Topic: JP Morgan CEO Jamie -says "BTC is worse than Tulip Bubble" calls it a fraud - page 2. (Read 2910 times)

banks and companies like the idea of blockchain, but obviously banks hate crypto currencies as it takes away their ability to earn money from interest on fiat currencies

Yes that person want to start a new business in digital currency so he spreads rumors like that bitcoin had made many investors rich if this was fraud no one will be so confident on investing in bitcoins so don’t listen to such kind of people they don’t just want to see the popularity of bitcoins and profit that is changing lives of many peoples

He calls Bitcoin fraud.... fraud implies dishonesty.
But the rules of Bitcoin are all there in open source, C++ code for people to see, its the most honest system you could imagine.

The comment is emotional, which comes from fear, and banker fear is great!

 "The term "tulip mania" is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.[5]"

So according to Jamie, Bitcoin can be separated from blockchain technology, which is what gives bitcoin its intrinsic value. hmmmm am I missing something?

maybe they see a chance to buy some cheap bitcoin and other crypto
while giving it a bit of a verbal bashing to get the price down even more.

what a bunch of Bankers

These guys put the whole world in a crisis in 2007 , while still collecting $100 million dollar bonuses.
They are feeling threatened and it is a good sign.

I think comparing bitcoin with the tulip bubble is simply a wrong comparison.
Tulips can be reproduced in an infinite amount. Bitcoin is limited! Li-mi-ted!!!
That fact is always missing!!
And this is exactly where the whole estimation of James Dimon has its weak spot: It is based on a wrong assumption!

I bet you he does even know how bitcoin even works... All i can feel from his statment is fear. He's afraid that the old system in which the traditional bankers are the only ones getting rich over the back of the working class people will collapse and it sure will it's just a matter of time.

Jamie say Bitcoin is a FRAUD, but JP Morgan use the Blockchain technology to develop their own "private" Blockchain?

Anyone see something fishy here? The biggest fraudster is currently the CEO of JP Morgan. He should have been in jail for all

the fraud that JP Morgan was involved with. The government bail out banksters like him, when they commit fraud. How many

banksters from these banks went to jail after 2008? .... I will tell you.. NONE. 

That guy is a fraud and a clown, he keeps on criticizing bitcoin without knowing that he wants to buy big volume of it that's a maybe but its a possibility. Calling bitcoin a fraud is the funniest joke I've ever heard of, I loved being a victim of bitcoin and crypto fraud with happy a pocket.

Yeah the guy is trying to put down bitcoin because he knows that the more people will adopt bitcoin the closer he will lose his career. And he is actually winning now since people has been dumping bitcoin after his statement came out. Good thing people are more confident with bitcoin and keep holding their btc with them. I think those who panic are the newbies who doesn't understand the crypto yet.

Why am I not even surprised with those remarks? Can we blame the guy? He's in banking business so what do we expect from him other than spread such a ridiculous statement. He have all the right to be afraid of btc to preserve the banking business to continue his lavish life. It actually doesn't matter whatever he says as long as we know how precious btc is.

Basics of crypto works exactly like this, when you are in a weak position and have no leverage to earn your ideal profit you'll start bashing the whole system

Calling it fraud and scam, tying it to terrorism and criminal activities and you do it all to achieve one goal only, newbies with impression that everything might

Very well go to shit, now is the time for me to cut my losses and then the panic spreads. no matter how many times they see the market and it's performance

Over time they will always stay the same sheep they were before in their past lives. China bans crypto is equal to the end of the world for them so they will

Start to panic and guess who wins? none of them even know that China or any individual and organization matters nothing when it comes to the value of BTC.

None of you know Bitcoin is not supposed to be used and adopted by every one, only the people with denied access to traditional monetary infrastructure need

To use Bitcoin and we're the lucky few to be here in the right time with opportunity to grab some coins when the time comes for the big players to go against

The governments by using crypto, then we could have our chances to cash out with the biggest profits of our lives. idiots you shouldn't stay in crypto forever

But if you stay you'll become like bitches when sitting bored to death having no good job to do other than gossip and bitching around.

Bingo! For anyone who asks me this question again. I am just going to give them this link and share this from the website



Wall Street Journal: JPMorgan Chase, led by CEO Jamie Dimon, is building a new system based on the Ethereum platform

TELIS DEMOS, 3 OCTOBER 2016
“The hope among Quorum’s developers is that blockchain can solve some of banks’ most intractable problems by replacing a web of connected databases with a single, shared, immutable record of transactions. The problems targeted include long and expensive settlement times, system breakdowns and lack of clarity about risk exposure.”

This is a contradiction - if all money is artificial and have no real value, then that's just a universal property of money and there's nothing wrong with it. Jamie Dimon either doesn't understand Bitcoin or sees its potential to disrupt bankers like him. People shouldn't blindly trust opinions of other people, even if they are quite successful - it's always better to try and do your own research to develop a deeper understanding, and only then start listening to see what others think, since you will be able to immediately discard obviously wrong arguments.

bitcoin and cryptocurrency is the future no matter what this jammie or whatever say . they can make temporary effect on price but in long term bitcoin will stay strong

The funny thing about his statement is that, there is already a selection process of whom to hire or not as one of their employees which means he is admitting that even though that his employee has pass the screening process, still stupid people can get passed right through it. And if it is really against the rules, than those employees are stupid because they are not following their organizations protocol. Also its another mans's opinion before we see statements of wall street traders that Bitcoin has not yet reached its ceiling. We don't need to be affected so much with it as its his own personal view.

20$$ says this team is trading Digital Currency on the side.

https://www.jpmorgan.com/global/Quorum

The CEO is not entirely wrong that Bitcoin is artificial money without real values standing behind it. Sadly, this also applies to actual money.

Like wow,

So many defending Bitcoin left and right. I don't care what Jamie  says- however, this much irrational exuberance makes me think -perhaps he's onto something. From an investment perspective - BTC hasn't had a chance to consolidate- which IS NOT good . It needs to consolidate -ergo trade in a sideway range-otherwise large swings will keep happening and price won't stabilize.

Yes, we all want it to keep growing but it needs to consolidate. Consolidation also helps-stuff transfer from weak hands to strong hands. I feel like most are miners here and not into investing.

I am not saying he's right or wrong. Like we all, he also has a right to his opinion, however, he has more influence behind his opinion lol.

Believe it or not- NOTHING is future proof. For example- look at Great depression, World wars and all- people thought it won't get better however it did and here we are.

There is a possibility that something better than BTC could be developed- just because we don't know it yet or how could it possibly be done, doesn't mean it can't be done.

Summary is, don't invest the money you can't afford to lose, no matter how promising an investment looks at the current standpoint.

Disclaimer- yes, I'm a miner and I'll continue to do so until it stays feasible.