Another wall street idiot, this time, Jordan Belfort calls bitcoin a fraud.

[mr.mister]

From cointelegraph

Yet another high-profile criticism came against Bitcoin, this time from the “Wolf of Wall Street” himself, Jordan Belfort.

Belfort called Bitcoin a fraud and said that “the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking. I know people who lost all their money like that.”

It came only weeks after Chase Bank CEO Jamie Dimon called Bitcoin a fraud, and made his distaste for Bitcoin crystal clear when he suggested he would fire any employee trading Bitcoin on the company’s accounts. However, JP Morgan bought a large block of Bitcoins days after the CEO statement.

But Jamie Dimon is not the only one with this view on Bitcoin. Ray Dalio, the founder and head of the world’s largest hedge fund Bridgewater, recently stated that Bitcoin is “a highly speculative market”, and in fact is a “bubble”.

Belfort also finds it “bizarre” that Bitcoin is only backed by a program that creates artificial scarcity and said that because of this, the digital currency is not sustainable.

Although Belfort believes in the concept of cryptocurrencies, he stated the current model holds too many problems. According to him, there is a future for digital currencies, but he thinks it’s essential for digital coins to get “some sort of backing” by central governments.

In his opinion, a central bank will sooner or later introduce their own cryptocurrency, which will be more sustainable.

“There will be a time when everybody is freaking out about Bitcoin and dumps it and who knows what’s going to happen?”

In a situation like that there’s no buffer, for example the Federal Reserve, to cushion the blow.

He issued a final warning to investors and said, “Be very careful not to invest a lot of money into something that could vanish very quickly.”


GOOD RESPONSES



RJF  Enterprise Miner • 7 hours ago

“Be very careful not to invest a lot of money into something that could vanish very quickly.” You mean like the mortgage and bond markets did in 2008? Typical Wall Street scum bucket. No clue what he is talking about, trashing Bitcoin because Jamie pulls his strings. Most likely hoping to buy when the price drops from his uninformed statements. Tell you what Jordan, you keep right on preaching that crap as the world passes you by. Wonder if you'll be able to beg for Bitcoin on the street or will your pride prevent that? Maybe Jamie and you can share a cardboard box... Or a cell.


sjs • 11 hours ago

Just like Dimon, he is buying himself some banking establishment kudos with anti bitcoin rhetoric. For all we know he may well be invested in the very thing he castigates. It wouldn't be like him to miss out on the next opportunity to make a killing - the great wolf of wall street. Perrick. To be ignored!!


Paul Peters • 13 hours ago

You can store your bitcoins offline very simply. That solves the hacking problem.

And with the right hardware or a little practice you can still get transactions off in under 30 seconds. This guy doesn't know what he's talking about.

And even if for some reason you didn't store them offline it would still require user-error to allow someone access. The only "hacking" would be dependent on the person who owns them.


Rich Martel • 13 hours ago

Bahaha, what an idiot. You can't hack someone's Bitcoin! He doesn't even know what he's talking about!


Artem S. • 15 hours ago

As I see it, establishement, which Mr.Belfort obviously belongs to, is afraid of a gigantic black hole (Bitcoin) that has begun sucking all assets and fiat. Fiat money is controlled, inflated, very inefficient to transfer from peer to peer, and censored.


Antony Alloin • 15 hours ago

“the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking.”

Get educated fool!

"it’s essential for digital coins to get “some sort of backing” by central governments."

I, the central government of the decentralized interwebz, declare to back every bitcoin in existance with a worthless piece of paper.

“Be very careful not to invest a lot of money into something that could vanish very quickly.”
Yeah, just look at Venezuela!

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[Ultegra134]

The more attention we give to these kind of people, the worst it is for Bitcoin. No matter the product/Currency or whatever you call it, anything that is innovative/out of the ordinary it is, is bound to criticism. It's not worth giving them the attention they want, often, they are hoping to influence the price so they can buy when the price falls.

