Are you having fun on the crypto rollercoaster yet?
Did you get spooked and lose your position?
Were you one of the brave souls who bought the dip?
We could talk all day about what specifically caused the price movements this past week. Was it the rumor about China banning Bitcoin for good followed by the closing of the Chinese exchange BTCC? Perhaps it was the choice quote by Jamie Dimon of JP Morgan Chase calling Bitcoin a fraud- which is something he likes to do just about once a year.
Let’s take a better look at JP Morgan and their views on Bitcoin.
In case you missed it, Jamie Dimon, the CEO of JP Morgan gave an interview where he described Bitcoin as a fraud and then went on to describe how governments create currencies and control them through central banks. He then lists illicit activity as a reason that governments would make the move to shut cryptocurrencies down.
For the average viewer of CNBC I’m sure these few sentences would have sounded perfectly logical. But if you take a step back and look at the real facts and the reality of how fiat money is produced and is constantly used for the same exact illicit purposes, this same argument could be used to prove that Quantitative Easing is mighty difficult to defend.
He also said it was a good way to make some money for the next few years.
It is interesting and important to point out that right after this interview was broadcast the price of bitcoin and most other crypto currencies went into the red.
Now whether or not his words influenced this price movement or not, the fact is that JP Morgan’s clients bought Bitcoin during this most recent dip. You can look at this in a number of different ways, but what stands out to me most is this: Everyone wants to make some money, these giant corporations, their clients and the government especially wants to make money. The government just prints it, and JP Morgan will happily invest their clients in a cryptocurrency that the CEO had just announced to be a fraud. Whether they intended to or would even be able to cause a drop in price or not,
JP Morgan bought the dip.
Let this be a lesson for those who need the reminder that actions speak louder than words.
There are a couple different types of people who get involved with cryptocurrency, those who are in it just to speculate, hoping to make some quick money, and those whose philosophies regarding government control have led them to the freedom that cryptocurrencies can provide.
It’s pretty interesting to me seeing the switch within the general public over the years, from once valuing privacy and true freedom to now identifying those who value privacy and freedom as criminals who obviously have something to hide.
Why is there so much faith in an entity that only exists to control and take the money from its citizens?
What happened to the faith in the individual?
Is it because in school we weren’t encouraged to think for ourselves? Because we had to follow the rules set by the “powers that be”?
If this is the case, then consider Bitcoin a friendly invitation to challenge that notion and be thankful you live in a time when this technology is coming to fruition.
Bitcoin legitimately takes time, resources and money to produce.
It enables individuals to take true control of their finances. Bitcoin and other cryptocurrencies enable individuals to have a voice through governance mechanisms.
Cryptocurrency removes the third party we thought we needed to store our hard earned money under false pretenses of security to only use it to lend out to others by way of fractional reserve banking. Bitcoin lets you be your own bank, it does not require government control and is a testament to what individuals can achieve when they think for themselves instead of big brother.
If you want to watch the video of Jamie Diamond’s interview and of John McAfee’s rebuttal, check the links down below.
Additional Reading/Sources:
Jamie Dimon CNBC Interview
John McAfee Rebuttle
Quantitative Easing
Fractional Reserve Banking
JP Morgan Fraud
Fortune Magazine Article
JP Morgan Ties to Cryptocurrency
Rumors of Chinese ban of BTC
BTCC Closing
Sounds like a Rothschild type of move, lie to everyone to drive down the price then secretly start buying it up once it hits a low. Welcome to the world of crypto the Illuminati banksters and their manipulation tactics.
i hate him so much!
Great points!
Yeah - What a wild ride .... trying to buy the dips. Great Video. Followed for more.
meep
meep
JP Morgan and Wall Street as a whole is mostly interested in Bitcoin as a short term day trade type of tool. In the long run they want crypto to fail because it's a threat to them. The smart play is to completely ignore Wall Street as they aren't looking to help us.
Exactly. It's also a perfect example that they will invest in things that go against their "philosophies". (I doubt they have many morals outside of the realm of increasing the wealth for themselves)
Most companies that big only care about profit due to diffusion of responsibilities.
I hope his words bite his a** once JP Morgan starts talking about their own block chain. Hypocrite.
As Beautiful as far as the eye can see. Thank You Heidi.................
Ja das ganze zeigt mal wieder, dass wir JP Morgan und den anderen Großbanken nicht vertrauen sollten. Oder einfach gesagt, einfach das Gegenteil machen was Sie uns sagen wollen. Ich bleibe auf jeden Fall dabei und beobachte die Märkte. Toller Beitrag Heidi.
We (clients) and banks have together absolutely opposite interests - we want to keep for ourselves our money, they want our money for themselves. It's nothing wondering that they trying to destabilise cryptocurrency market.
As disgusting as Jamie Dimon is, I'm thankful for the cheap coins last Friday. Got some BTC and ETH @ 3070 and $212, respectively and bought a bit higher the previous day.
