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JPMorgan's Dimon says bitcoin 'is a fraud'

NEW YORK (Reuters) - Bitcoin “is a fraud” and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co, said on Tuesday.

Speaking at a bank investor conference in New York, Dimon said, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”

Dimon said that if any JPMorgan traders were trading the crypto-currency, “I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”

Dimon’s comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100.

Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services bypassing banks and the mainstream financial system.

While banks have largely steered clear of bitcoin since it emerged following the financial crisis, the virtual currency has a range of people who support it, including technololgy enthusiasts, liberterians skeptical of government monetary policy and speculators attracted by its price swings.

“Like it or not, people want exposure to bitcoin,” Edward Tilly, chairman and CEO of exchange group CBOE Holdings Inc., said at the same conference.

CBOE has applied with U.S. regulators to launch a bitcoin futures contract and a bitcoin exchange traded fund on its venues.

Any good trade is started with a difference of opinion, Tilly added. “So Jamie can be on the short side and the issuers and those trading in physical can be on the long side, and it sounds like we have a great trade.”

Dimon may also be on the other side of another bitcoin trade closer to home.

At another conference about two hours later, Dimon said that one of his daughters had bought some bitcoin.

“It went up and she thinks she’s a genius now,” Dimon said at the CNBC Institutional Investor Delivering Alpha Conference.

“WORSE THAN TULIP BULBS”

Banks and other financial institutions have been concerned over bitcoin’s early association with online crime and money laundering.

The supply of bitcoin is meant to be limited to 21 million, but there are clones of the virtual currency in circulation which have made the market for it more volatile.

“It is worse than tulips bulbs,” Dimon said, referring to a famous market bubble from the 1600s.

JPMorgan and many of its competitors, however, have invested millions of dollars in blockchain, the technology that tracks bitcoin transactions. Blockchain is a shared ledger of transactions maintained by a network of computers on the internet.

Dimon said such uses will roll out over coming years as it is adapted to different business lines.

Financial institutions are hoping blockchain can be adapted to simplify and lower the costs of processes such as securities settlement, loan trading and international money transfers.

Dimon predicted big losses for bitcoin buyers. “Don’t ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up.” he said.

“Honestly, I am just shocked that anyone can’t see it for what it is.”

Bitcoin’s price fell as much as 4 percent following Dimon’s comments and was last trading at $4,164. Rumors that the Chinese government is planning to ban trading of virtual currencies on domestic exchanges has weighed on bitcoin recently.

“It feels like we are in the midst of a negative news cycle, but even considering all this, we are still trading above $4,000.” said John Spallanzani, chief macro strategist at GFI Group.

Additional reporting by John McCrank, Angela Moon and Lawrence Delevingne

Big Business Giants From Microsoft to J.P. Morgan Are Getting Behind Ethereum

Thirty big banks, tech giants, and other organizations—including J.P. Morgan Chase, Microsoft, and Intel—are uniting to build business-ready versions of the software behind Ethereum, a decentralized computing network based on digital currency.

The group, called the Enterprise Ethereum Alliance, is set to debut at a summit in Brooklyn, New York on Tuesday, during which members J.P. Morgan Chase (jpm) and Banco Santander (san) are scheduled to demonstrate a pilot of the financial technology as it exists today. The pair plan to show off a “spot trade” on the foreign exchange market for global currencies using an adaptation of Ethereum as the settlement layer.

Ethereum uses a blockchain, often referred to as a distributed ledger, to record and execute transactions without the need of a middleman. Instead of a centrally managed database, copies of the cryptographic balance book are spread across the network and automatically updated as any payment takes place.

Satoshi Nakamoto, the mysterious inventor of Bitcoin, first introduced the concept of a blockchain to the world in a foundational white paper nearly a decade ago. (You can read more about Ethereum, a more flexible and developer-friendly alternative to Bitcoin with its native cryptocurrency, Ether, in this Fortune feature.)

The Ethereum alliance arrives as a challenger to several other extant blockchain ventures. The R3 consortium, for example, counts scores of partnering banks among its members, despite recent high-profile departures by Goldman Sachs, Santander, and Morgan Stanley. It has created “Corda,” its own take on a blockchain.

