Jamie Dimon has come out with some very strong statements regarding Bitcoin and cryptocurrency over the last few weeks.
From calling it a fraud to saying his employees would be fired for trading it, to lately saying it will be shutdown shortly by governments if it gets too big.
However, there is some interesting things about his remarks.
For one:
"Me thinks thou doth protest too much!"
(Meaning I think the harsh language he is using regarding Bitcoin and cryptocurrency is coming from more than just a place of his innermost beliefs)
Instead, Jamie's harsh rhetoric is coming from what he wants to happen. What he needs to happen.
He's trying to speak it into existence.
Here we have the CEO of one of the most powerful banks that has ever existed and he sees a new revolution taking place that could possible challenge his place at the top of the food chain.
Chase Bank moves money all around the world every day, something like $6 trillion dollars according to Dimon, and Bitcoin threatens to do that same thing, even more efficiently.
In that regard, Bitcoin becomes a direct competitor to Dimon and his meal ticket.
No wonder he wants it to die!
Parallels to the 90's and the internet
I look at what is happened right now as a parallel to what was happening back during the 90's with the internet. Some called the internet a fad and a bubble and something that would likely have no more use cases then that of sending and receiving an email, a novelty if you will.
Those people couldn't have been more wrong as the internet has become intricately linked to just about everything we do today.
Oops!
There was certainly a lot of chaff that came with the wheat at that time, but it was ultimately whittled away and the very best companies not only survive, but thrived.
People are making that same kind of argument about blockchain technology and how revolutionary it could be and how it could be linked and applied in so many areas of our lives going forward.
Jamie's comments don't seem targeted at the underlying technology, blockchain, but instead are targeted at Bitcoin the currency.
In this regard he could ultimately be right if a couple things happen:
- If countries around the world follow China's lead and start declaring Bitcoin illegal and start shutting down exchanges.
- If other high finance officials start talking about how they are going to boycott these currencies and start working on creating their own.
- If this current trend of acceptance starts to reverse itself and no one wants to accept Bitcoin as payment for anything.
However, a couple developments recently counter those "ifs" pretty well:
- We have already seen Japan legalize Bitcoin as legel tender, which means they would have to completely reverse course on their stance, not impossible, but not likely.
- Every week that goes by we are hearing about more and more businesses and people that are looking to accept Bitcoin for their good or service.
In fact I just read yesterday about the first house that was sold for Bitcoin.
Use cases for Bitcoin are increasing, not decreasing, which is probably the most important factor in all of this.
Conclusions:
Jamie Dimon likely has a very strong incentive to keep Bitcoin and the cryptocurrency markets from ever taking off and his comments regarding them need to be taken with a grain of salt because of this.
The odds of other countries following China's lead is very small and that is what would need to happen to really take the wind out of cryptocurrency's sales.
The old way of doing things has changed and now that a new paradigm shift is happening it will be almost impossible to stop, even for some of the world's largest governments.
The genie is out of the bottle, and will be very difficult to put back in.
Stay informed my friends.
Image Sources:
https://www.quora.com/What-exactly-is-the-1995-2000-dot-com-bubble-in-laymans-terms
https://hackernoon.com/trump-wont-kill-america-bitcoin-will-a2be67247969
Follow me: @jrcornel
At the end of the day, he is a billionaire protecting his own interests.
He's my shithead of the month, and a protected white-collar criminal!
https://steemit.com/dtube/@tgheretic/cf132krn
Haha I never said he was not a shithead!
I fully understand your comment and agree with your conclusions. I just thought I'd add a little background in case some people don't understand the criminal activity he's been involved in while in charge of JP Morgan Chase. But I'm sure some here are already well aware of his background.
let us know- who
Jup, just some trashy demon summoned from the pits of hell.
Lying, deceiving little monster.
Great article, see below for great article on why Jamie Dimon is the true fraud
https://steemit.com/bitcoin/@rmiseman/jamie-dimon-is-the-true-fraud
Me thinks Jamie Dimon be suffering from "Scrunt" which is a slow seepage of Shit to the Brain.
