JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business - page 2.

Tapyaks72

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Quote from: avikz on February 28, 2018, 06:25:24 AM

A lot more such comments will keep coming during this year. Jamie has already made it clear that they are seeing bitcoin and other crypto currencies as a threat to their business in 2017. They have called it fraud and bubble and many other negative things. After his first public address about bitcoin, he even managed to bring the price down up to 35%. But that didn't last long. After that, Jamie released such negative statements many times, but market never reacted. I am sure, nothing will happen this time as well regardless of what he says officially or unofficially. Crypto community learnt to ignore his foul thoughts.

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

You are are correct mate ,JP Morgan Chase CEO president make it clear financial institution feel the treat of crypto currency in their business they might be afraid that some of their investors and clients would think that crypto currency has a better future now a days and someday it will become one of their competitors because they had witness how fast it proliferate .

12tribes

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Sure, any true financial giant will simply be amazed at the potentials and benefits the cryptocurrency world is introducing........
Listen folks the benefits are huge and the profit endless. It is a source of asset and credit for the financial prudent.

lenj

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Quote from: Red-Apple on February 28, 2018, 06:28:01 AM

from the beginning of all this, they knew perfectly well that bitcoin is a big threat to their banking system so they took it very seriously from the start. that is why they sent their CEO to bash bitcoin over and over again in the media.
i am also almost sure that they are one of the biggest investors in bitcoin who have been accumulating bitcoin last year. so don't be surprised if you saw JP Mogan bank started offering some bitcoin related services....

I dont surprise too if its happen. If its really happen, its very good for growing of bitcoin specially and crypto for generally.
I will support any kind of similar action by big supporter like this to make bitcoin grow and grow.

BTCLovingDude

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BTC to the moon is inevitable...

Quote from: alyssa85 on February 28, 2018, 06:36:16 AM

Ethereum is more of a threat to JP Morgan than bitcoin. A regulated ICO platform would allow legit businesses to raise new capital easily without paying eye-watering fees to the likes of JP Morgan to create an Initial Public Offering (IPO).

The bulk of JP morgan's fees come from IPO fees, forex dealings and from investment banking fees. Ethereum takes the leg out of the first.

And then there is bitcoin, which means you don't need to bother with forex.

JP Morgan is looking at a shrunken future.

since bitcoin will soon have smart contracts for free then if these shitty ICOs are the real threat to them then bitcoin will be a much bigger threat to them. specially since there will be no fees for smart contracts using RSK on bitcoin!

additionally i disagree that it will shrink their future. you say they earn money from forex dealings,... then there is nothing stopping them from entering bitcoin markets and make the same fees there....

bug.lady

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Large scale, green crypto mining ICO

And this may be another side of ICO regulation - one side is to eliminate scammers from ICO space, and it is undoubtly positive, but the other side is to enable regulators and appointed entities (banks?) to take some share of ICO profits. Well, we'll see.

zxl912157

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Quote from: jtipt on February 28, 2018, 06:48:37 AM

Quote from: avikz on February 28, 2018, 06:25:24 AM

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.

You may lose trust in him, I understand the above article as a new thinking that is able to change the face of the banking world.
Blockchain at this time may be a threat but a time of threat can be a useful. and the new World will be present in sight.

preshpr1nce

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The reason I posted this is more so to show the stupidity of JPMorgan as a company, in under a year they've gone from calling it a fraud to admitting the risk and even creating their own coin being Quorum, to me this is the complete opposite of FUD, when you have a company as big as JP seeing a threat and trying to jump on board, it can only be seen as a positive, competition creates fear, I would be more interested in investing in something competitors view as a threat myself.

Davidbee

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Quote from: preshpr1nce on February 28, 2018, 06:10:03 AM

Quote

Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future.

In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
...

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/

Interesting to see this, won't add much more, take a read

Yes, they acknowledge the impact of bitcoin on traditional Banks. Bitcoin is now accepted by many people, and when bitcoin is accepted by the world's countries, it affects the interests of traditional Banks, so they have been saying that bitcoin is a hoax.

jtipt

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Quote from: avikz on February 28, 2018, 06:25:24 AM

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.

Mandoy

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Aurox

Quote from: preshpr1nce on February 28, 2018, 06:10:03 AM

Quote

Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future.

In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
...

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/

Interesting to see this, won't add much more, take a read

This is very true. If somehow even one of the cryptocurrency will succeed as a medium of exchange and will have a purchasing power both online and offline then surely the baking business will be very threatened. As of this moment though cryptocurrency is not widely used as a medium of exchange but many people are now making their cryptowallets as their banks rather than going to banks themselves. This is just a start but there is a long way to go since there are many flaws and risk in engaging in the cryptocurrency world.

alyssa85

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CryptoTalk.Org - Get Paid for every Post!

Ethereum is more of a threat to JP Morgan than bitcoin. A regulated ICO platform would allow legit businesses to raise new capital easily without paying eye-watering fees to the likes of JP Morgan to create an Initial Public Offering (IPO).

The bulk of JP morgan's fees come from IPO fees, forex dealings and from investment banking fees. Ethereum takes the leg out of the first.

And then there is bitcoin, which means you don't need to bother with forex.

JP Morgan is looking at a shrunken future.

mast3rm1nd

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and guess what you greedy piece of s**t, cryptocurrencies will kill your business one day. you can fight and lobby against it all you want; but you'll never win in the long term. technology and the will of the people will prevail !!

Red-Apple

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from the beginning of all this, they knew perfectly well that bitcoin is a big threat to their banking system so they took it very seriously from the start. that is why they sent their CEO to bash bitcoin over and over again in the media.
i am also almost sure that they are one of the biggest investors in bitcoin who have been accumulating bitcoin last year. so don't be surprised if you saw JP Mogan bank started offering some bitcoin related services....

avikz

legendary

Activity: 3080

Merit: 1500

A lot more such comments will keep coming during this year. Jamie has already made it clear that they are seeing bitcoin and other crypto currencies as a threat to their business in 2017. They have called it fraud and bubble and many other negative things. After his first public address about bitcoin, he even managed to bring the price down up to 35%. But that didn't last long. After that, Jamie released such negative statements many times, but market never reacted. I am sure, nothing will happen this time as well regardless of what he says officially or unofficially. Crypto community learnt to ignore his foul thoughts.

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

preshpr1nce

member

Activity: 266

Merit: 60

Quote

Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future.

In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
...

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/

Interesting to see this, won't add much more, take a read

Topic: JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business - page 2. (Read 264 times)