IBM (ibm), meanwhile, has spearheaded another initiative known as the Hyperledger Project, part of the non-profit Linux Foundation. That group maintains the “fabric” blockchain codebase, which as been used in supply chain trials with Wal-Mart (wmt).

Much of the interest to date from traditional financial firms involves “private” blockchains, meaning permission from an authority is required before a party can join the network. The original versions of Bitcoin and Ethereum have public networks that anyone can join. (At press time, the market caps of their cryptocurrencies were approximately $19 billion and $1.4 billion, respectively.)

Alex Batlin, blockchain lead at Bank of New York Mellon, said that while the Ethereum alliance will focus on the development of private blockchains, the hope is that these will one day link up with the public Ethereum blockchain, which is open to all.

“That interconnection of public and private chains actually creates a very strong network,” Batlin said on a call with Fortune. “Each chain strengthens the other at an exponential level.”

In the view of its proponents, Ethereum’s public and private networks will become analogous to intranets versus internets; they will share standard protocols, but have different configurations for privacy and security, depending on each organization’s needs.

Members of the Ethereum alliance include Accenture, BBVA, BNY Mellon, BNP Paribas, BP, Cisco, Credit Suisse, ING, Thomson Reuters, and UBS. Also joining is IC3, or the Initiative for Cryptocurrencies and Contracts, an academic group consisting of researchers from universities such as Cornell University, UC Berkeley, and Israel’s Technion.

Several representatives from alliance firms cited the energy surrounding Devcon2, Ethereum’s fall developer conference in Shanghai, as the focal point that led to their collaboration on this effort. Despite multiple hacks on Ethereum-based applications and a controversial splitting of the Ethereum network, enthusiasm in the network has apparently not diminished.

J.P. Morgan is responsible for developing the basis of the blockchain tech for the alliance. Called “Quorum,” the bank’s code has been designed to add privacy protections into the mix, among other tweaks.

The partners will help each other develop the foundations for different use cases, such as post-trade settlement, payments between banks, and supply chain tracking, while competing on applications and services built atop the networks. The top priorities for the alliance now include ensuring scalability and security.

The other founding members of the alliance are BlockApps, Nuco, AMIS, Andui, CME Group, ConsenSys, Fubon Financial, brainbot technologies, Chronicled, Cryptape, The Institutes, Monax, String Labs, Telindus, Tendermint, VidRoll, and Wipro.

JP Morgan CEO: Bitcoin is Going Nowhere

Noted Bitcoin skeptic Jamie Dimon was asked about Bitcoin during a recent televised interview. He doesn’t see the cryptocurrency going anywhere, although he does state blockchain technology “is real.”

JP Morgan CEO Jamie Dimon appeared in a CNBC interview at the World Economic Forum in Davos, where the interviewer brought up the subject of electronic currencies, specifically Bitcoin.

A previous interview between the two had Dimon remark that bitcoin “was going nowhere fast.” The comment was made during a previous installment of the WEC in Davos, years ago. The question resurfaced, with the interviewer stating, “now, it [bitcoin] seems to be reemerging potentially.”

To this, Dimon responded, “No. I think it’s two things,” he started, separating Bitcoin and blockchain technology.

There’s Bitcoin, the currency, I think is going to go nowhere and that’s not because of anything to do with technology.

The CEO of the largest bank in the United States by assets pointed to governmental controls that will curb virtual currencies.

“Governments, when they form themselves, form their currency. Governments like to control currency [and] know where it goes and who it goes to and control it for monetary purposes,” he added.

There is nothing behind a bitcoin and I think if it was big, the governments would stop it.

The subtle dig at the biggest cryptocurrency there is echoes a previous statement made by Dimon in November 2015 when he claimed Bitcoin “is like 2 billion or 3 billion dollars,” while JP Morgan moves 6 trillion dollars a day. “So, you’ve got to [put it in perspective],” he said at the time.

“That’s my own personal belief,” he added now while including,” I may be dead wrong.”

Having separated the currency from the technology, Dimon then had a different take on the blockchain.

