BITCOIN IS A SCAM - Your Daily Hash - 9/13/17
BITCOIN IS A SCAM - Your Daily Hash - 9/13/17
According to James Dimon, the Chief Officer of JP Morgan, a multi-national, and financial services company, Bitcoin does not have a long-term future.
At the Fortune Global Forum, he said:
"This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that's going to put up with it for long ... there will be no currency that gets around government controls."
"Bitcoin is a fraud that will ultimately blow up."
Source
This news has had an effect on the market, as prices have tanked even further, following the announcement that China has banned ICOs.
Prices have tumbled even further, with Bitcoin falling below 4,000.
My opinion on this is that, given the credibility of JP Morgan, there isn't anything to worry about when it comes to Bitcoin.
Also,
Ethereum is a scam too! Oops I mean't "fraud".
Last week, a Vanity Fair article, reported that JP Morgan paid out $13 Billion dollars to the U.S government because of its role in the financial crisis and mortgage security disaster that set back destroyed, the U.S economy.
The fact that the big banks are advising against Bitcoin is proof of its disruptive nature.
Think about it, if you were the third party between someone's money and someone else's money, as a benefiting middle-man, would you want to be removed from the equation?
I'd rather trust a decentralized, immutable ledger then trust a 3rd party that has the ability to do shady things with, not only my money, but our money.
What do you guys think about this? Comment below
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Sources:
Bankers' Mistrust of Bitcoin is Still the Greatest Argument for it: https://techcrunch.com/2017/09/12/bankers-mistrust-of-bitcoin-is-still-the-greatest-argument-for-it/
Jamie Dimon: "Bitcoin is a Fraud": https://www.coindesk.com/jamie-dimon-bitcoin-fraud/
Coinmarketcap: https://coinmarketcap.com/
Enterprise Ethereum Alliance: https://entethalliance.org/about/
Indeed. Time and time again this has happened. And it stilll climbs... What are people worried about anyway. It was $3 6 years ago and passed $5000. Who cares it goes back to $2500.
It's still worth more than it originally was. I'm doubtful we will see it at $2500, but it's a possibility. With FUD you never know..
The same guy that is holding blockchain and bitcoin events?? Spread FUD, buy a load of Bitcoins, watch it rise, he's a winner.
Yeah. He know's what he's doing. The irony of this is that JP Morgan was having a blockchain event somewhere in the USA while he was here saying this.
Seems to be a concerted media hit effort going on now, using North Korea as a main talking point. I literally could not believe this CNBC piece when I saw it, but there it is: If you trade Bitcoin, you may be funding Kim Jong Un's regime. Upvoted at 100%, and not trying to spam here, but I think this post I wrote on CNBC and Dimon is pertinent. Thanks for bringing people's attention to this.
https://steemit.com/news/@kafkanarchy84/cnbc-releases-laughably-unreal-anti-bitcoin-propaganda-piece-if-you-re-trading-bitcoin-you-could-be-funding-kim-jung-un
I will definitely give your post a read after this comment. I honestly can't believe that anyone with a right mind would think that trading Bitcoin is funding North Korea.
Then again, people flamed me online for the title of my post without READING the actual content.
It only supports my idea that 90% of people are simply not intelligent while 10% are..
Again, thank you kindly for reading this. @kafkanarchy84
"There will be no currency that gets around government controls" guess what JP Morgan, there Already is. Just like a similar demoralising comment a few months back from Mark Cuban. Markets fell, but then rose again. It is truly so stupid to try and control every dime we make. Did you k new if you gain anything in excess of $600 from say a yard sale, a small side job, or even a gift you are supposed to report that to the almighty government? Ridiculous
They want to control every aspect of your life. They want to tax every dollar down to the penny.
It is atrocious
I read somewhere that there was legislation being pushed to allow people to not have to report taxes on transactions under $600 (correct me if I'm wrong, PLEASE ) involving BTC. How do you feel about that?
