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

[RodeoX]

Perhaps this is fraud, but while someone can make money on this, I think it's worth using this opportunity

So you are hoping to be the unwitting beneficiary of a fraud you know nothing about? If you want to see A real fraud open a JPMorgan bank account. They are the "most corrupt bank in America".

[psiksenz]

Bitcoin was due a major correction anyways, these comments just seem to have sparked them.  I am pretty sure than many people in his organisation have made a lot of money from cryptocurrency, and it wouldn't surprise me if he himself has made money from Bitcoin and will cash in on the cheap prices caused by the FUD. 

Its a shame because as Bitcoin is slowly filtering into more mainstream media, when people decide to Google it to see what its all about, the top headline is this goon scaring people away saying Bitcoin is a scam!

[xCryptoManiaX]

Jeez they are really gonna try to destroy it, the bad thing is they may succeed sadly. Look what happened to the market right after he said that and with all that Chinese FUD, terrible timing...

[ReLieD]

I heard about this . We all know that bankers hate Bitcoin and he being the CEO of one of the most famous banks feels the same. So it's obvious that he will try his level best to degrade Bitcoin and try to shut it down . But the fact is that Bitcoin has reached such a level that even if people like him have a negative feedback about Bitcoin , still Bitcoin will not end. There will be dropping of prices , but this will last for few days and then the price of Bitcoin will rise again

[pushups44]

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

This is a very nice graphic. As I said before, it's hypocritical for someone who was bailed out by the government due to a bubble to complain about another asset being in a bubble, especially when there is a potential conflict of interest. While the price of bitcoin may have dropped temporarily due to his unwise comments, in the long run he has simply brought more attention to this revolutionary cryptocurrency.

[electronicash]

someone PMed me the link two days ago.
its the same argument since the start- btc used by terrorist and drug dealers is old news.
and yes of course central banks are going to fight against crypto currencies, they can try to create their own coin if they want to fight but BTC and the rest of the tokens are here to stay already.

[dopecoindude]

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.

I couldn't agree more with this. Crypto's are threat really to him.

[Andre_Goldman]

when you go bearish ... of course you will tell everybody that bitcoin is rubbish so you can buy the same bitcoin for a lower price and get profit ... then start the campaign again saying that bitcoin is the best invention since sliced bread ... the value of something is dictated by what the crowd think it is ...   

[dex1]

" Dear Jamie Dimon: quick quiz: which words/phrases are associated with
you and your employer, J.P. Morgan? Looting, pillage, rapacious, exploitive,
only saved from collapse by massive intervention by the Federal Reserve, the
source of rising wealth inequality, crony capitalism, privatized profits-socialized
losses, low interest rates = gift from savers to banks, bloviating overpaid C.E.O.,
propaganda favoring the financial elite, tool of the top .01%, destroyer of
democracy, financial fraud goes unpunished, free money for financiers, debt-serfdom,
 produces nothing of value to society or the bottom 99.5%.

Jamie, if you answered 'all of them', you're correct. The only reason you have
a soapbox from which you can bloviate is the central bank (Federal Reserve) saved
you and your neofeudal looting machine (bank) from well-deserved oblivion in 2008-09,
and the unprecedented, co-ordinated campaign by global central banks to buy trillions
of dollars of bonds and stocks. "

I couldn't have worded it better.

http://charleshughsmith.blogspot.co.uk/2017/09/dear-jamie-dimon-predict-crash-that.html

[bettercrypto]

Oh well seems series of negative event and news is bombarding bitcoin, anyway, I won't trust the words coming from the person who had associated himself to several falls and unsuccessful ventures, to be save by the federal itself.  It seems banksters are now aware that their position and domain is under threat by the ever growing Bitcoin and its decentralized blockchain technology.  No wonder they almost had it in a series of event to pin down Bitcoin (ICO ban, Bitcoin is fraud, bitcoin being used by terrorist and in illegal trades, China local exchanges closing ) seems an organized attack to bring down Bitcoin or probably Bitcoin price so they can have a better position in entering the Bitcoin Market.

[bitcoindusts]

" Dear Jamie Dimon: quick quiz: which words/phrases are associated with
you and your employer, J.P. Morgan? Looting, pillage, rapacious, exploitive,
only saved from collapse by massive intervention by the Federal Reserve, the
source of rising wealth inequality, crony capitalism, privatized profits-socialized
losses, low interest rates = gift from savers to banks, bloviating overpaid C.E.O.,
propaganda favoring the financial elite, tool of the top .01%, destroyer of
democracy, financial fraud goes unpunished, free money for financiers, debt-serfdom,
 produces nothing of value to society or the bottom 99.5%.