The blockchain is a technology which we have been studying…and yes it’s real.

Dimon quickly explained the blockchain as “keeping a single file as opposed [to multiple files].”

It has certain security measures. If it proves to be cheap and secure, it will be adopted for a whole bunch of stuff.

“Not for everything,” he further opined about the blockchain, “it is not usable for certain types of things.”

JP Morgan is among a group of banks participating in the R3-led blockchain consortium looking into the applications of distributed ledger technology into present-day financial systems. For the first time since putting together a group of 42 global banks, R3 revealed an experiment conducted between 11 partner banks across multiple continents, using a private distributed ledger powered by Ethereum technology.

JP Morgan is also among several banks that form a part of the Open Ledger Project, overseen by the Linux Foundation and headed by IBM as an open-source distributed ledger effort.

Jamie Dimon’s latest comments come after a recent talk at the Fortune Global Forum where he deemed Bitcoin as “a waste of time.”

The full CNBC interview can be found here ($).

JPMorgan patents Bitcoin-like payment system

JPMorgan Chase has patented a digital payment system that could rival Bitcoin.

The system includes digital wallets, the ability to transfer money to anyone and anonymity too, according to a patent application filed to the U.S. Patent and Trade Office on Aug. 5. A blog on Let's Talk Bitcoin first reported the story.

JPMorgan ( JPM ) has also patented payment software that would latch onto your Internet browser and allow you to shop without pausing to fill out forms with personal financial information. And with what the bank calls its Internet Pay Anyone Account, moving funds would be anonymous and as easy as sending an email.

"The credit pushes can be made completely anonymously, with the recipient of the credit having no way to determine from where the credit originated," the bank says in the application.

Another aspect of the digital payment system is a virtual private lockbox. Think of it as a bank account that can only accept funds. That way, users can receive funds from anyone by publishing its digital address publicly without fear that someone can pull money out of it.

The impetus for the project is likely Bitcoin, the independent electronic currency created in 2009 that has gained lots of recent attention. But the patent application shows no mention of Bitcoin.

It does, however, say what led to its development: The modern financial system is outdated.

In the patent application, JPMorgan notes two trends that are making the old banking system obsolete. One is that merchants are establishing direct relationships with customers -- and they don't want middlemen slowing down the transfer of money. The second is that digital products are often sold in small increments for very low prices, and the currently high price of per-transaction fees don't make sense.

"A new marketplace has emerged for low dollar, high volume, real-time payments with payment surety for both consumers and producers," the bank writes in the application.

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US Search Mobile Web

Welcome to the Yahoo Search forum! We’d love to hear your ideas on how to improve Yahoo Search.

The Yahoo product feedback forum now requires a valid Yahoo ID and password to participate.

You are now required to sign-in using your Yahoo email account in order to provide us with feedback and to submit votes and comments to existing ideas. If you do not have a Yahoo ID or the password to your Yahoo ID, please sign-up for a new account.

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Your search engine does not find any satisfactory results for searches. It is too weak. Also, the server of bing is often off

I created a yahoo/email account long ago but I lost access to it; can y'all delete all my yahoo/yahoo account except for my newest YaAccount

I want all my lost access yahoo account 'delete'; Requesting supporter for these old account deletion; 'except' my Newest yahoo account this Account don't delete! Because I don't want it interfering my online 'gamble' /games/business/data/ Activity , because the computer/security program might 'scure' my Information and detect theres other account; then secure online activities/ business securing from my suspicion because of my other account existing will make the security program be 'Suspicious' until I'm 'secure'; and if I'm gambling online 'Depositing' then I need those account 'delete' because the insecurity 'Suspicioun' will program the casino game 'Programs' securities' to be 'secure' then it'll be 'unfair' gaming and I'll lose because of the insecurity can be a 'Excuse'. Hope y'all understand my explanation!

