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Don't think people like Jamie Dimon are idiots; They are making calculated statements to protect and grow their interests

I've seen a sentiment the past day around these crypto-subs that Jamie Dimon is an idiot, that he and his company will be left behind, etc. Do you really think a guy worth 1.15 billion is an idiot? He's not. So why is he making incorrect statements against Bitcoin and other cryptocurrencies?
To protect his interests. As we speak, developers for JP Morgan are working on developing their own private blockchain technology. Not just JP Morgan, but the entire banking industry is hard at work creating private & consortium blockchains. "Private blockchains will never work, what's the point?" Here's a good introduction by my friend Vitalik: https://blog.ethereum.org/2015/08/07/on-public-and-private-blockchains/
What if I told you there was a chance that in the future, public blockchains became a minority? That one day trillions of dollars were held and transacted on private & consortium blockchains hidden from the public eye, while public blockchains only held billions for a small niche of people. Now, I think the chance of this happening is very low. Are all uses of private & consortium blockchains "bad"? No, of course not. However, those of us who want the power of blockchains to stay with the people need to be aware of this.
We need to start seeing these comments for what they truly are. Angles. Spreading FUD across the general public. Calculated statements dismissing public blockchains while behind the table they are putting millions into their own development. Instead of dismissing his comments as "an old man who just doesn't understand", see the real motive. Educate others on how the banks want to keep control. Support projects that attempt to unbank and remove the control these institutions have.
submitted by cryptictus7 to CryptoCurrency [link] [comments]

JP Morgan invested in blockchain, developed a version of Ethereum called Quorum. Explains the recent comments on Bitcoin being a "fraud" by CEO Jamie Dimon...

For those of you unaware, the big news in cryptos the last few days was what JP Morgan CEO Jamie Dimon had to say on BTC. Basically he said it was a "fraud", "not real", and would be shut down by the US government.
This makes complete sense when you realize that Dimon has initiated projects using blockchain including the most recent, Quorum, a program for banks to use smart contracts and share information easily.
More info here: https://www.jpmorgan.com/global/Quorum
Dimon was also CEO of JP Morgan in 2013 when they tried to apply for around 175 patents that used blockchain. They all failed.
Dimon is trying to specifically discredit Bitcoin in order to make Ethereum look like a more appealing option for those wanting to invest in cryptos but don't know much about the current state of things. The more competitive Ethereum gets with Bitcoin, JPM's project Quorum becomes less costly and more efficient, boosting Dimon's popularity among investors. The comments from Dimon are extremely calculated and he knows what he is doing. He didn't become a billionaire by being dumb and uninformed. He is making calculated, strategic comments that make people less likely to put their money in BTC.
There has been almost no media coverage on this. It's important that people are aware of it. I'm posting it here because I think you all should be aware of Dimon's motives. I also posted here because many of you will end up sharing the information elsewhere to others who may actually consider what Dimon says seriously. Someone I know who isn't invested in cryptos and that doesn't follow BTC told me to be careful with Bitcoin and to read a mainstream news article on what Dimon said. I had to explain why, what Dimon says, is a completely un-credible source (this whole post was only one of my reasons many reasons but you all know are aware of the the others).
submitted by laschke to Bitcoin [link] [comments]

Jamie Dimon Says Jamie Dimon Elaborates his thoughts on Bitcoin Bitcoin Gains $1000 in 24 Hrs, Jamie Dimon is Himself, Bitmex Says “No2X” Jamie Dimon Regrets calling Bitcoin a Fraud - Mark Zuckerberg Studying Cryptocurrency Bitcoin's Steep Fall Returns to Jamie Dimon's 'Fraud' Level

This is an entry in CoinDesk’s Most Influential in Blockchain 2017 series.. Any publicity is good publicity, the saying goes. And with a disruptive technology like cryptocurrency, sometimes even negative comments from a powerful incumbent can be bullish signals … particularly if they’re coming out of the right mouth, like the big one belonging to Jamie Dimon, CEO of JPMorgan Chase, the The bitcoin price has swung wildly since JPMorgan chief executive Jamie Dimon called bitcoin a "fraud" in September 2017—rising to around $20,000 per bitcoin before crashing to under $4,000 . Jamie Dimon Knocks Down Bitcoin (BTC), AgainJPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon has always been tough when it comes to his stance on Bitcoin (BTC). Back in September of 2017, Dimon even went as far as calling it a “fraud.” He later retract In 2017, JPMorgan’s CEO Jamie Dimon even labeled bitcoin as a “fraud” but now JP Morgan banks major cryptocurrency companies including Gemini and Coinbase. Is Bitcoin a Fraud or Not? That’s a good question that not even Jamie Dimon itself can answer. Well… some months ago, he has commented that Bitcoin was a fraud and that governments were going to destroy it. At the moment, none of this happen and we are not sure how Bitcoin will keep evolving in the future.

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Jamie Dimon Says "Bitcoin Investors Will Pay the Price".

Jamie also said negative things about Crypto investors. "If you're stupid enough to buy it, you'll pay the price for it one day," He is now backpedaling - "I regret making" that comment, he said ... Jamie Dimon Says "Bitcoin Investors Will Pay the Price" The CEO of JPMorgan Chase & Co. Jamie Dimon comments on bitcoin during a panel discussion at the annual meeting of the Institute of ... JPMorgan CEO Jamie Dimon: I Could Care Less About Bitcoin CNBC. Loading... Advertisement Autoplay When autoplay is enabled, a suggested video will automatically play next. Up next ... Bitcoin has it's largest single day gain EVER, Jamie Dimon says Bitcoin users are stupid, Bitmex refuses to deal with Segwit2X chain. Visit Our Website! Jamie Dimon: Address to HBS MBA Class of 2009, Class Day June 21, 2009 - Duration: 41:20. ... JPMorgan CEO Jamie Dimon: I Could Care Less About Bitcoin CNBC - Duration: 3:32.

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