[2018-01-09]Jamie Dimon: ‘I regret’ calling bitcoin a fraud

[vit05]

   https://www.ft.com/content/e04e359a-e9e9-3f8e-8e2f-3f4373e5efb0

   Jamie Dimon says he “regrets” his now infamous criticism of bitcoin, in which he called the cryptocurrency a “fraud”.

The JPMorgan Chase chief executive on Tuesday softened the comments he made at a banking conference in September, saying in an interview on FOX Business Network, a US television station, that “I regret making them”.

Mr Dimon said that he personally is “not interested in the subject at all”. However, he said that blockchain, the ledger system that powers bitcoin and is also being used by an increasing number of companies for record keeping, “is real”.

He added that initial coin offerings need to be reviewed “individually”. ICOs in which investors pay in cryptocurrency for a company’s “tokens” have been the subject of fraud alerts from US regulators since they provide few investor protections.

Mr Dimon is one of the highest-profile executives on Wall Street. His remarks in September were met with anger from many in the cryptocurrencies community, but also echoed by other top executives, including Larry Fink, chairman and chief executive of BlackRock.


https://www.ft.com/content/e04e359a-e9e9-3f8e-8e2f-3f4373e5efb0

[1Referee]

Now clients connected to his bank are investing in Bitcoin, it's suddenly time for regrets, smart mainstream media move. I from the very first moment didn't believe his 'Bitcoin is a fraud' claim. It was nothing more than him abusing his position in the financial world to get Bitcoin to tank, which it somewhat did, but I am sure that he was hoping for more. I however find it a bit embarrassing that he used his position as backup, where I am also inclined to think that his action is very much related to insider trader. I think he can thank Bitcoin's unregulated nature for going out free in this case, because usually when institutions do something like this, it has severe consequences for them.

[J. Cooper]

So even Jamie Dimon made an impressive U-turn and ends up coming back to his bold and ignorant statement earlier. This only demonstrates that even bitcoin's biggest critics are slowly but surely becoming converts themselves. I agree that ico's need to be reviewed though since it's a business like any other except for the fact that they create their own cryptocurrency and are funded by crypto.

[darkangel11]

So even Jamie Dimon made an impressive U-turn and ends up coming back to his bold and ignorant statement earlier. This only demonstrates that even bitcoin's biggest critics are slowly but surely becoming converts themselves. I agree that ico's need to be reviewed though since it's a business like any other except for the fact that they create their own cryptocurrency and are funded by crypto.

This proves that he's smart. He knew he was making a fool of himself and i'm pretty sure some well known and smart people have reached out to him to explain how blockchain works and prove him wrong. We all read the story about his daughter who is a crypto investor, just like so many of us here on this forum.
As for the ICOs, many of them are scams, but it's the same in the startup world. I've seen so many huge startups that were crowdfunded and ended up as scams. One of the biggest ones is solar roadways. https://en.wikipedia.org/wiki/Solar_Roadways It's not an outright scam, but a huge waste of money, money that will never see ROI but will eat up billions in maintenance. Many ICOs are like that and investors will never see their return. Such is life...

[cybersofts]

Umm... Look at this fool called Jamie Dimon, now regretting calling bitcoin a "fraud" while he single-handedly dropped bitcoin price from $4,700 to $2,880 in the past. This guy hurt us good that time. Are we to forgive and forget now or what? He did put us in serious pain, though.

[superjeyy]

So even Jamie Dimon made an impressive U-turn and ends up coming back to his bold and ignorant statement earlier. This only demonstrates that even bitcoin's biggest critics are slowly but surely becoming converts themselves. I agree that ico's need to be reviewed though since it's a business like any other except for the fact that they create their own cryptocurrency and are funded by crypto.

This just goes to show how Bitcoin has proved everyone wrong by labelling it a fraud or a scam. I guess people don't really take into account or even consider understanding the concept of cryptocurrency and how valuable it can be in the long run. I am glad that someone as credible as Jamie Dimon had the guts to admit that he was wrong and is actually doing his part of researching and studying about Bitcoin. For someone as big as him to take back what he said about Bitcoin can make an impact towards the views of people and actually take this venture seriously.

[amrahova_s]

Yeap, first they say nonsense, then apologize, nice.
My fav quote of Jamie is that he don`t care about bitcoin, but in fact all he talks about is it, lol

This video meme about Jamie made me laugh so hard 

https://www.youtube.com/watch?v=aXQ1iWZTLwc&feature=youtu.be

[aoluain]

So even Jamie Dimon made an impressive U-turn and ends up coming back to his bold and ignorant statement earlier. This only demonstrates that even bitcoin's biggest critics are slowly but surely becoming converts themselves. I agree that ico's need to be reviewed though since it's a business like any other except for the fact that they create their own cryptocurrency and are funded by crypto.

