Cryptocurrencies a Fraud? - JPMorgan Chase

[Pokerface]

Well we have all heard about opinions … everyone has one. Read an article today that Jamie Dimon, CEO of JPMorgan Chase claiming that cryptocurrencies are a fraud and that it will be closed.

Of course such comments from a such a global financial firm and one of the largest banking institutions in the United States would say such a thing, they may have lots to lose.

To read more: https://www.cnbc.com/2017/09/12/jpmo...d-quarter.html

[Top Domains]

1. Bitcoin is hardly a fraud. However...

Is it backed by anything? No.

And yet, for now I will gladly accept it myself and already have.

2. Are some newer cryptocurrencies a scam and a fraud? Of that I have no doubt, so just be careful and do some due diligence.

[tg12345]

I HOLD BTC, BCH, ETH. That's it. Just HOLD friends. Unless you desperately need the money, don't convert crypto to fiat.

[Top Domains]

I HOLD BTC, BCH, ETH. That's it. Just HOLD friends [...] don't convert crypto to fiat.

Too late for me. I already did and definitely regret it. But hindsight is always 20/20. I've already seen so many things plunge, and when I cashed out Bitcoin was bouncing down and up sharply, so I figured it may be about to spiral downward if I didn't cash out around $2500.

[eaton2003]

Well we have all heard about opinions … everyone has one. Read an article today that Jamie Dimon, CEO of JPMorgan Chase claiming that cryptocurrencies are a fraud and that it will be closed.

Of course such comments from a such a global financial firm and one of the largest banking institutions in the United States would say such a thing, they may have lots to lose.

To read more: https://www.cnbc.com/2017/09/12/jpmo...d-quarter.html

JP Morgan and the traditional banking institutions see cryptos as unregulated and a threat to the way banking is done. A fraud is a harsh word but I believe the entire technology behind crypto is here to stay but will be under some tough rules and regulations in the coming year making cashing out from exchanges quite interesting.

[DanHorvat]

Ha - I just came here to post a link to that nonsense.
https://www.theguardian.com/technolo...y-drug-dealers

Jamie Dimon is a person blinded by his own success. You can't expect someone who graduated in 1982 and is a billionaire and exclusively talks to his own kind to understand the upcoming changes. He'll understand them only when they materialize.

Dimon forgot to mention that the value of fiat money, and definitely the value of loans, credit institutions etc., is also thin air. In fact, the entire fiat economy is based on thin air (trust and promises).

Crucially, if the entire economy switched to cryptocurrencies, you'd never know the difference. Debts would still work, credit cards would still work, house loans would still work. Hell, they'd work if you used beans. Today's money is just a proxy for value, and the value is coming from trust. When you hand someone a $100 bill, it's worth something only because both of you believe it's worth $100. Otherwise it's just paper with some numbers.

Dimon became a billionaire precisely because of that thin air.

Bitcoin is the same thing. Except that people decided to go around the institutions who hold the power and decided to create value from trust without using a central authority.

[Sherlock]

1. Bitcoin is hardly a fraud. However...

Is it backed by anything? No.

Bitcoin is backed by trust. As any other money or quasimoney.

The only reason why the paper money or computer generated money have value is that people trust they will have value in future.
Almost the same is with gold or diamonds.

There is no money without trust. Usually nowadays the trust is in the state or central bank that is money issuer. In the past the money issuers of the paper money were commercial banks as well, so people trusted to those banks. In a way it is the similar to belief in Skrill-money or Paypal-money.

Bitcoin is backed by grey and black markets, by freedom, by future, by stupidity of governments, who are going to overregulate industry after industry and the only solution for connecting customers and businesses will be a cryptocurrency. So Bitcoin is still incredibly undervalued, because the backing of bitcoin is much more solid than fragile backing of fiat currencies. The result is the appreciation.

[Sherlock]

Crucially, if the entire economy switched to cryptocurrencies, you'd never know the difference. Debts would still work, credit cards would still work, house loans would still work. Hell, they'd work if you used beans. Today's money is just a proxy for value, and the value is coming from trust. When you hand someone a $100 bill, it's worth something only because both of you believe it's worth $100. Otherwise it's just paper with some numbers.

