
Looks like JP Morgan got caught buying Bitcoin today (use google translate) - js7745
https://www.nordnet.dk/mux/popups/marknaden/aktiehemsidan/avslut.html?containerid=avslut&identifier=113749&marketplace=11&limit=100000
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rothbardrand
FYI- Myself and almost all the hardcore bitcoiners I know feel the recent
price drop was due to China, not Dimon. Dimon has been making these
pronouncements for years, and things had already started to turn with the
rumors coming out of china.

Even then the recent drop was basically just a big trading opportunity-- the
rumors kept building and once an exchange said they were going to shut down,
all the whales piled in at once... to kill the price and take profits and
drive out the weak hands.

And then when the other exchanges were clearly going to shut down and all the
shorts had been built up, these same whales piled in at once again to get
coins at a lower price.

Thats why the move is so dramatic and so quick.

I don't think this was collusion. I don't think this was coordinated or
communicated or even intentional-- it was just an obvious trade and so a bunch
of people jumped on it.

One thing about BTC is that it is a free market, and that means you don't have
market makers who act as stops on price movements (or trading hours, LOL!) and
so things are very different there.

This is why the general advice is HODL. Just buy bitcoin using dollar cost
averaging, don't risk too much and hold it. Timing the market is a PITA, and
I'm convinced impossible on the micro. On the macro scale, though, HODL is the
best strategy.

PS; here by HODL I mean "hold on for dear life". Don't get shaken out of your
coins by roller coaster weeks like this one.

~~~
dgut
What do you mean by "hardcore bitoiner"? Just curious.

~~~
senatorobama
He uses the colloquialisms of a day-trader. I worry about his future.

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akhatri_aus
Or better described, they bought securities on the behalf of one of their
clients using a nominee account. They didn't buy it for themselves.

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ddmma
Follow the cheese.. JPMorgan's top quant strategist, echoing CEO, compares
bitcoin to 'pyramid scheme'

[https://www.cnbc.com/amp/2017/09/15/jpmorgans-top-quant-
stra...](https://www.cnbc.com/amp/2017/09/15/jpmorgans-top-quant-strategist-
echoing-ceo-compares-bitcoin-to-pyramid-scheme.html)

~~~
ShabbosGoy
I wonder what they'd call the Federal Reserve, a private entity that's
accountable to nobody.

~~~
IncRnd
Exactly. Considering they are a member of the federal reserve and a benefit of
the structure, they won't say anything.

~~~
ddmma
So strategically you have to say one thing and do the opposite... Bloomberg /
cnbc and others classic media propaganda brings profit to whom pays more

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sprw121
I've been following bitcoin for a while and understand that there's been
interesting stuff going on the the space for a while. That said I really can't
understand what fundamentals could possibly be driving the recent price rally.
I started to get into it more heavily back in late 2016 when there was
legitimate volume and fundaments due to use as a instrument to avoid Chinese
currency controls. But now it seems like it's solely a speculative thing,
albeit with some relationship with the greater blockchain ecosystem. Even if
blockchain technologies do take off, why would bitcoin benefit or gain a some
fundamentals in the market?

~~~
rothbardrand
It's important to understand that Bitcoin is a new asset class we haven't
really seen before-- it's the first technological money.

So, it's "market cap" is not based on shares like a stock is, it's more like
other forms of money.

Yet its price is the result of it going thru the technology adoption
lifecycle, and it keeps jumping up as inflation slows and ever wider groups of
adopters start owning some.

In the past year, it has been made much more easily owned and accessible as an
investment in South Korea and Japan, and of course it is highly relevant to
the Chinese. These trends will continue for awhile.

It will be "speculative" until it is mainstream. The only thing making it
"speculative" is that it isn't more widely adopted, but to be widely adopted
there will have to be much higher prices, given the very limited supply.

There's not going to be enough bitcoin for every millionaire in the world to
own even one of them.

~~~
sprw121
My understand was that much of the innovations is happening with the general
set of blockchain technologies, most of it happening on chains other than BTC
(ETH). Why should bitcoin be correlated with them?

~~~
kobeya
There is plenty of innovation on the bitcoin platform.

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mrmcd
Or more accurately, a JP Morgan customer bought a Bitcoin ETN.

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legulere
Bitcoin is becoming solely a speculation object with great negative effects on
the environment.

~~~
agorabinary
Clearly, you are oblivious or willfully ignorant of the massive amount of
innovative development occurring in the space.

~~~
nosuchthing
Can you name any services currently available and useful for anything other
than speculation?

~~~
jon_richards
Fold let's you buy from common stores like Starbucks with bitcoin. I haven't
actually used it, but I hear it's good.

~~~
foepys
Nobody will use anything that includes $3-5 transaction fees to buy something
unless it's over $500. That you haven't used it is prototypical. Nobody has
used it because traditional alternatives like Visa, Mastercard, or cash are
better.

~~~
jon_richards
I doubt it happens directly on the blockchain, but there are plenty of things
built on top of bitcoin that make that work. Its like arguing that no one uses
bank accounts for small purchases because wire transfers are too annoying.

~~~
nosuchthing
How does the payment you're describing work, if it's not on the blockchain?

~~~
jon_richards
I'd imagine it uses a lightning network or something.

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ionwake
Can someone be kind enough to explain how they filtered the results to produce
the resulting page linked by OP?

[https://www.nordnet.dk/mux/popups/marknaden/aktiehemsidan/av...](https://www.nordnet.dk/mux/popups/marknaden/aktiehemsidan/avslut.html?containerid=avslut&identifier=113749&marketplace=11&limit=100000)

There seems to be an identifier, but not sure what it pertains to.

Thank you for your help !

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kanwisher
Its not clear to me how this proves they are buying it? Is there some further
background around this. Perhaps as other posters suggested, its for a client

~~~
dingo_bat
It probably is. But as we've seen with ICOs, the average crypto-currency nerd
is not very smart.

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patrickg_zill
There are so many cases of JPM/Goldman/etc. advising customers of 1 direction
while they themselves, do the exact opposite, it is no longer noteworthy...
just cheerfully accept and internalize that they are _SCUM_ and get on with
your life.

~~~
lern_too_spel
JP Morgan Chase's prop trading desk isn't part of JP Morgan Securities Ltd.

