What is this? JP Morgan Quorum

[BitFinnese]

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

I thought JP Morgan Chase CEO hates Cryptocurrency and it is hype. What the?

They don't hate cryptocurrencies, they just want to make their own private version of it. That right here is the result of the widely praised Enterprise Ethereum Alliance -- corporate, permissioned blockchains that have little to do with the dezentralized cryptocurrencies we know and love.

I believe the recent statement about Bitcoin is fraud is some marketing strategy belittling competitor and throwing accusation so that some weak supporters and people who really do not know Bitcoin will  avoid it and instead support their project.  This is normal as marketing dirty tactic of removing people's trust to its main competitor to gain favor to these people.  Then after sometime they will launch their own and invites these people to support their project.  This is all business I believe.

[cryptopreacher]

I can sort of understand his sentiment he might thought he lost the chance. but if he knows the technology, there are tons of opportunity he can get in. But bashing on crypto will not work that way. I hope he can apologize and reset his position.

In an ideal world, that would be understandable. But you see, if he would do that, it would cause huge ripples through the financial system, shattering the FIAT markets, thus affecting the price per share of the bank that he represents. He's a smart man so he would not want to risk that kind of behaviour, because he's in for the money, not for being a nice person.

[bitcoindusts]

I can sort of understand his sentiment he might thought he lost the chance. but if he knows the technology, there are tons of opportunity he can get in. But bashing on crypto will not work that way. I hope he can apologize and reset his position.

In an ideal world, that would be understandable. But you see, if he would do that, it would cause huge ripples through the financial system, shattering the FIAT markets, thus affecting the price per share of the bank that he represents. He's a smart man so he would not want to risk that kind of behaviour, because he's in for the money, not for being a nice person.

True, he is all business, he does not care if he is telling the truth or not.  What he cares about is his earnings and commission.  How could they call Bitcoin fraud and at the same create their own blockchain technology, they should have avoided it in the first place but guess what, they also want a piece on that pie.  So in order to gain popularity and people trust to their upcoming project, they have to discredit Bitcoin.

[Master Carnegie]

everything leads one to believe that this is a great strategy

[kodanshakang4]

I can sort of understand his sentiment he might thought he lost the chance. but if he knows the technology, there are tons of opportunity he can get in. But bashing on crypto will not work that way. I hope he can apologize and reset his position.

In an ideal world, that would be understandable. But you see, if he would do that, it would cause huge ripples through the financial system, shattering the FIAT markets, thus affecting the price per share of the bank that he represents. He's a smart man so he would not want to risk that kind of behaviour, because he's in for the money, not for being a nice person.

True, he is all business, he does not care if he is telling the truth or not.  What he cares about is his earnings and commission.  How could they call Bitcoin fraud and at the same create their own blockchain technology, they should have avoided it in the first place but guess what, they also want a piece on that pie.  So in order to gain popularity and people trust to their upcoming project, they have to discredit Bitcoin.

Then, it sounds crypto is the future of the currency to invest when we analyzes his contradictory statements, which he denied the crypto but creates his own by big investors. At least, he should have hidden jpmorgan crypto for a while.

[Whiplash Wally]

15 - 20 years from now we will look back and laugh as big bankers like this go the way of the record industry after MP3s happened.

[kodanshakang4]

but my question is can they create such supreme currency like ethereum. As far as I know, all the smart people will go work for the start-up or existing platform rather than working for the company. What motivates the talented guys would work under the fixed salary rather than be a big shareholder? I think most smart people already jumped into crypto and/or seek the opportunity not for the company. So, it is hardly they can produce the decent projects.

[RodeoX]

Let's crowd source the destruction of Quorum. 

[Fancyax]

The CEO of JPMorgan, Jamie Dimon, called bitcoin a fraud while speaking at a bank investor conference in New York on Tuesday. “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,” he said.

Source: https://www.coinspeaker.com/2017/09/13/bitcoin-price-drops-below-4000-as-news-uncertain/

[ivrynx]

This is nothing new, i think what they arr trying to do, is what mark cuban had did, and that is to influence people, at first they bad mouthed bitcoin,next they bought bitcoins at a low price , it went down, especially from those who have weak hands, who automatically sell, and thrn they create theit own crypto coin, i think this is becoming a strategy of people who are on power, who knows that they are influential, and us, as a community we should already understand their strategy, it is true that china's btcc temporary shutdown, made an impact, however people from jpmorgan arr trying to capitalize on it, and we could not blame them, since bitcoin is a great investment and so arr altcoins. I think the best strategy to do now is still hodl,but if you have extra cash, i would suggest you to buy, since it want on sale already, and sooner or later, it will again rise, and we can consider it as expensive.

