Jamie Dimon Endorses Bitcoin

[crimethink]

Well, not really, but his denunciation of Bitcoin is the best "endorsement" one could hope for...so pay attention...

Whenever a chief bankster calls something a "fraud," consider it's probably useful to you...


Jamie Dimon Slams Bitcoin as a ‘Fraud’

https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin


JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would fire any employee trading bitcoin for being “stupid.”

The cryptocurrency “won’t end well,” he told an investor conference in New York on Tuesday, predicting it will eventually blow up. “It’s a fraud” and “worse than tulip bulbs.”

If a JPMorgan trader began trading in bitcoin, he said, “I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”

(...)

“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than U.S. dollars,” he said. “So there may be a market for that, but it’d be a limited market.”

To be sure, Dimon later noted that his daughter purchased some bitcoin.

[madfranks]

I happen to agree with him that it's going to "blow up" (massive correction) sometime in the near future, and right now is probably not the time to be putting money into BTC. The last big run up to over $1200 ended up correcting with BTC falling to less than $200. If the same type of correction happens now, the $5k BTC will fall to $800 or so, and lots of people will have lost tons of money. BTC is useful, but is very susceptible to tremendous speculative rallies and dumps, probably more so than any other asset right now.

[crimethink]

I happen to agree with him that it's going to "blow up" (massive correction) sometime in the near future, and right now is probably not the time to be putting money into BTC. The last big run up to over $1200 ended up correcting with BTC falling to less than $200. If the same type of correction happens now, the $5k BTC will fall to $800 or so, and lots of people will have lost tons of money. BTC is useful, but is very susceptible to tremendous speculative rallies and dumps, probably more so than any other asset right now.

Bitcoin is no "investment," but it is a legitimate tool.

Dimon(d) pretends to be "concerned" that people will lose big on Bitcoin, yet his cartel offers these "investments," without shame:

https://www.jpmorgan.com/country/US/en/jpmc/ir/financial/abs

[Ares]

Bitcoin is no "investment," but it is a legitimate tool.

Dimon(d) pretends to be "concerned" that people will lose big on Bitcoin, yet his cartel offers these "investments," without shame:

https://www.jpmorgan.com/country/US/en/jpmc/ir/financial/abs

What you mean Mortgage Backed Securities with good loans mixed in with junk marked Grade AAA? :)

That's not "Fraud" that's an "investment". :)

[madfranks]

Bitcoin is no "investment," but it is a legitimate tool.
I'm with you on this. However it can't be doubted that more people currently see it and use it as a speculative "investment" rather than a useful digital monetary tool.

[old steel]

Fun poll
What goes to zero first?

Bitcoin 35%

US dollar 65%


372 votes • Final results

https://twitter.com/MONETARY_MAYHEM/status/907671526379532288

[madfranks]

Fun poll
What goes to zero first?

Bitcoin 35%

US dollar 65%


372 votes • Final results

https://twitter.com/MONETARY_MAYHEM/status/907671526379532288

I actually agree with the results of that poll, however the timeframe will be far out in the future. Neither of them is collapsing anytime soon. But eventually the dollar will collapse first.

[Ares]

I happen to agree with him that it's going to "blow up" (massive correction) sometime in the near future, and right now is probably not the time to be putting money into BTC. The last big run up to over $1200 ended up correcting with BTC falling to less than $200. If the same type of correction happens now, the $5k BTC will fall to $800 or so, and lots of people will have lost tons of money. BTC is useful, but is very susceptible to tremendous speculative rallies and dumps, probably more so than any other asset right now.

I'm not so sure we'll see that massive of a correction like we did in 2013. It's possible, but at that time BTC wasn't as established as it is now. There are countries who recognize it as a legitimate currency (South Korea, Japan etc.) and have legislated it into legal tender.

Since Jamie Dimon opened his cock holster BTC has been holding pretty firm around $3,800. There will always be corrections, but unless a major security vulnerability is discovered I don't think we'll see it crash down that far again. Hell I hope I'm wrong so I can get some more.