The guy who made tens of millions of dollars misleading American retirees into buying worthless pink sheet stocks says he agrees with J.P. Morgan Chase & Co. CEO Jamie Dimon’s comment that bitcoin is “a fraud.”
Jordan Belfort, the inspiration for Leonardo DiCaprio’s character in the 2013 Martin Scorsese film “The Wolf of Wall Street,” told the Street that he believes Dimon is right, adding that bitcoin “isn’t a great model.”
In what may eventually be revealed as an important distinction, Belfort’s take was somewhat more nuanced than Dimon’s. While the JPM CEO predicted that all digital currencies would eventually become worthless, Belfort said there might be room for one.
"I'm not saying cryptocurrencies, there won't be one – there will be one – but there has to be some backing by some central governments out there. If any digital currency demonstrates long-term viability, it will probably be one that’s backed by a central bank."
Two weeks ago, Dimon sent the price of bitcoin tumbling when he called the digital currency a fraud and said he would fire any JPM traders caught trading it. He added that it made people like his daughter feel like “geniuses” for buying in early.
"It’s a fraud. It’s making stupid people, such as my daughter, feel like they’re geniuses. It’s going to get somebody killed. I’ll fire anyone who touches it."
Surprisingly, given bitcoin’s role in helping disrupt the financial services industry, not every Wall Street CEO shares Dimon’s dim view on the digital currency. Two days ago, Morgan Stanley CEO James Gorman told WSJ that he believes Dimon is wrong and that "bitcoin is certainly more than a fad.” However, he conceded that “there is a government risk to it” – alluding to Chinese authorities’ decision to shutter local bitcoin exchanges. Joining Dimon and Belfort in the skeptics’ corner is Bridgewater Associates Founder Ray Dalio, who said last week that he believes bitcoin is in a bubble. Circling back to Belfort, he explained to the Street that he just couldn’t wrap his head around bitcoin…
“Basically, the idea that it’s being backed by nothing other than a program that creates artificial scarcity it seems kind of bizarre to me.”
He also claimed that he knows people who lost money in the Mt. Gox hack, and that the incident served as a wakeup call.
“They could steal it from you I know people who have lost all their money like that..."
Of course, Dimon’s statement didn’t stop JP Morgan Securities from transacting in a bitcoin-linked exchange-traded product traded on Nasdaq Stockholm, prompting an algorithmic liquidity provider called Blockswater to sue Dimon for "spreading false and misleading information" about bitcoin.Traders, meanwhile, have continued to vote with their wallets: Bitcoin finally filled the “Dimon gap” yesterday, and has continued to climb on Thursday...
Source : http://www.zerohedge.com/news/2017-09-28/wolf-wall-street-says-jamie-dimon-right-about-bitcoin
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“Basically, the idea that it’s being backed by nothing other than a program that creates artificial scarcity it seems kind of bizarre to me.”
Guess there are some idiots who wants our medium of exchange for to be backed by bunch of guns, surveillance and a multitude of Nukes. Talk about Neo-Barbarians. Do yourself a favor and empty your savings accounts. When accounted for inflation, you are getting a negative interest rates. Can't let these frauds keep us away from solid unbiased righteous and uptight computer code.
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Jamie Dimon and Jordan Belfort. Two guys I wouldn't trust not to steal tips off tables, giving advice on what is a fraud and what is not. These two need to go find a rock and hide under it together. They've done more damage and screwed over more people in half a lifetime it'd take a team of priests to hear their confessions. Sell crazy somewhere else guys, we're full up here. Their comments mean nothing.
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It never ceases to amaze me how people who are otherwise intelligent can have such gaping blind spots when it comes to the new and innovative.
Bitcoin is no fraud, any more than digital photography or the internet was. It just takes time before the masses can see the appeal of it.
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He is not intelligent — he is a crook endangered by bitcoin. It's his survival instinct talking.
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What makes you think "being a crook" and "being intelligent" are mutually exclusive terms?
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I didn't say they are mutually exclusive terms, I said that his remark on bitcoin does not have anything with intelligence, but with his corrupt nature. He is not intelligent. Intelligent man would have reacted in a different way.
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An unintelligent man could not have gotten where he is.
Don't fall into the trap of believing that everyone who makes a stupid comment is automatically a stupid person.
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Yes he could. Hierarchical matrix prefers, and indeed choose types that do not think but do what they are told. He is not intelligent, he is bought because he didn't have enough intelligence to do a honest job.
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And now you're delving into simplistic romanticism.
You're watching a movie where the bad guys are all bumbling buffoons and the heroes are all super geniuses.
Once you graduate from the Disney school of economics, you'll realize one glaring truth: no one becomes rich by accident. The wealthiest people, no matter how corrupt, are always intelligent.
And the reason for this is simple: a fool and his money are soon parted. Always.
Whenever an imbecile gets a large amount of money (say, by winning the lottery) the money always disappears overnight. Money in the hands of idiots is like snow---it never lasts.
So yes, these corrupt Wall Street tycoons are intelligent. Intelligent enough to know that Bitcoin is a threat to their precious status quo. For you to assume that they're just a gaggle of idiots who had the reigns of power handed to them at random shows that you really have no idea how reality works.
Good luck with the rest of your movie. I hear it has a post-credits scene.
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Wrong again. The system in which crooked means intelligent is crumbling before your eyes. Dimon wouldn't cry in public if he does not feel endangered with all his “intelligence”.
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I like that he flat out referred to his daughter as stupid people. What a savage.
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The wolf of wall street is a tool....
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We are already in the cryptocurrency world. And we need to adopt it as the world changes...
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Upvoted @zer0hedge
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Even though bitcoin has been around for almost 8 years, we are still on the very early stages of the blockchain revolution. Some people (like the wolf of wall street or Jamie Dimon) have their opinions, and that's okay it is just like when the internet came around, many people also shared opinions that it would lead to nothing, and look at where it is now. I believe blockchain technology will be just as when the internet started, a technology that will dramatically change the way we do things on our society. Thank you very much @zer0hedge for all your great content. I really enjoy reading them :)!
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Yeah.. great news
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Even though its negative the publicity is ultimately good for cryptocurrency as more and more people see it and have to decide does it even have a 1% chance of working, if so they don't want to be left behind.
Trump probably ended up winning the election in the US on more bad publicity than good.
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Wow. That is some real credibility that has been thrown behind Jamie... Maybe we should take another look at what Jamie said guys...
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