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Bitcoin Is a Fraud and will Blow Up, JP Morgan Boss Says

Cryptocurrency NewsSep 13, 2017 10:15AM ET
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Investing.com - Bitcoin is a fraud that will eventually blow up, according to JP Morgan chief executive Jamie Dimon.
Speaking at a bank investor conference in New York, Dimon said the cryptocurrency was only fit for use by drug dealers, murderers and people living in places like North Korea.
He said he would fire “in a second” anyone at the investment bank found to be trading Bitcoin.
Bitcoin prices are down 16.5% so far this month, but have still quadrupled in value since the start of the year, hitting a high of almost $5,000.
Dimon’s criticism of the digital currency came as the UK financial regulator warned against a speculative frenzy over initial coin offerings in cryptocurrencies.
The Financial Conduct Authority said anyone investing in ICOs should be prepared to lose all their money.
China last week announced a ban on ICOs and is reported to be planning to shut down domestic cryptocurrency exchanges.

Bitcoin Is a Fraud and will Blow Up, JP Morgan Boss Says
 

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Vinicius Almada
Vinicius Almada Sep 15, 2017 1:23PM GMT
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Haven´t anyone seen the movie Wall Street? C´mon people! If someone here used fibonacci on a weekly chart de drop was a given!! This guy just made it happen. Pullback on 68.1% was dead on on what the price droped since sept 14. .Look up the Bancor plan that never happened, propoused during the Brenton Woods conferences during 1942-45. The idea of a global currency is not new... And don´t be naive... bitcoin IS NOT a threat to banks. Believing that is silly, just shows how people in criptocurrencies don´t understand financial and monetary policies at all...
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yiu hui
yiu hui Sep 14, 2017 11:27AM GMT
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Sounds more like a desperate effort to help the establishments supress crypto. If it wasn't such a threat, he wouldn't need to say something designed to induce investor panic.
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Çağan Örsun
Çağan Örsun Sep 14, 2017 9:18AM GMT
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It is a positive sign for cryptocurrencies that old fashioned financiers are critical: This suggests that they can't ignore cryptocurrencies entirely yet reluctant to a change in a direction that forces pushes them out of their comfort zones.
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Gee Mo
Gee Mo Sep 14, 2017 8:41AM GMT
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Lol, and jp fraudgon isn't? Bitcoin is the truth that will bring down corrupt banks
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Kyle Mowery
Kyle Mowery Sep 13, 2017 11:52PM GMT
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Fiat currency is the real fraud
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bill pap
bill pap Sep 13, 2017 6:56PM GMT
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Scary to loose the power of printing money . Right?
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Carlo Cardile
Carlo Cardile Sep 13, 2017 5:29PM GMT
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Nowt there's the voice of someone that's afraid of Bitcoin.
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Trader one
Trader one Sep 13, 2017 5:16PM GMT
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It may be a Fraud. In that case FEDs QE is a multi mega Fraud
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Andre Tan
Andre Tan Sep 13, 2017 4:00PM GMT
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Yes it is
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Andre Tan
Andre Tan Sep 13, 2017 4:00PM GMT
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Yes
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Vidente Raziel
Vidente Raziel Sep 13, 2017 3:31PM GMT
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JP Morgan boss data noncense ... Its NUTS guy out of his mind. Bitcoin can not be closed or forbidden by anyone. Bitcoin is a fraction of blockchain file that anyone canal own , buy or sell without restrictions. None need brokers or exchange to buy or sell bitcoin. Broker are for speculators and doesnt have nothing to do with bitcoin owners nor ICOs companny. NUTS guy.lolololol
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Patrick Koehn
Patrick Koehn Sep 13, 2017 3:03PM GMT
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Sure would be useful if Mr. Dimon told us *why* he feels this way, or provided some sort of rationale for his statement.  Without that, he's just another critic.
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Michael Bosch
mbosch962 Sep 13, 2017 3:43PM GMT
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Agree 100%, with Chinese crypto market this will be a great buy . We crypto nights know this is the future
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Patrick Koehn
Patrick Koehn Sep 13, 2017 4:08PM GMT
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I'm pretty crypto agnostic (wow, that sounds cool...), but soundbite blanket statements like this are used as "evidence" by crypto detractors.  Statements made without evidence cannot be used as evidence!
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