plommer Posted September 13, 2017 Report Share Posted September 13, 2017 https://finance.yahoo.com/news/jp-morgan-cryptocurrency-market-looks-like-pyramid-scheme-183008361.html?_fsig=JshThIeeJ29sDeFlKVuCEQ-- JPMorgan (JPM) strategist Marko Kolanovic has some strong words for the cryptocurrency markets that are dominating the conversation right now, using the two words no one in the investing world ever wants to see: pyramid scheme. “Cryptocurrencies cannot be reliably valued and they have significant ‘tail risk’ that could come in the form of a regulatory ban,” said Kolanovic in a note published Wednesday. “Moreover, the whole cryptocurrency market exhibits some parallels to fraudulent pyramid schemes.” “Worse than tulip bulbs” On Tuesday, Kolanovic’s boss Jamie Dimon — CEO of the Wall Street bank — said the bitcoin craze we’ve seen this year is “worse than tulip bulbs,” a reference to the tulip mania of the 1600s. Dimon added that, “if [JPMorgan] had a trader who traded bitcoin I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. Both are dangerous.” Critics of Dimon’s comments will note that Dimon both “doesn’t get” bitcoin and that, if bitcoin and related technologies are going to undermine the primacy of the modern banking system, he would of course dismiss it. Elsewhere on Tuesday, Bank of America Merrill Lynch’s latest fund manager survey indicated that going long bitcoin is seen as the market’s most crowded trade right now. Investment manager Patrick O’Shaughnessy also said Tuesday that after a presentation on value investing delivered to a room of investment industry pros, the first question was about bitcoin. Quote Link to comment Share on other sites More sharing options...
rito Posted September 13, 2017 Report Share Posted September 13, 2017 Their world under threat. Quote Link to comment Share on other sites More sharing options...
zzmocashzz Posted September 13, 2017 Report Share Posted September 13, 2017 Thanks for the dip jamie Quote Link to comment Share on other sites More sharing options...
plommer Posted September 13, 2017 Author Report Share Posted September 13, 2017 Their world under threat.That is one theory. I tend to agree that bitcoin as it currently sits is nothing more than a pyramid scheme. At its current rate it will be used mostly for funding bookmakers. Quote Link to comment Share on other sites More sharing options...
KingKolzig Posted September 13, 2017 Report Share Posted September 13, 2017 coinbase asking all sorts of questions today. locked my transactions until i answered wanted occupation, occupation history. what i use my bitcoins on ect i bet they get shutdown first Quote Link to comment Share on other sites More sharing options...
Screw Andrews Posted September 13, 2017 Report Share Posted September 13, 2017 Their world under threat.Absolutely but you better be real good if you want to fuck with the big banks...don't get me wrong been some real money made here...and no matter what they say some of it has been by big banks....but once they decide they are done it could get real ugly for anyone with significant exposure Quote Link to comment Share on other sites More sharing options...
Guest boatboatboat Posted September 13, 2017 Report Share Posted September 13, 2017 Geezer ya think??Lol Quote Link to comment Share on other sites More sharing options...
The Dark Man Posted September 13, 2017 Report Share Posted September 13, 2017 all currency, whether a medium of exchange or a cyber value, is a pyramid scheme. Quote Link to comment Share on other sites More sharing options...
Screw Andrews Posted September 13, 2017 Report Share Posted September 13, 2017 Geezer ya think??LolReferring to my post? Quote Link to comment Share on other sites More sharing options...
The Dark Man Posted September 13, 2017 Report Share Posted September 13, 2017 The mega oligarchs of the future will barter their way to riches. Quote Link to comment Share on other sites More sharing options...
plommer Posted September 13, 2017 Author Report Share Posted September 13, 2017 all currency, whether a medium of exchange or a cyber value, is a pyramid scheme.currency yes but the system in place for trading stocks/investments/currencies is regulated while bitcoin and cryptos in general are not. Insider trading, price manipulation, shorting, pump and dump etc are not illegal with crypto because its all unregulated. Quote Link to comment Share on other sites More sharing options...
rito Posted September 13, 2017 Report Share Posted September 13, 2017 That is one theory. I tend to agree that bitcoin as it currently sits is nothing more than a pyramid scheme. At its current rate it will be used mostly for funding bookmakers.Also Money laundering, drugs hiding funds, etc. I'm creating a parallel existence. Quote Link to comment Share on other sites More sharing options...
rito Posted September 13, 2017 Report Share Posted September 13, 2017 coinbase asking all sorts of questions today. locked my transactions until i answered wanted occupation, occupation history. what i use my bitcoins on ect i bet they get shutdown firstI answered day Bitcoin trader to all that. Don't use them anymore though. Quote Link to comment Share on other sites More sharing options...
The Dark Man Posted September 13, 2017 Report Share Posted September 13, 2017 currency yes but the system in place for trading stocks/investments/currencies is regulated while bitcoin and cryptos in general are not. Insider trading, price manipulation, shorting, pump and dump etc are not illegal with crypto because its all unregulated. May be the biggest fallacy of modern economy Quote Link to comment Share on other sites More sharing options...
sleepy Posted September 13, 2017 Report Share Posted September 13, 2017 Of course that shit is rigged public will get crushed as they usually do Quote Link to comment Share on other sites More sharing options...
plommer Posted September 13, 2017 Author Report Share Posted September 13, 2017 May be the biggest fallacy of modern economyThere are some things that you just cant do (with zero legal risks) in the stock market that you absolutely can do with crypto in terms of manipulation, insider trading etc. Quote Link to comment Share on other sites More sharing options...
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