
JPMorgan's Dimon says Bitcoin 'is a fraud' - oblib
http://www.reuters.com/article/us-usa-banks-conference-jpmorgan/jpmorgans-dimon-says-bitcoin-is-a-fraud-idUSKCN1BN2KP
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maxerickson
Dupe of
[https://news.ycombinator.com/item?id=15229765](https://news.ycombinator.com/item?id=15229765)

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orthecreedence
Um, what differentiates bitcoin from a stock on the open market (other than
the technicalities, centralized vs decentralized)?

Stocks are just virtual pieces of paper saying you own X amount of something.
So is bitcoin. Stocks are valued not by some formula, but by the constant
battle between buyers and sellers. So is bitcoin.

The only real differences are that stocks are somewhat more protected (SEC and
all that) and are not treated as property like bitcoin. I guess if you own
enough stock you can steer the company you own to some degree, whereas with
bitcoin the developers have more of a say than the holders.

Other than that, whether you like bitcoin or hate it, it has many more
similarities to the stock market than differences, and anyone who spends their
day in the stock market then turns and thumbs their nose at bitcoin seems a
bit hypocritical.

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vikiomega9
At the very least stocks have well defined metrics tied to company financials
with which value is quantified.

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AstralStorm
Plus they can also pay directly in dividends.

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dbcooper
JP Morgan has it's own (Etherium derived) blockchain system for transactions
and smart contracts, Quorum.

[https://www.jpmorgan.com/global/Quorum](https://www.jpmorgan.com/global/Quorum)

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fragsworth
Sounds like Jamie Dimon's got a serious case of the hypocrisy going on.

The impression I'm getting is that the banks are now realizing it's probably
too late for them. For the last 7 years they had some chances, but now with a
$150 billion market cap for crypto, they can't purchase any significant share
of the technology anymore. That ship has sailed.

So now they can only resort to shit flinging and disparaging remarks like
"Bitcoin is a fraud". While at the same time trying to make their own
altcoin...

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oblib
"Dimon said that if any JPMorgan traders were trading the crypto-currency, “I
would fire them in a second, for two reasons: It is against our rules and they
are stupid, and both are dangerous.”"

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transverse
I assume the way they would do it is by investing in hedge funds or elsewhere
who also invest in crypto.

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kapauldo
Crypyo transactions are largely speculative not transactive so he is right,
crypto is currently a pump and dump fraud. Plus the only way in besides mining
is to reveal your identity so the premise is largely broken for most people.

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dharma1
here's a video with his explanation.

[https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-
rai...](https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-
on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html)

TD;LR - blockchain tech separate from cryptocurrencies, governments will shut
bitcoin down, price is purely speculative and has no real use. Nothing you
haven't heard before

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hiyer
The pertinent question for him would be whether it's a bigger fraud than
Mortgage-Backed Securities and Collateralized Debt Obligations.

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adamnemecek
Unlike JPMorgan that's like squeaky clean.

