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JPMorgan to Let Clients Invest in Bitcoin Fund for First Time

djohnston 5y ago
Why would you pay a middleman to run an actively managed fund for a single crypto currency?
- sushid 5y ago
  Plenty of people pay for glorified three-fund portfolios. I'm sure they can throw in ETH in the near future to make it seem more complex than it actually is.
  - djohnston 5y ago
    I mean if each of those 3 funds is composed of hundreds of companies then yeah, I also have done that. But a fund that is composed of a single company just seems like a stock.
Melting_Harps 5y ago
Can we just get a few words from that sleazy archetype of a banker (Jamie Dimond) on record of what he regarded BTC to as just a few years ago? It's worth repeating as this is some serious crow eating in the finance sector that unless you've been in this space won't really register. Seriously, the idea that this imbecile has any shred of credibility or honesty in him has been proven wrong time and again, why is he still allowed to be CEO of anything is a travesty and shows that the 'failing up' in the finance World is all too common and should finally put to rest. The losses they incurred by not embracing thier tech is one thing, but wasting time with patents and chasing trails of BTC killer with smoke and mirrors was what cost them the most. > Why would you pay a middleman to run an actively managed fund for a single crypto currency? It's a pretty straight forward answer so I'll break up into parts: first, people suck at security especially with OPSEC in regards to finance. We in the Bitcoin community have made immense improvements to that end, but we forget that for critical mass to occur we have to create something with equally complexity as online banking without just repeating it's same flaws, which despite my own biases, we have not fully achieved. It's a trade off between security, cost, and ease of use: you can only have 2 of 3. Second, in situations like these it's assumed that it should be counter balanced with he fact that most of the mega corps and online businesses constantly have their data 'hacked' and with regards to BTC (irreversible txs) they will need to have counter-party risk to make them whole--so who better than a welfare queen like JPM? I'd like to believe we have reached a sort of ease of use when it comes to BTC that suits all demographics as I recall what it was like syncing up QT and triple checking when BTC was below $1,000, but the higher the price gets the higher the stakes are and while Hardware wallets are the standard for that for a reason, it also requires that we have the lowest barrier of entry possible which means solving for seemingly non-issues. With that said, you have people who have sent their life's savings in ETH to a fake Elon Musk twitter account, so you can only plan for so much. Personally, I think this is where the YC FAANG types are needed most, you people build UIs for this demographic, and if you can see past your chip on your shoulder for dismissing this tech you can see their is still tons of money to be made in doing that. Hopefully, you stay around for more than just money but I don't see how going to a moon shot startup like Rocketlab (which I'm a fan of) is any 'crazier' than getting involved in the BTC space, as for the alts YMMV.
- webinvest 5y ago
  First hardcore rant about the CEO Jamie Dimon I’ve seen. I agree with what you say about general OPSEC towards bitcoin is frightening by many and everything else downwards but the CEO chatter seemed particularly harsh. It’s likely that you know a lot more than me about him but he appeared quite well on the David Rupenstein Interview and he has a 94% approval rating on Glassdoor. I have a buddy that works at JPM too and I could ask him but I’d bet he has a neutral or positive opinion of him since I haven’t heard him speak negatively like that. Since I agree with a little more than half of your post though, I’ll hand you an upvote.

Why would you pay a middleman to run an actively managed fund for a single crypto currency?

sushid 5y ago
Plenty of people pay for glorified three-fund portfolios. I'm sure they can throw in ETH in the near future to make it seem more complex than it actually is.
- djohnston 5y ago
  I mean if each of those 3 funds is composed of hundreds of companies then yeah, I also have done that. But a fund that is composed of a single company just seems like a stock.

Can we just get a few words from that sleazy archetype of a banker (Jamie Dimond) on record of what he regarded BTC to as just a few years ago? It's worth repeating as this is some serious crow eating in the finance sector that unless you've been in this space won't really register. Seriously, the idea that this imbecile has any shred of credibility or honesty in him has been proven wrong time and again, why is he still allowed to be CEO of anything is a travesty and shows that the 'failing up' in the finance World is all too common and should finally put to rest. The losses they incurred by not embracing thier tech is one thing, but wasting time with patents and chasing trails of BTC killer with smoke and mirrors was what cost them the most. > Why would you pay a middleman to run an actively managed fund for a single crypto currency? It's a pretty straight forward answer so I'll break up into parts: first, people suck at security especially with OPSEC in regards to finance. We in the Bitcoin community have made immense improvements to that end, but we forget that for critical mass to occur we have to create something with equally complexity as online banking without just repeating it's same flaws, which despite my own biases, we have not fully achieved. It's a trade off between security, cost, and ease of use: you can only have 2 of 3. Second, in situations like these it's assumed that it should be counter balanced with he fact that most of the mega corps and online businesses constantly have their data 'hacked' and with regards to BTC (irreversible txs) they will need to have counter-party risk to make them whole--so who better than a welfare queen like JPM? I'd like to believe we have reached a sort of ease of use when it comes to BTC that suits all demographics as I recall what it was like syncing up QT and triple checking when BTC was below $1,000, but the higher the price gets the higher the stakes are and while Hardware wallets are the standard for that for a reason, it also requires that we have the lowest barrier of entry possible which means solving for seemingly non-issues. With that said, you have people who have sent their life's savings in ETH to a fake Elon Musk twitter account, so you can only plan for so much. Personally, I think this is where the YC FAANG types are needed most, you people build UIs for this demographic, and if you can see past your chip on your shoulder for dismissing this tech you can see their is still tons of money to be made in doing that. Hopefully, you stay around for more than just money but I don't see how going to a moon shot startup like Rocketlab (which I'm a fan of) is any 'crazier' than getting involved in the BTC space, as for the alts YMMV.

webinvest 5y ago
First hardcore rant about the CEO Jamie Dimon I’ve seen. I agree with what you say about general OPSEC towards bitcoin is frightening by many and everything else downwards but the CEO chatter seemed particularly harsh. It’s likely that you know a lot more than me about him but he appeared quite well on the David Rupenstein Interview and he has a 94% approval rating on Glassdoor. I have a buddy that works at JPM too and I could ask him but I’d bet he has a neutral or positive opinion of him since I haven’t heard him speak negatively like that. Since I agree with a little more than half of your post though, I’ll hand you an upvote.