Which is fair, But still No love for him or the system they work with
may be or not
They needed to report their income, bitcoin will not work for them.
Follow me @Yehey
Thank you
Desperation is a stinky cologne, Jamie.
hey btc...???
exactly.
exelent!!
jajajaja..
Soon we will be billionaires protecting our interests which will be Cryptocurrency infrastructure (which protects itself lol)
Parlay some of those crypto gains into a Steem mousepad!
** official merchandise channel for Steemit Inc. **
lol ok now ur just spamming on all the top trending posts!
U could at LEAST come up with a comment relating to jaime dimon and his bitcoin comments!
You're right. It's tricky to be contextually relevant. I want to let people know about the new shop but I don't want to spam.
Prison time for Dimon for insider trading or outsider trading?
One can dream!
Jamie Dimon’s Bitcoin Statements Reported as Market Abuse in Sweden
Atlant
https://news.bitcoin.com/jamie-dimons-bitcoin-statements-reported-as-market-abuse-in-sweden/
JP Morgan’s chief executive, Jamie Dimon, might be getting into some trouble with Swedish financial authorities for market abuse when he called bitcoin a “fraud” last week.
Also read: Bitcoin Proponents Respond to JP Morgan Executive’s Statements
JP Morgan Reported to Swedish Financial Supervisory Authority for Market Manipulation After Chief Executive’s Public Statements Against Bitcoin
Just recently JP Morgan Chase chief executive Jamie Dimon got the cryptocurrency community all riled up when he called bitcoin a “fraud.” Further, after Dimon’s statements and bitcoin markets slumped, JP Morgan Securities Ltd., purchased a bunch of bitcoin-based exchange-traded notes for its clients. Now according to reports, an algorithmic liquidity provider headquartered in London called, Blockswater says Dimon breached certain statutes from the European Union’s Market Abuse Regulation (MAR) articles.
Great writeup. I completely forgot about the Japanese legalization a few months back. The South Koreans seams to be taking a similar approach. Seems the bankers didn't realize how quickly mass adoption of cryptos is taking place. I don't think many of these old dinosaurs really saw the writing on the wall.
great sharing I will remember this, great effort collecting this information
He's a Price manipulator, is now and always has been. That's what this is about. Any Reporter with a Backbone ( there are none) should ask him when JPMorgan is going to repay the Taxpayer the 25 billion Bailout he and his Company got. That would shut his stupid AZZ up.
I'm sure he doesn't even know what he's talking about and how it works
JP Morgan is creating their own crypto to take on bitcoin so they want to bring down the champ.
Yes, and I really doubt that any cryptocurrency created and controlled by JP Morgan is going to even be a serious rival to the leading decentralized cryptocurrency.
The only way it could win were if they could use the mainstream mouth piece to their advantage and take control of the Bitcoin narrative early. This has to the potential to kill it because Bitcoin itself has yet to reach critical mass. If Dimon can reach critical mass using his buddies then he could advertise a new "better" version of something that other people have already adopted. Bitcoin needs to set up it's own positive marketing machine and get ahead of the banking cartels that control the petro dollar.
JP Morgan filed 175 patents for a Bitcoin alternative. They were all turned down at the patent office.
First they ignore you, then they laugh at you, then they fight you, then you win. Mahatma Gandhi
I love that. But I guess that is why he was who he was. The bigger question here I think is why China outlawed bitcoin. They didn't do that as a one-off but it must be part of a bigger plan. I thought they were good with cryptos. Certainly the Chinese people are good with all things tech. So what's their plan? Any thoughts out there.
Friend bitcoin is the future! China rumors are false.
As long JP Morgan cripto is centralize and control by his party than it will not go anywhere.
It is called Quorum and according to their site it is going to be the 'New Ethereum'!!
Very true, ubs as well
The best wins!?
Dimon vs Bitcoin <=> Cabbies vs Uber
Hm, did they just ban Uber in London?
