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

[WeToddDid2]

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

The technology that is behind bitcoin is IMHO revolutionary. Everyone is way too focused on the currency Bitcoin and not the underlying technology of blockchain.

Medium of exchange: Apparently, bitcoin can be used to purchase products.

https://www.shopify.com/blog/10480345-75-places-to-spend-your-bitcoins
On Wednesday we announced that over 75,000 Shopify merchants can now start accepting Bitcoin as a form of payment on their stores. Well, it’s safe to say people are excited. In two short days we already have hundreds of stores accepting Bitcoin.

Read about blockchain here:

https://blockgeeks.com/guides/what-is-blockchain-technology/

What is Blockchain Technology?

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution (2016)

A distributed database
Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.

Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.

Watch this Milken Institute panel to better understand potential applications of blockchain:

 

[Pekelo]

I think his trader remark was more interesting. What if his trader comes to him: Hey, I made 60% in the last 3 months trading BTC, I am ready to be fired but I would like my 10% share first.

 

[WeToddDid2]

Another way to pay for products and services with Bitcoin:

https://www.thebigcoin.io/?gclid=Cj...nKUbuaegzr5M4PAvKQ5yMKmnjAjD0jJgaAiXcEALw_wcB

Use Crypto Currency at over 50,000 online retailers like Amazon & any favorite online store.
Things you wish, holidays, flights, online subscriptions - spend it on anything you want.

 

[fhl]

 

[sprstpd]

The technology that is behind bitcoin is IMHO revolutionary. Everyone is way too focused on the currency Bitcoin and not the underlying technology of blockchain.

So if the blockchain is the truly valuable part of the bitcoin ecosystem and can be replicated using other systems, what does that mean for the value of bitcoin?

 

[sss12]

I think his trader remark was more interesting. What if his trader comes to him: Hey, I made 60% in the last 3 months trading BTC, I am ready to be fired but I would like my 10% share first.

Or...hey, I lost 20% in 2 days last week, I am ready to be fired.

 

[vanzandt]

As a counter-point here from another smart player...John McAfee, founder of McAfee Associates, told Melissa Lee last night on Fast Money bitcoin was going to $50K. He made some very valid points. He may be a tad crazy.... but he's smart.

https://www.cnbc.com/video/2017/09/...-mgt-capital-investments-ceo-john-mcafee.html

 

[Pekelo]

but he's smart.

Crazy =/= smart (he is clearly certified)

Also, just because he was good at something and made millions doesn't make him an expert on financial investment matters.

 

[vanzandt]

Crazy =/= smart (he is clearly certified)

Also, just because he was good at something and made millions doesn't make him an expert on financial investment matters.

Quote from Wiki:

"He has been extremely bullish about bitcoin, writing on Twitter in July 2017 that he predicted that the price of one bitcoin would jump to $500,000 within three years, and "If not, I will eat my own dick on national television".

Here's his holding company MGTI:


Full Description
MGT Capital Investments, Inc. is engaged in acquiring and developing a diverse portfolio of cyber security technologies. The Company addresses various cyber threats through protection technologies for mobile and personal tech devices, as well as corporate networks. It is also engaged in mining Bitcoin. It operates a 5.0 PetaHash Bitcoin mining facility and produces about 100 Bitcoins per month. The Company operates in three segments: Gaming, Intellectual Property and Bitcoin Mining. Its technologies include Sentinel, E-Tagged and Privacy Phone. Sentinel is designed to protect networks, computers, users and data from hackers. Its E-Tagged is a cyber security product designed to alert and detect the identity of approaching individuals or motor vehicles. Privacy Phone has a built-in privacy control center giving users full control of access and functions of their phone. The subsidiaries of the Company include MGT Cybersecurity, Inc., MGT Studios, Inc., and MGT Gaming, Inc.

 

[Pekelo]

Just because he puts his money where his opinion is and betting big on it doesn't mean he is going to be right. Remember Ackman with his anti-Amway bet? (and he was actually right about Amway) Yet he lost...

The more interesting question to me is if these guys like him and the Winklewii trade bitcoin or they just hold it blindly? After all where ever BTC is going, it is not going there in a straight line and there is money to be made on both sides. To me it would make sense if they would trade at least part of their holdings. Or buy options on them, although they are rather expensive and the market is shallow...