[diguyo]

Hang on, the biggest concern he has is hacking something that's significantly more secure than any high street bank? What? Seriously, this guy is saying that? I thought he was supposed to be smart.

If someone wants to hack your bank account, they'll find that much easier than your bitcoin wallet. I've had my card cloned three times in 5 years, in US, Thailand and UK...but bitcoin is a risk? Behave your ill-informed self.

[mr.mister]

The more attention we give to these kind of people, the worst it is for Bitcoin. No matter the product/Currency or whatever you call it, anything that is innovative/out of the ordinary it is, is bound to criticism. It's not worth giving them the attention they want, often, they are hoping to influence the price so they can buy when the price falls.

Yes, but this time, I added a bunch of valid responses, just to preemptively make him look like a fool. Don't let that stop you from making belfort, dimon, and others look like fools. Please chime in!

[Marileno]

is what he said true though? Can coins be hacked away from people? This is very concerning if true. Security is supposed to be one of the advantages of the BTC concept. The mainstream will view this as a major deterrent to becoming involved.

[alien-fx2]

"easily steal through hacking" lol
He clearly doesn't understand how Bitcoin works, and I bet his friends were using shady exchanges to store the coins.

[Juggy777]

From cointelegraph

Yet another high-profile criticism came against Bitcoin, this time from the “Wolf of Wall Street” himself, Jordan Belfort.

Belfort called Bitcoin a fraud and said that “the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking. I know people who lost all their money like that.”

It came only weeks after Chase Bank CEO Jamie Dimon called Bitcoin a fraud, and made his distaste for Bitcoin crystal clear when he suggested he would fire any employee trading Bitcoin on the company’s accounts. However, JP Morgan bought a large block of Bitcoins days after the CEO statement.

But Jamie Dimon is not the only one with this view on Bitcoin. Ray Dalio, the founder and head of the world’s largest hedge fund Bridgewater, recently stated that Bitcoin is “a highly speculative market”, and in fact is a “bubble”.

Belfort also finds it “bizarre” that Bitcoin is only backed by a program that creates artificial scarcity and said that because of this, the digital currency is not sustainable.

Although Belfort believes in the concept of cryptocurrencies, he stated the current model holds too many problems. According to him, there is a future for digital currencies, but he thinks it’s essential for digital coins to get “some sort of backing” by central governments.

In his opinion, a central bank will sooner or later introduce their own cryptocurrency, which will be more sustainable.

“There will be a time when everybody is freaking out about Bitcoin and dumps it and who knows what’s going to happen?”

In a situation like that there’s no buffer, for example the Federal Reserve, to cushion the blow.

He issued a final warning to investors and said, “Be very careful not to invest a lot of money into something that could vanish very quickly.”


GOOD RESPONSES



RJF  Enterprise Miner • 7 hours ago

“Be very careful not to invest a lot of money into something that could vanish very quickly.” You mean like the mortgage and bond markets did in 2008? Typical Wall Street scum bucket. No clue what he is talking about, trashing Bitcoin because Jamie pulls his strings. Most likely hoping to buy when the price drops from his uninformed statements. Tell you what Jordan, you keep right on preaching that crap as the world passes you by. Wonder if you'll be able to beg for Bitcoin on the street or will your pride prevent that? Maybe Jamie and you can share a cardboard box... Or a cell.


sjs • 11 hours ago

Just like Dimon, he is buying himself some banking establishment kudos with anti bitcoin rhetoric. For all we know he may well be invested in the very thing he castigates. It wouldn't be like him to miss out on the next opportunity to make a killing - the great wolf of wall street. Perrick. To be ignored!!


Paul Peters • 13 hours ago

You can store your bitcoins offline very simply. That solves the hacking problem.

And with the right hardware or a little practice you can still get transactions off in under 30 seconds. This guy doesn't know what he's talking about.

And even if for some reason you didn't store them offline it would still require user-error to allow someone access. The only "hacking" would be dependent on the person who owns them.


Rich Martel • 13 hours ago

Bahaha, what an idiot. You can't hack someone's Bitcoin! He doesn't even know what he's talking about!


