see or hear from them,
we still need to assess and observed the next actions that they will take.

If the bank can't defeat or silence anything that threatens its existence, they will have to find a way around it and buy into the idea. This is to guarantee their business continuity and of course more profit making. Make no mistake, they don't mean well for their customers, just permanent interest.

On this JP Morgan issue, I have not really taken any stance yet. I am still observing JP Morgan and the decisions they make. In the world today everyone is after what will benefit them and sometimes have to critisize others just to have what they support rise. JP Morgan is just after what will profit them and since Bitcoin has refused to phase out despite all the negative news thrown at it, they decided to join the crypto world but then let's see how things will play in the future.

Yeah, I also opened this thread to give a chance to the implausible idea that JP Morgan suddenly stopped only caring about itself and actually recognized Bitcoin. I am disappointed now, because nothing new happened. The article is indeed not names in the right way, because being 'bullish' about their own pseudo-coin they might want to call crypto is not the same as truly admiring the top cryptocurrencies. The name of the thread is even more misleading, since there's nothing about Bitcoin in the article at all.
So, to conclude: JP Morgan is still being a rich dick that wants to gain as much profit as possible and kill any attempts of participating in a free unregulated market.

That seems to be the case
There is no currency here
JPMorgan is trying hard to maintain the status of banks
They see BTC as a threat to banks
Although this is not true in this sense, there are prospects for coexistence.
 

JPM launching their own coin (which is pegged to the US dollar, so it's more like a stable coin) doesn't mean that they are fully embracing cryptocurrencies, let alone that they're being bullish on cryptos...If anything it means that they're embracing the technology behind them, in this case, the blockchain technology.

About their stance on Bitcoin, it hasn't changed, and probably never will. I mean, the fact that they decided to create their own coin rather than adopt any other crypto says it all (plus, can you find a statement from JPM where it says that they changed their view on Bitcoin). They (bankers) will always oppose the idea of decentralized systems, they'll never change their stance on bitcoin.

China is aiming to control every transaction of its residents. All electronic identity in concentrated in messengers like WeChat and other similar apps, the government is testing an electronic social rating.
They are definitely not going to issue any kind of free money. The only possible thing is that they issue some kind of governmental stablecoin and remain controll over it in the hands of the government.

They did not change their stance they changed their official public stance. They were trading bitcoin all along. When their CEO said that he'll fire people caught trading his company was caught doing exactly that. They were negative to discourage investors so they could short. Now they want to influence the market by talking good things about crypto. It's clear what they are doing.

It can be pure marketing strategy too...
What happened in 2017? A lot of people saw bitcoin to climb to the ATH and now they know a little bit about cryptos. (a really little bit). They also heared about the huge fall in the price of bitcoin.
They know that the price of bitcoin can fall because of the supply and demand on the short and long run, but they also know that the technology behind won't fail, so they trust the technology instead of the coin itself.
If you are a bank, how would you get more customers? You should differentiate yourself from the competitors. Banks are identical in services (nearly), so what makes people choose a bank is the 'brand'. A stronger brand means more customers on the long run. How could you make your brand stronger? You should make people trust in your bank and what is the base of the trust? It's the safety of your money.
Now if you state publicly that you are going to develop and install a new back end system that makey your bank even more secure (because of the new blockchain technology, or something similar) people will  belive you and would trust you even more. You don't even have to tell technical details, because people can't check what system do you use behind the scenes, so it's totally up to the marketing guys what they say and how they say it, to make the brand stronger... Like this communication from JP, it won't tell you much details but it's enough to make people belive that they will be better with the new system, and this is exactly what they want to achive.

It's obvious that they are simply trying to do what is best for their corporation, which is often to give off the impression of something that you're not, or take a false stance.

It doesn't matter what other corporations think about bitcoin, no matter how large they are. This is the fundamental thing that most people are getting wrong, in my opinion, which is caring too much about what executives of certain companies have to say. The BTC network is decentralised for a reason, and that reason is exactly that of no one is able to ban, restrict, or manipulate the bitcoin network regardless of whether they're a centralised institution on a mass scale or not.

JPMorgan is probably only interested in BTC as a means of making profits, not so much so as an actual viable means of payment or currency. Thus, it is easy for them to shift stances like this, and it makes sense given that they are also somewhat invested in having a crypto venture at this stage. I would personally pay no close attention to any of this, because Dimon or other execs could come out tomorrow and say something completely different, should they change their own outlook regarding their crypto project.

OP seems to be one of those people who immediately believes what he hears/reads from the news. worst part is that any bitcoin-related news sources have always been so shitty with what they publish.
JPM never changed their stance about bitcoin, they continue bashing it BECAUSE they created the centralized shitcoin called JPCoin and the more they advertise that, they more they will continue bashing anything that doesn't belong to them or controlled by them which includes most other cryptocurrencies too.

