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I wonder what Jamie Dimon thinks about this! Funnily enough, my sources tell me JP will be in on the futures contracts as well. What hypocrisy!

• workthrowaway27 9y ago
  It's not really hypocrisy. There's money to made by clearing futures and some of the banks want that money. What's being traded doesn't really matter.
  • osrec 9y ago
    Maybe, but then the things he said about his potential future clients are just downright hurtful: https://www.cnbc.com/2017/10/13/jamie-dimon-says-people-who-buy-bitcoin-are-stupid.html https://www.cnbc.com/2017/10/13/jamie-dimon-says-people-who-...
    • kough 9y ago
      > "The only value of bitcoin is what the other guy'll pay for it," Dimon said. "Honestly I think there's a good chance of the buyers out there are out there jazzing it up every day so that maybe you'll buy it too, and take them out." Is there any reason to consider this statement inaccurate?
      • osrec 9y ago
        It's accurate, but it's also accurate for almost every fund/structured security that many of JP's desks are peddling.
• cm2187 9y ago
  He was talking about market making, not clearing. The bank doesn’t really take a principal risk on clearing. It does on market making.
  • osrec 9y ago
    The way I saw it, he was condemning bitcoin in general, not market making on bitcoin specifically. Even clearing has risk - admittedly not market risk, but significant amounts of credit risk (that's why people pay for it).
    • cm2187 9y ago
      He said he didn't believe in it and wouldn't allow his traders to trade it (i.e. to make a market). But passing client orders is a different matter.
• deleted 9y ago
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