THIS ARTICLE: https://www.coindesk.com/us-lawmakers-seek-tax-exemption-bitcoin-transactions-600/
I Was talking about ANY extra money/income you make period in excess of $600 to include "gifts" "have" to be reported. I don't follow that bull shit. They already take enough out of My job I spent 6 years in college for. I only learned of that $600 rule last year by the way when i was working for my friend who had me filed as a "contractor " for her business. Therefore she took no taxes out of my check, and anything over $600 i would technically be legally required to report. ..
Oh yeah that definitely sounds like some bullshit. I'm assuming you didn't file a report?
It Was an as needed job that i took on near the end of the year. I didn't actually exceed $600.
But if i counted all gifts (birthday, congratulatory), randomly made money (ebay, sold something, etc etc), won something small (NOT counting lottery), I know I exceeded $600 even if not by much. If you think of it $600 in a YEAR isn't that much. Stupid to have that to be taxed. Especially when they're already taxing my other shit at an astronomical amount. (imo)
Large sums of say, lottery money is different. Esoecially when considering everyone who put into the pot. If pure luck is how you received a large sum of "unregulated" income well, that's different.
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@brokecollegegrad Amazing job! Followed.
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I believe decentralization is the future for many many business models. People are sick and tired of being screwed over by big companies who don't know when enough is enough in regards to screwing over their customers.
Decentralization is a beautifully pure form of capitalism in that it truly allows people freedom of choice instead of having limited choices for any given service. As you said, it allows the consumer to conduct business without a third party assaulting them with fees and price gouging and the provider (i.e. the big banks).
I'm in the process of closing one of my bank accounts as I am unhappy with their service and I've moved a lot of the funds into cryptos for the time being. It's only a small portion of my net worth but it's a great hedge against fiat currencies and an investment in my own future (at least that's how I see it).
Regarding BTC, who knows what the future holds but I'm holding my investment in it and the other coins I've picked up in the past 2 months because I look at it from a long term perspective. STEEM is also something I've put a good bit of my own money into. I hold most of it in the form of SP (another long term investment).
Great post! Following you now.
Thank you for this amazing comment and the follow. Like you, I'm bullish long-term for BTC just because I have faith in the technology. Also, with the recent Equifax hack, my faith in banks have dwindled given that, at any point, someone as access to all of your information, including SSN. They could literally take loans in your name, and it's up to you to disprove that.
Out of curiosity, what coins have you looked at?
It's definitely because now that too many people know about and they keep buying bitcoins to store for an increase of its price knowing it keeps dropping back and forth. We went pass $5000 only back to $3900 and futher down, what the hell.
Have you heard about the ICO ban in china?
No I haven't, I didn't even know it was banned. China is one of those countries you can.ot trust while investing with them in Bitcoins and Altcoins, They create so many hassals to keep you from withdrawaling or depositing.
You need to read this and see how it affects you: https://steemit.com/crypto-news/@brokecollegegrad/china-banning-icos-price-crashes-btc-at-usd20k-in-3-years-9-14-17-your-daily-hash @jonasthomas
Whenever big banks or mainstream media criticise something, it's time to invest in that something. It most likely is the best thing to happen in its field.
Exactly. The fact that they are criticizing this means they see it as a threat. We're pushing decentralization agaisnt centralization . These are diametrically opposed belief systems. These attempts by the big banks to take down BTC should be expected .
Don't get me wrong, I'm not for total decentralisation, at least not in everything. But I sure as hell, see banks as one of the greatest cons of the world, and would like it them to kindly fuck off :p
And yeah, anything that threatens their dominion will be met with hostility, and that's my cue to invest in it.
Facts.
The last thing we need is another financial crisis.
Oh, but it'll happen. Probably in less than a decade. Not saying that I want such a thing, mind you, but I believe it will nonetheless. Pretty much all currencies are losing power, prices are soaring... this is bound to lead to financial turmoil.
Hopefully, by the time that comes we'll be laughing at the banks.
Well, I, for one have a long way to go to achieve that, but at the very least I want them to lose some power and allowed to suffer the consequences of the market and actually fail, not be bailed out with our money without being accountable.
How do you prevent a bailout upon failure?