Bitcoin is a Fraud Says Jamie Dimon - JPMorgan CEO - WTF!?

[cryptocamacho]

Okay this is crazy and I want to know the community's thoughts on this...

Here is a man (Jamie Dimon) who has spent his life at the center of some of the biggest scandals in the history of the world (banking, derivative trading, asset default swaps, etc.)... making claims that Bitcoin is a fraud.

He says "It's worse than tulip bulbs. It won't end well. Someone is going to get killed".

Is this surprising to anyone at all? The banking industry is MOST threatened by Cryptocurrency and this is only going to intensify as more and more people adopt Bitcoin and other cryptos. I'm alarmed at the arrogance and pure double-standard of these elite bankers. They can all go to hell as far as I'm concerned...

Here is the article if you want to read it yourself:
https://www.c[Suspicious link removed]m/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html

[HashFace]

Some quotes from the article.  That's pretty harsh, but he's a banker ... still, I think what he says is the view that a lot of people still take, especially the part about Bitcoin being for Drug Dealers and Murders ... I'd add money launderers and hackers to that, as well.  I'm not sure what he means by "someone's going to get killed" ... maybe figuratively, like "get killed in the market"?  

What people should be worried about, though, is that these huge banksters spend A LOT of money influencing congress to get their way, and if they see BitCoin as a threat, it will be the low hanging fruit that congress goes after to satisfy the bank lobby ... and 99% of Americans won't care, which makes it a slam dunk for congress and the bankers.

In bitcoin’s case, Dimon said he’s skeptical authorities will allow a currency to exist without state oversight, especially if something goes wrong. “Someone’s going to get killed and then the government’s going to come down,” he said. “You just saw in China, governments like to control their money supply.”

Dimon differentiated between the bitcoin currency and the underlying blockchain technology, which he said can be useful. Still, he said banks’ application of blockchain “won’t be overnight.”

The bank chief said he wouldn’t short bitcoin because there’s no telling how high it will go before it collapses. The best argument he’s heard, he said, is that it can be useful to people in places with no other options -- so long as the supply of coins doesn’t surge.

“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than U.S. dollars,” he said. “So there may be a market for that, but it’d be a limited market.”

[DKFL]

We are going to be seeing more and more hostile comments from top bankers regarding Bitcoin. They are extremely threatened by it because I personally believe that with cryptocurrency there won't be a need for banks in the future. In about 5 years, you will have a super user friendly, super reliable Bitcoin wallet that any grandma can use that will securely store all your money and allow you to pay bills and not rely on 3rd parties or pay any bank fees. Why in the world would anyone need a bank 5 years from now?

I am sure that the top bankers will be flying to Washington on their jets to meet with lawmakers to push them to make Bitcoin illegal which will never work because banning it in one country won't take it down.

Dimon has made these comments in the past. His comments will just become more and more violent as time goes by. My suggestion to all of you is to just realize that the more violent he gets the higher the price of Bitcoin will go. When you see news like this, just go out and buy more Bitcoin so he gets egg on his face each time.

[100bitcoin]

Source: http://blog.genesis-mining.com/you-are-right-jamie-dimon

[Don Pedro Dinero]

What this shows is they are scared.  Bitcoin is becoming a real treat for them and they know they cannot do anything. It was born as an alternative to FIAT and the current financial system during the 2008 crisis. A currency they cannot control is too much for them, so what they do is to try to try to throw some shit on it in the media. The more I see statements like that, the better, they show we are on the right way.

[Hazir]

Guys, don't listen to this lunatic. What do you expect? Banking industry will soon engage in an open war against cryptocurrencies.
In the coming war between digital currencies, which side will your money be on? Will you support banksters, known for their scandalous past.
Will you support money created from debt and slavery or something that is pure, clear and fully transparent?
I bet Jamie has secured Bitcoin stash hidden and he created this FUD just to gain better entry point to buy more.

[N@p$t3r]

“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than U.S. dollars,” he said. “So there may be a market for that, but it’d be a limited market.”

Jajaja! that one above is going to be my favorite quote moving forward. I rather be among those punk listed above than with the bankers or the government. I'm sick and tired with the current system anyway. I hate paying taxes, signing up bank accounts, and paying ATM fees.

[Mike Mayor]

Lol is this person even an adult ? It scares me that this is an adult and we share our roads with such a simpleton. He is saying nothing. You could replace what he says with anything you like at it is makes the same amount of sense. Like I hear noise coming from his mouth but I'm hearing nothing at all.

Clearly banking and people involved in that sector will talk crap. Ask someone if the work at a bank if yes then discredit everything they ever say.

[cryptocamacho]

In bitcoin’s case, Dimon said he’s skeptical authorities will allow a currency to exist without state oversight, especially if something goes wrong. “Someone’s going to get killed and then the government’s going to come down,” he said. “You just saw in China, governments like to control their money supply.”

Great response here... thx. You hit it with the quote above.

[OmegaStarScream]

Why is everyone surprised? He is the CEO of one of the biggest banks in the world which is controlled by the elite of course. It's no secret that the bankers hate bitcoin but sadly for them, this is not going to change anything, bitcoin reached a stage where it can no longer be stopped.

[Mezmon]

The irony of this is hilarious

[eternalgloom]

Why is everyone surprised? He is the CEO of one of the biggest banks in the world which is controlled by the elite of course. It's no secret that the bankers hate bitcoin but sadly for them, this is not going to change anything, bitcoin reached a stage where it can no longer be stopped.

Yeah, this was to be expected, it's pretty obvious that people like him are felling a bit threatened because Bitcoin has been doing so well lately.
Bitcoin has also gotten some really important endorsements of people with far more fame and technical know-how than him.

His point of view represents everything people hate about the financial industry, his industry was responsible for the financial crisis.

[guillzini]

He has a very good point with "governments like to control their money supply".

In time all governments will try to get some control over the crypto markets, so they can profit off it. If that means blood has to be shed, then it is what it is.. someone's gonna get killed if necessary. People making millions in this and they're not part of it? They won't let that shit slide.. not for long any how.

[claudiotiego]

A CEO of a famous bank making negative statements about bitcoin? There is nothing new on the front. Dont panic, some day he will see his mistake. Just keep earning bitcoins.

[Whiplash Wally]

First They Ignore You, Then They Laugh at You, Then They Attack You, Then You Win.

[Halcyon Days]

Some people of the old age are not ready for new changes and will speak ill of any new development and technology. It is true, that governments and banks will start taking measures to gain control over cryptocurrencies. However, I am sure, many are already deeply invested in cryptocurrencies and that they are already making a lot of money with it.

[Crytpozer0]

I would say dont listen to this fool but I know for sure there are some big players into bitcoin wanting more power and money for themselves and screwing up the prices in order to get profits, last days I also loose my trust in bitcoin and I hope there comes another crypto on top.

[ALT67890]

That's insanely unrealistic as we say. He might be living between the corners of his office without opening the doors for possibilities. Let them gain something from they're negativity towards bitcoin and point a fingers on him at the right time and laughted about it. Banks are hype of greeds that is why. Government official hands is in the payroll of this financial institution who only things for they're profits and not to the people they served.

[newguy05]

That's normal that everybody has different thoughts and we have to open all types of discussions both negative and positive so we can create our own way on investing

[salihno71]

What else do you expect from top level banker? Somewhere in the back of his brain he is probably aware of the potential danger that bitcoin is posing for the current banking system.