Would you listen to the Boss of JP Morgan's advice on BitCoin ? No - but you can READ and have a LAUGH about it !!
JP Morgan's take on Bitcoin
According to the boss of JP Morgan, Jamie Dinon, "BitCoin is a fraud and you can't invent a currency out of thin air " .. what a joke. Fractional reserve banking (our current system) DOES EXACTLY THAT, do they think we're f*cking stupid. We are not our parents generation who were kept completely ignorant of the world's financial inequalities (banking rip-offs) by the co-recruitment of the (establishment) mainstream media to help keep them in the dark. Many of their pensions have been raided, while the banks STOLE our future when they gambled on poor credit and at the same time making their individual future's very rosy indeed. Our generation has had to pay for their jackpot ? He's got a damn cheek to start judging now !
LOVE THIS ONE
"if I catch anyone trading bitcoin, I'll fire them" YOU'LL HAVE TO FIRE YOUR ENTIRE STAFF (and he knows it) including the cleaners. Who do you think is making the real BIG MONEY from altcoins right now? the kind of smart ass bankers who work for JP Morgan, that's who. "He's so off the money" on that quote, I'd quite dearly like to see him have to make good on his promise. His reasoning for saying this. "It's Stupid".. How's it stupid Jamie ? Your banker types could probably all retire in 12 months after playing with their very deep pocket money rations on the altcoin market. Guess what, you cannot quash an entire global revolution which is burgeoning, disruptive and set to re-calibrate the world's economy within a generation. BlockChain is THE FUTURE and it's happening now.. it's a bit like saying, anyone who uses email is dangerous, anyone who uses the internet is a fool and mobile phones will never go mainstream (back in 1992)
It's Good for Murderers and stuff ?
What the f*ck are you going on about ? Jamie says, It would be good for murderers to use bitcoin? What an empty statement. so they can use their bitcoin card to buy a Mcdonalds on the way home from bumping someone off. It doesn't even compute ? Bitcoin is being used as a safe haven by many law abiding and above board people with very good financial knowledge and experience. It can't be devalued by arbitrary quantitative easing can it ! something our banks can do. Central Banks, (private banks) charge governments a fee for PRODUCING money on their behalf. It's arbitrary as it can get. Bitcoin is a limited supply so like gold, people will hold it for it's guaranteed scarcity. It might have a volatile price but it's also much more honest. fiat goes into bitcoin, that simple. Any worth it has is a reflection of people buying in with $£ Euros, Yen, etc. so the value has been transferred from existing sources of wealth. It's not thin air is it ! yes some smart criminals will be transacting in coin but come on the multi-trillion dollar drugs market is conducted in cash. You can't really go and buy a $20 bag of weed from Bob up the road with 0.00538 bitcoin (today's price) can you ? well you probably can on some dank corner of the internet, but that's not the point. It's such a crass statement, and remember this. if cannabis is anything to go by, making bitcoin illegal will not curtail or stop it's usage, if anything it will just make it VASTLY OVERVALUED (just like cannabis, which is actually just a common or garden weed.)
Long Term
Governments and global institutions will see the real value of crypto in years to come. There are serious steps being taken to investigate / consider digitising unstable currencies in certain areas ( you can do some research, you'll see that's not just a rumour) and when governments realise the true value of BlockChain, they will fully support the economic revolution. It will be one important tool to reign in corporate power in the face of the extinction of governance in favour of corporate domination of the entire ecosystem.
The Public Don't Know Yet
They will. at the moment 0.01% of the population have a BTC wallet. That will rise rapidly and so will altcoin's importance. nobody can turn the clock back. The banks don't really care. They will adapt or die. (they secretly have loads invested in coin) and what's ripple if it's not a blockchain token for banks to save money with on interbank transfer?) And yes it's good that the FSA is warning people about ICO investments, they are high risk and undoubtedly there are fraudulent projects / lame ducks out there around every corner) but there's also a golden opportunity for ordinary people to invest small amounts in the next tech giants of the future. Can you imagine if you could say you invested in PAYPAL, EBAY, GOOGLE, EASYJET, APPLE, 15-20 years ago ? You'd be the one laughing.. and my CRYPTO FRIENDS HODL HODL HODL you will be .
Final notes.
Jamie Dinon reckons bitcoin might go to £20,000 before the tulip bulb bubble bursts !! sounds scared now doesn't he and he said his daughter had bought some bitcoin, it had gone up, she now thinks she's a genius... KEY WORDS his DAUGHTER bought some. For me there is the beautiful irony. He's 61 doesn't get it, (does but is shitting himself) his daughter is young and embraces positive change ! LONG LIVE CRYPTO, Long Live Blockchain. He didn't dare mention STEEM ! that would have been a great free advert for the future though
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Hi @outerground :-)
What people fail to realize even today, is that the currency they use everyday... is created out of thin air! It isn't worth the cost of the paper used. Do not even get me started on the digital aspect of fiat currency!
And this guy Jaime, is full of crap. We all KNOW that he said that comment to drive the price down, so he could buy some Bitcoin on the Cheap! LOL
Banks are a sham, and have been since their inception. Just another way for the richy richs of the world to screw over the other 99% of us.
Good article
Have a great day!
thanks @inthenow. yes exactly.. thin air indeed and fractional reserve banking seems the most disingenuous way of keeping people captive in a system where credit traps the many and pays for the few. Perhaps why there's so much FUD about crypto, which could ultimately begin to redress the balance. I believe it will eventually. People will keep waking up, educating themselves !!
They're just creating FUD. Then buying the DIP... SMH.
@crypto-trail of course, buying the DIP like the Banksters they are ! they made the mess, which led to bitcoin, they've got it coming, but of course, they're not going to miss out either...
Agree 100% and love this!!
The argument that you can't make money out of thin air is one I hear all the time and it's just so funny... erm, yes, yes you can. And that's what the banks have been doing for years.
It reminds me of when people say that having a job is a lot more secure than being self employed or an entrepreneur.... yeah, so being in a position where one person has the power to fire you is more "secure" than being your own boss??
Craziness.
money doesn't grow on trees either.. unless you have a licence to print paper money, which does actually come from trees, cotton bushes with a bit of plastic thrown in ! having a job is great if you're on of those highly paid professionals with excellent benefits, a final salary pension and 10 weeks holiday a year. for everyone else, the gamble of trying to make it on your own is PROBABLY worth it !
most people are too busy working to make ends meet, to make real money.. that's where crypto might just change the game ! in our hyperconnected world, free time can become like a second job
get that camera @johleen ! there's money to be made in pictures, and freedom, self knowledge and a higher state of consciousness