SuperTA (OP)
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July 27, 2019, 10:43:23 PM Last edit: July 28, 2019, 12:52:27 AM by SuperTA |
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Just to let you know! It's not illegal to fud and to buy bitcoin! That's what was happening with JPMorgan Fud about bitcoin, according to many financial analysts. So you probably remember when JPMorgan CEO called bitcoin a fraud that will eventually blow up. Mr. Jamie Dimon (JPMorgan CEO) is a very important person in the financial world. When he says something bad about bitcoin, many people listen. Mr. Dimon compared bitcoin with the tulip mania. This statement was published on the 12th of september 2017. This was the day when bitcoin started a correction, almost -30 procent! Bitcoin Chart (12th sep 2017) https://s3.amazonaws.com/tradingview/snapshots/r/RZsBwnQH.pngOne of the articles (12th sep 2017) https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.htmlHere is an interesting part! On that weekend, one of the largest bitcoin buyers was JPMorgan and Morgan Stanley, according to Teeka Tiwari (Financial Writter). So here we have, people pushing down the price with their public statements and then buying the dip. Creating fear in order to get cheaper prices is not a new thing. May 2019 This year JPMorgan admits that bitcoin has value! What a surprise! They completly changed their opinion! "JPMorgan finally admits Bitcoin has value, here is how they measure it" https://cryptoslate.com/jpmorgan-finally-admits-bitcoin-has-value-here-is-how-they-measure-it/
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BlackFor3st
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July 28, 2019, 02:35:09 AM |
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In every action there is always a motive, so we cannot really blame anyone even if they are doing some things that can hurt the side of crypto currency especially bitcoin.
As what I saw, it is somehow a strategic moves in order to decrease the price of bitcoin and for the Morgan's to buy more in a cheaper prices. This how the market moves, if you have bought your investment in lower price and you can sell it in high prices then you win.
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hurry_hore
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July 28, 2019, 02:37:36 AM |
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Public financial, not only crypto ecosystem with the top is bitcoin still bound by good news or bad news. All news affects price movements, the unique thing in bitcoin is that prices are very easy to move because the volume of money is relatively small compared to other financial ecosystem either stock or forex so that crypto price including bitcoin is sensitive to changes in news and the flow of funds into or out of the crypto world.
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hatshepsut93
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JP Morgan didn't FUD against Bitcoin, Jamie Dimon did, but it was his personal opinion and not an official statement of the company.
JP Morgan didn't buy any big amount of coins to hodl them, because they believe in Bitcoin, they bought some Bitcoin-based derivatives to speculate on them.
JP Morgan wanted to create their own coin, a stablecoin like Libra, which would make them a competitor of Bitcoin, at least in some sense.
There's no solid proof that institutions buy Bitcoin after spreading FUD, it's just a conspiracy theory.
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squatter
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July 28, 2019, 03:15:45 AM |
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Here is an interesting part! On that weekend, one of the largest bitcoin buyers was JPMorgan and Morgan Stanley, according to Teeka Tiwari (Financial Writter). So here we have, people pushing down the price with their public statements and then buying the dip. Creating fear in order to get cheaper prices is not a new thing. IIRC, when people pointed this out via public disclosures, both banks said they were brokering Bitcoin products on behalf of clients -- not investing their own company funds. I do remember Chase's about-face though, from "fraud" to "the next gold." Suspicious, to say the least.
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CryptoBry
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July 28, 2019, 03:54:31 AM |
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Of course, the whole cryptocurrency industry will always remember Mr. Jamie Dimon (JPMorgan CEO) as one of the few VIPs in the world of finance who were able to influence the movement of Bitcoin back then. Now, the industry is getting to be more matured and we are not easily moved by any self-serving statements coming from well-known figures.
I could not really understand even back then why we give more weight to what a financial executive has to say on Bitcoin. Bitcoin is meant to disrupt the very financial industry they are in so we should not expect flowery words flowing from people like him. Unfortunately, the market listened to the craps the man spewed. The market reaction was actually non-sense and showed immature weakness.
I am just hoping that the whole industry and the Bitcoin market already learned the big lessons here. This time around, the industry should show its strength and resiliency by not giving value to what anyone might say including the POTUS Trump as these people are just in the positions temporarily.
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Darker45
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July 28, 2019, 04:03:12 AM |
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That may be considered a cheap strategy but for all its worth it is still a fairly legal strategy. Well, until and unless a law explicitly prohibits it, it could still be exploited by the likes of Jamie Dimon, an influential and mischievous businessman. If others need a huge amount just to cause a little pump and dump to make some profit, the likes of Jamie Dimon only uses cunning words to earn.
