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

If people start to accept bitcoin as the means of payment, then it will not fail, as long as the people still accept it. Unless of course the entire world's governments ban their citizens from trading bitcoin.
 
carrer said:
If people start to accept bitcoin as the means of payment, then it will not fail, as long as the people still accept it. Unless of course the entire world's governments ban their citizens from trading bitcoin.
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It might not ever completely fail, but that doesn't say anything about its end price.
 
I understand if he thinks it in a bubble many do. But how is it a fraud more then paper that's backed by the same concept
 
kashirin said:
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
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This is the basis of Dimon's prediction: that government will intervene. Perhaps the USA intends to intervene. Perhaps Dimon has heard it intends to do so. Maybe every other country will be pressured to follow suit. Dimon obviously believes this is possible and probable (unless he's talking it down to get in at a better price). Any successful attempt will require some luck. Dimon thinks some aspect of government will make it's own luck.

It won't go to zero because "its a fraud", because it's not a fraud. Even if BTC was a fraud, it can take a long time for frauds to go to zero, based on the history of the USD.

But this is the only reason Bitcoin would go to zero, except maybe for competition within the crypto space. That's not likely as BTC can always adapt when competition gets too keen.

The more likely scenario is the USD is replaced as world reserve by SDR (special drawing rights) out of the IMF. Then Bitcoin will gain value as the USD loses value.
 
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Dimon has bugs in his logic for the same reason Peter Schiff has bugs in his logic: a vested interest in an industry that is vulnerable to disruption.
 
Good1 said:
This is the basis of Dimon's prediction: that government will intervene. Perhaps the USA intends to intervene. Perhaps Dimon has heard it intends to do so. Maybe every other country will be pressured to follow suit. Dimon obviously believes this is possible and probable (unless he's talking it down to get in at a better price). Any successful attempt will require some luck. Dimon thinks some aspect of government will make it's own luck.

It won't go to zero because "its a fraud", because it's not a fraud. Even if BTC was a fraud, it can take a long time for frauds to go to zero, based on the history of the USD.

But this is the only reason Bitcoin would go to zero, except maybe for competition within the crypto space. That's not likely as BTC can always adapt when competition gets too keen.

The more likely scenario is the USD is replaced as world reserve by SDR (special drawing rights) out of the IMF. Then Bitcoin will gain value as the USD loses value.
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Unfortunately, Trump's a wild card with way too many bankers in his cabinet and a quasi-dictatorial streak. My only hope is he hasn't even heard of crypto and he's too dimwitted to take an interest.
 
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