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Author Topic: [2017-09-22] Dimon accused of market manipulation  (Read 4175 times)
iamTom123
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September 22, 2017, 01:47:57 PM
Last edit: September 22, 2017, 01:58:16 PM by iamTom123
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The CEO of JPMorgan Chase Jamie Dimon has been accused of market abuse for "spreading false and misleading information" about bitcoin. Algorithmic liquidity provider Blockswater has filed a complaint with the Swedish Financial Supervisory Authority.

“Nasdaq Nordic, where exchange-traded notes on bitcoin are listed, defines the term 'market manipulation' in accordance with the EU’s definition as "dissemination of information through the media, including the internet, or by any other means that gives, or is likely to give, false or misleading signals as to Listed Products, including the dissemination of rumors and false or misleading news, where the person who made the dissemination knew, or ought to have known, that the information was false or misleading,” the company noted.

“That’s a clear case of double standards, and it smells like market manipulation,” Schweitzer said. "Jamie Dimon's public assertions did not only affect the reputation of bitcoin, they harmed the interests of some of his own clients and many young businesses that are working hard to create a better financial system,” said Florian Schweitzer, managing partner at Blockswater. Blockswater said that JPMorgan traded bitcoin derivatives for its clients on the Stockholm-based Nasdaq Nordic exchange before and after Dimon's statements about it being a “fraud, which is good only for murderers and drug dealers."

Taken from here...


Well, according to this definition of a manipulation, I am sure that what this "well-respected" CEO of JPMorgan Chase did which was commenting something bad about Bitcoin, should really be construed as some sort of an effective manipulation. Good thing that as of now there is still no law that will punish manipulators in the cryptocurrency market (or am I wrong? hope am wrong). The man is a big hypocrite and we all know why he is. He should then remember that he and his institution was part of the near collapse of the "to-big'too-fail" USA economy many years ago.
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September 22, 2017, 10:13:10 PM
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He is a banker, it's how they make money. Shit talk, buy. Drive stock prices down, buy. When the time is right sell. Profit. I mean it's not like he cares about the accusation anyway.

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September 22, 2017, 10:25:53 PM
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I mean it's not like he cares about the accusation anyway.

If that bank isn't shy of putting the entire world economy at risk, they won't at all mind toying around with a tiny new asset called Bitcoin. At the end of the day, the manipulation coming from JPMorgan isn't only beneficial to themselves, but also to all other traders looking to scoop up some quick profits. After the price dipped below the $3000 level, the market very quickly recovered to +$4000 -- tell me, where do you get to make such profits? No other market offers such money making opportunities. Another important aspect is that the dump we have experienced, attracts fresh capital. Wink
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