Yes uber won't get their operating licence renewed in London , but they will appeal that decision , could take a 1 year !!
this certainly boost up my confidence in crypto market.
mine too, thanks for sharing
always welcome. started to follow you dear.
yea....
iam new for this steam help me & earn
@jrcornel, I think its all fud
I've seen the movie The Big Short and if you had, too then we both know where they stand ;)
Jami e is ignorant
People on top like to remain on top, they never want to be replaced, Bitcoin is making another bigger world out of banks, this is a treat to his business and he sounds like a beaten dog. Governments will really treaten BTC but it is here to stay, they can't stop it.
nice to see you here on trending! yeah bitcoin is autonomous, people rise up out of the grassroots and become bitcoin dealers, and people are able to make money mining it so theres always a way to create fresh bitcoin if you just make the investment in the mining equipment, we just nmeed more Biuutcoin ocntent!
Bitcoin will reach the masses like everything these das! Social media! and steemit doesnt have the users yet we will need to keep using instagram etc
i realize i can find SO MANY people wanting to gfet into the bitcoin world by justy using Instaghram!
we should crteate a massive campaign to promote Bitcoin on instagram, because when i promote steemit on IG i always promote bitcoin too and i notice that the bitcoin posts seem to get even moreattentioon than the steemit posts which is obvious as theres more people into bitcoin than steemit but can u imagine getting that chunk of the bitcoin market??? on instagram??? we could pull in SO MANY people if we jsut created a simple website or app that helped someone get started with crypto using a Ch3cklist where we go down a list and get people a bitcoin wallet we get them on an exchange we getthem on steemit and we can also make an App that just goes down a list and teaches people how to use bitcoin and how to make money with this stuff, man just imagine a super user friendly app that just teaches people about crypto.....maybe videos would work better
but yeah Bitcoin media is gonna be HUGE
peopel will need WAY more bitcoin related media! we just need Bitcoin youtube channels! a LOT of them! never enough !
Lets create a Youtube channel JUST for bitcoin and one just for steemit! or do on for steemit and bitcoin maybe just yeah make it so the two are linked cant have one without the other, just lets make a CRFYPTO channel yes for youtube! use steemit to grow it, we can do daily uploads man we need a youtube channel! if jake paul can do it so can we!
If someone has a lot invested into something, they will do what they can to protect it. Anything that is new and will produce changes in the world will get some type of fight.
As Adam Carolla says, either stupid or liar.
Stupid or Liar, here is the Podcast where he says it! "Politicians are either Stupid or Liars"
Great post, by the way shouldn't he be in prison
@jrcornel. A very concise and article. I must concur with pretty much all of what you have said. It is not often that we see a technology emerge that can revolutionize the world. I do not say this lightly. I think the problem Mr. Dimon has, which I did also, was that I was looking at this technology through the prism of Bitcoin solely. I was not au fait with blockchain and hence I too brushed it off as a fad that would disappear soon. I have learnt about blockchain. I suspect that Dimon has also learned about it. And you, if I read this article right, intimated that he is for blockchain, just not for bitcoin, which, as we all know will rob him of his bread and butter. My response to that is good.
I realize that all this hot air coming from him and other detractors stems from fear. If this is indeed a bubble then he should shut his mouth and let the bubble pop. What is even worst, we cannot have a situation, like what has happened in the past where, bankers create hysteria only to have investors, mainly small guys like myself, dump their assets only to has the big players like them gobble up the assets.
It must be quite frustrating to Dimon and his ilk that this cannot be done with BTC, simply because this technology is governed by the laws of mathematics and not by the whim and fancy of a handful of greedy bankers who play by a different rule.
@jrcornel. I am certain you have heard of the suit brought against him for market manipulation by a group of crypto investors recently. Initially, I had called for a petition to bring more pressure to bear on him, for allegedly buying BTC after the prices went down. I now would like to back track on that. Simply because I think this was a good thing. How so? More people are becoming aware of, not only the crypto world. They are learning about blockchain and what this technology can do and is doing. Hence, while many will be drawn to the game for a quick buck. The innovators see the revolutionary potential of this technology. At this point, I do not think it is a matter of whether or not BTC will survive. Whether or not is irrelevant. The fact is that other cryptos will spring up to undermine this present economic system. That is the power of the blockchain.
