
Jamie Dimon Slams Bitcoin as a ‘Fraud’ - ajr0
https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin
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sillysaurus3
_Dimon compares bitcoin to tulip mania, predicting a collapse

Still, he says, it’s a good option for murderers, drug dealers_

An unbiased, balanced outlook.

Meanwhile, fewer and fewer people can afford a whole coin.

I think now would be a nice time to buy. The best time is after a crash, so
articles like this are usually a leading indicator that we may be bottoming
out of the current slide.

Even if Bitcoin is nothing more than tulip mania, tulip mania caused a vast
transfer of wealth. You won't lose if you don't play, but you won't win
anything either.

If you think it's going to continue going down, put some money on that! It's
pretty easy to put in a short sell and test your hypothesis. But people tend
to ignore that.

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antr
Why is now "a nice time to buy"? What is underlying value that makes the
current price attractive? I'm really curious to know

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BlackjackCF
Bitcoin's value just tanked a whole bunch because China's halted trading at
its cryptocurrency exchanges. I think it's plummeted by a good 20% or
something in the last few days. People are guessing that the value of Bitcoin
will come back up, so they think it's a good time to buy.

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kafkaesq
"Fraud"? Like he's one to talk:

[https://www.theguardian.com/business/2014/jan/07/jp-
morgan-b...](https://www.theguardian.com/business/2014/jan/07/jp-morgan-
bernie-madoff-settlement-fine)

[https://www.nytimes.com/2015/12/19/business/dealbook/jpmorga...](https://www.nytimes.com/2015/12/19/business/dealbook/jpmorgan-
to-pay-307-million-for-steering-clients-to-own-funds.html)

[https://consumerist.com/2016/01/05/jpmorgan-chase-
fined-48-m...](https://consumerist.com/2016/01/05/jpmorgan-chase-
fined-48-million-for-failing-to-comply-with-robosigning-settlement/)

~~~
anubisresources
Sounds like he's an expert in fraud from those links

~~~
kafkaesq
Indeed, practically a guru of sorts.

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mhluongo
This just in, banker calls competitor a fraud. No reason to question this.

Loved his past employer's take.
[https://twitter.com/agurevich23/status/907692985424371712](https://twitter.com/agurevich23/status/907692985424371712)

~~~
mhluongo
s/employer/employee/

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taneem
I think to be fair, he said two things:

1\. There is no way governments will just let an unregulated currency take
over in a meaningful way.

2\. Thus, the current Bitcoin rally is simply speculation and is being driven
up by those who will profit the most from it (which is fraudulent in the way
the Tulip mania was fraudulent).

I get that he's the CEO of the horse and buggy company dismissing cars, but I
don't think he was that tone deaf.

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ZenoArrow
No comments made about why Bitcoin is a fraud, just some lazy comparisons to
past speculation bubbles.

That said, I'm not really sure why Bitcoin is growing so rapidly at the
moment. Part of me wonders whether it's being fueled by a bidding war to
become the top trader, to have greater control over pricing of the blockchain,
but that's just idle speculation, I really have no idea. If the technical
issues that hold back scaling were solved, then I could understand it, but at
the moment the trading behaviour just looks bizarre.

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ChrisClark
Meanwhile, JP Morgan is a big investor in Ethereum, has built Quorum, the
private chain version of Ethereum and is a big player in the Enterprise
Ethereum Alliance.

But Dimon probably still would say Ethereum is a fraud too, it's strongly
implied by his Bitcoin comments. He's talking about the whole cryptocurrency
market, not just Bitcoin.

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lend000
> Dimon later noted that his daughter purchased some bitcoin.

~~~
baq
a fraud or stupid, bad either way. right?

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psyc
I know it's been discussed to death, but whatever. I like talking about
cryptocurrency. Satoshi acknowledged that Bitcoin's value would need to be
bootstrapped by hope and self-fulfilling prophesy. That already succeeded. Now
it's a rare, conserved commodity, that is digital, and can be transmitted
around the globe. Seems valuable to me on that basis alone. Supply is
essentially fixed. Demand is likely to increase. Speculation will continue to
add significant volatility for the foreseeable future.

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dv_dt
Or bitcoin happens to be eating into a market which wants to effect transfers
of wealth between currencies and/or nations - something which wealthy clients
might normally call up a large bank to handle... an example of automation
eating (finance industry) jobs?

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sxates
"I'm skeptical of things I don't understand."

~~~
dlp211
Do you really think that Dimon doesn't understand Bitcoin? Plenty of people
understand it but are sour on it, why do you assume he is ignorant.

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rmason
I think Fred Wilson when asked by a reporter about Jamie Dimon's comments said
it best:

"You have to have an open mind to be able to see the future"

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neo4sure
Can we slam Jamie Dimon a fraud / contributor to the financial colapse. Why is
he not in jail?

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djschnei
of coursssssse he did....

