Great opinion piece @kevinwong - I'm not sure whether Dimon is ignorant or clueless to be honest. He is using one of the oldest and best known tools to fight off the threat of positive change, innovation and revolution: Fear. And he succeeded in leaving a dent using that tools....at least temporarily. The markets have dropped yes but what people like Dimon are probably ignorant about is another a conceptually new threat beside change - resilience through interconnectivity and decentralisation. The markets will drop, yes, the people will run away with their money for a while but you cannot scare people off forever. What they are truly ignorant of is that decentralised, self-regulating (or self-organising) systems is the way the universe works. Dimon's old world system and way of thinking is the real natural fraud.
So it looks like he's not both ignorant and clueless, seeing that JPM bought the dip after calling bitcoin a fraud. Well these guys should know what they're talking about..
Yes agree @kevinwong naturally it was all orchestrated. So let me correct what I said before differently: "They are fully conscious that the inevitable new world is decentralised and they are using every dirty trick from the 'old world' to get a slice of it"