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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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JPMorgan's Jamie Dimon Says Cryptocurrency a Fraud, Bound to Fail
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You will have domestic happiness and faithful friends.
(Score: 5, Informative) by Virindi on Friday September 15 2017, @05:39AM (9 children)
Yeah I agree. I'm getting rid of all these worthless "dollars"!
(Score: 2, Insightful) by anubi on Friday September 15 2017, @05:48AM (4 children)
Our "dollars" are backed by our guns.
"Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]
(Score: 0) by Anonymous Coward on Friday September 15 2017, @10:33AM (2 children)
armed robbery.
Someone rated this "insightful." Oh America, America, this is you.
(Score: 1, Interesting) by Anonymous Coward on Friday September 15 2017, @02:38PM (1 child)
It is armed robbery. As this fact is apparently not common knowledge, it is also insightful. I realize it is hard for cynicism to show in short text snippets, but I highly doubt anubi made that comment as a proud supporter of armed robbery.
And yes, America, that is us. A global empire built on fraud (the Lusitania, the "civilian liner" whose sinking by Germans provided the excuse for the USA to join World War One, appears to have been carrying Allied arms all along [theguardian.com]; without the crushing defeat of WW1 Germany, the Treaty of Versailles [wikipedia.org] would not have existed, Germany's horrific economic situation would not have existed, and WW2 would not have occurred), grown in violence (blowing everyone else's manufacturing bases up in WW2), and sustained by exploitation (offshoring the massive monetary inflation from official counterfeiting using the "petrodollar" scam).
Facts are ugly. The alternatives are even worse.
(Score: 1) by anubi on Saturday September 16 2017, @11:05AM
Sorry, but you and the AC got exactly what I meant.
Although I am not a proud supporter of it, I am well aware that the leadership model in play is "walk softly and carry a big stick".
Its the same leadership paradigm used by every gang out there: sometimes requiring obeyance out of fear of retaliation for non-compliance of whatever is required.
That said, most law I agree with. But not all. Yet I will obey all whether I agree with it or not.
As aggravated as I get tolerating some of it, its better than the alternative: chaos and breakdown of law and order, and will tolerate it on that basis.
As far as I know, every society on our planet quickly evolves into some sort of organized unit comprised of leadership and followers. None are perfect. I believe the democratic model we have is being severely eroded by the greed of capitalism, yet also aware of the complacency fomented by communism. As far as I can see, a "benevolent dictatorship" looks to be optimal.... but that's one rather ignorant guy's view.
The whole matter requires a helluva lot of wisdom. A lot more than I have. A lot more than I observe.
Unfortunately, what I observe of leadership models is very similar to the broomstick-balancer we studied in engineering classes. By nature the rich get richer, poor get poorer, until economic collapse and revolt, which wipes out nearly everything, rinse, lather, repeat, ad nauseum, throughout history.
"Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]
(Score: 1, Funny) by Anonymous Coward on Friday September 15 2017, @09:25PM
So instead of gold, dollars have been lead backed all this time. And also plutonium and uranium, but as last resort.
So who said converting lead to gold was impossible? It was done in 1971! https://en.wikipedia.org/wiki/Nixon_shock [wikipedia.org]
(Score: 2) by Oakenshield on Friday September 15 2017, @12:27PM
I'll be glad to take them off your hands. I'll even pick them up.
(Score: 2) by JoeMerchant on Friday September 15 2017, @01:42PM
Send 'em here, I still know a few people who will trade things I value for dollars. If they're worthless to you, I'll be doing you a favor by decluttering your life.
🌻🌻 [google.com]
(Score: 2) by Grishnakh on Friday September 15 2017, @02:11PM (1 child)
Which "dollars" are you talking about? US Dollars, Australian Dollars, Canadian Dollars, or the Dollar of Taiwan, Hong Kong, Singapore, Belize, New Zealand, Liberia, Jamaica or Namibia?
Or are you talking about the Malaysian Dollar, Spanish Dollar, Rhodesian Dollar, or Zimbabwe Dollar, all of which are now defunct? Those last 4 really are worthless, so maybe that's what you're talking about. Yes, if have a pile of Zimbabwe Dollars [wikipedia.org], you might as well burn them, as they are quite worthless, except perhaps as a historical curiosity.
(Score: 2) by Virindi on Friday September 15 2017, @07:32PM
Of course I have Zimbabwe dollars.
Right now that 100 trillion dollar bill is adorning the wall, but I am just biding my time. Someday it will be worth a lot! After all, it is 100 trillion dollars.
Joking aside, I bought that bill for about $5 a few years ago. Looking at ebay sold listings, they are now going for $50. So percentage-wise, it is one of the best investments ever.