Comments about bitcoin by the JPM chief created a storm of criticism about his “extreme” views, in which he implied that that it is only of interest to criminals. It is unlikely that we will get a full retraction of his words, but the following may represent some softening of his stance.
(Those who read this far and who would like to receive an upvote from me should include the word “hodl” in their comments and comment intelligently.)
So far he has not changed his stance. Maybe he will do so in the coming months. What would happen to the price of bitcoin? Let’s imagine he said the following:
“I must admit that I have come in for a lot of stick from those who are invested in bitcoin, and similar digital assets. I was truly astonished by the number of comments and the strength of opposition to my words. I have an open mind, and I am willing to be challenged, and debate topics where I could be wrong. I am not stubborn, or intractable. I am willing to listen to the opinions of others, even if I don’t agree with them.
In the light of the reaction to my comments, I have taken the opportunity to learn more about bitcoin, in particular, and its pioneering role in the creation of the blockchain. The blockchain is something that we here at JPM are very interested in. It represents not only challenges, but also many opportunities.
Having looked into it and learned alot more, I can see that there are many specific legal uses. I accept that anything which has a utility, is not worthless, and I withdraw the comments I made implying that. Nevertheless, as with cash - bank notes, and bank balances, there are also potential criminal uses. We need to ensure that regulations are in place to keep out these criminal elements.
As far as my warnings to investors are concerned, I stand by my words. The price of bitcoin has been incredibly volatile. More volatile than any other asset I know of. Investors can lose heavily within minutes and certainly in days.
It is not an appropriate asset for most people. However each person should have a free choice how to spend their money. There are many things that people choose to spend money on, of which others may dissaprove. That is not a reason to make such activities illegal. I have never suggested that bitcoin should be banned. America is a free country, and we want to remain free.
I don’t dissaprove of those who choose to invest their own money in bitcoin, and that includes our staff. We, nevertheless, have codes of conduct which must be adhered to. This is to ensure that those who work for us have integrity and and do not find themselves in conflict of interest situations, nor find themselves in financial difficulties due to inappropriate speculation. Those who work in certain areas, particularly trading, have particular rules regarding their personal investments, that must be adhered to in order to avoid potential conflict of interest situations. These rules cover all forms of investing, including investing in bitcoin. I expect these rules to be followed.
As for risk warnings, we need to ensure that these are not only given, but also heard, by those who want to invest in bitcoin or other digital assets.
Clearly there is a lot of speculation in this area at the moment - just as there was in the 1990s with the dot-com companies. I would like to remind investors that it was a bubble which burst in early 2000, and that most of the dot-com companies no longer exist. Those who choose to invest, do so at their peril. A few may find the equivalent of the next Amazon, most will not. There is no certainty that bitcoin, nor any other digital asset, will live up to the dreams of those who are investing now. It is possible. It is more likely that some newer more exciting fad will take its place and people will lose money. History is on my side for that.
In closing, I would also like to withdraw any comment I made suggesting that bitcoin is a “fraud”. Bitcoin may be a very specultive investment, but there is nothing to suggest that it, or the majority of the people involved in it are frauds. There are many other digital currecies and tokens out there, which ARE obvious frauds. Investors need to be particularly wary of the many ICOs, most of which are not an investment, but rather a contribution or gift to the profit and loss of the company. At best, they aren’t worth the digital paper they are are printed on, and they are, in many cases, scams, frauds, or pump-and-dump schemes.
Thank you for your time, ladies and gentlemen. I will not be making any more comments on bitcoin, nor answering any questions on the subject.”
As mentioned above, this is not an actual speech by him. What I would like to ask is this: “How would the world react if he said this, and what would happen to the bitcoin price?”
friend very well said, I understood what has been transmitted in bitcoin, all invest but are at risk, we do not know what can happen later with these cryptocurrencies. thanks for the information, hold...my regards
That "it is only of interest to criminals" sums him up perfectly.
He bad mouths Bitcoin and then we learn that their traders are buying it up, on the drop caused by his statement.
The actions of a true bankster!
The hodl was a neat idea tip!
Thanks for this. I think all of us can get hot headed like Jamie Dimon did. It is very human for us to make mistakes, but its so disappointing to when people who are so influential refuse to take responsibility for those mistakes. I respect people by their ability to admit their mistakes but right now Jamie is still in denial, or he is aware of a bigger plot that hey may know of or be a part of to bring bitcoin down. He doesn't feel the hopelessness that JPMorgan has caused on millions, if not billion of people indebted by their monopoly money system and he has no fucking idea how it feels to plant a tiny bitcoin seed, HODL it, and then see it grow, month after month. Not only has bitcoin pulled people out of poverty, it has brought others up to the level of competing with these institutions. Unfortunately he is just one component of a system that brainwashes us so much that the majority of people, including him, cannot entertain the thought of disobeying the status quo, no matter how illogical it may be.