Again, thanks for this piece. It is quite accurate, and quite apt, and I am quite optimistic about what the future holds—one without the likes of Dimon wielding so much influence, if any at all.
Screw Chase Bank and its managers. And with Malaysia now considering using #BITCOIN .. well, it's a pretty strong development alongside of Japan
As you say, use cases for Bitcoin are evolving, not devolving! The evolution, or REVOLUTION, of #crypto and bitcoin are at hand.
SEE ARTICLE on Malaysia news of BITC here:
And if #Indonesia also comes aboard, well it's pretty unstoppable. I read this is a possibility, in Google News.
You are on the nose. He is threatened. But the fact is--a decentralized, transparent blockchain is the perfect solution to a lot of the problems he faces as a banking tycoon. He just needs to learn to shift gears when it gets to that point. Kind of like when Blockbuster Video went out of business because Redbox and Netflix took the lead. Either get on the train or get off, but if you stand in front of it with your hands out, you're just going to get run over. Resteemed, my friend.
SUCH a perfect analogy there which you could write a whole steemit article about! Big Banks adopting Bitcoin and rolling with the punches of technology would be as life saving for the business model as Blockbuster if they had started a Streaming video service to actually compete with Netflix and RedBox, like imagine if Blockbuster tried to make their OWN redbox type Kiosks to just compete with and undercut redbox, and then aggresively competed with netflix, they could have actually adapted, like an Oil company investing in Solar Panel produiction before they run out of oil or before oil becomes obsolete, it's probobly already named and studied im sure there is a word to describe this like when an industry changes overnight and hundred years of work becomes obsolete lol, yeah actually andreas antanopolous actually described that in one of his lectures, the stages of grief by the big banks, ohman its crazy to actually see the big banks become obsolete right before our eyes,
so crazy to see how we all get to have that veil lifted and the world will know how big banks were holding humanity back, because look big banks cant SEE a world without them, but THE WORLD KEEPS GOING the fucking world is vast and if big banks fail GOOD someone else will come up and take over! Look more and more people are becoming self sufficient so when the system collapses most of us will go good riddance and we wont CARE its NOT OURS and all WE care about is the decentralized digital infrastructure we are creating, and the PHYSICAL world will follow, we will soon have the money to buy factories and islands and cargo ship and solar farms and we will become the new elite!
So yeah the elite cant imagine a world without them but look humanity will go to the stars and we will have our space colonies and we wont need Bankers, they dont do anything useful, but cryptocurrency people? we will love our crypto people! Bitcoiners? They will be the new bankers! People who control all the bitcoins are the ones who will control al the liquid money and they will be spending it and using it for new investments and money will be able top be tracked as well, we can now see who has what on the blockchain, hah it just solves so many problems
over time this is all going tpo unravel and the banking cartel will have to adpt or die and i think we will find they will be forced to adapt at the last moment maybe buying all the ripple at once and trying to buy as much bitcoin as they can probobly making all crypto go up like crazy, just wait untill some bankers and billionaires come in and try to buy up AL the crypto at once! hah hold onto your crypto, its going to just keep getting more valuable as if TIME is afactor here, the earlier you can get in the cheaper these coins are, but if you wait you have to just end up spending more andmore, and no matter how much you sopend youll never be able to buy up the BULK of the coins! Bitcoin for example and even steem we wont EVER sell our steem or buitcoin the 3/4ths of bag holders, we just wont ever sell, its why bitcoin can only ever fall like 30% and trhats it, it just goes up after that lol because theres only SO many new buyers who will be WILLING to sell, nmore string handsthan ever in bitcoin! this last dip we saw ALL the new people who might have sold last dip all holding and realizing thathis happens al the time! every dip cycle we get a NEW batch of bitcoin newbs learning the ropes! they learn not to sell and to just buy on these dips and they end up winning out! Its realy fun to learn with everyone and see more new users jump in!
speculation is being made. He made Chinese first. Then Jamie Dimon did it. The price of the right bitcoin will rise at the end of the year. Look at the picture below and after seeing speculation, please see how big a bitcoin Jamie Dimon buys
Well, maybe the big banks won't be the first ones, but big online entities, which is where Smart Media Tokens come in. Then, banks will just have to follow.
