JP Morgan completely changes its stance on bitcoin

[simongoat]

Its funny how after releasing their own JPM coin JP Morgan have done a complete u-turn and are now endorsing cryptos (providing you still use a normal bank sevice of course). When JP Morgan slated bitcoin last year there was a sudden price drop. Even though they were caught buying bitcoin on the dip for their clients the facade was allowed to continue. Pretending to rubbish publicly something whilst secretly working on it is the oldest trick in the book and its sad that so many people still take taken in by this game. I suspect that any day China is going to declare its support for crypto and lift its ban even though we all know its working on blockchain projects in the background. It just means we have to wait longer for the price to go up I guess.

Here is the JP Morgan article
https://www.newsbtc.com/2019/03/20/jpmorgan-executives-flip-bullish-on-crypto-after-jpm-coin-release/

[1714668137]

1714668137

[1714668137]

1714668137

[1714668137]

1714668137

[1714668137]

1714668137

[dothebeats]

I don't think they are fully endorsing cryptocurrencies immediately after releasing a press statement regarding their plans on the launch of their own coin. I'm still skeptical about JP Morgan's position in the cryptosphere as they--or should I say their CEO--are still on a badmouthing spree concerning bitcoin and crypto in general. For now, let them launch their own coin first and see whether after positive public perception, they will get their heads turned around for real for the first time, but I highly doubt that.

[mk4]

I don't get it? Where's the "Bullish on Crypto" part on the article's title? Because I really can't see it. It's just a clickbait title if anything.

Also, your topic title states: "Re: JP Morgan completely changes its stance on bitcoin". But they didn't though?

[carter34]

Your topic and what it contains is a little different. You mean JP Morgan going back from not supporting bitcoin or supporting with there coin...

I suspect that any day China is going to declare its support for crypto and lift its ban even though we all know its working on blockchain projects in the background. It just means we have to wait longer for the price to go up I guess.

I rather would expect a major bull if China declares publicly, there turning around to endorse bitcoin. Chinese would immediately buy in and we know they have large population. This will bring increase demand.

[Artemis3]

Its funny how after releasing their own JPM coin JP Morgan have done a complete u-turn and are now endorsing cryptos (providing you still use a normal bank sevice of course). When JP Morgan slated bitcoin last year there was a sudden price drop. Even though they were caught buying bitcoin on the dip for their clients the facade was allowed to continue. Pretending to rubbish publicly something whilst secretly working on it is the oldest trick in the book and its sad that so many people still take taken in by this game. I suspect that any day China is going to declare its support for crypto and lift its ban even though we all know its working on blockchain projects in the background. It just means we have to wait longer for the price to go up I guess.

More like pragmatism. True money making people will have to sooner or later understand that the genie is out of the bottle, and the time has come for them to revise their business.

From time to time a technology comes that renders whole sectors of industry obsolete, and refusing to see whats in front of them just because their traditional business gave them profits for a century, doesn't mean they woun't be forced to change, they will, and so will the banks, which will shrink and or morph.

Perhaps sooner than later even banks will start thinking about a 100% reserve banking, exactly like the Austrian economists wished.

In such a bank: You would normally have to pay fees to keep your money stored (could be a single fee for each deposit/withdraw, like you see today with exchanges. That is unless you voluntarily lend your money, for a given period of time. During this period your money will be unavailable. Again, a few exchanges already do this.

So i maintain my posture that crypto exchanges and banks will come to fuse together, and they will bridge the transition from fiat to crypto for how many decades humanity may require. Those not doing so will be cast aside by progress, as many older but formerly lucrative business did.

The rest of the financing sector is more or less in the same situation, the world history has changed after Bitcoin.

[Erickan]

Your topic and what it contains is a little different. You mean JP Morgan going back from not supporting bitcoin or supporting with there coin...

I suspect that any day China is going to declare its support for crypto and lift its ban even though we all know its working on blockchain projects in the background. It just means we have to wait longer for the price to go up I guess.

