Jamie Dimon Calls Bitcoin A 'Fraud'

[darkangel11]

He is the fraud. Look at how many penalties are imposed on JP Morgan's History in the financial sector. Creating FUD and buying the dips from it to gain millions in a single trade is a complete market abuse and fraud. It's so obvious that the elites wanted to control crypto

Of course he is. Most people don't realize how banking works. They are offering you money they don't have. When you are given a loan, you are given a promise that you will get your money and you are promising them to pay it back in a couple years. In reality if you don't pay back they will try to take your home, car, other bank accounts, but if they fail to supply the money you can't do much to them. The law protects banks and BTC is about to change it and give people a choice.

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[stellgod]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

I think most of these guys are stressed up and they need to take some rest. Apparently that is why they keep talking bullshit. Or he just wants to talk too for talking sake for recognition. These guys are angry they didn’t take part in getting bitcoin earlier and really want to get it cheaper.

[boyptc]

He called a squad just to support his statement that bitcoin is a fraud, his Wall St. fraud gang. And well when the whole world realizes that he is just spreading some FUD then the price reacts, we are now aware that the price of bitcoin pumped to $4,400 now and even how bad the FUD he is going to spread still it doesn't help as the price of bitcoin is still pumping up and no one can stop it.

[ss890]

All the negative people again. Saw this kind of news many times and most of the people are involved into direct and indirect financial system who hates bitcoin. Even politician now are hating it because they know how bitcoin can eat the treasure if they did not looked after it today. It can be chaos for bitcoin in first place due to all the money driven into bitcoin and people aren't taking any interest in there finances. That's just really simple to think about it.

[nl247]

He is the fraud. Look at how many penalties are imposed on JP Morgan's History in the financial sector. Creating FUD and buying the dips from it to gain millions in a single trade is a complete market abuse and fraud. It's so obvious that the elites wanted to control crypto

I am not surprised. This has always been his Job! Manipulations! Fraud!! Creating FUDs!!! The same way they have been controlling the market for their gain. It is just very unfortunate that so many gullible set of people fell into his FUD trap and ended up dashing the enemy their coins! What a way to loose your savings.

[Rhum142]

I don't know what he said about Bitcoin not Etherum or Litecoin....but I wouldn't advise anyone to invest in it at all. You're basically gambling your money. With any stock, its also kinda gambling. But at least you have financial statements and other data to do an analysis on the company. You can determine if you think its undervalued/overvalued. Bitcoin has nothing like that. You just have a bunch of current investors telling you to do it so their investment goes up.

[bhadz]

All the negative people again. Saw this kind of news many times and most of the people are involved into direct and indirect financial system who hates bitcoin. Even politician now are hating it because they know how bitcoin can eat the treasure if they did not looked after it today. It can be chaos for bitcoin in first place due to all the money driven into bitcoin and people aren't taking any interest in there finances. That's just really simple to think about it.

They not really hate bitcoin, they just want to take another of their plans to get some more bitcoin. And before it looks very effective because that "fraud" thing was given when the ICO drama and ban of exchange in China was happening. But look on where we are today, that drama isn't stopping and the price of bitcoin is quite good and handsome at this moment. This is why I like bitcoin when someone says it's a fraud, expect peaks.

[TravelMug]

He is the fraud. Look at how many penalties are imposed on JP Morgan's History in the financial sector. Creating FUD and buying the dips from it to gain millions in a single trade is a complete market abuse and fraud. It's so obvious that the elites wanted to control crypto

I am not surprised. This has always been his Job! Manipulations! Fraud!! Creating FUDs!!! The same way they have been controlling the market for their gain. It is just very unfortunate that so many gullible set of people fell into his FUD trap and ended up dashing the enemy their coins! What a way to loose your savings.

But it has backfired already. Bitcoin has recovered ever since his "bitcoin is a fraud" attacks. Yes, he is what you can call a opportunist and a market manipulator. Actually JP Morgan has been unmasked as one of the big entities that is manipulating the price as evident of the Jamie Dimon attack and the subsequent buying of huge amount by them. So clearly they want to spread FUD to pull the price then they will bought it back at cheap price. So I hope everyone will not fall for his bashing of bitcoin in the future. Its better to hodl even if you see that the price is going down because it can recover immediately.