Artem S. • 15 hours ago

As I see it, establishement, which Mr.Belfort obviously belongs to, is afraid of a gigantic black hole (Bitcoin) that has begun sucking all assets and fiat. Fiat money is controlled, inflated, very inefficient to transfer from peer to peer, and censored.


Antony Alloin • 15 hours ago

“the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking.”

Get educated fool!

"it’s essential for digital coins to get “some sort of backing” by central governments."

I, the central government of the decentralized interwebz, declare to back every bitcoin in existance with a worthless piece of paper.

“Be very careful not to invest a lot of money into something that could vanish very quickly.”
Yeah, just look at Venezuela!

This is so funny, I actually can't stop laughing reading this. One of the biggest stammers that lived is telling Bitcoin is a scam what a joke. Where do he and that Ceo come from, or most importantly what are they smoking on. Now I am getting bit suspicious these people are trying to get it to low price then buy it, go high and sell it, I believe they are making a fool out of us. We should stop giving them attention only.

[xaviervilla]

Damn bruh! This dude so stupid it makes me laugh instead of being mad! Haha. Clearly, that dbfck doesn’t have a clue what he is talking about and just jealous he couldn’t get ahit done with bitcoins or any other crypto currency because again, hes dumb and doesn’t understand sht about the crypto world. Lol. He wants attention to make other people hate crypto currencies and become as dumb as him so that he won’t be alone dreaming about having btc. If hetso smart, he should’ve researched about bitcoin first before spitting out sht.

[OmegaStarScream]

Banks get hacked as well and that could be easily avoided by buying a hardware wallet or storing bitcoins safely in a paper wallet. He clearly have no idea what he is talking about, we simply shouldn't give much attention about these comments anymore because I know we will see more of these in the future and their only goal is to try and to break bitcoin. The funny part is that this kind of comments always come from people who are themselves scammers and accused of fraud.

[jekjekman]

Hell yeah!, coming from the wolf of wall street that stole a big amount of money to the people of USA then now he called bitcoin as a fraud also, this people obviously want a free publicity for them. Who are him to say that bitcoin is a fraud, trusting a guy that did almost all of the vices in the world is like putting your money on the fire.

How I wish that one of the president of the most powerful countries will once say that bitcoin is a fraud. Most of the losers are the only one that saying bad things about bitcoins because they can't accept the fact that their time is over and a new thing is here. I feel sorry to this kind of people, they think that people nowadays is still gullible to what they say.

[Baofeng]

Hell yeah!, coming from the wolf of wall street that stole a big amount of money to the people of USA then now he called bitcoin as a fraud also, this people obviously want a free publicity for them. Who are him to say that bitcoin is a fraud, trusting a guy that did almost all of the vices in the world is like putting your money on the fire.

How I wish that one of the president of the most powerful countries will once say that bitcoin is a fraud. Most of the losers are the only one that saying bad things about bitcoins because they can't accept the fact that their time is over and a new thing is here. I feel sorry to this kind of people, they think that people nowadays is still gullible to what they say.

How ironic  that the so called wolf of wallstreet talking about stealing money. LOL. He is just full of bullcrap. Maybe a lot of them are really riding the coat tail of bitcoin because its really gaining some reputation now. And the likes of him talking about bitcoin will likely bring attention to himself and becoming relevant once again. People are already wise not to listen to them if they talk negative things about bitcoin because it is proven that is not true. Or quite the contrary, opening their mouths likely put new investors into the crypto sphere. Look at the price right now, suddenly past $4000 once again. I guess its has no effects already. We are already immune from such attacks.

[mr.mister]

How can we call Belfort, Dimon, and others who have come out with this type of stuff, MORONS, to their face? It would be ideal to be able to make them look stupid in front of a large audience.