This proves that he's smart. He knew he was making a fool of himself and i'm pretty sure some well known and smart people have reached out to him to explain how blockchain works and prove him wrong. We all read the story about his daughter who is a crypto investor, just like so many of us here on this forum.
As for the ICOs, many of them are scams, but it's the same in the startup world. I've seen so many huge startups that were crowdfunded and ended up as scams. One of the biggest ones is solar roadways. https://en.wikipedia.org/wiki/Solar_Roadways It's not an outright scam, but a huge waste of money, money that will never see ROI but will eat up billions in maintenance. Many ICOs are like that and investors will never see their return. Such is life...

what a plonker he is.
he tried to damage Bitcoin last year and it had no long term effect,
and now he has to be seen to talk positively for his potential customers [futures traders]

[buwaytress]

This proves that he's smart. He knew he was making a fool of himself and i'm pretty sure some well known and smart people have reached out to him to explain how blockchain works and prove him wrong. We all read the story about his daughter who is a crypto investor, just like so many of us here on this forum.
As for the ICOs, many of them are scams, but it's the same in the startup world. I've seen so many huge startups that were crowdfunded and ended up as scams. One of the biggest ones is solar roadways. https://en.wikipedia.org/wiki/Solar_Roadways It's not an outright scam, but a huge waste of money, money that will never see ROI but will eat up billions in maintenance. Many ICOs are like that and investors will never see their return. Such is life...

This does prove he's a lot smarter than he wants people to take him for, but not because he was making a fool of himself. If you remember, his corporation bought into Bitcoin right after he made that statement - no purchase could have been sanctioned without his approval. He made a calculated statement, got the desired effect (helped drop the price) and bought at a delicious dip that turned 20% profit within a week after the price recovered.

Start ups, by nature, are extremely risky for any business model. But the way ICOs were and continue to be run, they get away with a lot of crap that wouldn't even past the most basic of typical due diligence. If Jamie and co. were to review ICOs individually, now that might be something to keep an eye out for.

[J. Cooper]

So even Jamie Dimon made an impressive U-turn and ends up coming back to his bold and ignorant statement earlier. This only demonstrates that even bitcoin's biggest critics are slowly but surely becoming converts themselves. I agree that ico's need to be reviewed though since it's a business like any other except for the fact that they create their own cryptocurrency and are funded by crypto.

This proves that he's smart. He knew he was making a fool of himself and i'm pretty sure some well known and smart people have reached out to him to explain how blockchain works and prove him wrong. We all read the story about his daughter who is a crypto investor, just like so many of us here on this forum.

I'm not sure if he knew he was making a fool of himself initially (now he certainly does) but maybe at that time it was a good decision for him to make. Now that he clearly has learned alot about bitcoin and cryptocurrency he's come back to his original statement and I respect that. It take guts to publicly admit you were wrong.

As for the ICOs, many of them are scams, but it's the same in the startup world. I've seen so many huge startups that were crowdfunded and ended up as scams. One of the biggest ones is solar roadways. https://en.wikipedia.org/wiki/Solar_Roadways It's not an outright scam, but a huge waste of money, money that will never see ROI but will eat up billions in maintenance. Many ICOs are like that and investors will never see their return. Such is life...

It's not like 'startup scams' are crypto specific. Quite contrary, I think the introduction of ICO's has been a major boost for cryptocurrency and eventhough it has gotten a negative connotation, it still serves a big purpose in the ecosystem.

[pavelkor]

in September, Dimon called bitcoin a fraud. On Tuesday, he regretted making that comment.

"The blockchain is real," Dimon told Fox Business. "You can have crypto dollars in yen and stuff like that. ICOs ... you got to look at every one individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people."

it is good that he has admitted his error, strong and clever guy should do this, that how i see the man's way to be

[Qartersa]

I did not see this coming. In fact, it was too fast a call.

But anyway it is with blockchain technology that he is interested with, not with Bitcoin per se. Although he may later on consider the factual circumstances of Bitcoin because of its use of the blockchain technology. Nonetheless, while his remarks may influence a number of investors, the existence of Bitcoin is still not dependent on such remarks. It will continue to have existence just that the price may vary significantly because of the fluctuating supply and demand due to external influences that affects investors and would-be investors.

[iram1011]

Well, as much an influential and an expert is as a banker. It's safe to think that his opinions cryptocurrency are nothing to go by. And neither are Warren Buffet's any good. Bitcoin is nothing like any problem they have or anyone has tackled before. It fits the definition of a 'financial bubble' but at the same time the underlying blockchain technology is being hailed as a revolution. So if last few years are anything to go by there is nothing stopping cryptocurrency is next few years at least.

[Harlot]

Good thing that he is regretting what he said about Bitcoin as he made a bold statement about it that until now I can't forget which he said that people who are buying Bitcoin are stupid and if he finds out that his employees are buying Bitcoin they will be fired as they are as well stupid. He have hit a lot of people even bigger names compared to him. But if Jamie Dimon regrets it and sees the potential of blockchain technology other known personalities might soon follow his footsteps.