I want all my lost access yahoo account 'delete'; Requesting supporter for these old account deletion; 'except' my Newest yahoo account this Account don't delete! Because I don't want it interfering my online 'gamble' /games/business/data/ Activity , because the computer/security program might 'scure' my Information and detect theres other account; then secure online activities/ business securing from my suspicion because of my other account existing will make the security program be 'Suspicious' until I'm 'secure'; and if I'm gambling online 'Depositing' then I need those account 'delete' because the insecurity 'Suspicioun' will program the casino game 'Programs' securities' to be… more

chithidio@Yahoo.com

i dont know what happened but i can not search anything.

Golf handicap tracker, why can't I get to it?

Why do I get redirected on pc and mobile device?

Rahyaftco@yahoo.com

RYAN RAHSAD BELL literally means

Question on a link

In the search for Anaïs Nin, one of the first few links shows a picture of a man. Why? Since Nin is a woman, I can’t figure out why. Can you show some reason for this? Who is he? If you click on the picture a group of pictures of Nin and no mention of that man. Is it an error?

Repair the Yahoo Search App.

Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

I went to the Yahoo Troubleshooting page but the article that said to do a certain 8 steps to fix the problem with Yahoo Services not working and how to fix the problem. Of course they didn't work.

I contacted Samsung thru their Samsung Tutor app on my phone. I gave their Technican access to my phone to see if there was a problem with my phone that stopped the Yahoo Search App from working. He went to Yahoo and I signed in so he could try to fix the Yahoo Search App not working. He also used another phone, installed the app from the Google Play Store to see if the app would do any kind of search thru the app. The Yahoo Search App just wasn't working.

I also had At&t try to help me because I have UVERSE for my internet service. My internet was working perfectly. Their Technical Support team member checked the Yahoo Search App and it wouldn't work for him either.

We can go to www.yahoo.com and search for any topic or website. It's just the Yahoo Search App that won't allow anyone to do web searches at all.

I let Google know that the Yahoo Search App installed from their Google Play Store had completely stopped working on May 18, 2018.

I told them that Yahoo has made sure that their Yahoo members can't contact them about anything.

I noticed that right after I accepted the agreement that said Oath had joined with Verizon I started having the problem with the Yahoo Search App.
No matter what I search for or website thru the Yahoo Search App it says the following after I searched for
www.att.com.

WEBPAGE NOT AVAILABLE
This webpage at gttp://r.search.yahoo.com/_ylt=A0geJGq8BbkrgALEMMITE5jylu=X3oDMTEzcTjdWsyBGNvbG8DYmyxBHBvcwMxBHZ0aWQDTkFQUEMwxzEEc2VjA3NylRo=10/Ru=https%3a%2f%2fwww.att.att.com%2f/Rk=2/Es=plkGNRAB61_XKqFjTEN7J8cXA-
could not be loaded because:
net::ERR_CLEARTEXT_NOT_PERMITTED

I tried to search for things like www.homedepot.com. The same thing happened. It would say WEBPAGE NOT AVAILABLE. The only thing that changed were all the upper and lower case letters, numbers and symbols.
Then it would again say
could not be loaded because:
net::ERR_CLEARTEXT_NOT_PERMITTED

This is the same thing that happened when Samsung and At&t tried to do any kind of searches thru the Yahoo Search App.

Yahoo needs to fix the problem with their app.

Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

I went to the Yahoo Troubleshooting page but the article that said to do a certain 8 steps to fix the problem with Yahoo Services not working and how to fix the problem. Of course they didn't work.

I contacted Samsung thru their Samsung Tutor app on my phone. I gave their Technican access to my phone to see if there was a problem with my phone that stopped the Yahoo Search App from working. He went to Yahoo and… more

JPMorgan Publishes The "Bitcoin Bible"

Five months after Jamie Dimon's infamous outburst, in which the JPM CEO called Bitcoin a fraud, and threatened any JPMorgan trader caught trading cryptocurrencies with immediate termination "for being stupid", which was followed by JPM's head quant alleging bitcoin was a pyramid scheme, the largest US bank has released what can only be called the "Bitcoin Bible": 71 pages of excruciating detail on everything from the technology of cryptocurrencies, to their applications and challenges.