Here's a little piece on it for starters anyway
Add to the fact that JPMC is part of the EEA. The irony is strong in this one.
The steps people do to maintain their stranglehold of the economy. I' m exited for this shift in power.
In my opinion, he is trying to fluctuate the price of Bitcoin for his own benefit. Not only because he is a banker an industry which bitcoin threatens but also because he wants to get in at a cheaper price. Look at JPMorgan's recent investments, it is one of the largest buyers of bitcoin recently. Whether that be from Jamie Dimon himself or clients, his organization is still benefiting from the market fluctuation that his comments helped cause.
with a username like that, you better be iuploadng everyday, u better have an instagram with 100k followers promotingt steemit and u better have a youtube channel like @jerrybanfield with 200k subscribers! i wanna se this out of u! i wanna see u with 100,000 Steempower and u better have it in 3 months!
I wanna see u with 10,000 followers in 2 months! u better post 10 times a day but each post u need to spend like 1 hour on~ yeah 19 hour days non stop u can do it bro!
Even if exchanges are shut down, bitcoin would not die. Its price would drop like a stone and likely never find mass adoption but I'm sure it would run on for years with a few die hards continuing to mine. The tech of block chain though would carry on, evolve and grow.
thanks for share this.. now demand keep increasing.. crypto world just begin
He knows it, we know it, everybody knows it :) This was FUD and it was timed perfectly.
Great post @jrcornel
Dimon said this on purpose so he can get a lower position on some more bitcoin.
right on
The world is start to change.. he should realize that.
That was arguably the nicest thing Jamie Dimon had to say about the cryptocurrency.
He even went so far as to say he'd fire any employees trading this cryptocurrency, calling them, bluntly, "stupid."
Now, Bitcoin can be volatile on a "normal" day, and it has seen massive swings in recent days, largely on news that China plans to clamp down on it. Nevertheless, Bitcoin plunged 10% almost immediately after Dimon's roasting.
Of course, this isn't the first time he's badmouthed Bitcoin – and I'm sure it won't be the last, either.
Here's the thing: Dimon is completely wrong about Bitcoin.
What's more, JPMorgan – his own outfit – and plenty of the other big banks are all over the digital currency and the technology behind it.
That means traders and investors who are keying in to Dimon's comments risk making a catastrophically expensive mistake.
Well written and stated. You cant expect much from the banks other than a big fight. Living in Africa i can clearly see the positive results of the bitcoin in dealing with poverty and i can only say that we will press on
Completely Agree he is wrong and he knows it. Banking will stick around, but how we Bank has changed!
https://steemit.com/bitcoin/@btcpopco/bitcoin-will-kill-banks-not-banking
Jamie wants BTC to die, but he knows that's not going to happen. That's why JPMorgan is buying up bitcoin. It's the capitalist mindset:
"If you can't beat them, buy them"
How much bitcoin would you buy- if you got your money for nothing?
All of them. But I guess the chicks remain for free?
The man is at the top of his world,
he see's a threat and maybe does not see how to use it to his advantage, therefore he is on the attack!
The danger will come when he finds a way to use it to his advantage, and then trys to control it!
The blockchain holds the power to change the world, but only if we use it, promote it and advance it.
We must prevent those that want it controlled from doing so, control is a limitting force.
Free the blockchain.
Bitcoin is no threat to someone of a net worth as big as litecoin on a good day!
Disclaimer: I am just a bot trying to be helpful.