Do not be fooled by JP Morgan's public antics, because it is perfectly timed and orchestrated attacks on it's biggest competition. They have crunched the numbers and already saw how Blockchain based technologies can save them millions. The savings will end up in the shareholders pockets, so it is a easy sell for them to pitch this to the board.

It is not uncommon for big companies like this to do a 360 on decisions like this, because they want to mislead their competition with their public statements. A month ago IBM were saying good things about Bitcoin and now they are partnering with Banks to develop their own coin.  ::)

They just want to regulate the Bitcoins price and since they have a say in the market and people actually think about what they said they use it in a very negative way.

Just because you have access to things like this doesn't mean you should misuse this but at the same time what do we have to prevent this on a large scale ?

We can only aware large section about the not so good tactics of people like them.

Its our choice to hold and sell , but interfering is super bad.
I recently stumbled upon this article

https://www.newsbtc.com/2019/03/22/report-bitcoin-and-crypto-markets-more-regulated-than-widely-thought/ (https://www.newsbtc.com/2019/03/22/report-bitcoin-and-crypto-markets-more-regulated-than-widely-thought/)

' maybe we all can do something and let the normal flow of inflation and deflation run through the market .

lets not confuse the market with bitcoin.
market is two parts the centralized part which is exchanges like Coinbase for example which has been regulated for ages. there is also a decentralized part of the network which is the P2P trades which is not and can not be regulated.
but all of that is only a small part of bitcoin itself. bitcoin on its own is still the same decentralized and unregulated payment system and it will remain that way.

Bottomline, it is all about money. They can always change their stance on every situation that they are in as long as the company will benefit from it. And yes, they might have became aware that blockchain technology will significantly cut down their operational expenses. So they are just taking advantage of the situation to earn more for the company.

That’s true, they will continue to create FUD news in this market because they want to attract investors to their own coin though they adopt cryptocurrency i can’t still see a support for bitcoin. Well, goodluck for JPMCoin i know they can’t still beat bitcoin.  ;D

It's pretty interesting when your opinion can change the actions of a lot of capable people, isn't it?

That of course affects a lot of things, because everyone else will probably follow them. Except of course they rivals who would try to compete and you can't blame them.

But this is extremely good for Bitcoin and Cryptocurrency in general. They might change it in the future to profit more, but seriously, Bitcoin still needs more time to mature - There's not rush yet.

They have to or else no one will believe to them anymore. They can change it anytime they want, depends on the opportunity that they will grab, this market can be a great new place for them to attract investors and for sure they will try to do everything just to make their coin listed on much higher position.

finally they want crypto by launching jpmcoin, they know the benefits but are anti- progress well cryptocurrencies are advances in technology that are increasingly sophisticated.
by the way benefits are much they know that, instead using bank services to collect funds from crypto its right but still they want crypto for benefit from being bullish I think not flipping

Just like many financial institutions in JP Morgan, they are only aiming for profit. They invested in creating FUD. Now they're trying to get a share of the market.

I hope their plan will not succeed in the future and people will know who are they and will leave them alone. JPM can say anything but the important is we don't have to believe them before we research the truth.
I think that is normal for JPM says negative about bitcoin because he has a plan to use JPCoin as the best coin in cryptocurrency, but people will see the truth later. Meanwhile, we can search for other news about the market and let that news remain as news.

Actually this kind is ironic enough to see JP Morgan's attitude towards Bitcoin, they opposed crypto but instead made their own version of coin. Even some people call their coins useless. Well for me i think they are just said the fact.

Don't tell my you bought that whole charade by Jamie Dimon. Do you even know who this guy is? His father made a lot of money on Wall Street and pushed little Jamie up the ladder. But at least Jamie kept dad in the company until the end. Jamie is a socialist who likes to tell fake stories, like how he achieved everything all by himself. He's also a socialist. When asked what he would do if he were to become a president, he answered that he'd tax the rich and give money to the poor. He's so full of shit, like when he said Bitcoin is fake money and won't survive, and later admitted that his daughter is a crypto trader. It's hard to say if this guy is just bending the truth or straight up lying.
One thing is certain, he's making money in the process.

We can't yet tell whether their coin will be useless or not at this point since it usually takes time for any coin to really show it's value. But i agree with alosafidel58. These people know that blockchain will be the future so they adopt the technology that runs bitcoin. These people know how the money industry works and damn if they don't get themselves into blockchain.

JP Morgan is a business man and the number one priority of a businessman is to promote his business that why I do not pay apt attentions to most of there postulation because more often than not its just to promote or shill their project

I'm sure that it is gonna be some stablecoin that will allow people to send fast one-way international transactions and those  coins would be backed by the bank. In this case banks would be able to awoid all those swift bullshit.
So if you want to speculate on their coin and get some profit then it will be useless for you.

i wouldn't put it that way at all. back in 2017, JPM analysts were saying that bitcoin might become a traditional store-of-value asset like gold: https://www.telegraph.co.uk/business/2017/12/04/bitcoin-could-new-gold-says-jp-morgan/

like stablecoins, their coin is probably aimed at sucking in collateral they can rehypothecate or profit from via trading commissions. i'd say their approach is further confirmation that they think crypto markets will continue to grow.

