J.P Morgan CEO doubles down on trashing Bitcoin

[mr.mister]

WoW, just WoW,

If this is not desperation, on the part of Chase, and other banks, I don't know what is. It seems like banks are really being threatened by Bitcoin and cryptos in general.


"One day after the JP Morgan Chase chief called the digital currency a “fraud,” the bank released a scathing report on the red-hot investment, calling its legitimacy into question and comparing it to “pyramid schemes.”



"The JPM report, written by analyst Marko Kolanovic, is a skeptical take on the entire $150 billion cryptocurrency market."


“While we don’t know whether the price of cryptocurrencies will go up or down in the near term, the history of currencies, governments and financial fraud tells us that the future for cryptocurrencies will likely not be bright,” Kolanovic wrote."


"One of the central selling points of cryptocurrencies is negated when someone creates a brand-new bitcoin knock-off, Kolanovic wrote."

"That makes it so a coin’s creator can own the most with little effort, while everyone else scrambles for a decreasing slice of what’s left — a classic attribute of a pyramid scheme, he wrote."

"On Tuesday, Dimon compared the rising price in bitcoin to a bubble, and something that was only useful for drug dealers and countries like North Korea."


the full article is below.


I personally find this report and others by Banks, scandalous, to say the least.


https://nypost.com/2017/09/13/jpmorgan-ceo-doubles-down-on-trashing-bitcoin/

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[iamTom123]

The big reason why people like this CEO and that analyst got the courage to spew out their one-sided opinion is because the whole Bitcoin community have this tendency to listen to them. Once the whole community and the market will choose to ignore them then they won't matter at all.

There will always be detractors of Bitcoin because there will be people and industries that can be affected or be disrupted...this is one thing we have to understand. Those who can be disrupted will always put a fight because they are also protecting their own interest.

We should learn to ignore them and let them have their talks and opinions get vanished. Bitcoin can live and can survive without these fellows and even with them criticizing Bitcoin they can not diminish what Bitcoin stood for.

Maybe these people are really afraid of Bitcoin!

[HabBear]

There's nothing damning in that report, at least not what you quoted in the original post.

The future of Bitcoin is questionable, it's been around less than ten years! Governments have been running currencies for centuries.

What Dimon and JP Morgan Chase continue to ignore is why Bitcoin offers a better value as a currency than any government controlled currency could. Why has every fiat currency gotten weaker in value as the process and cost to provide goods and services has gotten more efficient and cheaper?

They ignore the fundamentals and focus merely on capitalizing of the fear, uncertainty, and doubt.

The press and analysts are hypocrites. First they say "it's a bubble!" then when the bubble breaks they say "it's a fraud!" None of their comments make sense, it's all hype to sell clicks.

[Flor1982]

WoW, just WoW,

If this is not desperation, on the part of Chase, and other banks, I don't know what is. It seems like banks are really being threatened by Bitcoin and cryptos in general.


"One day after the JP Morgan Chase chief called the digital currency a “fraud,” the bank released a scathing report on the red-hot investment, calling its legitimacy into question and comparing it to “pyramid schemes.”



"The JPM report, written by analyst Marko Kolanovic, is a skeptical take on the entire $150 billion cryptocurrency market."


“While we don’t know whether the price of cryptocurrencies will go up or down in the near term, the history of currencies, governments and financial fraud tells us that the future for cryptocurrencies will likely not be bright,” Kolanovic wrote."


"One of the central selling points of cryptocurrencies is negated when someone creates a brand-new bitcoin knock-off, Kolanovic wrote."

"That makes it so a coin’s creator can own the most with little effort, while everyone else scrambles for a decreasing slice of what’s left — a classic attribute of a pyramid scheme, he wrote."

"On Tuesday, Dimon compared the rising price in bitcoin to a bubble, and something that was only useful for drug dealers and countries like North Korea."


the full article is below.


I personally find this report and others by Banks, scandalous, to say the least.


https://nypost.com/2017/09/13/jpmorgan-ceo-doubles-down-on-trashing-bitcoin/

They will do everything in their power and resources in order to take down the bitcoin with the possibilty that maybe they are collaborating with the chinese to make it like pump and dump strategy.I just dont think that this value declining on both bitcoin and altercoins are really their work which in effect now if so then lets just make sure we can reduce the panic people on this moment.

[Laergan]

When things are going well for Bitcoin, there is a neverending supply of good news. No one complains when things are "as it should be". But when Bitcoin starts to fall, then there is a neverending supply of bad news, aka FUD. The media will always report in line with what is happening. They will never say that investors should buy into BTC when the price is dropping. All news should be read with scrutiny and examined for reliability in sources. Don't believe everything you read on the internet, but take everything into consideration to determine for yourself if the sources are reliable or not. Do people have a conflict of interest? Is there an ulterior motive at work here? Are they biased or independent?

[kwaasteniet]

Meanwhile they got their patent denied 175 times for a bitcoin alternative they created while also teaming up with Ethereum...

[HabBear]

"One of the central selling points of cryptocurrencies is negated when someone creates a brand-new bitcoin knock-off, Kolanovic wrote."

