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JPMorgan's Jamie Dimon Says Cryptocurrency a Fraud, Bound to Fail

posted by martyb on Friday September 15 2017, @04:27AM   Printer-friendly
from the check-back-in-ten-years dept.

Geezer writes:

In a recent Reuters story http://www.reuters.com/article/us-usa-banks-conference-jpmorgan/jpmorgans-dimon-says-bitcoin-is-a-fraud-idUSKCN1BN2KP, JPMorgan's Jamie Dimon threw a bomb at the emerging cryptocurrency.

In the story he states, "The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart."

He goes on to compare Bitcoin to the 17th-century Dutch tulip bulb situation.

Is he right, or is he just shilling for the present system of imaginary-value fiat currencies?

[Separately, according to Bloomberg, Bitcoin has been on a five-day decline: Bitcoin Crashes After Chinese Exchange Says It Will Halt Trading. --Ed.].

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  • (Score: 2, Informative) by fustakrakich on Friday September 15 2017, @04:50AM (1 child)

    by fustakrakich (6150) on Friday September 15 2017, @04:50AM (#568285) Journal

    Or are they [sec.gov]...? And when are they bound to fail?

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  • (Score: 2, Touché) by Anonymous Coward on Friday September 15 2017, @05:07AM

    by Anonymous Coward on Friday September 15 2017, @05:07AM (#568295)

    when [is JP Morgan] bound to fail?

    They're not going to, not so long as the US federal government exists and keeps taking your money to fork over to JP Morgan. I'm surprised you're whining about it; after all, you gave your unrevokable consent when you voted [soylentnews.org].