JP Morgan CEO Jamie -says "BTC is worse than Tulip Bubble" calls it a fraud

[Soutogu]

Cryptocurrencies are gonna be the bane of his existence for the next few years... of course he's ognna try as hard as he can to keep it down and make people believe its a scam or a ponzi scheme.

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[Ultegra134]

There are still a lot of misconceptions regarding Bitcoin and Cryptocurrencies and probably, there will always be, especially when something is unique and stands out from the crowd.

However, it might be due to the connection Cryptocurrencies have, especially Bitcoin, with the Dark Net markets. Many people think of crime when crypto's come to their minds, since it's easy to be used in illegal activities and also money laundering.

[kickero0O]

Cryptocurrencies are gonna be the bane of his existence for the next few years... of course he's ognna try as hard as he can to keep it down and make people believe its a scam or a ponzi scheme.

He is against bitcoin maybe he did not have a stash of it or regrets he did not buy when the bitcoin is still cheaper before. Or, his bussines is in financial and will be greatly affected by bitcoin. He forgot that its the people that supporting bitcoin that makes this cryptocurrency more popular.

[centralbanksequalsbombs]

lol

Regulars must have read the news? - what are your thoughts? lol https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

Btw Blythe Masters was trying to bring Wall Street into Blockchain and then there is this dude slamming BTC.

Argument I keep hearing are "terrorist use it" "money laundering" - if that's the case ,terrorists also used airplane, let's ban air travel - they also use cash ,let's ban cash altogether (yes, there is a war on cash) , they use guns , let's ban guns. However, gun industry (defense sector) and airlines have massive pockets.

I feel like all this is happening because right now banks can't find a way to charge for each transaction hence-one way or the other trying to throw dirt on it.

However, what do I know. I'm a newbie.

LOL
HAHAHAHAHAAHAHAHAA!!!

When it comes to bitcoin;

China's central authority is becoming irrelevant.

Jamie Dimon is becoming irrelevant (we all see the uneducated irony of his statements today; global fiat inflation-15to20%/yr)

All the world's largest banks who have been blocking any disclosed/open bitcoin transactions/businesses since 2013 are irrelevant.

Any attempts of government regulations / legalizations are irrelevant.

Bitcoin hit escape velocity back in 2013 (4 years ago) and has been strengthening ever since. It's 10 year anniversary is not too far away.

Truth is, Bitcoin is secure because of all of its dynamics (decentralized, open-source, immutable, GLOBAL, secure, store of value, long established, system-of-balance: miners vs developers vs users). There is no other financial asset on earth (fiat, stocks, gold, or real estate) that can beat the store of value that is Bitcoin.

hahaha.

[pooya87]

i am always fascinated by the timing that the media chooses!

when price is rising they publish articles saying how bitcoin is awesome and how it is headed for the moon. they publish about people who said bitcoin will be $10K, $100K, .... almost every day.

when the correction after the long rally starts, they make a 180 degree change and start publishing the exact opposite of the previous articles! they start publishing about people who are calling bitcoin "bubble", "dead", and my all time favorite "rat poison".

it is as if they have heavily invested in it. hmmm.

[kenkoy]

Everyone's entitled to his own opinion. That is his views and we respect that. This is the new era of cryptocurrency. Maybe , he is just one of big personalities who are trying to control the Crypto value by spreading these news. Maybe a big whale considering his status on his company.

[NiftyX]

I always fall back on the saying "no man wants to topple the skyscraper he built."  As the CEO of the largest US bank, Bitcoin doesn't fit into his idea of how the banking world should be.  Bitcoin, although comparatively small, is a potential threat to him.  However, he will likely die before it has any substantial impact on his empire.  There is a new demand for a new technology and it appears to be gaining ground and stabilizing.  Bitcoin won't replace currency, but it is the emergence of a new era that will become part of the norm.

I bet he still shops at Blockbuster...

[krishnapramod]

About the CEO, he does not see yet the importance of bitcoin and how it can be the future technology but maybe he is just afraid of what will happen to his business once the new technology takes over. He should just do something to innovate and not being the one who will contradict the technology because maybe later on, he will just regret it.

He understands the importance of crypto-currency. But he is not that stupid to support it. He is fully aware that Bitcoin can emerge as a competitor for the big bankers. So he is engaging in negative propaganda campaigns, in order to scare normal people away from Bitcoin. These bankers want to take your money and make the investment on your behalf (but they will chose which asset to invest).

In 2014, Jamie Dimon had said that "Bitcoin will try to eat our lunch." And now the recent statement proves that banksters really do fear bitcoin as they do know that it has the potential to disrupt banking sector's status quo. Bitcoin is still in its early stage so people like him would be spreading FUD, feed the media and create uncertainty.

