Bitcoin 'is a fraud' that will 'blow up,' FUD OR FACT

[valucash]

Bitcoin 'is a fraud' that will 'blow up,' says JPMorgan Chase CEO Jamie Dimon
Is this a fact or he is just creating another FUD?

See the two sides below
"Speaking at a bank investor conference in New York, Dimon said, 'The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.'

"Dimon predicted big losses for bitcoin buyers. 'Don't ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up.' he said. 'Honestly, I am just shocked that anyone can't see it for what it is.'

'Like it or not, people want exposure to bitcoin,' Edward Tilly, chairman and CEO of exchange group CBOE Holdings Inc., said at the same conference.

Any good trade is started with a difference of opinion, Tilly added. 'So Jamie can be on the short side and the issuers and those trading in physical can be on the long side, and it sounds like we have a great trade.'

[1715001125]

1715001125

[1715001125]

1715001125

[1715001125]

1715001125

[RodeoX]

Jamie whoever hasn't a clue about bitcoin. Other than it is an emerging threat to his bank. He is right to be scared.
 

[emuLOAD]

If we look at facts, well we can state it is NOT a fraud, for the simple reason that the "currency" itself cannot be a fraud, it's merely an item, albeit virtual, that people give value to.

There are plenty of frauds in the world of Bitcoin, and there are plenty of legitimate businesses and investments.

What the more "proper" question is, does it have legs to stand on, or will it blow up.

Short answer is, of course it will blow up. Just like any currency in the world. Even commodities do. Might be short term, long term, or the end of the current civilization. (for how many centuries were the roman currencies valuable?).

In the end, Bitcoin has value, now, because value is being given to it. Impossible to truly predict, also because human actions will affect the future of the system.

The smart thing to do? Exploit it to make the most out of it possible, and convert part of the gains as times goes on into a varied portfolio of wealth-protecting Investments/items.

[左]

Check him out on google, you'll see he is not to be taken seriously.

[AGD]

This is the same JP Morgan, that was fined 13 billion $ a few years ago: http://www.reuters.com/article/us-jpmorgan-settlement/jpmorgan-agrees-13-billion-settlement-with-u-s-over-bad-mortgages-idUSBRE9AI0OA20131120
This guy is pure evil 

[eaLiTy]

I can understand the frustration coming out from Jamie Dimon but what astonished me is that this news is spreading and people are talking about it as one of my friends who knew about my bitcoin trading called me up and said this thing about JP Morgan comment about bitcoin and how it is going to blow up  It is true that something cannot have a value from thin air but accept the changes and strides bitcoin made and move on.

[pitiflin]

Bitcoin 'is a fraud' that will 'blow up,' says JPMorgan Chase CEO Jamie Dimon
Is this a fact or he is just creating another FUD?

See the two sides below
"Speaking at a bank investor conference in New York, Dimon said, 'The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.'

"Dimon predicted big losses for bitcoin buyers. 'Don't ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up.' he said. 'Honestly, I am just shocked that anyone can't see it for what it is.'

'Like it or not, people want exposure to bitcoin,' Edward Tilly, chairman and CEO of exchange group CBOE Holdings Inc., said at the same conference.

Any good trade is started with a difference of opinion, Tilly added. 'So Jamie can be on the short side and the issuers and those trading in physical can be on the long side, and it sounds like we have a great trade.'

Bitcoin is decentralized and banks are centralized, with bitcoin's price that has increased from more than it ever has, banks now see it as a threat and JP Morgan being the largest bank in the US ,the CEO is trying to fool people by saying that bitcoin is a fraud . So that people will deposit money in his bank and not in bitcoin or altcoins.

[bitart]

Bitcoin 'is a fraud' that will 'blow up,' says JPMorgan Chase CEO Jamie Dimon
Is this a fact or he is just creating another FUD?

See the two sides below
"Speaking at a bank investor conference in New York, Dimon said, 'The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.'

"Dimon predicted big losses for bitcoin buyers. 'Don't ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up.' he said. 'Honestly, I am just shocked that anyone can't see it for what it is.'

'Like it or not, people want exposure to bitcoin,' Edward Tilly, chairman and CEO of exchange group CBOE Holdings Inc., said at the same conference.

Any good trade is started with a difference of opinion, Tilly added. 'So Jamie can be on the short side and the issuers and those trading in physical can be on the long side, and it sounds like we have a great trade.'

Bitcoin is decentralized and banks are centralized, with bitcoin's price that has increased from more than it ever has, banks now see it as a threat and JP Morgan being the largest bank in the US ,the CEO is trying to fool people by saying that bitcoin is a fraud . So that people will deposit money in his bank and not in bitcoin or altcoins.

There are two kind of people, got involved in bitcoin:
1. Hodlers, they won't sell, ever
2. Other people, (newcomers, cautious investors, etc.) who trade the news, and they sell in case of bad news. (And they trust the news, if it comes from a turstable source). If the news are really bad, they can wrap their head around, and sell their bitcoin with huge loss, just to save a part of the investment...
Problem is, people don't know which information is trustable in connection with bitcoin, so they turn to the normal everyday sources, and it can be really misleading, like JP Morgan.
Wait a second, JP Morgan is interested in ETH, and member of the EEA...

