JPMorgan CEO Jamie Dimon says bitcoin is a fraud that will eventually blow up

Easy to understand.

Before, bartered goods were "backed" by goods received for goods sold.

There was/is always gold and silver.

Then, there was/is paper money backed by some "government's promise to honor" currency as legal tender.

What does bitcoin have? Besides the faith that "someone will pay a higher price for something of zero intrinsic value"... nothing.

Maybe "digital currencies, backed by nothing" are the wave of the future. Maybe not.

(When bitcoin first caught my attention it had already been to $1,000 and back down to $200. I wondered "what the Hell is it doing even at $200?" Now look. HellifIknow.)
 
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patrickrooney said:
"Dimon also said he'd "fire in a second" any JPMorgan trader who was trading bitcoin"
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Eh....Dimon is probably just talking his book.....government-backed fiat currencies are like water to the JPM empire....no way in hell do the banking cartels want anything to emerge in which they are not already deeply entrenched in.

I'm sure Xerox hated the concept of Microsoft Outlook, in a similar vein.

With that said, I do agree that Bitcoin is a bubble - I just think Dimon has his own motivations for calling it out.
 
abattia said:
The day will come when he regrets he ever said that.
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“Not to mince words, Mr. Epstein, but we don’t like your boys’ sound. Groups are out; four-piece groups with guitars particularly are finished.”

-Dick Rowe of Decca Records (1962)

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SteveM said:
Eh....Dimon is probably just talking his book.....government-backed fiat currencies are like water to the JPM empire....no way in hell do the banking cartels want anything to emerge in which they are not already deeply entrenched in.

I'm sure Xerox hated the concept of Microsoft Outlook, in a similar vein.

With that said, I do agree that Bitcoin is a bubble - I just think Dimon has his own motivations for calling it out.
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I generally agree with you. One thing to keep in mind is that in the US a person can only pay taxes with US dollars.
 
vanzandt said:
“Not to mince words, Mr. Epstein, but we don’t like your boys’ sound. Groups are out; four-piece groups with guitars particularly are finished.”

-Dick Rowe of Decca Records (1962)

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Very funny post. Good job.

Not sure what you are getting at will prove correct but funny post.

Who doesn't love the Beatles?
 
Scataphagos said:
Easy to understand.

Before, bartered goods were "backed" by goods received for goods sold.

There was/is always gold and silver.

Then, there was/is paper money backed by some "government's promise to honor" currency as legal tender.

What does bitcoin have? Besides the faith that "someone will pay a higher price for something of zero intrinsic value"... nothing.

Maybe "digital currencies, backed by nothing" are the wave of the future. Maybe not.

(When bitcoin first caught my attention it had already been to $1,000 and back down to $200. I wondered "what the Hell is it doing even at $200?" Now look. HellifIknow.)
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Seems to me that it's backed by consensus. Bitcoin is no longer a form of currency but a place to park money; since enough people are demanding this store of value, the price naturally stays/goes up. I am not entirely sure how to distinguish it from a fad in all honesty other than staying power, of which it has shown enough to convince me. That and Bitcoin being the pioneer of some pretty solid tech.
 
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