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hugeblack
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July 28, 2019, 10:48:28 AM |
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JP Morgan didn't FUD against Bitcoin, Jamie Dimon did, but it was his personal opinion and not an official statement of the company. JP Morgan didn't buy any big amount of coins to hodl them, because they believe in Bitcoin, they bought some Bitcoin-based derivatives to speculate on them. JP Morgan wanted to create their own coin, a stablecoin like Libra, which would make them a competitor of Bitcoin, at least in some sense. There's no solid proof that institutions buy Bitcoin after spreading FUD, it's just a conspiracy theory.
That's the problem, these people do not say FUD, but it's the media that makes it. Many of the news is from unknown sources, inaccurate, contains fake information, or totally fake.so you have to verify the authenticity of the news, sources, are personal or institutional views? why these words?...etc. After that, it is possible to judge its credibility or not.
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Red-Apple
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July 28, 2019, 11:02:24 AM |
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JP Morgan didn't FUD against Bitcoin, Jamie Dimon did, but it was his personal opinion and not an official statement of the company.
JP Morgan didn't buy any big amount of coins to hodl them, because they believe in Bitcoin, they bought some Bitcoin-based derivatives to speculate on them.
you have a very good point here but at the same time Dimon is not some random employee of this bank, he is the freaking CEO of it and if his opinions is not at least semi official statements then i don't know what is. as for the buys, i'd could have agreed with you if his statement was something like "investing in bitcoin is not a good idea. but he outright called bitcoin "fraud" and that makes his company's involvement in bitcoin in any form "participation in fraud". so he has to decide, either he was bullshitting or his bank is involved in fraudulent activities.
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cryptoperkele
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July 28, 2019, 11:07:16 AM |
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Well when you think about it, it's obvious. FUD is for devaluating your competition. Bitcoin has no competition, nothing like it has ever existed before. So when they realized that they could not destroy it, the only reason for trying to devaluate it is to accumulate it.
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btc_angela
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July 28, 2019, 11:10:09 AM |
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I mean this is a old news already, everyone who's here that time already know that Jamie Dimon did the number trick in the book and that is to create FUD but at the side line they are secretly buying. Unfortunately, someone exposed them and that's why others try to imitate what he did but sadly, investors like the trick and became mature that's why majority didn't fall for this, except newbies.
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BrewMaster
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July 28, 2019, 01:26:26 PM |
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i don't think institutions specially these big banks like Jp Morgan spread FUD about bitcoin because they wanted to buy bitcoin. in most cases they are spreading FUD because they are afraid of bitcoin and the fact that they see it has the potential of replacing their whole business and put them out of work eventually! even if it means losing a small market share they see it as a competition and a threat so they fight back and since bitcoin doesn't have any "company" to defend it like suing them for spreading misinformation they can easily get away with it.
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There is a FOMO brewing...
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rdluffy
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July 28, 2019, 01:31:01 PM |
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This is not illegal, and if they can gain money with something, they will do
You have to be prepared for this kind of situation, when I started to study this market and invest money I always was worried with bad news, but today I'm more experienced in this market and I know how to know if it's a FUD or not
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Lucius
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July 28, 2019, 01:49:25 PM |
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The cryptocurrency community has learned it's lesson and I think crypto users are becoming smart with their actions and they can't be persuaded by simply statements from influential person or even news that is surrounding bitcoin.
We learn that many influential people in this world do not like Bitcoin, and many of them intentionally or unintentionally with their statements cause damage to Bitcoin, but we also know that this damage is only short-term. What we can not know is some of them have hidden intentions, for their or someone else interests. We also learn that crypto related media is just waiting like wolfs to jump on such stories and make a big noise in order to profit from that. So be smart when you read or hear some bombastic story, it is all about manipulation of the masses. However people who control media have a major influence on public opinion, and there is no doubt that they are used this to promote their own ideas and profit on that.
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coolcoinz
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July 28, 2019, 01:54:42 PM |
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i don't think institutions specially these big banks like Jp Morgan spread FUD about bitcoin because they wanted to buy bitcoin. in most cases they are spreading FUD because they are afraid of bitcoin and the fact that they see it has the potential of replacing their whole business and put them out of work eventually! even if it means losing a small market share they see it as a competition and a threat so they fight back and since bitcoin doesn't have any "company" to defend it like suing them for spreading misinformation they can easily get away with it.
