JP Morgan Disses Bitcoin

[zulu860]

Released on 11th February, a new report by US-based multinational financial services company JPMorgan issued a sharp critique of bitcoin and other digital currencies.

The eight-page report, authored by the company’s head of global FX strategy, John Normand, aimed to present the “risks and opportunities” posed by bitcoin.

However, throughout the text, Normand puts much of his focus on the former category.

Most notably, Normand suggests that bitcoin is “vastly inferior to fiat currencies” on several counts, and that it is unlikely to ever be afforded the status of legal tender by world governments. The later quality, Normand says, casts the most doubt on



Continue Reading here:
http://www.coindesk.com/jpmorgan-report-bitcoin-inferior-fiat-currency/

[atp1916]

Wall Street has no cred.

Crooks

[techstorm2]

Why would we listen to the biggest crooks on the planet, here is a list of current JPM fines since 2010, these are the ones they were caught for or owned up to, god knows how many went hidden.

Get the FUD out of here, JP morgan.

Oct. 2013: $100 million: Agreed to pay a $100 million fine and admit to reckless conduct and market manipulation in connection with its 2012 "London whale" trading debacle, the Commodity Futures Trading Commission announced.

Sept. 2013: $920 million – Paid to the Federal Reserve, Securities and Exchange Commission, Office of Comptroller of the Currency and the United Kingdom's Financial Conduct Authority to settle claims about management and oversight of traders involved in the "London Whale" disaster. The bank also admitted wrongdoing in the trading episode, which caused roughly $6 billion in losses.

REPORTS: JPMorgan strikes tentative $13B mortgages settlement

Sept. 2013: $389 million – A total of $80 million in fines paid plus $309 million in refunds after regulators charged that more than 2.1 consumers were harmed by unfair billing practices that charged for credit monitoring services they did not receive. The settlement also covered allegations that consumers were harmed by mistakes in thousands of debt-collection lawsuits.

July 2013: $410 million – Penalties and repayments related to Federal Energy Regulatory Commission findings of alleged bidding manipulation of California and Midwest electricity markets from Sept. 2010 through Nov. 2012.

January 2013 and Feb. 2012: $1.8 billion – Two agreements in which JPMorgan joined other major banks in a nationwide settlement over allegations the institutions improperly carried out home foreclosures after the housing market crisis. JPMorgan also agreed to $3.7 billion for financially troubled homeowners and roughly $540 million in refinancing.

November 2012: $296.9 million – Paid to settle SEC allegations that the bank misstated information about the delinquency status of mortgages that served as financial collateral for a securities offering underwritten by the bank. JPMorgan received more than $2.7 million in fees on the offering, while investors sustained at least $37 million in losses.

August 2012: $1.2 billion – The bank's share of a broad settlement resolving a class-action lawsuits that alleged JPMorgan, other banks, Visa and Mastercard improperly conspired to set the price of credit and debit card interchange fees.

April 2012: $20 million – Paid to settle Commodity Futures Trading Commission allegations that the bank improperly extended credit to Lehman Brothers based in part on customer funds that were required to be kept separate.

August 2011: $88.3 million – Fines settling allegations by the Treasury Department's Office of Foreign Assets Control that the bank improperly processed transactions involving Cuba, Iran and Sudan.

July 2011: $228 million – Settling SEC allegations that the bank fraudulently rigged at least 93 municipal bond transactions in 31 states, generating millions of dollars in ill-gotten gains.

June 2011: $153.6 million – Penalties to the SEC in settling allegations that the bank misled investors about a collateralized debt obligation it marketed without telling them a hedge fund chosen the underlying collateral and made investment bets it would fail.

April 2011: $56 million – Paid to settle claims the bank overcharged active-duty service members on their mortgages. The agreement included $27 million in cash to approximately 6,000 military personnel, lower interest rates on soldiers' home loans and the return of homes taken in improper foreclosures.

June 2010: $48.6 million – Fine paid to settle allegations by Great Britain's financial regulator that the bank's London unit failed to maintain required separation between clients' accounts and JPMorgan funds.