[serjent05]

This is nothing new, i think what they arr trying to do, is what mark cuban had did, and that is to influence people, at first they bad mouthed bitcoin,next they bought bitcoins at a low price , it went down, especially from those who have weak hands, who automatically sell, and thrn they create theit own crypto coin, i think this is becoming a strategy of people who are on power, who knows that they are influential, and us, as a community we should already understand their strategy, it is true that china's btcc temporary shutdown, made an impact, however people from jpmorgan arr trying to capitalize on it, and we could not blame them, since bitcoin is a great investment and so arr altcoins. I think the best strategy to do now is still hodl,but if you have extra cash, i would suggest you to buy, since it want on sale already, and sooner or later, it will again rise, and we can consider it as expensive.

True,  they are doing this probably to have a better position when they enter Bitcoin Market.  Or probably they are already inside the Bitcoin market and shorted their trades when Bitcoin peaked.  Then they wanted to profit from that shorting, so the FUD came.  I believe they have an intel inside every country's finance institution and had learned that China will show some hostile action against cryptocurrency.  Knowing Bitcoin will plummet, they shorted and to add more damage FUD bitcoin as well.  I believe they are now enjoying buying cheap bitcoins in the market.

[cjmoles]

They are worried about capital flight. JPMorgan would love nothing more than to be able to control the blockchain too.  Problem is ---> WE WONT LET THEM so they're going to try to kick the ball over the fence so nobody can play. Smart libertarians already know this, so they're not buying the FUD ---> weak hands got in during the media hype and now their running during the FUD ---> the base is holding tight, so don't trip ---> let the big bankers keep their dirty paper ---> we don't need it anymore anyway!

[StockBet.com]

The world's most common mantra is:

"Do as I say, not as I do"

Even Jamie Dimon's daughter bought bitcoin.

[getreal]

This is the problem with the bitcoiners. None, none of the folks who commented on thread knew that blockchain and crypto coins are different things. Blockchain is great, crypto currency is bad, very bad. Such ignorant investors.

Quorum is business blockchain. Most business blockchain have no coins. They don't need coins or mining.

BTC was sold by talking about the greatness of blockchain. There are many application that run on blockchains. Some good some very bad. BTC is is VERY BAD application built on the good technology of blockchain. Many ICOs fall into this VERY BAD category.

In other words, blockchain is like the Android or Windows on your phone or device. Bitcoin is a malicious app built on that platform.

Now, folks please get out of hangover of "blockchain s great and so is bitcoin". They are entirely different.

JP Morgan Quorum is perfectly valid for their business case. It has nothing to do with any other silly coins.

[btcboss71]

Very worrying thing,
I'm on the loss of $ 2000 for Morgan's Stupidity.

[getreal]

First lesson in investing - For all your gains and losses, the credit should go to your own abilities only.

Very worrying thing,
I'm on the loss of $ 2000 for Morgan's Stupidity.

[kodanshakang4]

This is the problem with the bitcoiners. None, none of the folks who commented on thread knew that blockchain and crypto coins are different things. Blockchain is great, crypto currency is bad, very bad. Such ignorant investors.

Quorum is business blockchain. Most business blockchain have no coins. They don't need coins or mining.

BTC was sold by talking about the greatness of blockchain. There are many application that run on blockchains. Some good some very bad. BTC is is VERY BAD application built on the good technology of blockchain. Many ICOs fall into this VERY BAD category.

In other words, blockchain is like the Android or Windows on your phone or device. Bitcoin is a malicious app built on that platform.

Now, folks please get out of hangover of "blockchain s great and so is bitcoin". They are entirely different.

JP Morgan Quorum is perfectly valid for their business case. It has nothing to do with any other silly coins.

But I do not know why bitcoin is bad and perhaps ethereum, iota, neo,  eos and so on. Aren't they smarter than them? What assumption you think they are bad silly coin? if it really bad, technological inferior, many developers could already criticize it. but I hear a lot of praise for ethereum from smartest people in the blockchain technology? give me some proof why this decentralized systems are silly. I want get educated.

I heard Vitalik is one of the smartest guy in this field. Even for him, ethereum has some issues. Then, what did make except the hard fork? I don't get it if they are not the originator like satoshi nakamoto.

[Sithara007]

JPMC want their own crypto to replace BTC ?

I don't think people will buy theirs because he already spoke negatively on cryptocurency

Their crypto is already being regarded as a big failure. Perhaps that is the reason why the CEO vent his anger on Bitcoin. If he thinks that the decline of Bitcoin prices will make his crypto more attractive, then he is 100% wrong. Almost all the altcoins (including ETH, LTC and BCH) are dependent on the Bitcoin. Without Bitcoin, they simply can't exist.

[Ucy]

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

I thought JP Morgan Chase CEO hates Cryptocurrency and it is hype. What the?

They don't hate cryptocurrencies, they just want to make their own private version of it. That right here is the result of the widely praised Enterprise Ethereum Alliance -- corporate, permissioned blockchains that have little to do with the dezentralized cryptocurrencies we know and love.

I suspected their Quorum would be partially decentralized or not decentralized at all and am right.
Bitcoin level of Transparency and decentralization is what frustrate them the most.

[kodanshakang4]

I think not all ICO is equal. but such as BAT, CVC, ZCASH and so on have strong team to pursue their coins. Even some inferior could develop better one in the future. I do not know every ICO is bad.