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

[SeXyBiGGiE1997]

The CEO is not entirely wrong that Bitcoin is artificial money without real values standing behind it. Sadly, this also applies to actual money.

[pagethru]

20$$ says this team is trading Digital Currency on the side.

https://www.jpmorgan.com/global/Quorum

[Theb]

The funny thing about his statement is that, there is already a selection process of whom to hire or not as one of their employees which means he is admitting that even though that his employee has pass the screening process, still stupid people can get passed right through it. And if it is really against the rules, than those employees are stupid because they are not following their organizations protocol. Also its another mans's opinion before we see statements of wall street traders that Bitcoin has not yet reached its ceiling. We don't need to be affected so much with it as its his own personal view.

[jagdeepjd]

bitcoin and cryptocurrency is the future no matter what this jammie or whatever say . they can make temporary effect on price but in long term bitcoin will stay strong

[hatshepsut93]

The CEO is not entirely wrong that Bitcoin is artificial money without real values standing behind it. Sadly, this also applies to actual money.

This is a contradiction - if all money is artificial and have no real value, then that's just a universal property of money and there's nothing wrong with it. Jamie Dimon either doesn't understand Bitcoin or sees its potential to disrupt bankers like him. People shouldn't blindly trust opinions of other people, even if they are quite successful - it's always better to try and do your own research to develop a deeper understanding, and only then start listening to see what others think, since you will be able to immediately discard obviously wrong arguments.

[nareshrohra]

20$$ says this team is trading Digital Currency on the side.

https://www.jpmorgan.com/global/Quorum

Bingo! For anyone who asks me this question again. I am just going to give them this link and share this from the website



Wall Street Journal: JPMorgan Chase, led by CEO Jamie Dimon, is building a new system based on the Ethereum platform

TELIS DEMOS, 3 OCTOBER 2016
“The hope among Quorum’s developers is that blockchain can solve some of banks’ most intractable problems by replacing a web of connected databases with a single, shared, immutable record of transactions. The problems targeted include long and expensive settlement times, system breakdowns and lack of clarity about risk exposure.”

[freebutcaged]

Basics of crypto works exactly like this, when you are in a weak position and have no leverage to earn your ideal profit you'll start bashing the whole system

Calling it fraud and scam, tying it to terrorism and criminal activities and you do it all to achieve one goal only, newbies with impression that everything might

Very well go to shit, now is the time for me to cut my losses and then the panic spreads. no matter how many times they see the market and it's performance

Over time they will always stay the same sheep they were before in their past lives. China bans crypto is equal to the end of the world for them so they will

Start to panic and guess who wins? none of them even know that China or any individual and organization matters nothing when it comes to the value of BTC.

None of you know Bitcoin is not supposed to be used and adopted by every one, only the people with denied access to traditional monetary infrastructure need

To use Bitcoin and we're the lucky few to be here in the right time with opportunity to grab some coins when the time comes for the big players to go against

The governments by using crypto, then we could have our chances to cash out with the biggest profits of our lives. idiots you shouldn't stay in crypto forever

But if you stay you'll become like bitches when sitting bored to death having no good job to do other than gossip and bitching around.

[jc89]

Why am I not even surprised with those remarks? Can we blame the guy? He's in banking business so what do we expect from him other than spread such a ridiculous statement. He have all the right to be afraid of btc to preserve the banking business to continue his lavish life. It actually doesn't matter whatever he says as long as we know how precious btc is.

[Soranith]

Why am I not even surprised with those remarks? Can we blame the guy? He's in banking business so what do we expect from him other than spread such a ridiculous statement. He have all the right to be afraid of btc to preserve the banking business to continue his lavish life. It actually doesn't matter whatever he says as long as we know how precious btc is.

Yeah the guy is trying to put down bitcoin because he knows that the more people will adopt bitcoin the closer he will lose his career. And he is actually winning now since people has been dumping bitcoin after his statement came out. Good thing people are more confident with bitcoin and keep holding their btc with them. I think those who panic are the newbies who doesn't understand the crypto yet.

[ecnalubma]

That guy is a fraud and a clown, he keeps on criticizing bitcoin without knowing that he wants to buy big volume of it that's a maybe but its a possibility. Calling bitcoin a fraud is the funniest joke I've ever heard of, I loved being a victim of bitcoin and crypto fraud with happy a pocket.

[Kprawn]

Jamie say Bitcoin is a FRAUD, but JP Morgan use the Blockchain technology to develop their own "private" Blockchain?

Anyone see something fishy here? The biggest fraudster is currently the CEO of JP Morgan. He should have been in jail for all

the fraud that JP Morgan was involved with. The government bail out banksters like him, when they commit fraud. How many

banksters from these banks went to jail after 2008? .... I will tell you.. NONE. 

[Dhaaaw]

I bet you he does even know how bitcoin even works... All i can feel from his statment is fear. He's afraid that the old system in which the traditional bankers are the only ones getting rich over the back of the working class people will collapse and it sure will it's just a matter of time.

[severaldetails]

I think comparing bitcoin with the tulip bubble is simply a wrong comparison.
Tulips can be reproduced in an infinite amount. Bitcoin is limited! Li-mi-ted!!!
That fact is always missing!!
And this is exactly where the whole estimation of James Dimon has its weak spot: It is based on a wrong assumption!

[ohlawdy]

These guys put the whole world in a crisis in 2007 , while still collecting $100 million dollar bonuses.
They are feeling threatened and it is a good sign.

[aoluain]

maybe they see a chance to buy some cheap bitcoin and other crypto
while giving it a bit of a verbal bashing to get the price down even more.

what a bunch of Bankers

[adChain]

 "The term "tulip mania" is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.[5]"

So according to Jamie, Bitcoin can be separated from blockchain technology, which is what gives bitcoin its intrinsic value. hmmmm am I missing something?

[fluidjax]

He calls Bitcoin fraud.... fraud implies dishonesty.
But the rules of Bitcoin are all there in open source, C++ code for people to see, its the most honest system you could imagine.

The comment is emotional, which comes from fear, and banker fear is great!

[futile-resistance]

Basics of crypto works exactly like this, when you are in a weak position and have no leverage to earn your ideal profit you'll start bashing the whole system

Calling it fraud and scam, tying it to terrorism and criminal activities and you do it all to achieve one goal only, newbies with impression that everything might

Very well go to shit, now is the time for me to cut my losses and then the panic spreads. no matter how many times they see the market and it's performance

Over time they will always stay the same sheep they were before in their past lives. China bans crypto is equal to the end of the world for them so they will

Start to panic and guess who wins? none of them even know that China or any individual and organization matters nothing when it comes to the value of BTC.

None of you know Bitcoin is not supposed to be used and adopted by every one, only the people with denied access to traditional monetary infrastructure need

To use Bitcoin and we're the lucky few to be here in the right time with opportunity to grab some coins when the time comes for the big players to go against

The governments by using crypto, then we could have our chances to cash out with the biggest profits of our lives. idiots you shouldn't stay in crypto forever

But if you stay you'll become like bitches when sitting bored to death having no good job to do other than gossip and bitching around.

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 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

[willywonkaaa]

banks and companies like the idea of blockchain, but obviously banks hate crypto currencies as it takes away their ability to earn money from interest on fiat currencies

[StarofBTC]

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.

Same here! For me, his words matter the least and he has zero effect on my behavior towards bitcoins. He can bluff whatever stuff he likes to and most of the people here won't care because this community is full of smart ones. Bitcoins will prove him wrong soon.