Jamie was FUDding a lot and on purpose. You could see it when he tweeted about it for the first time and the market reacted with a dump. A born businessman that he is saw an opportunity in this and put double effort into tweeting but every time he did the market reaction was weaker and weaker, so he milked the cow while it lasted and stopped when it became no longer worth his time and reputation. Do you know why he then switched from being so negative into positive? It's simple, he made money. He saw gains, could change these gains into real life objects, and we tend to like things that bring us fun, and pleasure. Maybe he bought a new car with his bitcoin money, maybe remodelled the house, we probably won't ever know, but this is now a reminder that this bitcoin he hated at first gave him this. This is like a rule of thumb that people who get burned on the market hate it and those who make money praise it. Guys like Warren Buffett missed the train and resented this market, but others like Jamie Dimon or Mark Cuban invested despite their negativity towards bitcoin. You should never be close minded like WB.
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romero121
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July 28, 2019, 01:58:02 PM |
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JP Morgan and other large scale institutions have earned big even before the existence of such a marvelous blockchain technology and the existence of cryptocurrency. This is the reason for most of the institutional personalities not showing support to bitcoin.
They have a separate place for bitcoin, they never mix it to the investment banking and with the financial services. They always study the need for technology and at some point they will be coming out with their own cryptocurrency which will make them involved into business associated with bitcoin bitcoin.
Large scale institutions never create FUD, when individuals come up with their own opinion large whales of the cryptocurrency network use it a tool to manipulate the market. This looks as a speculative impact of that specific institution.
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astadbtc
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July 28, 2019, 02:14:50 PM |
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JP Morgan didn't FUD against Bitcoin, Jamie Dimon did, but it was his personal opinion and not an official statement of the company.
JP Morgan didn't buy any big amount of coins to hodl them, because they believe in Bitcoin, they bought some Bitcoin-based derivatives to speculate on them.
JP Morgan wanted to create their own coin, a stablecoin like Libra, which would make them a competitor of Bitcoin, at least in some sense.
There's no solid proof that institutions buy Bitcoin after spreading FUD, it's just a conspiracy theory.
Then how do you describe Nouriel Roubini that was FUDing all day about how wrong we are on cryptocurrencies and how he did stop talking about Bitcoin the same moment we started moving up again? Same moment that twitter stopped suspending cryptocurrency promotional accounts and when facebook decided to stop deleting accounts promoting Bitcoin and crypto. Also same moment when twitter CEO went full FOMO on Bitcoin by promoting it with his tweets. Wasnt that co-ordinated? And all the twitter bot accounts with 100K paid followers that told you to buy at 14K? This was spontenious too? You are saying that Jamie Dimon went against his company policies as a CEO and was discrediting their investment? You obviously have no clue how corporations and banks work/think. This is all planned and executed in all detail. This is no UFO's to talk about conspiracies. I'm amazed by your simplicity into calling this is a conspiracy theory.
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kryptqnick
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July 28, 2019, 02:35:15 PM |
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Positive or negative publicity is still publicity. Some institutions or individuals are like that. They always give a controversial comment to Bitcoin but when they are convinced that Bitcoin is really a good investment and it can give them great profit in the future, they will buy a portion to make themselves on the safe and winning side.
The first statement seems to suggest that all publicity is good. Well, some people indeed believe so, since any publicity is popularising the product, and thus more people might get interested. Bad publicity is not something that works good for Bitcoin, though. It's still a new invention, and many people are having their doubts about its future. So when FUD appears, the prices tend to decrease, as some people decide to sell their coins right away. It's rather likely, though, that what the op says is true, and that some companies are spreading FUD intentionally to buy low.
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virasog
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July 28, 2019, 02:43:31 PM |
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Positive or negative publicity is still publicity. Some institutions or individuals are like that. They always give a controversial comment to Bitcoin but when they are convinced that Bitcoin is really a good investment and it can give them great profit in the future, they will buy a portion to make themselves on the safe and winning side.
Institutions and whales are always buying when the prices are low and when people are selling. When you hear people commenting that Bitcoin is dead or Bitcoin is a bubble and famous personalities says bad things about Bitcoin that is the moment to buy Bitcoin and that is what Institutions investors are doing. They are just fooling the people and they want people to sell at cheap and they will buy at cheap.
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July 28, 2019, 02:51:12 PM |
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Truth be told, these guys do not need to FUD to get a reaction from the market. In the bigger picture, the Bitcoin market is just a blimp on the radar and they have enough Fiat reserves to manipulate a market like this, without breaking a sweat. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) The thing that gets under their skin is the fact that more and more people are investing in their competition and that is the main reason why they are talking trash about it. If everyone on this planet used Bitcoin, nobody would have any need for Banks. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) Always look for motive. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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