Bitcoin Is Still bad? JPMorgan Chase Traders Accused Of Market Manipulation

[Kemarit]

Bitcoin Is Still bad? JPMorgan Chase Traders Accused Of Market Manipulation, Again!

The U.S. Department of Justice has charged top managers at JPMorgan Chase of market manipulation, Reuters reports. For the better part of a decade, according to DoJ charges, traders Gregg Smith, Michael Nowak and Christopher Jordan allegedly manipulated prices of gold, silver, platinum and palladium futures on the New York and Chicago Mercantile Exchanges. JPMorgan Traders Accused Of Market Manipulation

The individuals under indictment hold high-profile roles at JPMorgan Chase & Co. Smith is an executive director and trader on the precious metals desk, while Nowak runs the entire desk as a managing director. Both are still employed at JPMorgan, though they were suspended in light of the indictment.

Jordan left JPMorgan in 2009 but continued to trade precious metals with in other firms.

The trio is accused of spoofing, a practice where the trader places bids to buy or sell contracts which are canceled before execution, allowing them to influence prices to their benefit. The scale involved was massive, with prosecutors alleging that they were conducting thousands of unlawful trading actions while layering orders in rapid succession.

https://thecoinrise.com/bitcoin-is-still-bad-jpmorgan-chase-traders-accused-of-market-manipulation-again/

Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.

[1714854851]

1714854851

[1714854851]

1714854851

[1714854851]

1714854851

[1714854851]

1714854851

[1714854851]

1714854851

[jossiel]

Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.

Who can't remember that famous word from Jamie Dimon whom said that bitcoin is a fraud? Then things have turned suddenly and took his words because there were reports that him and his company silently collecting bitcoin.

They really are into manipulation.

They already have seen the potential of bitcoin and IIRC, they even gave a warning to their employees that reported to be trading bitcoin.

[Jating]

Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.

Who can't remember that famous word from Jamie Dimon whom said that bitcoin is a fraud? Then things have turned suddenly and took his words because there were reports that him and his company silently collecting bitcoin.

They really are into manipulation.

They already have seen the potential of bitcoin and IIRC, they even gave a warning to their employees that reported to be trading bitcoin.

Right, for those who have been in the market in 2017, we have seen how Jamie Dimon calling bitcoin a "fraud", but someone exposes them as secretly buying bitcoin in huge amount and then dumping them when the price goes up in the next couple of weeks or months.

I'm not surprise by the findings by the Department of Justice though, very sketchy and shady people who still run the business and into everything including bitcoin and precious metals to manipulate the price and take millions if not billions of profits anytime of the day.

[bitsurfer2014]

Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.

Who can't remember that famous word from Jamie Dimon whom said that bitcoin is a fraud? Then things have turned suddenly and took his words because there were reports that him and his company silently collecting bitcoin.

They really are into manipulation.

They already have seen the potential of bitcoin and IIRC, they even gave a warning to their employees that reported to be trading bitcoin.

He is a hypocrite willing to lose his credibility and was afraid and insecure that Bitcoin 's inherent features like transparency and

immutability would bring end to their glory days of committing financial fraud. I'm sure Bitcoin has been vindicated once again

and its getting more resilient amidst the onslaught of fud directed towards it.

[Betwrong]

~
Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.

Unfortunately, it is very likely that most of them are still going to be holding the notion imposed on them by JPMorgan, because people are slow in changing their views, regardless of what happens. But, of course, the forward-thinking ones will turn their minds toward Bitcoin, and I too hope that it can be a significant number of people (and funds).

[1Referee]

It's not really surprising to be honest, and while we are focusing on JPMorgan as largest financial institution in the world, the others (e.g. Bank of America, Citigroup, Goldman Sachs) also allow this to happen, just not on a scale as big as JPMorgan operates.

I'm pretty certain that if they didn't collectively manipulate the Gold market and flood the market with naked shorts, it would be like $5000 an ounce pretty easily. In that regard, we should be happy that there (for now at least) aren't many CME like platforms allowing you to short Bitcoin without actually owning it.

Also important to point out is that governments are well aware of this manipulation, which they obviously don't mind considering that their plan is to hoard as much Gold as possible in the forthcoming years. A relatively lower price for them is actually a good thing.

[beerlover]

There is no doubt that the world of finance is filled with these people, hell don't look at just them, look at us in crypto world, we have a lot of scammers and manipulators and basically just bad shady people here as well. Didn't we had a lot of "sorry we got hacked" and closed places here on our own?

We totally did and that is why we literally had to lose a lot of money and give up all of our money in multiple exchanges and even some "cloud" miners as well. That is why when it comes to money you should know that people will do whatever it takes to have more, you can have 1 thousand dollars and will want another thousand, you may have 1 billion dollars and for sure you will want another billion with it. There is no way to stop peoples greed to want more and more money.

