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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 anubi on Friday September 15 2017, @06:37AM

    by anubi (2828) on Friday September 15 2017, @06:37AM (#568326) Journal

    Mike:

    It was about 40 years ago for me. I got invited to a "pyramid" meeting. The person inviting me was all jizzed up about him going up another level if he could just get me to sign in. I sat there for several hours watching people shoveling cash into each others hands. Lots of squeals and shouts like an old-timey revival meeting. Lots of upbeat music on the sound system.... one in particular kept going over and over... "I've got the Powah!"

    He stressed how secret these things were, as all of this was illegal, and by invite only. So, I wasn't allowed to know who the other people on the pyramid were. But it sure did not look like I stood the faintest chance of getting to the top square. $1000 a pop. $500 to my "friend", and $500 to the Top Guy, who would then be replaced with the guys under him when the bottom row filled up and the pyramid split. Of course, the rules said I had to start at the bottom. Geez.

    I asked my friend to get me a piece of paper. I drew another pyramid. I put myself at the top. I told him I had a super deal for everyone at the meeting. This is a free night! I put him and his other friend on tier 2, right below me. I asked them to circulate this one - high level placements on the pyramid... Free! Just for being here tonight. Just put your initials in the box. No charge whatsoever! We will fill this thing all the way up to just the bottom row tonight! Now, next week, let's go invite a bunch of suckers to fill the bottom row just like we are doing tonight, but remember, this time we've gotta get the new guys, and ONLY the new guys, to pay $1000.

    I never got invited to another one of those things.
     

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