[hilariousandco]

What do you expect them to say. Bitcoin / cryptocurrencies are probably the biggest threat to how they operate. They can't benefit from it at all.

[BTCIndia]

Any URL to detailed report for further read?

[techstorm2]

Any URL to detailed report for further read?

http://www.usatoday.com/story/money/business/2013/10/19/jpmorgan-chase-major-settlements/2901501/

[BTCIndia]

Any URL to detailed report for further read?

http://www.usatoday.com/story/money/business/2013/10/19/jpmorgan-chase-major-settlements/2901501/

Thanks a tonne! God bless you! But there ain't any detailed report m'friend.

[Rannasha]

What do you expect them to say. Bitcoin / cryptocurrencies are probably the biggest threat to how they operate. They can't benefit from it at all.

Exactly. Their response is hardly surprising. It's like asking your national postal service 15-20 years ago how they feel about email.

[zulu860]

What do you expect them to say. Bitcoin / cryptocurrencies are probably the biggest threat to how they operate. They can't benefit from it at all.

Exactly. Their response is hardly surprising. It's like asking your national postal service 15-20 years ago how they feel about email.

nice lol

[D05GTO]

What do you expect them to say. Bitcoin / cryptocurrencies are probably the biggest threat to how they operate. They can't benefit from it at all.

Exactly. Their response is hardly surprising. It's like asking your national postal service 15-20 years ago how they feel about email.

LOL, that is soooo true.

[Gabi]

Considering who said that, i consider it a good news

[virtualmaster]

They like only slavecoins:
https://en.wikinews.org/wiki/JP_Morgan_apologizes_for_slavery

[teukon]

Normand suggests that bitcoin is “vastly inferior to fiat currencies” on several counts

... including:

• Inability to distinguish counterfeiting from official counterfeiting;
• Inability to distinguish theft from official theft;
• Inability to distinguish money laundering from official money laundering.

The principle problem with Bitcoin is that there is only one level to the playing field.

[franky1]

JPmorgan makes me laugh.. and this is why

to work for JPmorgan and trade currencies you need:
1. to have gone to a top college
2. to own a good suit to wear
3. have a perfect resume/CV
4. hope you out of the other 1000 applicants gets the job

all of this to offer people under 5% interest a year on their investments.

meanwhile yesterday i made 10% in one day, in my underpants.

so when it comes to JPMorgans opinions on the best way to trade currencies.. i find him lacking alot

[hilariousandco]

JPmorgan makes me laugh.. and this is why

to work for JPmorgan and trade currencies you need:
1. to have gone to a top college
2. to own a good suit to wear
3. have a perfect resume/CV
4. hope you out of the other 1000 applicants gets the job

all of this to offer people under 5% interest a year on their investments.

meanwhile yesterday i made 10% in one day, in my underpants.

so when it comes to JPMorgans opinions on the best way to trade currencies.. i find him lacking alot

Haha. I lost 10% yesterday in mine .

[atc1]

No surprises here.

[Its About Sharing]

Further JP Morgan stated (off the record):
"How can we control people, companies, governments, etc. if we don't control the production of money? We must be able to print money as we desire, to keep the classes separate. For example, paying off our minions.
When people wake up to the fact that mathematics and cryptography is more secure than a centralized corrupt institution, our game will be over.
Till that time arrives, we will vehemently fight these currencies which hope to free people. We are here to enslave and in-debt people, not free them. (laughter)"

So they know...
Its about sharing

[BittBurger]

Why would we listen to the biggest crooks on the planet, here is a list of current JPM fines since 2010, these are the ones they were caught for or owned up to, god knows how many went hidden.

Get the FUD out of here, JP morgan.

Oct. 2013: $100 million: Agreed to pay a $100 million fine and admit to reckless conduct and market manipulation in connection with its 2012 "London whale" trading debacle, the Commodity Futures Trading Commission announced.

Sept. 2013: $920 million – Paid to the Federal Reserve, Securities and Exchange Commission, Office of Comptroller of the Currency and the United Kingdom's Financial Conduct Authority to settle claims about management and oversight of traders involved in the "London Whale" disaster. The bank also admitted wrongdoing in the trading episode, which caused roughly $6 billion in losses.