[The Sceptical Chymist]

they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor.

Based on that blurb in the OP, it looks like they were manipulating the metals markets--I'm sure the gold & silver bulls will have a field day with this, because they've been saying stuff like this has been happening for years.  I always thought of it as some sort of conspiracy theory....but looks like they were right.

Anyway, there's nothing here that says JP Morgan is or was manipulating bitcoin, but I betcha that when Bakkt gets launched and firms like them can pour big money into crypto that they'll pull this same crap.  They got caught here, but that never stops Wall Street from committing their crimes.  I'm not a fan of conspiracy theories, but I'm even less a fan of JP Morgan and their ilk.

look at us in crypto world, we have a lot of scammers and manipulators and basically just bad shady people here as well.

This is true, but when a scammer has as much money and power as JP Morgan does, the scams end up doing a hell of a lot more damage.  And if they're not into bitcoin right now, just wait until there's a futures market they can participate in.  All hell will break loose eventually.

[Kemarit]

~
Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.

Unfortunately, it is very likely that most of them are still going to be holding the notion imposed on them by JPMorgan, because people are slow in changing their views, regardless of what happens. But, of course, the forward-thinking ones will turn their minds toward Bitcoin, and I too hope that it can be a significant number of people (and funds).

I really do hope that there are still investors who has that mindset, I mean bitcoin could give them better options.

@The Pharmacist - Yeah, same thoughts, heard so many conspiracy theory for years now, but this should be an eye opener for goldbugs. I guess every market will have some manipulators from behind, but it good to hear that at least DOJ has proof against some JP Morgan executives. So let's see how everything pans out.

[Lanatsa]

Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.

Who can't remember that famous word from Jamie Dimon whom said that bitcoin is a fraud? Then things have turned suddenly and took his words because there were reports that him and his company silently collecting bitcoin.

They really are into manipulation.

They already have seen the potential of bitcoin and IIRC, they even gave a warning to their employees that reported to be trading bitcoin.

As expected for these big players to be manipulators.We have seen many circumstances on how they do try to dump the market and been bust up
that they are accumulating on the bottom.Pretty wise move but it wont work anymore yet majority now is already numb on what are the possible things
that they might announce ahead. Bitcoin is fraud,volatile, used on illegal things are just common names tagged up with BTC but actually these
people do know on whats the potential of it.

[davis196]

JPMorgan Chase is a giant.They are in the "too big to fail" category and their reputation won't suffer from those accusations.The JPMorgan Chase CEO will just blame the accused traders and the entire bank will go away clean from this s*it.
Privileged banks like JPMorgan,Goldman Sachs,Citigroup,Bank or America,HSBC,etc. will continue to manipulate all markets(including the crypto market). They are above the law.

[cryptoknightt]

I think JP Morgan from some time ago has provided a number of statements that try to manipulate the price movements of cryptocurrency, for long time traders who already know and already know how the nature of JP Morgan is not too surprised by the statement of JP Morgan.

[cosmofly]

This is not just happening at JP Morgan, there are many other big banks in the world that are heading to Bitcoin. they form a group to manipulate the market, they are the ones who make big pump and dump over the past few days.
So, don't be surprised that millions of Bitcoin wallets are active right now.

[jostorres]

What goes up must come down, I knew that one day, JpMorgan will still be disgraced, and I already knew that all those things he has again bitcoin is just a way of manipulating the bitcoin for his own personal interest and one thing that I have seen is that it eventually backfire for them in the future as their past will even hunt them down.

Look at Facebook, see how they have condemn the cryptocurrency projects in the past using the platform they ought to have used to promote ICO to halt it, and now, they want to also come into the cryptocurrency space also, which I think that they were just following the step of JpMorgan also because they had their own hidden agenda of this Libra coin, now everyone is against them as they are against JpMorgan too.

[davinchi]

Nobody really thinks banks or these type of "investment" banks are doing things legally or helping anyone. The problem with them is that these guys built such a huge market for themselves that if they go bankrupt then the whole world will have huge troubles, I mean literally the whole world. Remember the 2008 time, Greece, Italy, Spain all had troubles not to mention all the smaller countries as well.

If let places like JP Morgan and other places go bankrupt or try to undermine their power then those places will literally ruin the whole worlds finances.

Because, of that they get to do whatever they want, people could get arrested but the profits will stay. They are literally too big to fail, hopefully we will find a way to take them apart and make them smaller bunch of places instead of huge just one and that way we can close the smaller portions of it but until then they will do these manipulations whenever they want without fear.

[Kemarit]

Bitcoin is still bad, when was the time to come that bitcoin become powerful currency. Its really hard to wait for the price increase. But I  don't lose hope l will wait for the price pump of bitcoin.That lm one of the millionaire's created by bitcoin. Its my only hope for the future of my kids to give them a better future.