[hase0278]

Is fiat losing monetary power is relevent to a state?

Governments do everything in their power to raise deficits higher. This reduces confidence & kills monetary power. A governments existence in the modern era is typically defined by spending as inefficiently and wastefully as possible. This also kills monetary power. Judging by actions governments universally support raising deficits and spending tax revenues as wastefully as possible, with their end goal seemingly being to lose monetary power and destroy the value of their own wealth.

After more than 50 years of the united states federal government supporting policies which ensure loss of their own monetary power, one might be certain they will support bitcoin as it seamlessly meshes in perfect lockstep with everything else they've done for the past century.

That will probably be what they will do but they wont let fiat lose monetary movement just yet because they enjoy controlling their wealth with less efforts. They could not control bitcoin completely and they would need to exert a lot of effort and they would need to expend a lot of wealth in order for them to control btc temporarily so even if they support bitcoin, they will just try to manipulate it to their convenience.

[XinXan]

We are at 4.4k already even with all the news from chine or jamie dimon. This really shows that the bitcoin community just doesn't give a fuck about them. This is making bitcoin so much stronger, I mean if we can recover from that so quickly it means that the price will only go up from here.

[katiecbell]

Everyone has their own point. Bitcoin was made base on the POW system. So time will improve to us and Jamie Dimon that he's totally wrong about Bitcoin .

The funniest part is that he knows he is wrong, but these guys are so greedy and selfish they want to keep manipulating the financial system like they have always been. Do you know how much the banking system has reaped people off?

[AtheistAKASaneBrain]

Jamie Dimon has already been humilliated by bitcoin once again. The price is now higher than the price of the pre-FUD attack of Dimon and China. Now we jus need to hit an all time high to finish the job.

Meanwhile Morgan Stanley CEO said that Bitcoin is not a fad. Christine Laggarde also said that we must not ignore cryptos. Some bankers are smart enough to realize bitcoin will never fail.

[deadsilent]

Now, he is going to eat what he said before. Calling bitcoin a fraud and they're caught buying while the bitcoin is at the dip. He is worst than fraud. I know at first that this is all drama. It's just a game to get some cheap bitcoins. But we must admit they can still influence other people. Look at the huge drop after Jamie Dimon and China crackdown against bitcoin. Investors were shrugged off. I can't blame them why they have to do such things. They are threatened their business because of bitcoin. But they can't stop bitcoin.

[ronafurw]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

Yes I agree with you. The dishearten comments and obligations about something which in being accepted allow the world eliminates its value. You are right that many governments will never allow bitcoin as legal digital currency after the statement of Jamie Dimon and the banning of ICO in China. Both have different ideas and thoughts from the people of the world who have already invested in bitcoin many years ago.

[jossiel]

Jamie Dimon has already been humilliated by bitcoin once again. The price is now higher than the price of the pre-FUD attack of Dimon and China. Now we jus need to hit an all time high to finish the job.

Meanwhile Morgan Stanley CEO said that Bitcoin is not a fad. Christine Laggarde also said that we must not ignore cryptos. Some bankers are smart enough to realize bitcoin will never fail.

Dimon is one of those bankers that are smart enough and realized that they can't stop bitcoin. Just like the famous quotes, if you can't beat them - join them.

And so Dimon has to join the bitcoin economy and his entrance is quite odd and disgusting for us because he had to say that bitcoin is fraud.

What if he just expressed his support to bitcoin? He can even avail to buy thousands of it, he's a CEO of a banking company why he wants to buy cheaper one if after his expression in supporting to bitcoin can make the price doubled.

[matuson]

Bitcoin cannot be called a Scam just because people were not deceived and does not force you to buy bitcoins. People do it voluntarily. No one is immune from the fact that the price may fall. It depends on market conditions. Bankers feel threatened by cryptocurrencies and so they together with the government will lead the fight against this phenomenon.

