
Jamie Dimon: I ‘Regret’ Calling Bitcoin a Fraud - smaili
https://blogs.wsj.com/moneybeat/2018/01/09/jamie-dimon-i-regret-calling-bitcoin-a-fraud/
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JumpCrisscross
Nobody I know on Wall Street has changed their tune with cryptos. What _has_
changed is recognition that the wealth transfer of a generation is happening
through them. Nobody wants to hold it, but everyone wants to broker it. And
you can’t try and sell Bitcoins, or even facilitate order flow, if your CEO is
on record calling it a fraud.

~~~
FabHK
I recently watched the 1983 comedy _Trading Places_ again. Quote:

Randolph Duke: "Now, some of our clients are speculating that the price of
gold will rise in the future. And we have other clients who are speculating
that the price of gold will fall. They place their orders with us, and we buy
or sell their gold for them."

Mortimer Duke: "Tell him the good part."

Randolph Duke: "The good part, William, is that, no matter whether our clients
make money or lose money, Duke & Duke get the commissions."

Plus ça change.

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fuddcoinn
If JD wanted to take a stake in Bitcoin, trash talking beforehand could help,
and i think this could have been the case.

most reasonable people would prefer to stay silent but JP Morgan plays the
"bad boy bank" role with gusto, second only to Goodman Sachs. both
organizations openly break the law while eating the fines as an operating
expense, bet against their own clients and ensnare nation states in unpayable
debt with what most laypeople would think is unbelievable power and control.

compare that to a few choice words in an unregulated wild west market and
perhaps id be stupid not to think it was intentional.

his reversal seals it for me. (unless this is yet more strategy on his part)

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the_d00d
He made his 'Bitcoin is a fraud' comment in September when Bitcoin was
somewhere between $3000-$4000. In October, he called Bitcoin investors stupid.

Bitcoin has done nothing, but increase in value since then. If JD was trying
to spread FUD in order to buy cheap....that clearly didn't work. No one in the
Bitcoin space gives a shit what that guy says.

~~~
russdpale
Actually, it worked brilliantly. He timed it right with the September China
fud and probably picked up some coin right at the 3k low on the dip on that
news.

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FabHK
Actually, not everyone trash talking Bitcoin is talking their own book.

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russdpale
What? Talking their own book? I have not heard that before.

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lulephuckhang
No where in the article did he say 'regret'.

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andirk
Before the paywall garbage, it say: Mr. Dimon said “I regret making” an
earlier comment in which he said the digital currency was a fraud.

Edit: The paywall version has a different beginning than the full version wtf.

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yakitori
Why are you being downvoted? What you said is true.

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vfulco
Yea this is the usual sad song after the big money has been made and the
sheeple fleeced. Rinse and repeat. Look at boom/busts of the past. The powers
that be know exactly what they are doing. "A fraud" until you find out the
internal hedge fund has been trading it for months and NOW they are setting up
a customer trading desk. Get the joke?

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liquidise
Readable version: [https://outline.com/ChvJAT](https://outline.com/ChvJAT)

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jeffrufino
This is a cool app, thanks for this.

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Ftuuky
He bought the dip after spreading FUD.

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botverse
He happened to be the fraud himself

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Jesus_Jones
He should say "It's not a fraud, it's just in a crazy worldwide bubble".

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sova
HA! That's what you get for not understanding the underlying innovation before
making bombastic claims at the WORLD ECONOMIC FORUM. Cantankerous Beast

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yyyyip
Dunking on all these fucking bankers is going to be the sweetest thing ever. I
hope every last one of these pieces of shit is holding a big hoard of crypto
when it finally crashes. I've already sold them a LOT but I've got a fair bit
to go.

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fourstar
This was so orchestrated.

1\. Notice the value in it.

2\. Come out publicly dismissing it as a "bubble".

3\. Acquire a position.

4\. Come out publicly refuting your initial claim as a "bubble".

It's called stacking.

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hendzen
This is so that their clients won't be able to sue them if/when the bubble
pops after they help execute BTC trades for them.

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RexetBlell
Respect to him for owning up.

