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.].
(Score: 1, Insightful) by Anonymous Coward on Friday September 15 2017, @02:13PM (3 children)
No current currencies are linked to any tangible thing except violence, USD. GBP etc all have the appearance of transaction by mutual agreement but the thing that actually gives them value is that they are the only method of payment accepted by the state, if you want to pay your taxes you must pay them in the approved currency if you have gold or chickens or whatever tangible asset you must convert it ie find some one to give you currency to then pay your taxes, and since the state exists because it holds a monopoly on violence the true backing of all modern currency is violence. Bitcoin is a casino but it is actually a transaction of mutual agreement
(Score: 3, Flamebait) by Azuma Hazuki on Friday September 15 2017, @04:05PM (2 children)
Just curious, are you ever going to get a job, or does mommy subsidize you with free basement lodging and cheesy poofs?
I am "that girl" your mother warned you about...
(Score: 0) by Anonymous Coward on Saturday September 16 2017, @05:39PM (1 child)
what kind of stupid fucking slave defends the state?
(Score: 0) by Anonymous Coward on Sunday September 17 2017, @12:41AM
One who realises bad is not the same as worst.