I see him as a mainstream version of an OTC / pink sheet penny stock pumper / scammer. I could say more but none of it would be very nice so I'll leave it at that!
Good job! You got slightly better prices than I did.
Lol I did Friday anyway. And Thanks :)
I bought some Monday and Wednesday too but it was for the purpose of trading it for STEEM and powering up so I'm not currently holding those buys in the form of BTC or Ethereum.
Nice!
I do not agree with Jamie's comments but I am glad he said them. His company took advantage of the dip because of what he said and so did I. I hope others in the Steemians did as well. Thanks for the info @heiditravels Good luck to all!
🎶 I like to buy up on the Dip!! 🎶
When I dip, you dip, we dip ....🕺🏽 Keep On Steemin On!!
Well JP Morgan, I'm mining my own bitcoins and from around the world people are joining the bitcoin revolution! Can we finally say goodbye to the bank's monopoly on money soon? ;)
Jamie is a low life. That whole interview was rigged to be culminated with the bad daily Chinese news on crypto so just like the article said JPM could by at the lowest prices these cryptos will ever be again! Thanks for this post Heidi sorry about venting.
If Bitcoin was subject to official regulation this would have been cardinal market manipulation.
I hope the SEC cracks down on them anyhow
This post was very informative thank you for sharing
you have my upvote
A nice place. This is Italy? Is very similar =)))
South Africa ;)
Ow! I'am from Russia )
I hope you have a good escape plan.
Don't let the news scare you too much, and don't lose your faith in humanity. Not everyone wants to see destruction and chaos.
Now you made me worry more.
the article is very good. can be an inspiration for me
It would be a good experience for your happy life
Thank you for your posting
i think JP Morgan is such an idiot , i read the news about it that if one of his employees join in any crypto he would fire them, such a bullshit reason lol
great post like it.....
upvoted...
"If so, consider Bitcoin to be a friendly invitation to challenge the idea and be grateful that you are alive when this technology begins to work out"
Yes, I am very grateful. Could live in the age of technology as it is today.
the article is very good. can be an inspiration for me
I so badly wanted to buy in the dip but i had no spare bloody money at the time...gutted! As crazy as it sounds, im waiting for another big dip, hopefully i got spare fiat to jump in.
won't be long - bitcoin has had many deaths!
https://99bitcoins.com/bitcoinobituaries/
We need to also look at the change in social language that went from people talking about how corrupt JPM was to the Bitcoin Spiel... a slight reprieve for them. However this just served to add fuel to the fire... is this a countdown for JPM?
I know that my comment is not about this post by the way thanks for so complete info about what happened with btc but you are the most beautiful stemmian I love your smile thank you for brightening the day @heiditravels!!!
I had not seen the video yet. Yeah that looked like a intentional test of the nees to see how strong his word possibly was. Because that clearly made a dip and he clearly was not all against it
All the big guys running the world (JP Morgan, Goldman Sachs, Morgan Stanley, ...) have been doing these kind of actions for years...
The worst one might Goldman Sachs who actually placed bet against their own clients at the peak of the subprime crisis.
This is a really interesting truth. Thank you!
Well said Heidi. And yes, actions speak louder than words.
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Great report-out @heiditravels. This has been another wild ride, with more prominent financial leaders now becoming part of the conversation. Overall, I see this as another sign of legitimacy for cryptocurrency, regardless of what they are saying.
fractional reserve banking - commercial banks equivalent to central banks quantitative easing. aka printing money!
You said everything that I was thinking. Very nice video. I realize that the purchases where for clients and not part of the bank book, but how can he justify buying "fraudelent" instruments for his clients???
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Heidi you do such a great job and it is so sad that very few people even have a clue to how money is created . If they did they would shut down the Federal Reserve
Heidi you truly impress me with your knowledge ,beauty,and charm
very good, very useful post.
I like your video...
I love your videos! Thank you so much!
Thank you @heiditravels I really needed to hear this now. You're right we need to think independently and carve out our own paths without relying on banks, big business, the government, big brother who are all looking to make a profit on our blind trust. Thank you again!
JPM bought the dip for their clients that had accounts with JPM. It could be said it was in a fiduciary capacity, but technically no. The clients made the decision not JPM. This said, maybe Dimon should fire his clients. Naw, can't do that, it would hurt business.
I believe Jamie Dimon is just one of the many crypto hater who think they are going to deter people from adopting cryptocurrency. The problem that institutions like JP Morgan have with cryptocurrencies is they have no control. In the current system they basically print money with fractional reserve banking. They look at cryptos and have no clue how they are going to make money. Since they can figure it out, they are going to try to stop croptos. I hate to break it to them…they can’t stop the crypto movement, they can only join the movement. They can’t print money, they will have to add value to the community to make money. I think this scares them and that is why Jamie is becoming the vocal leader of the anti-crypto movement.