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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: 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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