"That makes it so a coin’s creator can own the most with little effort, while everyone else scrambles for a decreasing slice of what’s left — a classic attribute of a pyramid scheme, he wrote."

This is spot on. The ICO market is the bubble, not Bitcoin. Not Litecoin or Ethereum or a scant few others. This is the shakedown we need to get the mostly rubbish cryptocoins out of the way.

This is exactly what went down in the late 1990s and early 2000s when the internet bubble popped. Most of those companies disappeared, but Google and Amazon and a few others are still around and better than every. Seriously, some of the best investments that have ever existed.

This industry can be the same.

[StraddleHQ]

Not a big deal, China keeps slamming down the Crypto investment in their country. Now its BTCCHINA that has openly and legally said that from 30th september they will close the investment accounts of Chinese customers.

More Downfall to come....

[electronicash]

Jaime should be buying more bitcoin buy now. of course they already recognize they can't beat bitcoin and the only way to enjoy this fight is to also have thousands of bitcoin for themselves. but what banks should be doing before they'd be left behind is to create their own blockchain, they can always forget what XRP is offering to them.

[Agamemnus]

WoW, just WoW,

If this is not desperation, on the part of Chase, and other banks, I don't know what is. It seems like banks are really being threatened by Bitcoin and cryptos in general.


"One day after the JP Morgan Chase chief called the digital currency a “fraud,” the bank released a scathing report on the red-hot investment, calling its legitimacy into question and comparing it to “pyramid schemes.”



"The JPM report, written by analyst Marko Kolanovic, is a skeptical take on the entire $150 billion cryptocurrency market."


“While we don’t know whether the price of cryptocurrencies will go up or down in the near term, the history of currencies, governments and financial fraud tells us that the future for cryptocurrencies will likely not be bright,” Kolanovic wrote."


"One of the central selling points of cryptocurrencies is negated when someone creates a brand-new bitcoin knock-off, Kolanovic wrote."

"That makes it so a coin’s creator can own the most with little effort, while everyone else scrambles for a decreasing slice of what’s left — a classic attribute of a pyramid scheme, he wrote."

"On Tuesday, Dimon compared the rising price in bitcoin to a bubble, and something that was only useful for drug dealers and countries like North Korea."


the full article is below.


I personally find this report and others by Banks, scandalous, to say the least.


https://nypost.com/2017/09/13/jpmorgan-ceo-doubles-down-on-trashing-bitcoin/

They are scared 100%. They are trying anything the can to sway the opinion of the public. Some have caught on but not all yet. Once people do it will be the end of scum like these people.

[pooya87]

They will do everything in their power and resources in order to take down the bitcoin with the possibilty that maybe they are collaborating with the chinese to make it like pump and dump strategy.I just dont think that this value declining on both bitcoin and altercoins are really their work which in effect now if so then lets just make sure we can reduce the panic people on this moment.

think about it a little...
do you think things "they" say can really "take down" bitcoin? of course not. and i think everyone knows this and even those who say it know it better than you and i do!

now the question is why "they" say these things and attack bitcoin knowing it will not "take it down" but it is going to be pretty effective against the short term price?
ah! that's something worthy to think about now
it is as if there is some method called "shorting" while price drops that can give you a huge amount of profit.... hmmm...

[BMG86]

Hahahaha i find it absolutely funny how they say that devs can create coins out of nothing. Well isn't that what they do every time they print a dollar? It's created out of thin air with nothing backing it's value. At lease with cryptos there is a maximum supply. Unlike the paper money, they can print an infinite amount.

[criz2fer]

Being in the position and with the help of the editors of the news really can make a steer up specially if its the only source that we are seeing are this headlines. These people have some interest or being afraid at bitcoin because of the growing networth of BTC. I think the disadvantage was the knowledge of the people that are entering the cryptocurrency. Hope we have a solid informations that provide by the right people to overcome this kind of situations

[ivrynx]

Their statement is just making it clear, that they are afraid of cryptocurrencies, they are threatened by its existence, if what they are saying about bitcoin being used by drug dealers, what abiut fiat, it is more widely used in drug dealing, yet as banks, thry cannot control when druglords, just keeps on hoarding fiat money inside their houses. The bank system is also a fraud, in the us, their federal bank is not even in their constitution, if they check their history it is a privately owned bank, yet they are allowed to print money, which is against their own law, they should fix that first, beforr bad mouthing bitcoin and other cryptocurrencies, just because they have absolutely no idea of why bitcoin was created, but they agree that blockchain is good and would want to create their own cryptocurrency. I think for most of us, what we can do, if someone says that bitcoin is fraud, is to educate them about bitcoin and fiat, and then they will realize, which is fraud and not, and why do bankers bad mough bitcoin, yet the bankig family itself, the Rothschild bought their own shares of bitcoin, i think those bankers should follow the Rothschild or better yet, speak to them, ask them, why did they invest on bitcoin, and why do managers and ceos of banks feel threatened on bitcoin, hopefully they will be educated and will understand, that bitcoin is innovation, and as the saying goes every new year's eve, out with the old, in with the new, hopefully thry would understand that fiat, is also something that is obsolete and needs to be changed.