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

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) by Thexalon on Friday September 15 2017, @01:53PM (5 children)

    by Thexalon (636) on Friday September 15 2017, @01:53PM (#568427)

    These things can all be simultaneously true:
    1. Bitcoin is a scam. There's good reasons to think that it's at least questionable.
    2. Ethereum is a scam. If Bitcoin is a scam, Ethereum is a scam, for largely the same reasons.
    3. JP Morgan Chase and Jamie Dimon are scam artists (this one we definitely know is true).

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  • (Score: 2) by JoeMerchant on Friday September 15 2017, @03:03PM (4 children)

    by JoeMerchant (3937) on Friday September 15 2017, @03:03PM (#568474)

    They're only a scam to people who lost money (or value) to them. To everyone else, they're a legitimate enterprise. When legitimate enterprises get big enough, they get political power, military backing, etc.

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    • (Score: 2) by Thexalon on Friday September 15 2017, @03:32PM (3 children)

      by Thexalon (636) on Friday September 15 2017, @03:32PM (#568490)

      That's equally true of multi-level marketing: It's only a scam to the people who lose money.

      --
      The only thing that stops a bad guy with a compiler is a good guy with a compiler.
      • (Score: 2) by JoeMerchant on Friday September 15 2017, @05:20PM (2 children)

        by JoeMerchant (3937) on Friday September 15 2017, @05:20PM (#568558)

        Show me a large corporate entity that doesn't have elements of MLM in it... how do you rise through the ranks to the VP level in an organization of 10,000+ people? Say there are 10 VPs and each VP holds the position for an average of 10 years. Answer is: most people cannot do it, even in a 50 year time-span, there are too many suckers filling in the bottom levels of the pyramid for all of them to have any hope of reaching the top levels.

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        • (Score: 2) by Thexalon on Friday September 15 2017, @07:15PM (1 child)

          by Thexalon (636) on Friday September 15 2017, @07:15PM (#568638)

          The difference is that if you're working for a company, you are required by law to get paid, so you aren't losing money by doing so. If you're working for an MLM, you pay for the privilege of working.

          --
          The only thing that stops a bad guy with a compiler is a good guy with a compiler.
          • (Score: 2) by JoeMerchant on Friday September 15 2017, @08:09PM

            by JoeMerchant (3937) on Friday September 15 2017, @08:09PM (#568669)

            Yeah, paying for the privilege of working should not be considered employment at all. My wife does some "work from home" business, churns through about $15K of expenses per year against about $17K per year of 1099 income... she does it for the social aspect, meeting people, etc. (staying home with the kids all day isn't as great as it sounds...) We know it's not to make money, when she recruits people we tell them up front that they're not going to make money, most people are o.k. with that, though you can see a few who are sorely tempted by that brass ring just one or two levels up where you _might_ start to make some actual money.

            Anyone who recruits into one of those things and in any way infers that significant monetary gain is "a sure thing" should be convicted of fraud.

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