What do you mean still bad? It's the people who uses Bitcoin in a very negative way that causes it to be deemed as 'bad' by authorities.

JPMorgan Chase is a giant.They are in the "too big to fail" category and their reputation won't suffer from those accusations.The JPMorgan Chase CEO will just blame the accused traders and the entire bank will go away clean from this s*it.
Privileged banks like JPMorgan,Goldman Sachs,Citigroup,Bank or America,HSBC,etc. will continue to manipulate all markets(including the crypto market). They are above the law.

I wouldn't say that they are above the law though. What happened is that people still put their money on those big companies even though it has a shady past.

Because, of that they get to do whatever they want, people could get arrested but the profits will stay. They are literally too big to fail, hopefully we will find a way to take them apart and make them smaller bunch of places instead of huge just one and that way we can close the smaller portions of it but until then they will do these manipulations whenever they want without fear.

DOJ has set a precedent here, they exposed JP Morgan, I think this is because it involves precious metals wherein the government has also a investment (Gold). So I think even they are big, if they go against the government sooner or later they will go down hard.

[BitHodler]

I wouldn't say that they are above the law though. What happened is that people still put their money on those big companies even though it has a shady past.

They're definitely not above the law, to put it like that, but they understand the laws within the borders they operate, and they know that the penalties that are subjected to won't affect their profits at all.

As for people still using that bank, I don't see much of a problem with it. If you dig deep enough, you can fault every single wall street bank and blame them for participating in the same shady activities. They're all on the same level.

What is the alternative for these people? There is none because they need these banks. Bitcoin isn't the solution to this problem because it by far doesn't enjoy enough adoption and its price is still too volatile.

[ichai]

when financial experts make bad judgments about bitcoin, that's when they want some traders to believe in them and sell off bitcoin so they don't suffer a loss, from which those financial experts will start buying Bitcoin. with cheap price. Shortly thereafter, they pumped bitcoins slightly and later resold when prices went up.
Here is the strategy that the sharks are often used to manipulate profitable for them, beware!

[bitgolden]

I wonder how many times people have manipulated the crypto market as well? I mean here we are sitting on high horse talking about how financial Goliaths are doing this but we are here at small timers (180 billion market cap versus trillions of dollars in financial market) and we still have manipulation from the whales.

Sad part about it is that we do not have law enforcement on our side as well so people who did bad stuff at JPMorgan got jailed and found guilty but here in bitcoin world people who are wealthy and rich can do whatever they want and there is nothing that can stop them. The decentralized and unregulated approach of bitcoin does bring in amazing stuff but sometimes it does hurt itself as well, it is a price we have to pay but we should not point fingers to others in that case.

[LUCKMCFLY]

Bitcoin Is Still bad? JPMorgan Chase Traders Accused Of Market Manipulation, Again!

The U.S. Department of Justice has charged top managers at JPMorgan Chase of market manipulation, Reuters reports. For the better part of a decade, according to DoJ charges, traders Gregg Smith, Michael Nowak and Christopher Jordan allegedly manipulated prices of gold, silver, platinum and palladium futures on the New York and Chicago Mercantile Exchanges. JPMorgan Traders Accused Of Market Manipulation

The individuals under indictment hold high-profile roles at JPMorgan Chase & Co. Smith is an executive director and trader on the precious metals desk, while Nowak runs the entire desk as a managing director. Both are still employed at JPMorgan, though they were suspended in light of the indictment.

Jordan left JPMorgan in 2009 but continued to trade precious metals with in other firms.

The trio is accused of spoofing, a practice where the trader places bids to buy or sell contracts which are canceled before execution, allowing them to influence prices to their benefit. The scale involved was massive, with prosecutors alleging that they were conducting thousands of unlawful trading actions while layering orders in rapid succession.

https://thecoinrise.com/bitcoin-is-still-bad-jpmorgan-chase-traders-accused-of-market-manipulation-again/

Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.

Well, if there is some kind of manipulation it is through the media, and I am sure that JP Morgan has a lot of power over the media.

Sometimes, JP Morgan's claims may be for many if it has an impact on the market, but those who really believe in Bitcoin and the Crypto market in general will not consider what they think. JP Morgan has its banking organization worldwide, when JP Morgan speaks badly about Bitcoin it will not be relevant to the market, however, they are recently using and implementing blockchain technology in their banks to generate confirmations that when compared to user data , bank transfers and other operations are achieved in seconds and do not take days as commonly occurs, so they are not totally disconnected from technology, they take these indications into account because they cannot be left behind in traditional systems that, compared to blockchain , are obsolete. In fact, this service was recently implemented in 6 banks in Mexico.