[hypersonic1]

Apparently his bank has a pilot program for bitcoin. What if he was trying to cast a negative light so he could buy in at a lower price. if I had that much pull that's exactly what i would do then enjoy a $2000 growth spurt. XD

[Laergan]

At first I was a little scared when I read that article of Jamie Dimon calling out BTC. But that is what it is. FUD from a high ranking banker. Let him scare all of the people who dont know the true potential of BTC. He doesn't scare us

[jiyu_shi]

I can imagine his mind in deep, 2333
it's quite a great achevement for bitcoin, beyond my imagination in 2011
bankers' heart vs  hard network, 2333

[Wind_FURY]

Jaime Dimon, of all people, has no right to call Bitcoin a "fraud". JP Morgan was among the leading financial institutions that caused the housing bubble that caused the crisis of 2008.

It is an irresponsible statement, coming from someone of his stature. It also shows his ignorance. If he was to call anything or anyone a fraud, maybe he should first look in the mirror.

[25hashcoin]

6 months from now:

"I never said anything about Bitcoin Cash, that's a legitimate currency."

 

[alyssa85]

I LOL'd.

Jamie Dimon and JP Morgan probably went long gold when the North Korean shenannigans started - only to find to their horror that the gold price didn't move and money seeking safety went into bitcoin instead.

[HabBear]

Traditional bankers are getting scared. And they have good reason to be.

No, that's not it.

Jamie Dimon runs one of the world's most successful investment banks. An investment banks can't sell Bitcoin. Regardless of what his personal feelings are he'd be an idiot of a CEO if didn't try to redirect attention back to traditional investments. He can't make any commercial money off Bitcoin, why would he promote it?

And to be fair, this could be like the tulip bubble. It takes more than less than 10 years for this project to be considered by the general public as a "legit". If Bitcoin is still around and thriving 7 years from now (15 years in) then  we can have more confidence that the idea and the support among the public is longstanding.

[TheQuin]

This was the funniest bit:

If a JPMorgan trader began trading in bitcoin, he said, “I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”

Just after he said that BTC sold off from $4250 to $4050 as JPM traders quietly dumped their Bitcoin holdings.

[Gleb Gamow]

lol

Regulars must have read the news? - what are your thoughts? lol https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

Btw Blythe Masters was trying to bring Wall Street into Blockchain and then there is this dude slamming BTC.

Argument I keep hearing are "terrorist use it" "money laundering" - if that's the case ,terrorists also used airplane, let's ban air travel - they also use cash ,let's ban cash altogether (yes, there is a war on cash) , they use guns , let's ban guns. However, gun industry (defense sector) and airlines have massive pockets.

I feel like all this is happening because right now banks can't find a way to charge for each transaction hence-one way or the other trying to throw dirt on it.

However, what do I know. I'm a newbie.

People die in their sleep. Let's ban sleep.

Some die while masturbating. Okay, that's where I draw the line in banning things.

Back to Mr. Dimon.

When Jamie Dimon speaks on the ills of Bitcoin, Pakleds listen.

"Thanks to Jamie Dimon, me too am now big BitConnect Investard."

[Kakmakr]

We just love guys like this. They make statements like this, because they get paid to protect the hands that feeds him. The masters behind him are getting nervous, because they know Bitcoin is disrupting their business. These institutions are corrupted to it's core and sites like Bloomberg are their voice. < When a news site only report one sided articles about something, you know something is wrong >

Ask yourself this question : If your salary is paid by JP Morgan, will you support Bitcoin?

In a few years from now, they will fuck up the world economy again, and the tax payers money will be used to bail them out again.

http://violationtracker.goodjobsfirst.org/parent/jpmorgan-chase

[lukaexpl]

Great "commercial" for Bitcoin.

What can one expect from a shill for a corrupt fiat system who made his billions through unconstitutional rigged money system. To come out, bow his head, proclaim Bitcoin the new king and commit harakiri.
He is not stupid. He knows he is lying through his teeth about merits of Bitcoin. No remorse or conscience is to be expected in a guy like him.

The fact that he mentioned it is great. He is aware and he sees the danger.

The fact that he calls for the goverment to ban it  is even better. It means he knows how powerless he is to stop it.

Message is clear:
Short Jamie, long Bitcoin.

[Sadlife]

Fucking thing about this guy is that he doesn't know anything about crypto currencies and how it works this statement is absolutely ridiculous accusing bitcoin some baseless commentary bullshit. Bitcoin being used for crime and money laundering but isn't it the same for cash or any other fiat currency, bitcoin is not the only currency that is being use for crimes or terrorism so it regular cash. This guy might be a fiat investor fearing that he might lose his money to bitcoin.