Tag Archives: JPMorgan

Jamie Dimon is right to fear cryptocurrency

Source: Garrison Center
by Thomas L Knapp

“Dimon considers cryptocurrency ‘worth nothing’ for one reason only: Because his company — the largest bank in the United States and among the largest in the world — doesn’t control it. And that’s one of several reasons why others find it very valuable indeed. Cryptocurrencies run on blockchains, ‘distributed ledgers’ without central authorities. Dimon prefers fiat currencies, which are created by governments, managed by central banks, and funneled through institutions like his, legally privileged choke points taking generous rake-offs from wealth created by others but forced to pass through them. Neither crypto nor fiat currencies are backed by physical commodities like gold or silver, but the resemblance ends there. Crypto is backed by the work of maintaining its ledgers, called by the imaginative name ‘mining.’ Fiat currency is backed only by your trust in the governments (and the Jamie Dimons) of the world.”


Sweden: Trader files regulatory complaint over Dimon/JPMorgan’s Bitcoin poop and scoop

Source: CryptoCoinsNews

“Did Jamie Dimon have an ulterior motive when he trashed bitcoin last week? Florian Schweitzer, managing partner for a bitcoin market trading firm, has filed a complaint with a Swedish regulator against JPMorgan’s chief executive for calling bitcoin a ‘fraud’ a week ago after learning that JPMorgan began buying into a bitcoin tracker fund shortly after Dimon made his comments, according to Quartz. … Bitcoin’s price dropped 24% from the day Dimon recently criticized bitcoin and the day the company made its XBT trades. The Zero Hedge finance blog accused JPMorgan of buying bitcoin on the cheap. JPMorgan told Reuters it was serving as a broker for clients who wanted to buy into the bitcoin tracker fund and that the purchase orders were for clients, not for JPMorgan.” (09/21/17)


Jamie Dimon fears his job is obsolete

Source: Foundation for Economic Education
by Jeffrey A Tucker

“Guys like Dimon believe they own the system. They are the great intermediaries. The masters of the monetary universe. No one gets in the system or out of the system without their knowledge and permission. So it has been for thousands of years. Bitcoin changes all that. Download a wallet, find a friend, and you are the owner of a currency that can buy anything in the world, from anywhere in the world. It’s more than that: any individual can raise capital, without intermediaries. Without JP Morgan. Let’s just say that Mr. Dimon has a slight conflict of interest here. He is right to fear for the obsolescence of his job. And this might explain his anger issues.” (09/14/17)


Which is fraudulent — Bitcoin or JP Morgan?

Source: Liberty Blitzkrieg
by Michael Krieger

“I’m really grateful JP Morgan CEO Jamie Dimon decided to once again lash out in anger at Bitcoin, as it provides us with ample opportunity to highlight a practice very near and dear to how the bank operates. Fraud. The way the news cycle works, any topic that isn’t already at the forefront of enough people’s minds will be largely ignored irrespective of its importance. The fact that Jamie Dimon ironically called Bitcoin a fraud, allows us to ask highlight some very important facts about the seemingly systemic fraud inherent in America’s largest bank, JP Morgan.” (09/13/17)