I think Jamie might know something we don't, and if he doesn't, his head is so far up his ass and conscience ice cold in the freezer that he cannot comprehend bitcoins value or realize the destruction his bank and others have had on this planet.
It’s true. Many poverty stricken people have discovered a way to make a few dollars which would only be possible thanks to bitcoin. Examples include Steemit, work from home, and charity.
I can make donations of a few dollars direct to an intended beneficiary without passing through banks or intermediaries. 50 bucks fom me is 50 bucks for them, and in many places, that’s like month’s salary.
Work from home includes things like making digital works, like music, pictures, gifs, cartoons, illustrations, curating, and doing online research. No need for any intermediary. Payment is immediate. It is helping people out of poverty.
Agreed. I am currently in the process of becoming a digital nomad and moving somewhere less expensive and less invasive on my privacy than Canada. I love how crypto cuts out the middleman where many corrupt ones existed before. Tokenized everything here we come!
Hi @swissclive! @molometer is sending you 0.1 SBD tip and @tipU upvote
:)
@tipU - send tips by writing tip! in the comment, get share of the profit :)Sry if I spam your post with something not regarding that post.
I just noticed that I got 5 full 100% downvotes from you recently. I just wanted to ask you why you are doing this? I am just posting some news with a link. It's not illegal or something. Just wanted to check out your opinion. I can't stop you from downvoting and it is your right to do it!
@jack.the.ripper You previously had a warning as per the text below. All your posts are links to external stories. There’s no harm in a link if you write your own content. No harm if they are a discussion on an external story. If people want news, they can go to a news site. They don’t want or need Steemit to become a gloried advertising platform for external websites.
Your blogs are just aiming to drive people to the Daily Mail (and a few others) website, without adding any original thought or discussion of your own.
This was the warning you previously received. You had an opportunity to respond and failed to do so.
@jack.the.ripper. This is not Twitter! Please stop linking to news stories from the Mail online without adding some meaningful and thought provoking commentary of your own. Steemit is for blogging, not for driving people away to third party news channels.
First I post news from 7 different very known websites. I think it is still meaningful to the community, nobody said steemit is only for bloggers. It is social media and news are a part of it.
You are blaming me, for giving out some information and people that reply 5000 times with the same sentence are still out there making good profit.
I can tell you that I won't stop, clearly I wanted to talk to you because you have some Power here on the platform. But you can continue downvote my posts and I will continue posting them. I am sorry we are not getting along. But this is still part of a test for a new account I want to launch in a few weeks, no spam, but a bot that will help people here on the platform. I still hope I can make steemit a better place and I know that a news bot is not the way, but it is a way for me to start things off.@swissclive Ok, now I know your opinion. And sorry I was not responding to your first reply.
From the Steemit beginner’s guide: “Don't just link to an article/external site, write something unique and creative.”
Just because other are abusing the rewards pool does not justify everyone doing it. It’s like saying “There’s load of shoplifters in Tesco, so it OK for me too”.
Where I spot those who post 5000 times the same comment, get warned. Repeat offenders get flagged. (As per the poster below).
I can find all the news I want on google.com/news.
To keep a balance of the question, here is a blog “in favour” of news stories on Steemit. It comes from one of the most important bloggers on steemit @stellabelle https://steemit.com/steemit-ideas/@stellabelle/re-posting-news-on-steemit-why-i-think-its-a-good-idea-and-how-to-improve
I think you should read it and heed her advice about when it is acceptable to do this.
Here is part of the advice from that article:
“ with regard to people re-posting news: dig a little bit more, do more research to make your articles really stand out from the crowd. Not only will you be rewarded within Steemit, but your content will travel outside of Steemit, thereby bringing more people here. It will have a two-dimensional impact.”
wow amazing post
@myeasin you have been warned before about your many short comments which add nothing to the debate. In this case you didn’t read my post (otherwise you would have included the magic word required to get an upvote and some free money), you didn’t comment intelligently, and you didn’t even upvote. Frankly this is just comment-spam, that you were previously asked to stop. It’s the same as you wrote on countless blogs. Flagged.
If other posters disagree with my action, feel free to vote for the spammer, as you please. Let me know what you think, and don’t forget the magic word in the blog to be sure to get my upvote.