WHEN JAMIE DIMON SPEAKS....
There is a certain measure to every word. The meaning is well beyond the simple construct of the sentence. The words are agonizingly chosen and put together to have the maximum intended impact. This is well known to all who in any position have to speak to public repeatedly. Of course Mr Dimon's words must also reflect the Central bank sentiments. Timing these words are essential.
There is no doubt that Bitcoin is a fraud. In a world of fraudulent currencies, it may be the knight in shining armor. " Fraud" is not a bad argument for Bitcoin when the proponents of Bitcoin labeled fiat currencies as fraud because they weren't backed by anything.
Mark my words. China will not be the only country to shut down exchanges. It will also allow back exchanges with regulations in place. No one believes that they can stop cryptocurrency. Anyone believing that should look at the dark web. Enough said. So the central bankers and the governments have their work cut out for them.
DHS funded three companies recently:
"Here are the companies that got funds for their blockchain-related initiatives:
BlockCypher: The startup has been awarded a grant for its "blockchain platform for multiple blockchains, applications and analytics. BlockCypher was the recipient of a $600,000 DHS grant last summer.
Digital Bazaar: According to DHS, the company is working on a "verifiable claims project" that utilizes "fit-for-purpose distributed ledgers". Like BlockCypher, Digital Bazaar was given a DHS grant in 2016.
Evernym: This Utah-based business will use the funds to support its research into "decentralized key management using blockchain", according to DHS."
(Source for quoted text is coindesk).
The governments should eventually be able to control cryptos to a great extent and they will likely be the ones profiting most from it. The key will be to control a lot of Bitcoin. So there is the need to buy a lot of Bitcoin. When the price is brought down and then you see a big jump, guess who bought it.
I would suggest to small investors, 100 bitcoins or less, to just sit back and not panic. There will be a lot of fluctuations but long term prices should go up, probably astronomically. Bitcoin is not forever. But there is no reason to sell at a loss. Keep your sell points in mind and hold on to them. Sell only for a profit. Volatility will plague cryptocurrency and you will be able to buy again. Again this is not a good time to sell even if the price drops further.
I remain a non believer in cryptocurrency but I am not a non believer in profits. To small bitcoiners: you have to have guts of steel when you invest and don't get me wrong as sometimes you have to accept losses. But you are wrong if you think you have to take a loss now in Bitcoin.
I actually used this volatility to buy BTC and power up my steemit account.. I bought three other day when it was at $3100 or so then turned around and bought STEEM via @blocktrades at $3600ish... there's much less volatility in STEEM price and it seems a much more tangible product than BTC... plus China isn't trying to own Steemit... yet
Excellent choices.
Ah @nedspeaks..such pessimism. Personally I see it in a different light.
What you say is correct...Dimon was measured in his wording....the called it a fraud which instill fear in many people when it comes to financial matters. But the question is why did he do that? I wrote a post this morning that you might want to check out on my blog. How come Dimon didnt mention continentals? Because they are no threat. I wont repeat the rest of my post but it explains a great deal of what Dimon was up to.
As for the belief that they will shut down exchanges...that is possible...until the exchanges are decentralized which is already in the process. Besides that, the exchanges wont be outlawed as much as regulated to the point that they can only be operated under the proper eyes i.e. the bankers. Do not be surprised if Goldman and JPM eventually become the exchanges themselves.
Finally, you mentioned dark web. That is a much different animal. Those are websites and illegal activities. However, even though silk road was closed, the dark web is in full swing. What is also interesting, contrary to MSM reports, the currency is no longer btc used but monero. That one has true anonymity.
Technology keeps changing and with each new generation it gets harder for the elites to control. Will all this change happen overnight? Of course not. However, over time, as profits get sucked out of industries because of technology, things get upended.
Great conversation piece though...we need to look at all sides.
Saw your blog about this. I am not pessimistic.
I have no issues with Bitcoin itself. I see it as a fad that may last years.
Thanks for the article. It nice to hear what we all know is the truth. Its all about the profit.
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