[jekjekman]

To those people who is gullible enough will surely believe what he just said about bitcoin now yet this guy already said something bad about bitcoin in 2015 and look at him now, hello to $4000 per bitcoin Jamie, this man have a hidden agenda that is why he keeps on bashing bitcoin because he is a business man that is making a profit out of banks and treating bitcoin as a number one enemy.

the future of currency is bitcoin and banks will go down just like what happen to kodak when it comes to photography film and that is the fact that Jamie Dimon is afraid of.

[figmentofmyass]

Jamie whoever hasn't a clue about bitcoin. Other than it is an emerging threat to his bank. He is right to be scared.
 

how is it a threat to commercial banks, exactly? i expect that retail banks like jp morgan chase will be offering custodial bitcoin services within the decade. they aren't like a central bank; even if the world abandons fiat money for BTC (incredibly unlikely), they can just monetize services for BTC.

and chase is likely to be hedged far more optimally than the average citizen in a fiat money collapse. but this is all academic; there is no reason for BTC to displace fiat currencies, unless you believe that BTC will bring about the dismantling of governments themselves. the issuing of money (and the authority to mandate its use) is the single greatest power of governments. it's not going anywhere.

[helars2008]

They do have every right to tell us that bitcoin is a fraud since the emergence of bitcoin and other cryptocurrency is a threat to their revenues. And he is also right he said that it was a currency created out of thin air and people valued it.
But what i cannot understand is why cryptocurrency holder would fall for the comments of those who criticizes bitcoin. When the dump begin yesterday and a lot of people sold their coins just to break even, who do you think benefited from that? Of course those people who can afford to accumulate huge sums and i believe tthere are even bankers on the buyers yesterday. Now to those who have break even and who loses due to panic selling, ill ask you. Are you gonna be happy seeing bitcoin and other cryptocoin slowly rise again? You will lose more if you continue to fall on such news.
.

[marky89]

They do have every right to tell us that bitcoin is a fraud since the emergence of bitcoin and other cryptocurrency is a threat to their revenues.

A fraud is a "wrongful or criminal deception intended to result in financial or personal gain" per Google. Bitcoin supporters may evangelize for financial gain, and they may even do so deceptively. But that wouldn't make Bitcoin a fraud. Bitcoin's code is open-source and transparent. It is, by any accepted definition, not a fraud. Is it a poor investment, just like tulip bulbs were? Maybe -- time will tell.

I also fail to see how Bitcoin really threatens their revenues. They deal in wealth management/brokerage services and hedging, credit services and retail banking. I don't see how Bitcoin threatens any of those things. Unless you think that the adoption of Bitcoin means the destruction of the entire economic infrastructure underlying society.....

[valucash]

Check him out on google, you'll see he is not to be taken seriously.

Well, if we say he is not to be taken seriously, the financial world is taking him seriously and his statement coupled with China's anticipated clampdown has affected bitcoin's price severely.

[BenOnceAgain]

Check him out on google, you'll see he is not to be taken seriously.

Well, if we say he is not to be taken seriously, the financial world is taking him seriously and his statement coupled with China's anticipated clampdown has affected bitcoin's price severely.

He'd like to be the next Chair of the Fed.

Anyway, thought you guys might like this take on his statements: https://libertyblitzkrieg.com/2017/09/13/which-is-fraudulent-bitcoin-or-jp-morgan/

[josucoin]

Unfortunately many people think that the BTC is a fraud. But I believe that in the near future the BTC will show everyone that the market is legal and not only that, but it will show that it is the best investment.

[Viscount]

I'm not surprised that some banksters starting war agaist bitcoin. But they are doomed

[RoommateAgreement]

maybe he has signed up on bitfinex or one of those exchanges that allow you to margin trade bitcoin or what have you, and he was trying to short bitcoin. price has fallen a good percentage which makes shorting extremely profitable for anyone who tried!

[mx667]

I'm not surprised that some banksters starting war agaist bitcoin. But they are doomed

Yeah, its true that bitcoin may be gone someday. But bitcoin is not a fraud.
Bank just cannot take the progress of technology, and the future of currency.

[Schuyler]

I read an article about John McAfee challenging Dimon's claim about BTC being a fraud. Being a miner himself, he knows that bitcoin is anything but a fraud and mining a single bitcoin costs them $1000. There will be periods when bitcoin's price will rise and fall but people shouldn't label it as fraud just because it behaves in a volatile manner.

[Dudeperfect]

The people who are accusing Bitcoin claiming that they think it is a scam or bubble, either have no knowledge about Bitcoin and blockchain technology or they might have significant vested interest in traditional fiat payment infrastructure. Yes, there are hundreds of websites are using Bitcoin to scam people but that has nothing to do with Bitcoin, there might be a confusion between Bitcoin and Bitcoin scammers. Mass awareness is the only option to help people to learn and understand more about it. I am sceptical that a full-fledged blockchain technology would destroy the vested interests in the traditional system not only in finance but also in other sectors and make the process user-friendly at a low cost for us.