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The cryptosphere shared some collective laughs on Tuesday over comments by JP Morgan-Chase CEO, Jamie Dimon that “Bitcoin is a fraud”. It’s very rich, indeed given that his company, with a reputation for being among the best-managed on Wall Street paid over $20 billion in fines and legal fees in the year 2013, alone due to its fraudulent banking practices.

Dimon also claimed that Bitcoin wouldn’t “end well” and that it would eventually be “shut down”, which would, by the way entail shutting down the Internet – which would be very bad for his casino bank!

Many were left wondering if he even knew what he’s talking about. Were these comments so much bluster because his job is being obviated by the blockchain?

He certainly knew what he was talking about, when explaining the motives of central banksters and the oppressor-states, when he said, “Governments…like to control the currency. They control it through a central bank. They also like to know who has it, where it is where it’s going, okay. You just saw China is closing down the Bitcoin exchanges.”

Were it not for the Great Firewall of China and the extreme censorship policies of the Chinese government, which banned Virtual Private Networks earlier this year (probably to squelch cryptocurrencies), it would be impossible to shut down Bitcoin there.

As for shutting down the Internet in the West, the only conditions where I could see that happening would be an Extinction Level Event, like a Cretaceous asteroid or a nuclear winter. The question remains, would the central banksters resort to facilitating a global conflagration that bombed the planet back to the proverbial Stone Age (aka shutting down the Internet), in order to put the crypto genie back in the bottle?

Alexandra Bruce

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Alexandra Bruce

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  • Thanks for sharing this one Alexandra. 🙂

    Ihmo, I doubt if TPTB would shut down the internet over cryptocurrencies as it doesn’t make sense. And as pointed out in Bolt Upright’s comment (credit to Bolt Upright) and rightly so, they’ve controlled things for thousands of years, no accident. Cryptocurrencies will be controlled by them as well, if they are not doing it already. They think far ahead of the curve so folks better wake up. Enjoy the “benefits” such currencies provide now while you can, if you’re holding them but their days are numbered. Tulips anyone?

  • By hearing his argument, you would think the Federal Reserve is not a fraud, and banks create money by what means? For every dollar deposited they can loan out eight? What is wrong with that? I do believe the cryptocurrencies are a much more sound investment, but what do I know? I don’t run a bank…LOL!!

  • Bolt Upright…nope, nothing is absolute, nothing. TPTSB would know that hand and would not be husseling so hard to discredit the block chain. The leverage of a distributed ledger can only be stopped IF they shut down the internet.
    Do consider the complete disruption to not just business but communication world wide, and the risk to big wealth would not be tolerated by big wealth.
    Your take is well saturated with the general trend they are trying to make a belief, that their omnipotence is full and complete. Not a chance my friend, not a chance.

    • The bloodline that owns the BIS has been in absolute control of this planet for over 6,000 years. Bitcoin will be tolerated and then outlawed when and as needed without shutting down the internet. Disruption to existing business and wealth by bitcoin will not be allowed.

      6,000 years of full and complete omnipotence is not a “trend”, it is final and absolute.

  • Dimon the liar, fraud, literal thief did his job it looks like, the dump happened, it appears, not long after he made this comment. As many traders in the markets know, the theme, ‘tiptoe through the tulips’, is not just a reference to the mania hundreds of years ago, it’s also meant to remind that speculation is a double edged sword to be held in due regard as one ‘invests/speculates’.

    • Dimon’s fraudulent bluster is not what moved the crypto market, which has been crashing for over a week. The central bank of China, which has been incrementally moving to ban cryptos is what’s affecting the market. Last week, they banned ICOs (Independent Coin Offerings, which are fundraising campaigns for new altcoins). Last February, the Chinese government banned Virtual Private Networks (VPNs) to maintain their stranglehold on the Internet in China and there have been noises about banning cryptos and Bitcoin altogether.

      The market correction can be seen as a re-pricing, based on no involvement of Chinese people holding Bitcoin and altcoins, which is a lot, considering that China has a population over 1 billion.

      Jeff Berwick’s post on the subject just came out and he he goes into greater detail and more background than I did, here: //dollarvigilante.com/blog/2017/09/15/lead-fraudster-of-fraudulent-jp-morgan-says-bitcoin-is-a-fraud.html

      • All you state is without doubt…do ya think that Dimon got multiple back slaps for his comment? I do, and he probably gave himself a bonus too. He and his fellow miscreant manipulators were no doubt short BEFORE his comment…preceded with a chuckle and ‘watch this’.

        I’ve not viewed your recommended link yet, but in technical jargon, like the metals some years back, there was a yuge (sic) bubble of enthusiasm/mania, and like the CDO bubble of ’08, bubbles are over sold conditions and corrections happen brutally fast. Speculation vs to hold strategies are the basic competition, and various exchanges are allowing margin speculation of 50%…dangerous ground meant to teach the greedy what greed entails. Old timer market trader adages go, ‘bull markets climb a wall of worry and bear markets slide the slippery slope of hope’.

        Depending on long or short positions, margin calls happen and the person on the wrong end must immediately cough up their deficit. That last drop from around 5000 to the 3000 usd area took a TON of money out of somebody’s accounts…those who bought high in their enthusiasm, or ‘thundering herd mania’ as insiders might say, learned about the difference in psychology between investment and speculation, worry became hope real fast…double edged sword.
        TIPTOE THROUGH THE TULIPS…with both eyes open.

  • Bitcoin is a fraud because it’s not backed by government. That’s the logic. Money that is not government-backed is supposedly counterfeit therefore fraud. Most people believe in government backed money because it’s guaranteed to be good. That perception is changing.

  • Bitcoin is a digital fiat currency, a fraud by definition. All you need to do is censor the internet and it will disappear. All governments can censor the internet as well as the BIS, which controls all governments. If Bitcoin makes any significant advances, the BIS will eliminate it, in a heartbeat. The BIS is in firm control of the planet, they always have been and they always will be in firm control.

    What does it take to make people understand? The bondage and servitude is absolute.

    • I’m not sure that people in the West would take the level of Internet censorship you’re describing lying down. Yes, the BIS is extremely powerful. The blockchain and the freedom that it offers the people represents an existential threat to the central banksters.

      It will certainly be interesting to see how things shake out.

    • Don’t disagree generally. The blockchain is certainly a threat to the shadow government and it’s deep state criminal banksters. (Alex notes China–the overly touted but laughable savior of the world.) The West will try to own the blockchain through their buddies in government making laws for them that attempt to halt any and all independent interactions peer-to-peer. When you do business with your neighbor but they are not invited they call it a black market dealing. It represents a loss of power and a lessened controlled grip over humanity. They will not allow this, if they can prevent it. And I’ve no doubt whatsoever if the shadow government’s participants feel they have to kill us all they will try–they’ve done it before.

      However, “always” is a very long time and change is a constant. The deep state mechanism of the world’s shadow governments are coping with the control of 7+ billion humans (which goes to that Brzezinski statement of it being easier to kill than control a million humans). Humanity is not the fun party it used to be when they could easily deceive, steal and murder with impunity while keeping everyone on Earth stupid. Communications has revealed them. We who were ignorant of their crimes have been/are awakening to them. Everyday, more awaken.

      Personally, as bad as things can seem at times I think it’s ironic that the bad guys built and distributed the internet to further their control but have found their watch dog has teeth that bite. Love that.

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