While there is too much in the report - which was published on the same day that the NY Fed admitted that in "A Dystopian World, Bitcoin Would Dominate Payment Methods" which of course is the whole point behind cryptos which as a contingency plan to the collapse of fiat currencies - to be summarized in one post, and instead we will focus on the key points over the next few days, below we republish the Executive Summary from the report, highlighting the key sections.

Executive Summary

Introduction

• J.P. Morgan researchers from across a wide range of expertise analyze various aspects of Cryptocurrency (CC) to gain insight on this market and its potential evolution in this report. CCs’ extremely rapid growth, and then fall, both in terms of number of CCs and prices and their challenge to the current financial infrastructure, are forcing all market participants to closely monitor and understand this new market.
• Cryptocurrencies are virtual currencies that are created, stored and governed electronically by an open, decentralized, cryptography system. CCs can be used to exchange money, to buy certain goods/services or as an investment. There are over 1,500 cryptocurrencies with a market cap of some $400bn as of February 8, 2018, with Bitcoin being the largest representing a third of the market according to CoinMarketCap.
• Launched in early 2009, Bitcoin (BTC) is the dominant cryptocurrency with a market cap of $140 billion (representing one-third of the CC market) and nearly 17 million BTC units in circulation (capped at 21 million). Bitcoin was the first major cryptocurrency and has spawned many competing CCs and technologies, many of which still fall back to Bitcoin as a support currency. Bitcoin itself has split into two cryptocurrencies, Bitcoin and Bitcoin Cash, to improve liquidity.

Technology

• Cryptocurrencies are the face of the innovative maelstrom around the Blockchain technology that is bringing both massive price volatility and a constant trial-and-error of new product try-outs and failures.
• CCs are unlikely to disappear completely and could easily survive in varying forms and shapes among players who desire greater decentralization, peer-to-peer networks and anonymity, even as the latter is under threat. The underlying technology for CCs could have the greatest application in areas where current payments systems are slow, such as across borders, as payment, reward tokens or funding systems for other Blockchain innovations and the Internet of Things, as well as parts of the underground economy.

Applications

• There are over 1,500 CCs with a market cap of $400bn. Transactions in the three largest CCs average $550bn per month and come mostly from individuals. Ownership is highly concentrated. The opportunity set around direct CC trading appears relatively limited for banks, while the two Bitcoin futures recently launched are seeing only $140mn in daily trading.
• Blockchain saw its first expression through Bitcoin – the first CC – but is more likely to ultimately see its greatest application outside of CCs across other financial and non-financial transactions, even as Blockchain itself looks set to evolve fast as the market learns about what works best.
• There is the potential for increased usage of Blockchain in cross-border payments, settlement/clearing/collateral management as well as the broader world of TMT, Transportation and Healthcare but only where any cost efficiencies offset regulatory, technical and security hurdles.
• Hedge funds have been moving into this market making up most of the 175 CC funds but AUM remains only a few billion dollars. Asset managers are experiencing limited success in bringing products to market and have not been able to launch CC funds or ETFs without support from the SEC or major distributors.
• While about half of the early CC transactions happened in the underground economy, the share of this is declining, with investing and speculation now taking a much larger share.

Challenges

• It will be extremely hard for CCs to displace and compete with government-issued currencies, as dollars to euros and yuan are virtual natural monopolies in their regions and will not easily give up their seigniorage profits.
• CCs are experiencing heightened volatility and will face challenges from both technology (such as rising mining costs and hacking) and regulators who are concerned about anti-money laundering and investor protection, as CC payments are irreversible and there is no recourse.
• Security concerns have mounted in Bitcoin exchanges as hackers have infiltrated a number of CC exchanges generating large losses, while regulators are challenging anonymity.

Below are some of the JPM team's observations on what the future could bring for cryptos, with highlights, however the most notable admission is JPM stating that cryptocurrencies "could potentially have a role in diversifying one’s global bond and equity portfolio", a far cry from Jamie Dimon's emotional appeal that all cryptos are a giant fraud.

In the early stages of innovation, usually set off by new technology — in this case Blockchain — the market experiments with many different approaches to see what shape and form will stick and end up offering the most economic value-added. We would note that it is not pre-ordained that cryptocurrencies will succeed as there are valid concerns about what economic value they really contribute. But in a time of rapid innovation, many new products will are often-and-errored. We believe the potential disruption from Blockchain cannot be ignored.

