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: 2) by cubancigar11 on Friday September 15 2017, @04:40PM (2 children)
Close. Money is used to barter power.
(Score: 0) by Anonymous Coward on Friday September 15 2017, @07:38PM
Your use-case for money is subsumed by the OP's description of money; your comment is a subset of OP's.
(Score: 2) by JoeMerchant on Saturday September 16 2017, @02:37AM
Only in large quantities.
The top 0.1% of society's wealthiest absolutely do barter power with money.
The bottom 90%, not so much individually, though they can attempt to barter a little power through collective efforts.
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