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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 tibman on Friday September 15 2017, @08:48PM (1 child)

    by tibman (134) Subscriber Badge on Friday September 15 2017, @08:48PM (#568693)

    Last time i was in the UK (last april) i always needed some cash on me. No cash? Then you can't use the bathroom! Train changes are pretty quick so i tried to always have a few pound coins and assorted change. That just lead to me paying for most things with cash. Fast food and convenience store stuff mostly. Train tickets and nice restaurants i'd use card. No idea how'd you'd survive London without a pocket full of change.

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  • (Score: 2) by n1 on Friday September 15 2017, @09:10PM

    by n1 (993) on Friday September 15 2017, @09:10PM (#568703) Journal

    It can certainly be helpful if you're stopping by an independent shop to buy a can of drink, or use a public toilet. Most people I know still in the UK get most of their convenient shopping done in Tesco Express, use a self-service checkout and pay with contactless debit cards.

    Personally, even though i lived in London for a very long time, I never used a pay toilet.

    A pocket full of change doesn't help you take a bus in London anymore.

    There are different ways to pay for your bus fare:

    A contactless payment card to pay as you go
    An Oyster card with pay as you go credit, Travelcard or Bus & Tram Pass
    A Visitor Oyster card
    A Day Travelcard or a One day Bus & Tram Pass

    https://tfl.gov.uk/modes/buses/cash-free-buses#on-this-page-0 [tfl.gov.uk]