The excitement of innovation typically also leads to price booms and then crashes among the early movers, before more realistic prices emerge among the eventual survivors. Much of this is what we see today with exponential price gains and losses, growth and diversity among cryptocurrencies. Given the amount of speculation in these markets, technical signals can be very useful in gauging market direction and they have been sending the right signals in recent months. Fundamentals are a lot less informative here, although it can be useful to look at the cost of mining CCs, even as one must also account for the elasticity of supply.

Cryptocurrencies are both a new technology — Blockchain — and a new currency (many new ones). The new shape and form of the CC market in the future will likely ultimately depend on what economic value they are perceived to add. We would expect the marketplace and regulators to ultimately weed out what are perceived the negative, less useful characteristics of CCs and retain the positive elements that add economic value.

As discussed more in detail below, the Blockchain technology driving CCs offers transparency to transactions and allows them to be virtual and peer-to-peer. Distributed ledger technology has the potential to offer regulators greater degrees of transparency, higher levels of resiliency and shorter settlement times, reducing counterparty and market risk.

Allen similarly discusses various efforts under way with, for example, a number of payment processing firms increasingly partnering with technology firms/Blockchain providers to offer an alternative settlement engine to various payment participants. We expect various Blockchain-based ecosystems to coexist and compete with each other (similar to Payments networks in the current environment), with success predicating on technology capabilities (such as API features), number of participants on the network and ease of adoption. Given the hurdles, CCs are more likely to be used as ancillary payment methods rather than gaining traction as a primary source of exchange.

While seeing a potential for the deployment of the underlying Blockchain technology in payments, we do not see cryptocurrencies competing with central bank-issued money for lawful transactions. We note that CCs have not attained the relative stability of value to make them useful as money for everyday transactions. The current set of government-issued fiat currencies — such as the dollar and the euro — provide efficient media of exchange, stores of value and units of account. Some of the early buyers of CC were clearly dismayed by ballooning balance sheets of the major central banks in the aftermath of the global financial crisis (GFC), but the lack of any meaningful inflation since, in both developed markets (DM) and emerging markets (EM), has surely reduced concerns about fiat (legal tender issued by a central bank) money.

In addition, we find that local legal tender money tends to be a natural monopoly with only extreme hyperinflation leading people to seek out a monetary alternative. To add, we do not find that CCs are currently meeting the standards of what constitutes money as the huge volatility of CC has made use of it as a unit of account impractical. Finally, given the huge returns from running a central bank (seigniorage), governments will be quite possessive of their legal tender role and will likely put up a fight if CCs were to gain broader traction domestically.

Some EMs, such as Venezuela and Russia, appear to be considering issuing CCs as a way to improve international funding and evade US sanctions. Aziz is quite dubious about whether any of this will work as CCs face regulatory headwinds and are neither better than fiat money in establishing policy credibility nor in providing liquidity during crises.

Several central banks, as discussed in Feroli, are investigating whether they should issue CCs in their own currency, but are very far from actually doing so, as any increased efficiency in payments technology does not appear to be that obvious. In addition, the issuance of crypto dollars, for example, would give non-banks access to the Fed balance sheet, and thus could endanger the economically and socially important financial intermediation function of commercial banks.

In market economies, commercial banks manage the largest part of what we call money through their deposit
base that they in turn lend out to the economy, after holding back a fraction as reserves at the central bank. If cryptocurrencies were seen as superior to bank deposits, prompting a wholesale shift into cryptocurrencies, then a much larger share of savings would go to the central bank's assets (government debt) and less to commercial banks loans, thus potentially dramatically increasing private credit risk premia and reducing the flow of credit to the private sector. Fractional reserve banking was a tremendous innovation that surely contributed greatly to global growth over the last two centuries, and we would expect that central banks would think twice before disturbing this source of capital to the private sector.

