Sep 13 - JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up

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 2 months ago '11        #1
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Sin 1223 heat pts1223
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Sep 13 - JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up
 

 

Jamie Dimon: Governments look at bitcoin as a novelty Jamie Dimon: Governments look at bitcoin as a novelty
3:48 PM ET Tue, 12 Sept 2017 | 01:45
JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency "is a fraud."

"It's just not a real thing, eventually it will be closed," Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.

Dimon joked that even his daughter bought some bitcoin, looking to cash in on a trend that has seen it soar more than 300 percent this year.

"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down," he said. "This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius."

In an appearance at a separate conference earlier in the day, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century.

"It's worse than tulip bulbs. It won't end well. Someone is going to get k!lled," Dimon said at a banking industry conference organized by Barclays. "Currencies have legal support. It will blow up."

Dimon also said he'd "fire in a second" any JPMorgan trader who was trading bitcoin, noting two reasons: "It's against our rules and they are stupid."

Bitcoin fell to its session lows after Dimon's comments. As of 3:01 p.m. in New York, bitcoin traded at $4,106.23, down 2 percent.

Dimon's criticism comes at a time when some of the most well-known figures on Wall Street are starting to embrace the cryptocurrency. Fundstrat's Tom Lee said he sees bitcoin surging to $6,000 next year and value investor Bill Miller reportedly owns bitcoin.

Even Dimon's own bank, JPMorgan, has reportedly begun a trial project using blockchain as it tries to cut trading costs. Blockchain is the technology behind bitcoin.

Bitcoin has already soared 315 percent this year.

Earlier on Tuesday, Dimon warned about further declines in trading revenue for the banking giant.

Dimon said third-quarter trading revenue will drop about 20 percent on a year-over-year basis. Dimon also said the bank may not give intra-quarter guidance in the future.

JPMorgan's stock fell off its session highs on the comments, but remained up 1.4 percent on the day.

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This comes just a day after Citigroup CEO John Gerspach issued a similar warning. On Monday, Gerspach said Citi's trading revenue could fall 15 percent, citing low market volatility.

2017 has been the calmest market in decades. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, hit its lowest level in more than 20 years earlier this year.

The second quarter was also a weak one for JPMorgan's trading unit as revenue fell 14 percent during the period on a year-over-year basis.

Dimon will also be speaking later Tuesday at the Delivering Alpha conference in New York.

--With reporting by Wilfred Frost and Jeff Cox

visit this link https://www.cnbc.com/2017 .. d-quarter.html
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97 comments for "Sep 13 - JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up"

 2 months ago '16        #2
foshoVoodoo 120 heat pts120
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Fake news
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 2 months ago '16        #3
NoLvstName 15 heat pts15
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The money we use now is a made up system too

Why can't bitcoin do it

Bought some the other day to deposit into my gambling account
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 2 months ago '14        #4
King Maximus 5 heat pts
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 NoLvstName said:
The money we use now is a made up system too

Why can't bitcoin do it

Bought some the other day to deposit into my gambling account
Simply because it's not backed by the men at the round table
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 2 months ago '16        #5
mobchip 1 heat pts
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US government owns the majority of Bitcoins. Whenever it gets to the point when the banks accepts deposits and withdrawals, it's going to become a serious currency...just my dumb opinion.
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 2 months ago '07        #6
stogz 18 heat pts18
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I feel the same way. Digital currency has to end in complete failure simply because the gov't of the most powerful country in the world can't protect their own election for leader of the free world from hacking.... then how can digital currency be so secure?

At the same time, JP Morgan is a farce too. However, Wall Street can work with the gov't to avoid or resolve certain catastrophes. What "insurance" is there for digital currency?

If there is a communications and power outage in your state do to a hurricane, now you broke?

... and there is something like 120+ different digital currencies were supposed to be released this year... for real??! All that sh*t just supposed to be legit, why? How?
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 2 months ago '08        #7
tdnupe3 9 heat pts
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He's right and wrong at the same time. I don't see bitcoin as being a good investment in the long term, but if you're trying to make some money in the short term, then it can work. But the ship has already sailed for those that want to invest $1000 and make millions off of it.

It's not going to work because you can't use it for credit, and today's economy is built on credit and interest. You can't use bitcoin for a downpayment on a house, or to purchase a car from a dealership. You can't go to the mall and buy a coat using bitcoin. You can, however, trade it for regular currency and do those things, but how will they tax it?