I found this article a day or two after he made his statements:
https://news.bitcoin.com/after-the-boss-calls-bitcoin-a-fraud-jp-morgan-buys-the-dip/
Dude's a fraud.
Nice.
...also want to add that i heard regulating cryptocurrencies could be the next thing that pushes the prices much higher. That makes sense to me... it would reduce fluctuations and focus capital on existing coins while reducing investments in fraudulent companies.
dudette how does regulation improve anything? then the regulators 'would' have the 'authority' to defraud the system!
I think its kind of inevitable.China is already doing something to try and regulate things. it might not be so bad. you cant have it both ways. lack of regulation means crazy volatility and that could scare away potentially great investors .
Thank you for sharing
https://steemit.com/steemit/@rinaalone/mum-or-dad-which-one-do-you-love-more
Very intresting
First they ignore you, then they laugh at you, then they fight you, then you win. Mahatma Gandhi
Translation: "My company is a big investor in Ethereum"
good that this man is being accused of market abuse in Sweden!
Obviously, Jamie Dimon is hitting on Bitcoin, because he knows it will hurt his commercial interests. Don't listen to people like him as they are trying to confuse what Bitcoin, and Ether really are.
A similar thing can be seen by climate change deniers. It seems that when entrenched interests are threatened they fight tooth and nail to discredit their competition. They don't give a damn about the truth nor the communities that they harm.. at the end of the day it's about the $$$ for them.
Good article -- Like everyone else, I very much agree. It seems you are preaching to the crypto choir here! So, I thought I'd introduce a little devils advocate: Just because Jamie Dimon has incentives (and seemingly large ones) to see Bitcoin and other cryptocurrency markets fail doesn't necessarily mean we should completely disregard his insights. Dimon is an expert in his field, and his voice is likely representative of an influential sect of the banking elites. His power is evident in the considerable BTC drop after his words went public which, to me, is a reason to keep an eye on his actions. Moreover, comparing crypto markets to 90's internet may be unfounded. While there are similarities, BTC/crypto-markets do have fundamental differences, and the future is ultimately unpredictable. Anyway, take my counters with a grain of salt as well.. appreciate the article. Best ~
Analogy with internet is not wrong, but misplaced.
In this analogy; internet is cryptocurrency, bitcoin is Netscape. If you know what I mean.
Sure, big banks and governments are against it, because they don't get their piece of the pie and make the rules about it. However, we all know that they are all coming up with their own ways to use the blockchain that will be a direct competitor to current crypto. This is why more people need to become familiar with this technology so that they don't get suckered into the wrong crypto.
Hey is steemit going to be blocked or banned ?
Could you figure out a way to do this and enforce it?
I don't think he believes his public comments at all. I bet he made his comments, watched the markets drop, and then either he or his bank (or both) bought more. I bet china did the same thing over the past couple weeks.
he is a billionaire protecting his own interests.
"Maybe" Betcoin is a scam coin !!
But the dollar industry is a "confirmed" fraud.
The reason is not Jamie Dimon, but the social media used in the campaign that caused us to lose.
Always big new things are controversial.
As i already tweeted, now Jamie... he is a little kitty which just
Of course he loves the blockchain but he doesn't want all people to have it at their hands. He has got not enough money to live this planet yet. He wants more ;-)
As you already said, more countries and business accept it contrary to all the fud.
The best thing is to ignore that kind of people and their stupid arguments in public. As he did that interview, he looked there more bad than a dictator. Dat face man... pfff.
I don't know why he is not in jail till now. Threatening everybody with jail because of freedom? Nice speech dear Jamie kitten (it is a good name for him right now, just to not be offensive).
So, let them cry with stupid arguments and on the backside they buy like crazy... Maybe somebody could spit them over the years when we'll found out in public that he owns lots of BTC and altcoins. Just for fun, how he did it right now.
Cheers
Disclaimer: I am just a bot trying to be helpful.
It does seem dodgy to me that he keeps going on about it.
I wouldn't be so suspicious if he made just one comment but, damn...