We examine the potential role of CCs in terms of offering diversification in a global portfolio, given both their high returns over the past several years and their low correlation with the major asset classes, offsetting some of the cost of high volatility. If past returns, volatilities and correlations persist, CCs could potentially have a role in diversifying one’s global bond and equity portfolio. But in our view, that is a big if given the astronomic returns and volatilities of the past few years. If CCs survive the next few years and remain part of the global market, then they will likely have exited their current speculative phase and would then have more normal returns, volatilities (both much lower) and correlations (more like that of other zero-return assets such as gold and JPY). Based on its historical performance, CCs can be 10 times more volatile than core assets like stocks, or than portfolio hedges, like commodities. Liquidity is also well below most other potential hedges. Extraordinary returns can be generated in the price discovery phase, only to be followed by several years of mean-reversion toward the eventual, long-term average level. In the current market conditions, we do not believe that an allocation to Cryptocurrencies as insurance should be a portfolio’s main or only hedge. Note that even though CCs have improved risk-adjusted returns over the past several years, they have not prevented portfolio drawdown during periods of acute market stress, like the equity flash crashes of August 2015 and February 2018.

Below we highlight some of the key charts from the JPM "cryptobible":

What a typical bitcoin transaction flow looks like:

Cryptocorrelation with other asset classes: virtually nil, i.e., a perfect diversifier.

Cryptocurrency liquidity in the context of all other major asset classes.

Current state of cryptocurrency regulation around the globe.

Market liquidity: average bid/ask spread to buy 10 BTC:

Cryptocurrency concentration of hodlers:

JP Morgan, Bank of America and Citigroup are banning customers from buying bitcoin on their credit cards

• Jasper Jolly, City AM

• Feb. 3, 2018, 11:52 AM
• 6,397

Jamie Dimon, Chairman and CEO of JPMorgan Chase. Thomson Reuters

• JPMorgan, Bank of America, and Citi are banning bitcoin purchases using their cards.
• Buying bitcoin on credit is higher risk than other transactions due to the high price volatility of cryptocurrencies.

US banks are queueing up to stop customers from buying bitcoin using credit cards, as wild price swings continue on the biggest cryptocurrency.

JP Morgan Chase and Bank of America both said last night they will ban the practice, according toВ CNBC, which could leave customers chasing the big price rises which bitcoin has seen over the past year with big losses. Citigroup also joined in the ban, according toВ Bloomberg.

Credit card providers which allow transactions with cryptocurrency exchanges could be left exposed to higher risk than usual because of the massive volatility of the assets.

Bitcoin has seen its price surge by more than 700%В over the past year, according to the OnchainFX website, but the last month has seen its dollar price fall by more than 40% as fears of what many economists have called a bubble spread.

Yesterday the price of bitcoin fell below the $8,000 mark for the first time since November, after rising almost as far as $20,000 in December, amid a broad fall in dollar values across the major cryptocurrencies.

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Jamie Dimon, the chief executive of JP Morgan, has been among the most prominent sceptics of digital currencies, infamously describing bitcoin as a "fraud."

Yesterday Nouriel Roubini, a New York University economist who is credited with having predicted the financial crisis, said bitcoin is the "mother of all bubbles", and added that he expects regulators around the world to crack down on the lightly regulated space in an interview with Bloomberg television.

Get the latest Bank of America stock price here.

Read the original article on City AM. Copyright 2018.

JP Morgan Chase: Cryptocurrency a Threat to its Own Services

JP Morgan Chase: Cryptocurrency a Threat to its Own Services

JP Morgan’s CEO has been backpedaling on calling Bitcoin a fraud for months now but he has stuck to the line that no government (especially the US) will allow cryptocurrency to exist on a large scale. A new report shows though that JP Morgan is very aware of the ‘risk’ cryptocurrency puts on its own services and how they are dealing with it.

A Risky Future

In its annual report released on Tuesday, JP Morgan recognized that cryptocurrencies such as Bitcoin and Ethereum are potential competition to the bank’s own services that could potentially take money from their very deep pockets.

CEO Jamie Dimon has been on record deriding the risk of cryptocurrency to fiat institutions for a long time. He has also publicly recognized that the underlying blockchain technology will most likely be implemented to move currency but has added, that the currency would be dollars, not Bitcoin.