I'm all for giving the Fed the finger, but they still control monetary policy. They aren't going to allow people to use a system that will allow anonymous transactions to take place in the everyday marketplace for goods and services.

I still say, get your money while you can.
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 2 months ago '11        #8
DoobieSnax213 11 heat pts11
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Always found it weird that the guy or guys that created bitcoin chose stay anonymous rather than bask in the recognition
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 2 months ago '17        #9
dubsax 2 heat pts
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 DoobieSnax213 said:
Always found it weird that the guy or guys that created bitcoin chose stay anonymous rather than bask in the recognition
they have been unmasked over a year ago.

 2 months ago '15        #10
GGG goat 13 heat pts13
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 tdnupe3 said:

It's not going to work because you can't use it for credit, and today's economy is built on credit and interest. You can't use bitcoin for a downpayment on a house, or to purchase a car from a dealership. You can't go to the mall and buy a coat using bitcoin. You can, however, trade it for regular currency and do those things, but how will they tax it?

[pic - click to view]




you can buy much more with bitcoin than you think. it's just not mainstream right now
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 2 months ago '17        #11
1Oh 
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Bitcoin and Blockchain technology isn't going anywhere. It's just beginning and will eventually impact almost every facet of society (medical records, biometrics, music distribution, credit, banking, marketing/advertising).

Google, Microsoft, IBM, Intel; they're all invested in blockchain tech. If Bitcoin isn't "the currency of the future", something else will and will likely use blockchain.
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 2 months ago '04        #12
fat_boyy21 323 heat pts323
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if bitcoin succeeds banks would stand to lose a lot of their revenue so hence the bad mouthing of it.
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 2 months ago '16        #13
Negusis 2 heat pts
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 tdnupe3 said:
He's right and wrong at the same time. I don't see bitcoin as being a good investment in the long term, but if you're trying to make some money in the short term, then it can work. But the ship has already sailed for those that want to invest $1000 and make millions off of it.

It's not going to work because you can't use it for credit, and today's economy is built on credit and interest. You can't use bitcoin for a downpayment on a house, or to purchase a car from a dealership. You can't go to the mall and buy a coat using bitcoin. You can, however, trade it for regular currency and do those things, but how will they tax it?

I'm all for giving the Fed the finger, but they still control monetary policy. They aren't going to allow people to use a system that will allow anonymous transactions to take place in the everyday marketplace for goods and services.

I still say, get your money while you can.
Yeah, you're probably not gonna make millions. But you damn sure can make thousands. For that reason alone, you should invest. People always say a bubble is gonna burst. That's like saying the sun is gonna rise tomorrow. Of course bitcoin well eventually blow up, just like the US dollar will, just like the livre did and on and on.

The question isn't whether or not it burst, the question is, how much can you get before it does?
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 2 months ago '08        #14
tdnupe3 9 heat pts
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 fat_boyy21 said:
if bitcoin succeeds banks would stand to lose a lot of their revenue so hence the bad mouthing of it.
Technically, bitcoin has already succeeded. It provides and alternative form of currency for people that want to keep their transactions anonymous. That being said, it will be hard for it to go mainstream in it's current form due to the lack of security and monitoring.

If it were mainstream in it's current form, an entire terrorist network could be funded anonymously. Children could b trafficed anonymously. Etc., etc., etc.

That may be a cynical way to look at things, but I try to be practical.

Not only that, but like I said before, the way that the economy is set up today, products are bought and sold using debt. Until these crypto currencies put aside petty differences and back a handful or less of these currencies, then there is no way for them to compete with the fiat currency currently being used. The value of these currencies is even based on their relative value to the main currencies around the globe (such as the USD).

I do think that the blockchain tech is what will be used moving forward, but I don't see these cryptocurrencies becoming mainstream enough for you to be able use them EVERYWHERE.

That being said, go ahead and make as much money as you can before they begin to over-regulate this market. Money can definitely be made.


Last edited by tdnupe3; 09-13-2017 at 06:29 PM..
 2 months ago '17        #15
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 dubsax said:
they have been unmasked over a year ago.

That guy is very obviously not Satoshi Nakamoto. Those articles were written by people who understand nothing about cryptography.
 2 months ago '09        #16
Toss 
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of course, it's playing with his money
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 2 months ago '04        #17
fat_boyy21 323 heat pts323
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 tdnupe3 said:
Technically, bitcoin has already succeeded. It provides and alternative form of currency for people that want to keep their transactions anonymous. That being said, it will be hard for it to go mainstream in it's current form due to the lack of security and monitoring.