I disagree here. Everything could work as by now, that is true. There can be even fractional banking based on bitcoin. But what will change is the debt based economy, where the personal debts nowadays are socialized and states take them over and then go away of them through some monetary wizardry like inflation. With Bitcoin or similar cryptocurrency this will not be possible and access of average John Doe to credit will be much smaller. Cryptocurrency based economy will not be leftist utopia but dystopia with high GINI coeficients. Now every state can start over again into some extent and therefore even the people of states have easier restarts (yes it is indeed hard even now). If btc takes over life of ordinary people will be harder. It might be even good - people will start to be more scared and responsible. But society will change a lot - more backwards into what was here in the past.

[Sherlock]

Well we have all heard about opinions … everyone has one. Read an article today that Jamie Dimon, CEO of JPMorgan Chase claiming that cryptocurrencies are a fraud and that it will be closed.

Of course such comments from a such a global financial firm and one of the largest banking institutions in the United States would say such a thing, they may have lots to lose.

To read more: https://www.cnbc.com/2017/09/12/jpmo...d-quarter.html

He said what he had to say. He probably even believes in it. And it is something expected. He became a billionaire with pre-crypto economy, so he believes into pre-crypto economy. It is irrelevant. Warren Buffet is another kind of that person. People who were great archers probably also thought that gun powder guns are nonsense.

Also those powerful people who despise bitcoin do not know a **** about grey markets like gambling. They do not forsee how important bitcoin is for example for us. If they say "A": bitcoin is a nonsense, they should say also "B": how will all the businesses like our move money after the banking restrictions? Will the US operators keep sending packs of gold? Physical cash? Hawala? Will there be an end of online gambling (and all grey/black markets) and US people with smartphones will go back to physical local bookies? All other possibilities are extremely more unlikely than using cryptos. So cryptos are just the logical prediction.

[allfreechips]

I would rather have my currency backed by trust than worthless paper based on dead beat home loans repackaged over and over again until the value is 0.. A little lesson I learned from JP Morgan themselves..

[Sherlock]

That is the issue here with fiatmoney. The remaining trust is being repackaged together with **** over and over again and nobody can stop it ever. In the end it is just ****.

In the past it was just an inflation used to add the ****, now there are other more sophisticated and more invisible methods. But the result is exactly the same as in middle ages, when the kings who had monopolies to mint gold and silver coins, stole the precious metals from the coins as seigniorage. For centuries the same ****. Whoever had power over money - abused the power. And right now it seems it will end during our lives. Do not sell your coins if you do not need the money. I have told it here at btc for 200, I am saying it now at 4K and I will keep saying it when we hit 80K.

I think Mr. Dimon subconsciously knows that bitcoin has a future. It kind of sucks to be an important wealthy old man, who feels that he is on the wrong side of history. So he must insist on the nonsenses.

[Muppet]

That is pretty rich coming from a known fraudster, though it should not be surprising. This is a positive thing for cryptocurrencies. It shows the bankers are taking notice of them and are worried.

I'm just going to leave this here.
Behind The Fraud: JAMIE DIMON’S $13 BILLION SECRET—REVEALED

[sweetbet]

I would rather have my currency backed by trust than worthless paper based on dead beat home loans repackaged over and over again until the value is 0.. A little lesson I learned from JP Morgan themselves..

Exactly !!

Speaking of cryptos, I'd like to give the following crypto a shameless plug

Crypto: Status Network Token (SNT)
Website: http://status.im

The price is currently very cheap. It is expected to take off in Q1 2018 when their app is finished
https://play.google.com/store/apps/d...ethereum&hl=en

[wonderpunter]

JP Morgan.... enron, madoff, housing crisis.. lol.. they have been fined how many billions? and still get away with it

[Ace Fun]

I believe that Jamie Dimon's daughter is investing heavily in Bitcoin, so of course he would continue his usual trick of trying to devalue assets, whilst buying them for himself and his family. He keeps the price of gold below its true value as well.

[Top Domains]

I believe [...]

Is he really known for doing that before?

[Ace Fun]

Is he really known for doing that before?

In the derivatives market, the gold market, the currency markets, and share dealing amongst others. It's quite well reported outside the mainstream news.

[slotplayer]

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