Jamie Dimon's ( "Bitcoin is a scam") Bank -JP Morgan Chase- Fined 1 Billion

[notblox1]

Jamie Dimon is not the only one who called Bitcoin is a scam, and if we look back we can see what Paypal as saying few years ago, but look at them now

We all know banks are doing all the shady illegal stuff for years, but many people are just keeping their mouths closed, chasing the small fishes and yell at Bitcoin.
 

[coolcoinz]

A lot is going on in the space. Peter Schiff accused of banking criminals, JPMorgan fined for manipulation, John McAfee arrested... Clearly all the Bitcoin haters are getting hit at the same time. Coincidence? Maybe, but a very convenient one. Then PayPal goes 180 on Bitcoin and JPMorgan does the same:

  

JPMorgan on Friday said that Bitcoin is solidly competing with gold as an alternative asset.
    It will likely be down to millennials if the cryptocurrency succeeds.
    The bank used to hate Bitcoin—now it sings its praises.

https://decrypt.co/46201/jpmorgan-tells-investors-bitcoin-is-next-big-thing-a-decade-too-late


If BTC goes to the moon before the end of the year you can start making conspiracy theories.

[DrG]

You will find the collective group of billionaires accusing all crypto of being scams because it's a direct affront to their business model and their status. Dimon, Buffet, Gates (he used to support it until he went viral - pardon the pun) - they all have it against crypto.

For those who think this 1 Billion as a punishment - well Chase must have made $5 Billion if the fine was 1 billion. The fines are always less than the true amount of the crime. It's why the banks continue to do this repeatedly. Just like DRAM price fixing, the billion dollar fine that Samsung/Hynix had to pay was less than their profits.

Good old Chase bank - kicking active military out of their homes during wartime because the soldiers were too busy on front lines defending their country to be fighting unlawful foreclosure notices. If you're not a religious person this kind of makes you wish there was a hell 

[AmoreJaz]

Jamie Dimon is not the only one who called Bitcoin is a scam, and if we look back we can see what Paypal as saying few years ago, but look at them now

We all know banks are doing all the shady illegal stuff for years, but many people are just keeping their mouths closed, chasing the small fishes and yell at Bitcoin.
 

exactly! Paypal froze some accounts before owed to crypto dealings and after few years, their stand towards crypto changes.

https://themerkle.com/paypal-continues-crackdown-on-crypto-sellers-permanently-limits-accounts/

though we still welcome this kind of progress as this will drive adoption among PayPal users but wonder if those users that got their account frozen or banned will have justice from that unfortunate situation? but i dont think they will ever apologize or return the funds to those users.

You will find the collective group of billionaires accusing all crypto of being scams because it's a direct affront to their business model and their status. Dimon, Buffet, Gates (he used to support it until he went viral - pardon the pun) - they all have it against crypto.

For those who think this 1 Billion as a punishment - well Chase must have made $5 Billion if the fine was 1 billion. The fines are always less than the true amount of the crime. It's why the banks continue to do this repeatedly. Just like DRAM price fixing, the billion dollar fine that Samsung/Hynix had to pay was less than their profits.

Good old Chase bank - kicking active military out of their homes during wartime because the soldiers were too busy on front lines defending their country to be fighting unlawful foreclosure notices. If you're not a religious person this kind of makes you wish there was a hell  

they are protecting their own interests and their businesses. that's what businessmen do. and of course, that fine is nothing as compared to what they raked as profits!
 banks are known to torment homeowners to pay for their dues. where do you think they can get huge profits from?

[Nazmul012]

that isn't wondering news even he did several bullshit things in past, i remember.they already aware about the result, that what would happen if they got caught during doing fraudulent trading, even though they continue pracrising & thus they ruining themselves.After get caught & fined 1B, what should we expect from them except saying bitcoin is scam! Rather they are real scammer.

[ChiBitCTy]

I echo most all of your sentiments.  The moral of this story is how this massive scam JP Morgan, the worlds second richest bank, isn't really all the big of a deal in the end after the dust settles. The sickening this about this in my opinion is that not ONE , NOT ONE person is going to see the inside of a jail cell over this which is absolutely disgusting.  You and I would go to jail for the tinest infraction yet 1 Bill fine and no one to see bars.  This is the product of allowing big business to buy political elections.

[DrG]

I echo most all of your sentiments.  The moral of this story is how this massive scam JP Morgan, the worlds second richest bank, isn't really all the big of a deal in the end after the dust settles. The sickening this about this in my opinion is that not ONE , NOT ONE person is going to see the inside of a jail cell over this which is absolutely disgusting.  You and I would go to jail for the tinest infraction yet 1 Bill fine and no one to see bars.  This is the product of allowing big business to buy political elections.

Not a single business leader who is involved with corruption/fraud will ever be prosecuted and face jail time because the politicians they support receive the same treatment. If the politicians were actually held accountable for bribery and corruption and put into jail, perhaps they would actually care to make sure offending company leaders are prosecuted. The mindset "it's better you take the fall than me".

Sadly the ones who uphold the laws (courts) are usually appointed by the corrupt politicians. So it's a feedback loop - no discernible way to interrupt the pathway.

[kawetsriyanto]

There are several possibilities related to what he said:
1. He didn't know Bitcoin very well at that time and certainly didn't know very well how profitable Bitcoin was.
2. At that time, he may have invested before but it failed and also lost a large number of funds.
3. At that time he thought that BTC would become a big rival to his bank and would make his bank go bankrupt.
4. Maybe he was already concerned about BTC but hid it to cover up the bank crimes he had committed.

Who knows?

[ChiBitCTy]

There are several possibilities related to what he said:
1. He didn't know Bitcoin very well at that time and certainly didn't know very well how profitable Bitcoin was.
2. At that time, he may have invested before but it failed and also lost a large number of funds.
3. At that time he thought that BTC would become a big rival to his bank and would make his bank go bankrupt.
4. Maybe he was already concerned about BTC but hid it to cover up the bank crimes he had committed.

Who knows?

Jamie is the CEO of the worlds second largest bank, trust me he always knew what bitcoin was and how it works.  That's his job, to know what other payment types out there exist. I don't think any of these points you've made here are on track.  The simple truth is that it does compete with his bank.  He doesn't think, nor with it , ever cause his bank to go bankrupt, but he does see it as competition that could hurt his bank.  Jamie is a scumbag, and anything that threatens his bank he will go after.

[yhiaali3]

Of course there is one answer, banks are "fraud". Fraud is to block people’s money and steal them, freeze their accounts, control their money and monitor them and not allow them to move their money to the place they want. Isn’t this, what banks do?

[ChiBitCTy]

Of course there is one answer, banks are "fraud". Fraud is to block people’s money and steal them, freeze their accounts, control their money and monitor them and not allow them to move their money to the place they want. Isn’t this, what banks do?

No, this is not what all banks do.  All of the major banks, Bank of America / Chase/ Wells Fargo etc are a bunch of scum sucking scammers, but not all banks are.  Credit Unions, and those "mom and pop" small town banks where they know your name when you walk through the front door, those institutions are not frauds.  It's important to remember there is a difference between the two.