If it were mainstream in it's current form, an entire terrorist network could be funded anonymously. Children could b trafficed anonymously. Etc., etc., etc.

That may be a cynical way to look at things, but I try to be practical.

Not only that, but like I said before, the way that the economy is set up today, products are bought and sold using debt. Until these crypto currencies put aside petty differences and back a handful or less of these currencies, then there is no way for them to compete with the fiat currency currently being used. The value of these currencies is even based on their relative value to the main currencies around the globe (such as the USD).

I do think that the blockchain tech is what will be used moving forward, but I don't see these cryptocurrencies becoming mainstream enough for you to be able use them EVERYWHERE.

That being said, go ahead and make as much money as you can before they begin to over-regulate this market. Money can definitely be made.


I own some bitcoin and other crypotcurrencies and I've been doing a lot of research on them

Bitcoin isn't anonymous since the IRS has been tracking it since 2015 . It's already starting to become mainstream as Fidelity (the largest trading platform) has already released the ability for people monitor bitcoin accounts in their portfolios Not to mention there are already Visa bitcoin debit cards

The whole talking point of it funding criminal activity is laughable because criminals use all currencies anyways. Criminals had money before bitcoin and they'll find ways to have money if bitcoin fails. Should we not use the US dollar because criminals have it also? Even white collar crime uses fiat currencies through real estate, stocks, and off shore accounts so why is it even an argument to say criminals use bitcoin?

One important thing you need to understand about cryptos is that they have more functionality than just making a purchase. they are capable of things called smart contracts where for example if you wanted to purchase a house all of the documentation like the deed, any tax forms, and registration forms could be included within the coin itself and this could be done p2p instead of using a middle man like a bank or credit union. And cryptos are upgradable so more functionality could be added. It's a simplified example but the effect of cutting the banks out of large and small transactions completely is the main reasons why the banks want the cryptos to fail.

Also there is a cryto called Ripple that is backed by European banks and is expanding to other countries
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 2 months ago '08        #18
tdnupe3 9 heat pts
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 fat_boyy21 said:
I own some bitcoin and other crypotcurrencies and I've been doing a lot of research on them

Bitcoin isn't anonymous since the IRS has been tracking it since 2015 . It's already starting to become mainstream as Fidelity (the largest trading platform) has already released the ability for people monitor bitcoin accounts in their portfolios Not to mention there are already Visa bitcoin debit cards

The whole talking point of it funding criminal activity is laughable because criminals use all currencies anyways. Criminals had money before bitcoin and they'll find ways to have money if bitcoin fails. Should we not use the US dollar because criminals have it also? Even white collar crime uses fiat currencies through real estate, stocks, and off shore accounts so why is it even an argument to say criminals use bitcoin?

One important thing you need to understand about cryptos is that they have more functionality than just making a purchase. they are capable of things called smart contracts where for example if you wanted to purchase a house all of the documentation like the deed, any tax forms, and registration forms could be included within the coin itself and this could be done p2p instead of using a middle man like a bank or credit union. And cryptos are upgradable so more functionality could be added. It's a simplified example but the effect of cutting the banks out of large and small transactions completely is the main reasons why the banks want the cryptos to fail.

Also there is a cryto called Ripple that is backed by European banks and is expanding to other countries

great post bruh. I didn't know a lot of that. I know that there's already a couple of threads in the finance section about bitcoins, but if you could start one that used simplified examples like the one you just used in your post, I would definitely check it out. I want to get into cryptos really bad, but I'm just learning how they work and learning the technology. The tech seems REALLY legit, but it's hard to find a currency that works for me and has staying power. I missed the bitcoin boat, but definitely want to make some bread.
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 2 months ago '04        #19
fat_boyy21 323 heat pts323
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 tdnupe3 said:
great post bruh. I didn't know a lot of that. I know that there's already a couple of threads in the finance section about bitcoins, but if you could start one that used simplified examples like the one you just used in your post, I would definitely check it out. I want to get into cryptos really bad, but I'm just learning how they work and learning the technology. The tech seems REALLY legit, but it's hard to find a currency that works for me and has staying power. I missed the bitcoin boat, but definitely want to make some bread.
When I have time I'll make one in there
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 2 months ago '08        #20
tdnupe3 9 heat pts
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 fat_boyy21 said:
When I have time I'll make one in there
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