REPORTS: JPMorgan strikes tentative $13B mortgages settlement

Sept. 2013: $389 million – A total of $80 million in fines paid plus $309 million in refunds after regulators charged that more than 2.1 consumers were harmed by unfair billing practices that charged for credit monitoring services they did not receive. The settlement also covered allegations that consumers were harmed by mistakes in thousands of debt-collection lawsuits.

July 2013: $410 million – Penalties and repayments related to Federal Energy Regulatory Commission findings of alleged bidding manipulation of California and Midwest electricity markets from Sept. 2010 through Nov. 2012.

January 2013 and Feb. 2012: $1.8 billion – Two agreements in which JPMorgan joined other major banks in a nationwide settlement over allegations the institutions improperly carried out home foreclosures after the housing market crisis. JPMorgan also agreed to $3.7 billion for financially troubled homeowners and roughly $540 million in refinancing.

November 2012: $296.9 million – Paid to settle SEC allegations that the bank misstated information about the delinquency status of mortgages that served as financial collateral for a securities offering underwritten by the bank. JPMorgan received more than $2.7 million in fees on the offering, while investors sustained at least $37 million in losses.

August 2012: $1.2 billion – The bank's share of a broad settlement resolving a class-action lawsuits that alleged JPMorgan, other banks, Visa and Mastercard improperly conspired to set the price of credit and debit card interchange fees.

April 2012: $20 million – Paid to settle Commodity Futures Trading Commission allegations that the bank improperly extended credit to Lehman Brothers based in part on customer funds that were required to be kept separate.

August 2011: $88.3 million – Fines settling allegations by the Treasury Department's Office of Foreign Assets Control that the bank improperly processed transactions involving Cuba, Iran and Sudan.

July 2011: $228 million – Settling SEC allegations that the bank fraudulently rigged at least 93 municipal bond transactions in 31 states, generating millions of dollars in ill-gotten gains.

June 2011: $153.6 million – Penalties to the SEC in settling allegations that the bank misled investors about a collateralized debt obligation it marketed without telling them a hedge fund chosen the underlying collateral and made investment bets it would fail.

April 2011: $56 million – Paid to settle claims the bank overcharged active-duty service members on their mortgages. The agreement included $27 million in cash to approximately 6,000 military personnel, lower interest rates on soldiers' home loans and the return of homes taken in improper foreclosures.

June 2010: $48.6 million – Fine paid to settle allegations by Great Britain's financial regulator that the bank's London unit failed to maintain required separation between clients' accounts and JPMorgan funds.

Gold ^^^^^^

Repost this in the comments section of every article mentioning banks and their take on Bitcoin.

Needs to be repeated ad nauseum.

-B-

[pstop1]

Dissing bitcoins is bad
k.

[Wilikon]

Released on 11th February, a new report by US-based multinational financial services company JPMorgan issued a sharp critique of bitcoin and other digital currencies.

The eight-page report, authored by the company’s head of global FX strategy, John Normand, aimed to present the “risks and opportunities” posed by bitcoin.

However, throughout the text, Normand puts much of his focus on the former category.

Most notably, Normand suggests that bitcoin is “vastly inferior to fiat currencies” on several counts, and that it is unlikely to ever be afforded the status of legal tender by world governments. The later quality, Normand says, casts the most doubt on



Continue Reading here:
http://www.coindesk.com/jpmorgan-report-bitcoin-inferior-fiat-currency/

I am not really sure why we should have expected anything but this conclusion from a system that will be disrupted by Bitcoin. The way I read this report is "We looked closely at this bitcoin stuff and we need all our political clout to stop it or we are doomed. We made fun of it at its start but our core tech guys are saying now "Yeah! That thing has legs". Making fun of it did not work so now we need to attack, attack attack... But indirectly as we do not want to be seen as openly going against the most advanced technological idea since Gutenberg, and thus against future tech investments. Operation "Kill Tesla's Free Energy" is back again people!"