Jamie, if you answered 'all of them', you're correct. The only reason you have
a soapbox from which you can bloviate is the central bank (Federal Reserve) saved
you and your neofeudal looting machine (bank) from well-deserved oblivion in 2008-09,
and the unprecedented, co-ordinated campaign by global central banks to buy trillions
of dollars of bonds and stocks. "

I couldn't have worded it better.

http://charleshughsmith.blogspot.co.uk/2017/09/dear-jamie-dimon-predict-crash-that.html

There is sure a lot of reputation in there to believe Dimon's statement but well in his industry since he is able to pushthrough after all the failures even with the help of the Federal Reserve, people in his industry still look at him as reputable and a known person.  With his influence and contact, for sure people will value give weight on his statement.  Sad but true, in this world it is all about influence and contact.

[cryptocamacho]

Sad but true, in this world it is all about influence and contact.

...and exactly why Facebook and LinkedIn exist.

[GreatOrchid]

This may be one of the reasons why bitcoin dropped too, if not, i dont find any reasonable fact that made bitcoin drop that much, taking in consideration the mess with China government.
I dont get it, seriously, why people are still blaming and saying lies about bitcoin? what is the point with that? A lot of people is losing money when bitcoin drops, i dont find any reason for it.

[soy]

Ahah let this jester take advantage of his notoriety to manipulate the courses ... It is just frustrated not to be mounted in the train and hopes to make enough back the btc to put full pockets ... View the results of JP Morgan !! A guy who does not even know how to run his own box, how would you like it to have a relevant opinion on cryptos with such a CV ??

[BossBee]

If you believe so highly in the tech and potential of crypto you should love opportunities that this kind of FUD brings. If your not prepared to capitalize from the banks trying to protect their regime your doing it wrong.  

[MAbtc]

If you believe so highly in the tech and potential of crypto you should love opportunities that this kind of FUD brings. If your not prepared to capitalize from the banks trying to protect their regime your doing it wrong.  

This can be true -- for long term investors, anything that can trigger a drop in price is a buying opportunity. However, it's possible that this price action has also set into motion a longer term bear market. Those who were around in 2013 will recall that the 2-year bear market that followed started very similarly.

I'm hoping that we'll V-bottom off the weekly middle Bollinger Band (~ $2900-3000 area), because if we don't, price will overlap into the previous consolidation. That indicates significant bearishness to me, and says that one should be selling the bounce that follows....

[futile-resistance]

Bitcoin is not fraud actually that person is fraud who are saying that bitcoin is fraud. Because that person not having knowledge about market and about bitcoin that's why he is saying like that.

Yes bitcoin is not fraud and the guy who is spreading rumor about bitcoins doesn’t want the progress of bitcoin and don’t want to see people enjoying their profit, so one should not listen to such kind of people, just believe in bitcoin and enjoy the profit and convince your friends also to join the marathon to profit .

[randomcash]

TIME TO BUY! No i'll wait a couple of days and buy at a lower price PERIOD!

I will have a blast i'm telling ya...

[blockchainmarketus]

Cah He Answer The Challenge

McAfee, whose company MGT Capital Investments mines the cryptocurrency, said he respects Dimon and people in his position "are not idiots," but he challenged Dimon's criticism.

"You called bitcoin a fraud," McAfee told CNBC's "Fast Money" on Wednesday. "I'm a bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It's called proof of work."

Miners invest "massive" amounts of supercomputing power and electricity in creating bitcoins, McAfee said. Surely then, there is value in creating a bitcoin, he added.

Bitcoin has faced scrutiny because it is highly volatile. The cryptocurrency was last trading Wednesday evening at more than $3,870.

"And the fact that bitcoin is consistently growing in its use and its value has to say something," McAfee said. "Sure it will rise and fall as all new technologies are. But at the same time, it is certainly not a fraud."

https://www.cnbc.com/2017/09/13/john-mcafee-challenges-jamie-dimon-bitcoin-skepticism.html

[robotrobert]

Let's not forget that JPMorgan Chase had its own banking bubble and needed to be bailed out along with other major banks in 2008. This is the pot calling the kettle black. In any case, Jamie Dimon's words should not be met with hostility, since he is potentially creating opportunities to buy for new investors to bitcoin and other cryptocurrencies.

Yes that person want to start a new business in digital currency so he spreads rumors like that bitcoin had made many investors rich if this was fraud no one will be so confident on investing in bitcoins. He want to get fame by declaring them as illegal .

so don’t listen to such kind of people they don’t just want to see the popularity of bitcoins and profit that is changing lives of many peoples