JP Morgan CEO - Jamie Dimon: "Bitcoin is a fraud"
That's right folks! The CEO of JP Morgan Bank, which was bailed out to the tune of $12 Billion in 2008 says this!
He also said "he would fire any trader known to be trading the cryptocurrency"
Considering, the growth that Bitcoin has experienced for the last several years since its creation, I would fire anyone that wasn't trading it! You have to think about why this person would say something like this. If you consider his possible motives and concerns, it's clear why he would want to spread fud.
It's kind of hilarious, considering he said it in 2016 as well.
LOL, BTFD or HODL
Apparently, he does not realize what Bitcoin was designed for, or at least he will not acknowledge that it is succeeding in it's task. The libertarians finally got tired of whining and the central banking system cannot stop cryptocurrency at this point. They could try with Bitcoin. You can bet they have and will continue to try to break it. Even if they succeed, there are plenty waiting in the wings to emerge stronger if needed.
Not only that, the idea has already caught on and there is already technology that is making improvements on the model, like Bitshares! If you are keeping up with any of these developments, you know that Dimons statements are laughable!
I don't think the banksters would even try to do it this way. They would use something like Ripple or some other means of taking over the crypto market slowly and surely. Fortunately, this crypto market is being built by some of the most brilliant, forward looking, individuals of our time and this has all been anticipated.
He might as well take the Central Bank of Finlands approach.
I am thinking of using some of the following in my next blog as a response to Mr. Jamie Dimon:
Bitcoin is not a currency even though some think it is and it behaves like one and will most likely become one. Bitcoin is a 'utility' and since it can be used like money some are doing such like me and my friends. The utility is: the most secure data base ever invented. As simple as that. My analogy is: picture it like a big spread sheet (an excel spread sheet) with 21 million cells. Each cell has a password assigned to it and that is called the keys to that cell. These keys can be transferred to other cell keys and are then owned or controlled by the new keys. Cool eh! There is even an open source protocol that releases these cell ownership controls over time ensuring decentralization and utilizing consensus systematic for any updates.
So now, what's the big deal in having a spread sheet that you can transfer cell ownership rights to each other? This spreadsheet is validated by lots of processing power every 10 minutes. Validated; means witnessed or notarized by the community and to date more processing power is validating the bitcoin blockchain than has ever been used for a single purpose in the history of mankind.
Okay, once again what's the big deal: well you can attach data to the cell - that is the epiphany! You can store contract law in the cell and use the validated spreadsheet to confirm ownership rights assigned to the cell or to the contract inside the cell. No more need for a middle man like a clearing house, notary, bank, lawyer etc. Cuts a lot of fat from the current utilities we are using for such items now like: car or land registration, identification, licenses, passports etc.
Now then how does it become money: it becomes money when a value is attached to the controlling or ownership of the cell. Why would someone want to own such a utility or a portion of it? There is value in someone notarizing contracts in a manner so secure it has had zero down time and zero hacks or errors from the early stages - currently now running over 9 years worth of 10 minute blocks of transactions. I call it triple entry accounting: a transaction 1) buyer 2) seller 3) witness by ledger and community. Or debit, credit and witness. You can sell services on this backbone and therefore owning control allows for a return on investment.
Jamie Dimon the most powerful private banker calling bitcoin a fraud exposes him to either being ignorant of the facts like most people or deceptive like most of the largest shareholders of the banks. Jamie Dimon's bank received one of the biggest bailout in history so I hope you don't take a bankrupt has-been as knowing much about technology.
It becomes money when people realize they can transfer each cell or a portion to the power of 8 to someone else. Like transferring your IBM share certificate online in fractions with very little effort huge security and little cost - therefore starts to feel like money.
And now this technology is hitting the tipping point for adoption just as the petro dollar starts to lose its hold. I don't know if Satoshi could have timed it any better.
Disclaimer: I am just a bot trying to be helpful.
It's no joke. You're going to see more of this kind of whining from the financiers as their lollypops are taken away. Cryptocurrancy is disruptive technology. That mean's it rattles the cages of the status quo. Steem on, my friends. The sooner we tank these guys the better off we're all going to be.
@citizenzero I totally agree with you. Bankers and central banks and governments don't know what to do with this, because cryptos are removing all their means they had to take money out from mundan people. @droucil I think he knows the potential of this, and he understands this has the potential to remove him from his job and future earning power. @kouba01 is right, or perhaps wait a bit more, other people are trying to make this bigger, saying bitcoin is a bubble, and this is making it fall even more. Once it is at $2,800 perhaps or less as someone at Goldman Sachs mentioned, it will be the best time to buy. However, who know if it will go to that level. Maybe $3,500 or $4,000 is the lowest and then it will climb to the top $10,000 before the end of the year 2017.
Amen :D Liberty and prosperity for all, the way it was intended!
I am wondering if he is just stuck in the old system or that he is deliberately spreading this nonsense. It's just funny how they call Bitcoin a "fraud", while there couldn't be any bigger fraud than the fiat currency they use...
he is!! Even some anti bitcoin people are changing their tunes even if it slowly. Or they go for Eth for it amazing "use".
Well...people have to adjust to the new age we're entering. Most still think crypto is a "vague" thing, it doesn't mean they are anti-crypto. Same thing was said about the internet when it first launched, and look where we are now...
They lose and we win:)
the future will not wait we have to join it :)
It is natural for everyone to protect that which they cherish or own.
He is just doing a natural thing to protect his business with whatever means available!
The more financiers bash bitcoin,the more bitcoin gets publicity and spreads.
It is a needed publicity and more will bash bitcoins until it will no longer make sense to bash it.
Anything worthwhile faces fierce competition.
Resteemed.
This is just incredulous ... but hey not the only incredulously weird and baffling things we see these days. This comparison to tulips is also seems bogus and I just saw this post which rips that comparison to shreds.
https://steemit.com/money/@thehutchreport/dimon-is-whistling-thin-air-out-of-his-two-lips-bitcoin-is-not-like-the-tulip-bubble
Jamie Dimon will say whatever he's told to say. Bitcoin is not in a bubble, the bubble is in the U.S. stock market which is being artificially pumped up by the central banks and their unbacked fiat money.
Check out the book "The Creature from Jekyll Island" and you'll see why the big banks don't like Bitcoin.
resteemed great info learning more and more THANKS!!!!!!!
Due to this declarations and Chinese Ico ban...the bitcoin is falling ...it is the best time to buy some of it.
:)