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

[tosmartak]

I am not surprised. What else do you expect to hear from him? He is one of the people who have corrupted the system. The funniest part is that he knows the truth but it is so bitter to him.

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[User365]

What else shall the CEO of a big bank say ?

Bitcoin is "destroying" his source of income and not only his but the income of the people he is responsible for.

But even if there are enemies of BTC, at this state it is unstoppable. 

[crazyivan]

The problem is not one idiot who s afraid he might lose his job due to innovations in financial sector. The problem is that after 9 years of BTC existence, the market re still that weak to be able to shave off 1/4 of BTC price in 3 days due to what some moron says and a few of fake news.

Somehow I expected more maturity from the BTC market after NINE FUCKING YEARS OF FUD!

[cryptounicon]

Obviously he's not going to support it, he's the figurehead for the JP Morgan's, some of the richest most corrupt people in our history. Its okay, we will become the new 1%. I don't want him or any of his 1%er followers to be a part of this train until their paper backed only by trust no longer has any trust left. Maybe then I'll welcome them with open arms.

He probably has large holdings already though.

[Pursuer]

if I got paid $10 worth of bitcoin each time someone calls bitcoin a bubble, dead, dying,... then I would have been richer than Bill Gates by now.

Obviously he's not going to support it, he's the figurehead for the JP Morgan's, some of the richest most corrupt people in our history. Its okay, we will become the new 1%. I don't want him or any of his 1%er followers to be a part of this train until their paper backed only by trust no longer has any trust left. Maybe then I'll welcome them with open arms.

He probably has large holdings already though.

he does. he truly does. it would be idiotic for these people not to have any investment in bitcoin. all of them know how powerful bitcoin is and they are well aware of its future, that is why they are attacking it in first place but they also know that their attacks can only slow down the process so they buy cheap, spread FUD then short, then buy at the bottom,... rinse and repeat to become a big shareholder in bitcoin.

in a couple of years when price is over $100,000 it is revealed that JP Morgan owns 1000BTC+

[cenob8]

We all here believe in Bitcoin, but we have to be honest we are still a long way from Bitcoin and cryptocurrencies in general becoming more or less stable. Any tweet or article out there can either rocket the price or send it dropping fast. We have to accept the fact that these banking tycoons can make the price plummet fast by spreading their FUD.
We need to hit a trillion marketcap and much more so if some whales decide to dump their coins it doesn't send the price in a free fall. But such articles sure are not helping in pulling in new buyers. We all know it's a very volatile market but it sure sucks to see your portfolio dropping 50% in value over the last 2 weeks alone with all the FUD... It is a big resilience test that's for sure. HODL is the only way people.

[Scorpion]

Banksters are getting scared of all the money they wish to control, they see Bitcoin and the cryptocurrency marketing growing and growing and can't stop it.

Erik Vorhees said it the best:

"My memory is failing, was it Bitcoin or was it JP Morgan that was bailed out by the government?"

[MAbtc]

In some part he is right. There is a certain hype around the crypto currency. But even if there is a price drop for cryptocurrency, in the long term it will grow up 

There is certainly hype. I think what people call "bubbles" are more precisely called "hype cycles" in a broader context of mainstream technology adoption. But hype =/= fraud, not by a long shot. Whatever his comments did to the price -- probably not much, as I think the continued China rumors are having a much greater effect -- this will go down in history.

A few years from now, I think people will see Jamie Dimon and his "fraud" comments just like they do Professor Bitcorn and his $10 price prophecies. Bitcoin always bucks the FUD in due course.

[tb4eva]

Only people with no idea of how this system is groundbreaking to the financial systems of the world can make a fool of themselves. He's only proving that he didn't understand it. It's awkward.

Blockchain technology will still be here when every data of JP Morgan has passed, it only needs computers to work. Nobody can erase it like his companys files.

Eventually it is not 'Bitcoin' beeing the real thing, but as long as there is no bigger/better, it is the future.

I think blockchain technology is here to stay...not necessarily all these cryptocurrencies, Bitcoin included (even though it is the biggest).

[joseafonso123az]

Until bankers and corporates don't find how can they benefit with this ever growing currency, they will only bad mouth it. Yes, it is volatile, probably because a lot of people don't know about it, and with this constant news of calling it fraud, or banning it, will make people atleast curious about what and how much does a bitcoin value.

[judeafante]

I don't care who says anything against Bitcoin, I will continue to hold and support it, so many fuds happened in the past and yet bitcoin accomplished a lot this will come to end, and bitcoin will eventually win in the end, so guys let them say what they want to say it's still Bitcoin to me.