The report released on Tuesday details ways in which the bank has had to change its practices in order to compete with the new technologies in order to retain customers. Payment processing and other currency transfer services were highlighted by the report as being especially susceptible to technologies like cryptocurrency that require no inter-mediation.

“Ongoing or increased competition may put downward pressure on prices and fees for JPMorgan Chase’s products and services or may cause JPMorgan Chase to lose market share,”

JP Morgan’s annual report.

JP Morgan isn’t the only major financial institution in the US to come around to the ‘threat of cryptocurrency’. In their own report, last week Bank of America recognized the risk of losing their own customers to competitors offering products “in areas we deem speculative or risky, such as cryptocurrencies.”

The Bitcoin Bible

This reported recognition by JP Morgan doesn’t come as much of a surprise to those who have read the 71-page research report released more than a week and a half ago that some have dubbed the ‘Bitcoin Bible’. The report gives a thorough analysis of multiple cryptocurrency issues the banking industry faces. This includes assessing the banks own crypto and blockchain based ventures.

That report concluded that “Opportunities for banks to utilize blockchain technologies for conducting business could have far-reaching implications for the sector.”

In actuality, JP Morgan has been one of the first major financial institutions to recognize and adapt to the reality of cryptocurrency. As well as one of the first to implement its own Ethereum based blockchain.

Earlier this month Umar Farook, JP Morgan Chase’s head of blockchain initiatives, gave a glimpse into how serious the bank was taking new technology speaking at Yahoo Finance All Markets Summit in New York. “It’s more than thriving. People have been surprised how quickly it basically spread as a way to address and think about customers differently. It’s quite insane.” He said.

JP Morgan Trades Bitcoin ETN for Clients After CEO Calls It a 'Fraud'

JP Morgan CEO Jamie Dimon made headlines last week for his harsh words on cryptocurrencies, and he saved special vitriol for bitcoin in particular. Of the largest digital currency in the world, the banking boss said the entire enterprise was a "fraud" and suggested he would fire any employee who was caught trading a digital currency because that employee would be "stupid" for doing so. (See more: Jamie Dimon Calls Bitcoin a 'Fraud.')

Now, Bitcoin.com reveals that JP Morgan has been routing customer orders for XBT shares, exchange-traded notes that track the price of bitcoin. In an interview with Reuters, JP Morgan spokesman Brian Marchiony said, “They are not JPMorgan orders. These are clients purchasing third-party products directly.”

JP Morgan and Morgan Stanley Buy Bitcoin ETNs

Reports suggest that both JP Morgan and Morgan Stanley have recently routed client orders for XBT note shares. The information comes via public records of Nordnet trading logs.

According to Bitcoin.com, JP Morgan routed the most XBT shares of all of the big banks included in the list of purchasers.

Bitcoin ETNs have become a popular means of investing in the cryptocurrency among mainstream investors and large-scale financial firms looking to add exposure in the area. Bitcoin-tracking ETNs follow bitcoin price movements as compared with major currencies like the euro and the U.S. dollar. Generally, bitcoin ETNs have provided exceptionally strong results so far in 2017, which isn't surprising, considering the rapid growth of the currency itself over the course of the year.

JP Morgan Also Involved in Blockchain

Dimon's firm is also involved in the recent uptick in blockchain interest increasingly common amongst big banks. (See more: How Blockchain Technology is Changing Real Estate.)

JP Morgan has applied for a "bitcoin alternative" patent in the United States more than 175 times since 2013. The company is also reportedly developing a blockchain based on the ethereum system.

All of these developments suggest that there may be more overlap between the world of traditional Wall Street finance and cryptocurrencies than some investors are willing to let on. Investors have generally been divided over their approach to currencies like bitcoin, with some quickly rallying behind the new investment area and others, like Dimon, speaking out against it.

Concerns about a bitcoin and cryptocurrency bubble are commonly heard, and extreme volatility in the cryptocurrency space suggests that the proposition of investing is risky. But there also have been many opportunities for investors of all types to make a substantial amount of money through digital currency investments.