[2018-02-28] J.P Morgan Sees Crypto As ‘Competition’ And ‘Risk’ To Its Business

[Sword555]

J.P. Morgan Chase has added a segment on cryptocurrencies to the “Risk Factor” section of their 2017 annual report to the US Securities and Exchange Commission (SEC), filed yesterday, Feb. 27.

The annual report mentions cryptocurrencies under the “Competition” subsection when describing how new competitors have emerged that threaten J.P. Morgan’s operations:

“Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.”


https://cointelegraph.com/news/jp-morgan-sees-crypto-as-competition-and-risk-to-its-business-in-sec-annual-report

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[Slow death]

"J.P Morgan Sees Crypto As ‘Competition’ And ‘Risk’ To Its Business "

 

interesting

JPMorgan Chase & Co., a holding company incorporated under Delaware law in 1968 and headquartered in New York, is the world's leading financial services institution and the third largest company in the world according to Forbes magazine. It has 2.3 trillion USD in assets, the result of profit margins obtained from the investments of the shareholders. The company currently operates in more than 100 countries. It is known for funding the millionaire US Open tennis tournament.

According to the Canadian documentary The Corporation (2003) by Mark Achbar and Jennifer Abbott, based on Joel Bakan's eponymous book, JPMorgan Chase & Co. participated in an attempt to overthrow President Roosevelt (see: Business Plot ).

In 2012, JP Morgan reported a billion dollar loss in unsuccessful credit operations as a result of flagrant errors, in the words of its chief executive Jamie Dimon. Traders may have tried to hide the extent of the diamond, according to the bank's own information. JPMorgan is already under investigation by several institutions, from the FBI to the Financial Services Authority, UK. With the revelation that traders may have deliberately lied about their positions, investigations on the bank tend to be intensified.

JPMorgan was one of the inventors of credit derivatives, and its investment bank is one of the largest traders of this product in the New York markets.

It seems that attempts to discredit bitcoin have not worked out and are now acting cautiously and assuming that maybe bitcoin will destroy their business that exploits the poor because the poor do not have the money to finance anything so they make a pact with these guys and get into debt forever. bankers get very rich at the expense of the suffering of others

“Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.”

welcome to the technology era

[michkima]

I guess they are now recognizing bitcoin and not just shrugging it off saying it is nothing. In the past these companies and well-known people in finance have always been against bitcoins and has not even gave it credit to the technology it has over fiat. But, compared to fiat, bitcoins will be superior to it in a lot of aspects. Problem is the world is afraid of a decentralized system where no outside control can influence it.

[entrepmind23]

Most of the time it is the bankers that always appears in the media and say something about bitcoin. It is obvious that they are bias against it because they can see it as competition to their business. We can see banks suspending accounts because it is related to cryptocurrency since they don't want people to be involved in their competition. Some banks just immediately suspend an account even if the account holder did not violate anything simply because it is transferring account from/to a crypto exchange. Eventually when more people gets involved in crypto, they would not get involved with that bank again which is a disadvantage on the bank because they will have less funds and costumers. It would just backfire to them.

[aeternus]

"J.P Morgan Sees Crypto As ‘Competition’ And ‘Risk’ To Its Business "

 

interesting

JPMorgan Chase & Co., a holding company incorporated under Delaware law in 1968 and headquartered in New York, is the world's leading financial services institution and the third largest company in the world according to Forbes magazine. It has 2.3 trillion USD in assets, the result of profit margins obtained from the investments of the shareholders. The company currently operates in more than 100 countries. It is known for funding the millionaire US Open tennis tournament.

According to the Canadian documentary The Corporation (2003) by Mark Achbar and Jennifer Abbott, based on Joel Bakan's eponymous book, JPMorgan Chase & Co. participated in an attempt to overthrow President Roosevelt (see: Business Plot ).

In 2012, JP Morgan reported a billion dollar loss in unsuccessful credit operations as a result of flagrant errors, in the words of its chief executive Jamie Dimon. Traders may have tried to hide the extent of the diamond, according to the bank's own information. JPMorgan is already under investigation by several institutions, from the FBI to the Financial Services Authority, UK. With the revelation that traders may have deliberately lied about their positions, investigations on the bank tend to be intensified.

JPMorgan was one of the inventors of credit derivatives, and its investment bank is one of the largest traders of this product in the New York markets.

It seems that attempts to discredit bitcoin have not worked out and are now acting cautiously and assuming that maybe bitcoin will destroy their business that exploits the poor because the poor do not have the money to finance anything so they make a pact with these guys and get into debt forever. bankers get very rich at the expense of the suffering of others

“Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.”

welcome to the technology era

It was time for that to happen, almost every sphere of our lives has been affected by the way we use technology it is great that finally banking will go through a transformation as well, they are not liking it one bit and I understand them they have been so powerful for so long they thought they will always be on the top but now bitcoin is showing them that is not the case.

[onrise]

I guess they are now recognizing bitcoin and not just shrugging it off saying it is nothing. In the past these companies and well-known people in finance have always been against bitcoins and has not even gave it credit to the technology it has over fiat. But, compared to fiat, bitcoins will be superior to it in a lot of aspects. Problem is the world is afraid of a decentralized system where no outside control can influence it.

Very much possible that JPM thinking as a threat and due to which last year JPM CEO was telling that bitcoin is nothing more than bubble. Ideally he wanted to avoid the competition rising form crypto and due to which he was telling those statements now we can conclude if the above OP what said is true.

[Harlot]

Honestly I think this is a good news. It is the first time I am seeing a business is competing on a payment system that is not being handled by any company. The competition will obviously make the fees of their services be competitive with what the cryptocurrencies are offering. If the threat to banks or other related financial institution are real then we might be seeing good rates including their interest rates as well as other financing services. This will start to make greedy people a run for their money and they can't do anything to stop cryptocurrencies.

[orions.belt19]

I guess they are now recognizing bitcoin and not just shrugging it off saying it is nothing. In the past these companies and well-known people in finance have always been against bitcoins and has not even gave it credit to the technology it has over fiat. But, compared to fiat, bitcoins will be superior to it in a lot of aspects. Problem is the world is afraid of a decentralized system where no outside control can influence it.

Actually, they treat bitcoin as if it were a fly. They see it as a nuisance, something that bothers them but not worth much of their attention. Right from the very start, they have been negative with bitcoin and it's either they're too stubborn headed or simply uninterested. This is the normal behavior and reaction of people to unfamiliar things to them.

Bitcoin has its advantages over fiat but for now, it's not yet superior over it. In many ways, fiat is still more adoptable compared to bitcoin but we can't say what will be the future for it.