[nareshrohra]

Technology is challenging the status quo of Banks

1. Bank loan vs crowd funding & ICOs
2. Foreign remittance vs bitcoin transfers
3. Credit cards vs Cryptocurrency cards (like Monaco)

He has reason to be worried and call it fraud. Whether he really considers it as fraud or not is debatable

[kosmosevend]

Actually laughed out loud to that "news". What else to expect from banker-thieves

[Calangaman]

Definition of fraud "an act of deceiving or misrepresenting"

Does he know about open source algo ? 

[bryant.coleman]

Actually laughed out loud to that "news". What else to expect from banker-thieves

But this particular news has finally managed to push the Bitcoin prices below the $4,000 mark. He made his statement at the right time (for him), as the exchange rates were already under a lot of pressure due to the FUD from China. That said, I wouldn't discount the possibility of this guy using this opportunity to purchase crypto-currency. Not just Bitcoin, but almost all the major cryptos are down. Perhaps Jamie is spreading his FUD in order to buy cheap coins?

[lucifochrome]

Bitcoin is now starting to scare the hell out of them, and bitcoin is just starting. Back when bitcoin was nothing more than dirt no one paid attention to it. Bankers did not mind what will happen as they are confident about the old currency but now is a different story when bitcoin hit 5k and is constantly on the rise some bankers paid attention to it saying negative things about bitcoin and why it should not be used. On a local news from where i'm at someone said that bitcoin is a scam and should be avoided. The guy that said that did not even know what bitcoin is.

[Mometaskers]

All the talks about terrorism and money laundering has been said over and over for years now and we still don't see any alarming increase of those due to bitcoins. They might want to stay away from it actually, since it's not completely anonymous.

The comparison with tulips is just bad, tulips don't serve any other purpose aside from being a speculative object (and a pretty flower to look at). Bitcoin, whatever its value may be, can be used for quick transfer of funds between countries. It still is faster even with the delays, just imagine if that is fixed.

Jamie Dimon is one of the biggest banksters out there making billions doing what exactly? does he even work? he just sits all day and gives some speech here and there invited in panels. What the hell else does he do?

Anyway, he knows that Bitcoin challenges the status quo and he would lose the scam/system that allows him to live a comfortable, lavish lifestyle, since crypto would render banks useless.

And he also hates that he didn't buy Bitcoin early on of course. I've been hearing this guy for years now saying how Bitcoin is dead.

Could be going sour-grapes, you think so?

[cybersofts]

Jamie Dimon is a moron.  He's a Star Trek fan trying to talk shit at a Star Wars convention (or the other way around I like both!).  He is saying this to prevent his investors from getting nervous and looking in our direction.  He sees the writing on the wall but would rather see Crypto fail  rather than embrace it.  Crypto Market Cap is $150B right now.  This will double, triple and so on. Most of this money comes from Wall St.  He is afraid.

Yes, Bankers started to panic they see the way how bitcoin is revolutionizing the financial industry, bitcoin is going to make them obsolete in one way or the other if they left it. Bitcoin is changing how people use money as we know it for good! Bitcoin gives more freedom to people compared to banks that tends to control everything on their own. People themselves started to understand Bitcoin is the way to go in the future that is why all these dirty nasty bankers are trying to blackmail everything.

[The One]

"Someone will get killed"

How about bankers funding wars that killed millions. He's having a laugh right?

[universalresonance]

Like wow,

So many defending Bitcoin left and right. I don't care what Jamie  says- however, this much irrational exuberance makes me think -perhaps he's onto something. From an investment perspective - BTC hasn't had a chance to consolidate- which IS NOT good . It needs to consolidate -ergo trade in a sideway range-otherwise large swings will keep happening and price won't stabilize.

Yes, we all want it to keep growing but it needs to consolidate. Consolidation also helps-stuff transfer from weak hands to strong hands. I feel like most are miners here and not into investing.

I am not saying he's right or wrong. Like we all, he also has a right to his opinion, however, he has more influence behind his opinion lol.

Believe it or not- NOTHING is future proof. For example- look at Great depression, World wars and all- people thought it won't get better however it did and here we are.

There is a possibility that something better than BTC could be developed- just because we don't know it yet or how could it possibly be done, doesn't mean it can't be done.

Summary is, don't invest the money you can't afford to lose, no matter how promising an investment looks at the current standpoint.

Disclaimer- yes, I'm a miner and I'll continue to do so until it stays feasible.