I rather would expect a major bull if China declares publicly, there turning around to endorse bitcoin. Chinese would immediately buy in and we know they have large population. This will bring increase demand.

Of course, if China participates in the game, it will be good for the price of the market, but you should not expect too much into China. If you have no faith in bitcoin , the potential of blockchain, but just waiting for salvation from Chinese , you should stop playing.

[alisafidel58]

JP Morgan still sits by there stand against Bitcoin but not with the technology behind it, well I guess they putting the technology so that their reach can spread from the different part of the world.

[simongoat]

I don't get it? Where's the "Bullish on Crypto" part on the article's title? Because I really can't see it. It's just a clickbait title if anything.

Also, your topic title states: "Re: JP Morgan completely changes its stance on bitcoin". But they didn't though?

The fact that they are releasing their own crytpocurrency means that they are bullush on crypto don't you think?

As far as JP Morgan changing its stance, do you recall this statement?

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would fire any employee trading bitcoin for being “stupid.”

A U-turn if ever I saw one.

https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

[gentlemand]

The fact that they are releasing their own crytpocurrency means that they are bullush on crypto don't you think?

No. Their 'coin' is not a cryptocurrency. It's a dollar token that uses elements of cryptocurrency's technology to operate.

It has the exact same issues as the dollar itself with plenty of its own on top as an extra enticement. And it doesn't look like it'll be available to anyone other than the banks themselves for their internal operations.

[logfiles]

Who gives a fuck a bought JP morgan's moves anyway?

They decided to go down a dark park talked ill about BTC and cryptos last time round and now they are coming up with their own coin?
Well fuck them, Let them die with their garbage coin. We shouldn't even give them any sort of attention or something.

[Jating]

They didn't change their stance on bitcoin or the rest of the crypto.

What they did is have their own token, (I wouldn't call it a crypto), and take advantage of blockchain technology. Also, you have to understand that this is a private token and for their own personal used only. So there's nothing to celebrate with those news.

[Fredomago]

Your topic and what it contains is a little different. You mean JP Morgan going back from not supporting bitcoin or supporting with there coin...

I suspect that any day China is going to declare its support for crypto and lift its ban even though we all know its working on blockchain projects in the background. It just means we have to wait longer for the price to go up I guess.

I rather would expect a major bull if China declares publicly, there turning around to endorse bitcoin. Chinese would immediately buy in and we know they have large population. This will bring increase demand.

The large populations of china will surely create a big impact to this industry, there's no question about that and moving back to what OP's statement, there's still no clear stand coming from JP even they are launching their own coin, there's still clarifications that we needed to see or hear from them,
we still need to assess and observed the next actions that they will take.

[Leonardo7]

If the bank can't defeat or silence anything that threatens its existence, they will have to find a way around it and buy into the idea. This is to guarantee their business continuity and of course more profit making. Make no mistake, they don't mean well for their customers, just permanent interest.

[teejayrichard2]

On this JP Morgan issue, I have not really taken any stance yet. I am still observing JP Morgan and the decisions they make. In the world today everyone is after what will benefit them and sometimes have to critisize others just to have what they support rise. JP Morgan is just after what will profit them and since Bitcoin has refused to phase out despite all the negative news thrown at it, they decided to join the crypto world but then let's see how things will play in the future.

[kryptqnick]

I don't get it? Where's the "Bullish on Crypto" part on the article's title? Because I really can't see it. It's just a clickbait title if anything.

Also, your topic title states: "Re: JP Morgan completely changes its stance on bitcoin". But they didn't though?

Yeah, I also opened this thread to give a chance to the implausible idea that JP Morgan suddenly stopped only caring about itself and actually recognized Bitcoin. I am disappointed now, because nothing new happened. The article is indeed not names in the right way, because being 'bullish' about their own pseudo-coin they might want to call crypto is not the same as truly admiring the top cryptocurrencies. The name of the thread is even more misleading, since there's nothing about Bitcoin in the article at all.
So, to conclude: JP Morgan is still being a rich dick that wants to gain as much profit as possible and kill any attempts of participating in a free unregulated market.

