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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: 5, Insightful) by unauthorized on Friday September 15 2017, @05:18AM (2 children)

    by unauthorized (3776) on Friday September 15 2017, @05:18AM (#568300)

    First they ignore you.
    Then they laugh at you.
    Then they fight you.
    Then you win.

    Except all the people who didn't but history didn't remember their futile effort.

    Jeb Bush is never going to be a president.

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  • (Score: 0) by Anonymous Coward on Friday September 15 2017, @09:21AM

    by Anonymous Coward on Friday September 15 2017, @09:21AM (#568346)

    He arguably never even got to the first step. Ignoring something is different than having never heard of it.

    Most of everybody now knows what, at least in the general sense, Bitcoin is. And ignoring it is no longer working. Neither was mocking it. Now it's time to attack it.

  • (Score: 2) by JoeMerchant on Friday September 15 2017, @01:39PM

    by JoeMerchant (3937) on Friday September 15 2017, @01:39PM (#568417)

    Jeb Bush may never be President, and his overall quality of life may be better because of it. I wouldn't call him obscure, or a loser.

    It is true, history forgets the obscure losers. Still, Bitcoin has passed out of the realm of the obscure - it's not too big to fail, but it has made a mark as "the first" to make it big.

    --
    🌻🌻 [google.com]