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

[kashirin]

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.

it can only survive if it becomes currency - medium of exchange. I don't see how at the moment
As a place to park money it's doomed. Coordinated government crackdown and entire crypto universe will go down to zero overnight
Although I think govenments just will slowly suffocate cryptos in the next 2-3 years

 

[Covertibility]

https://twitter.com/x/status/907727923536265216

 

[S2007S]

He is going to change his mind just like Mark Cuban did....

I still don't understand how a currency made out of thin air holds more value than fiat and gold, and copper and silver and the price a used 2000 Audi A4

 

[Covertibility]

https://twitter.com/x/status/907688986575032320

There's that $100k number again.

 

[2rosy]

tempest in a teapot

 

[vikasd]

Bitcoin is a currency. It can't be fraud if people accept it. But if it takes off there is no place for a bank it the ecosystem. That is why bankers don't like it.

 

[noddyboy]

He is going to change his mind just like Mark Cuban did....

I still don't understand how a currency made out of thin air holds more value than fiat and gold, and copper and silver and the price a used 2000 Audi A4

It is not out of thin air. There is an army of computational resources behind it. Without that, then yes, it is worthless.

 

[DeltaRisk]

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

https://www.cnbc.com/2017/09/12/jpm...es-20-percent-fall-for-the-third-quarter.html

Seems as though he doesn't like them poaching on their credit territory.
Wink wink.

 

[S2007S]

So El-Erian said Bitcoin should be valued at half of what it's worth today....


Bitcoin just dropped below $4000!!!!!


$15+ billion in value wiped off in 11 days!!!!!!

 

[noddyboy]

So El-Erian said Bitcoin should be valued at half of what it's worth today....


Bitcoin just dropped below $4000!!!!!


$15+ billion in value wiped off in 11 days!!!!!!

I am not saying it is not overvalued. Just saying it is not worthless.