[mohammedmattar]

Who gives a fuck a bought JP morgan's moves anyway?

They decided to go down a dark park talked ill about BTC and cryptos last time round and now they are coming up with their own coin?
Well fuck them, Let them die with their garbage coin. We shouldn't even give them any sort of attention or something.

That seems to be the case
There is no currency here
JPMorgan is trying hard to maintain the status of banks
They see BTC as a threat to banks
Although this is not true in this sense, there are prospects for coexistence.
 

[tomahawk9]

I don't get it? Where's the "Bullish on Crypto" part on the article's title? Because I really can't see it. It's just a clickbait title if anything.

Also, your topic title states: "Re: JP Morgan completely changes its stance on bitcoin". But they didn't though?

The fact that they are releasing their own crytpocurrency means that they are bullush on crypto don't you think?

As far as JP Morgan changing its stance, do you recall this statement?

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would fire any employee trading bitcoin for being “stupid.”

A U-turn if ever I saw one.

https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

JPM launching their own coin (which is pegged to the US dollar, so it's more like a stable coin) doesn't mean that they are fully embracing cryptocurrencies, let alone that they're being bullish on cryptos...If anything it means that they're embracing the technology behind them, in this case, the blockchain technology.

About their stance on Bitcoin, it hasn't changed, and probably never will. I mean, the fact that they decided to create their own coin rather than adopt any other crypto says it all (plus, can you find a statement from JPM where it says that they changed their view on Bitcoin). They (bankers) will always oppose the idea of decentralized systems, they'll never change their stance on bitcoin.

[Beerwizzard]

I suspect that any day China is going to declare its support for crypto and lift its ban even though we all know its working on blockchain projects in the background. It just means we have to wait longer for the price to go up I guess.

China is aiming to control every transaction of its residents. All electronic identity in concentrated in messengers like WeChat and other similar apps, the government is testing an electronic social rating.
They are definitely not going to issue any kind of free money. The only possible thing is that they issue some kind of governmental stablecoin and remain controll over it in the hands of the government.

[pixie85]

They did not change their stance they changed their official public stance. They were trading bitcoin all along. When their CEO said that he'll fire people caught trading his company was caught doing exactly that. They were negative to discourage investors so they could short. Now they want to influence the market by talking good things about crypto. It's clear what they are doing.

[bitart]

The fact that they are releasing their own crytpocurrency means that they are bullush on crypto don't you think?

No. Their 'coin' is not a cryptocurrency. It's a dollar token that uses elements of cryptocurrency's technology to operate.

It has the exact same issues as the dollar itself with plenty of its own on top as an extra enticement. And it doesn't look like it'll be available to anyone other than the banks themselves for their internal operations.

It can be pure marketing strategy too...
What happened in 2017? A lot of people saw bitcoin to climb to the ATH and now they know a little bit about cryptos. (a really little bit). They also heared about the huge fall in the price of bitcoin.
They know that the price of bitcoin can fall because of the supply and demand on the short and long run, but they also know that the technology behind won't fail, so they trust the technology instead of the coin itself.
If you are a bank, how would you get more customers? You should differentiate yourself from the competitors. Banks are identical in services (nearly), so what makes people choose a bank is the 'brand'. A stronger brand means more customers on the long run. How could you make your brand stronger? You should make people trust in your bank and what is the base of the trust? It's the safety of your money.
Now if you state publicly that you are going to develop and install a new back end system that makey your bank even more secure (because of the new blockchain technology, or something similar) people will  belive you and would trust you even more. You don't even have to tell technical details, because people can't check what system do you use behind the scenes, so it's totally up to the marketing guys what they say and how they say it, to make the brand stronger... Like this communication from JP, it won't tell you much details but it's enough to make people belive that they will be better with the new system, and this is exactly what they want to achive.