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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: 0) by Anonymous Coward on Friday September 15 2017, @11:37PM

    by Anonymous Coward on Friday September 15 2017, @11:37PM (#568750)

    Interesting. As a volunteer I receive international payments (worldwide to me in USA) from university student teams, $500 to join a consortium. I started out 10 years ago and accepted bank-2-bank transfers (wires, direct transfers using SWIFT numbers, etc) and they were mostly awful. Often an intermediate bank would take a fee with no documentation, there was no tracking, arbitrary delays, etc.

    So I started requesting Western Union and then PayPal. At present, I think the PayPal option is the cheapest. Both WU and PP fix the exchange rate at the time of initiation--I can wait to redeem for a week and if there have been changes in the exchange rate I'll still get the USD 500. Because both ends of the transaction are by one company, they usually work OK.

    Q. what are Bitcoin exchange fees for this size of transfer -- buying in the non-USA country and then selling (convert to USD) once it gets here. Can this be as automated and easy as PayPal? Will I always receive exactly $500, or could I lose/gain during the time between purchase and sale of the Bitcoins? Maybe I need to find a large bitcoin exchange that has many international branches, so both ends are through one company?