JP Morgan seems to be convinced that cryptocurrency will be a good investments. That is why it was easy to change his mind and create his own coin. He has a positive outlook throughout of his studies about crypto. Therefore, he has a critical expressions about bitcoin before, here he is now. Already a part of this kind of technology promoting his own crypto coin and supporting bitcoin.

It always happen to people that are too proud of themselves and their intelligence. The result is that they eat what they spit. But anyway it is good for the community since this would give a boost at people's minds to keep believing in cryptocurrency and on what it could potentially do in the future. If China could see the possibility of cryptocurrency for establishing better opportunities especially in the field of business, it is for certain that they will be one of the biggest users of cryptocurrency in the future. They are known to be good traders even during the ancient times.

I would just modify the word 'cryptocurrency' to 'blockchain technology' and the sentence will be more appropriate...
They think about using the blockchain technology to support their digital fiat system (banking backend) and because they already developing something in connection with the blockchain technology, they have to somehow 'sell' it to the customers (and the shareholders). The customers (and / or the shareholders) won't care about the backend development, because they are not interested. But if they say that they start to create a brand new and shiny own stablecoin based on the blockchain technology, customers and / or shareholders will be happy to buy this development idea, customers will trust the bank even more, and shareholders will wote for the development, because of this shiny marketing stuff....
And they don't really care about bitcoin, unfortunately...

Yup, Jp morgan is one of bitcoin bashers but now he had his own coin called JPM coin. We should be alert what happen to those bashers of bitcoin they are now buying some of it and using it. Meaning they are just wrong by themselves to bash bitcoin.

Yups nothing prove about the title and the body of the story,and the bullish wasnt even come this time so this thread is misleading and no concrete evidence on what he was trying to say.dont wanna spend sometime to believe this kind of nothing lol

Unfortunately we see more and more of this kind of manipulation these days. Especially institutional investors who posess enough influence to shift people's minds are searching for ways to create panic between investors and hodlers so they can accumulate this precious asset.

They've created a versions of their own and after those wordings against this chain now they are riding and do create new coin following their name, good indication that what they've said before was already gone with the wind and they are embracing this new system.

Jp morgan just want to exploit the bitcoin and take advantage of newbies who want to participate in cryptocurrency.

JP Morgan wants to kick off Ripple now from market and provide blockchain solution for commercial banks. JP will win that game because it is JP but it will be his own private JP Morgan blockchain. Money will move faster between banks but it will be fiat money not any cryptcurrencies. Forgot that JP will be support crypto .Cryptocurrencies are hard to control
JP can buy in secret some bitcoin to make some money from upcoming halving but never will support crypto for long term

I thought I saw a news flash that JP Morgan might be using XRP for an international cash settlement. Anyway, they have learnt their lessons that you can't destroy or just shut down bitcoin when the community want it to survive and conquer. I hope they are not confused too.

I dont trust a single word that comes from anyone at JP morgan, those fraudsters have one goal and it is to steal money from the general public.

Buy low and sell high. It is their motto too.  ;)

We cannot trust one of the evilest corporation in the world, right?

This is exactly my thought too on JP Morgan setting up its own crypto - to give XRP a good run. It's about time some crypto did that because I see Ripple as a big flop. How can a crypto have all that good news and reviews but still can't make it pass the $0.50 price range. It's unacceptable. However, investors should be very careful buying into the Morgan coin, bearing in mind the severe manipulations they're capable of.

Jp Morgan Stable coin is most anticipated crypto coin will bring billions of dollars to the cryptocurrency market. Companies like JpMorgan and Samsung and Bank of America all these companies are planning to start their own stable coin

Hello guys, let me share with you one of my recient articles published on my website related to JP Morgan Coin.
I was reading the beginner section before make this post and I didn't find that I can not share an external link here.
If someone knows that it is not allowed, please let me know and I remove the external link.

https://blockchainnews.home.blog/2019/04/24/jpmorgan-creates-a-new-cryptocurrency/

Thanks.

If they will launch it we will see it, this would help the crypto to recover and grow if they will be traded in different exchanges.
I believe it's a stable coin but if it's paired with major coins like BTC, ETH, and BNB, that would bring demand to the aforementioned coins.

It will create a big impact as a big company such JP already use the system, many will follow from this lead and for sure news around the globe
will be eyeing to crypto currency we have to wait till they fully launch and used it from their transactions, business will be much easier especially
from borders to borders of the world.