[Bezdonov Art]

No one will believe in him right now.  After his malicious announcement that bitcoin is a fraud.  Then you will read that he bought a huge amount of bitcoin.  It was all his strategy to have some good amoubt of bitcoin.  It is his way for its price to go down and invest.  Rich people are like that.  They are good in manipulation.

As the growth in the adoption of the currency with retailers expands and awareness of the currency increases, so should confidence in Bitcoin.

[lordquanta]

See news report here.

His point that governments will never allow Bitcoin to take off, which would mean their loss of monetary power, is reasonable on the surface, even to seasoned finance professionals.

But it's hard to believe the head of JP Morgan Chase not understanding the history of gold and silver standards.  Of the last five centuries of modern Western history, only over the last 45 years was the chief imperial currency not explicitly pegged to non-state money (gold and/or silver), and these years saw more than their fair share of instability.

In fact, the elites have never really abandoned precious metal standards, because they can't.  The evidence is more than solid that they have secretly manipulated gold and silver prices down over the last decades.  This is no different from gold and silver standards, if you think about it.  Only that, in modern times, the 'pegging' against precious metals is more flexible and not explicit.

Ultimately, the modern Western imperial-financial system doesn't have enough hard power to force its money onto the world.  It must rely on the fiction that its money is worth a certain amount of state-free money that is truly trusted by the public to hold its value, one way or another.  (And if that state-free money is crypto, they can even do their pegging cheaply and without embarrassment.)

The only state that *did* have enough power to impose its fiat money was China after about 1000 AD, as the Chinese empire was a centrally controlled universe unto itself.  Even there, after a few centuries that ended in disastrous inflation, China went to physical silver.

But no, I don't think Dimon is ignorant.  He's likely playing his part in the elites' control of Bitcoin's price.  There's a decent chance he advised his relatives to load up on Bitcoin after his comments!

He is not ignorant at all. He knows what he is doing. In fact might be well aware of consequences of his action. And that consequence is creating FUD that is fear, uncertainty, doubt among investors, buyers so that market price of bitcoin will be shaken. This helps in easy catch. These big players tend to use these tactics when market is not controller by a central authority. Like gold or fiat currency who have governing authority. It becomes easy to control and manipulate these authorities as per will.  However market like Bitcoin is decentralized which makes these people to change their tactics.  The big investor like bill gates and Marc Andreessen are not fools. They know what is going on. And are still accumulating bitcoins.
Be ready more and more such news in future. Just HODL your coins for long and keep buying them at regular intervals.

[futuret]

We are at 4.4k already even with all the news from chine or jamie dimon. This really shows that the bitcoin community just doesn't give a fuck about them. This is making bitcoin so much stronger, I mean if we can recover from that so quickly it means that the price will only go up from here.

Yeah you are right a lot of the bitcoin haters came and go but it does not affect the bitcoin or the value of the bitcoin, people still believe in bitcoin and they are making the high amount of money from bitcoin. The currency of the bitcoin is much higher than the currency of the money. If some people don’t like bitcoin it will not take bitcoin but a lot of people are there to support it.

[jekjekman]

We are at 4.4k already even with all the news from chine or jamie dimon. This really shows that the bitcoin community just doesn't give a fuck about them. This is making bitcoin so much stronger, I mean if we can recover from that so quickly it means that the price will only go up from here.

Yeah you are right a lot of the bitcoin haters came and go but it does not affect the bitcoin or the value of the bitcoin, people still believe in bitcoin and they are making the high amount of money from bitcoin. The currency of the bitcoin is much higher than the currency of the money. If some people don’t like bitcoin it will not take bitcoin but a lot of people are there to support it.

This is very true that Bitcoin is so unstoppable right now despite of the issue that is arising left and right, its just shaken down the price of bitcoin with only a few weeks and slowly comes back to where it has been, it is a good sign for the bitcoin community itself though that this comeback is happening in just a short period of time after too much volatility.

Let the people learn from their mistake as it is the best teacher especially to those who joined the wave of the price when it is falling down, they are now regretting in not trusting the potential and the foundation of bitcoin through out this hard times.