[RoommateAgreement]

this is just another idiot trying to make his voice heard. although this time he is too late for spreading FUD to be able to take any kind of benefit from doing so.
this part of the quote is the best in my opinion:
“the biggest problem I see from Bitcoin, and why I would never buy it, is because they can easily steal it from you through hacking. I know people who lost all their money like that.”

somebody needs to remind him of all the credit card frauds and all the other hacks tha happen every day in all the different monetary systems and then compare it with the hacks tha happen to someone who owns a proper cold storage!

the thing is, you can never prevent someone from hacking your credit card but you can easily prevent them from hacking your cold storage!

[eternalgloom]

It's really pretty typical that Bitcoin is often bashed by people who don't seem to understand how Bitcoin works.

It's also possible to get hacked when you're online banking for example and the problem usually is due to user error regarding good security practices.

I'm sure that there will be other forms of crypto currencies that are going to be issued by banks or governments in the future, but I wouldn't be too sure if they would be able to top Bitcoin.

[mr.mister]

ROLMAO!!, at this Belfort, and your responses, which are so TRUE. Below I add a link of his interview when he says all of this. Listen to what a Weisel he is.

https://www.thestreet.com/story/14320675/1/bitcoin-is-a-fraud-says-wolf-of-wall-street-jordan-belfort.html

[Ryan Dugan]

Here let me help assist these oh so evolved wall street fools.

*Insert negative nonesense story* bitcoin.
*blah blah blah* bitcoin.
*bitcoin is bad blah blah blah*

Pretty much sums up anything they will ever happen to say.

All we hear is blah blah blah and our favourite word bitcoin.

Otherwise it is *blah blah blah, drugs, crime bitcoin blah blah blah*

With all the crap they talk you would think they would give up by now. I mean the first time people freaked out but now that we all know morgan and company are circus clowns none fear it and we all laugh at them. Experts indeed !!

[jorneyflair]

Sometimes it really feels like to me that these wall street names are simply trying to say stuff against bitcoin in order to accumulate bitcoin at a cheaper price. Of course another reason why they would say stuff like this is that they obviously do not want bitcoin to succeed as that would ruin their business.

Anyhow, bitcoin may be in a bubble but how can it be a fraud when it's got nobody controlling it?

In fact, central banking may just be the biggest fraud in the histoyr of the world with so much debt being carried.

[Yuhee]

Sometimes it really feels like to me that these wall street names are simply trying to say stuff against bitcoin in order to accumulate bitcoin at a cheaper price. Of course another reason why they would say stuff like this is that they obviously do not want bitcoin to succeed as that would ruin their business.

Anyhow, bitcoin may be in a bubble but how can it be a fraud when it's got nobody controlling it?

In fact, central banking may just be the biggest fraud in the histoyr of the world with so much debt being carried.

I got your point on the banks because most hacked money was from banks accounts or any transactions online that is connected to some master card. For me it is more risky to put money on bank because you should have maintaining balance to meet to avoid them from charging you. For people with little money like me would have an issue like this but i guess for those wall streets they are not having that issue thats why they called btc as to be easily hacked. I am more secured in private wallet than even in banks.

[CuriousGeorge]

I'm surprised caused by jordan belfort scammer said the bitcoin just a fraud. The more grandpa and scammer said that bitcoin as another fraud and the market will have a better immutability.

he pleaded guilty to fraud and related crimes in connection with stock-market manipulation and running a boiler room as part of a penny-stock scam. Belfort spent 22 months in prison as part of an agreement under which he gave testimony against numerous partners and subordinates in his fraud scheme.

https://en.wikipedia.org/wiki/Jordan_Belfort


What a shame because jordan was a scammer, Because he was fuckin payless shoes.

[joebrook]

The more attention we give to these kind of people, the worst it is for Bitcoin. No matter the product/Currency or whatever you call it, anything that is innovative/out of the ordinary it is, is bound to criticism. It's not worth giving them the attention they want, often, they are hoping to influence the price so they can buy when the price falls.

We can without doubt blame ourselves for listening to these people and then from what they say we will act in a frenzy and sell our bitcoins. They are without doubt threatened by bitcoins and they will do anything to bring it down for their own selfish interests.Never mind the taunts of the enemy.