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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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JPMorgan's Jamie Dimon Says Cryptocurrency a Fraud, Bound to Fail
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
TOO BAD YOU CAN'T BUY a voodoo globe so that you could make the earth spin
real fast and freak everybody out.
-- Jack Handey, The New Mexican, 1988.
(Score: 1) by anubi on Saturday September 16 2017, @11:05AM
Sorry, but you and the AC got exactly what I meant.
Although I am not a proud supporter of it, I am well aware that the leadership model in play is "walk softly and carry a big stick".
Its the same leadership paradigm used by every gang out there: sometimes requiring obeyance out of fear of retaliation for non-compliance of whatever is required.
That said, most law I agree with. But not all. Yet I will obey all whether I agree with it or not.
As aggravated as I get tolerating some of it, its better than the alternative: chaos and breakdown of law and order, and will tolerate it on that basis.
As far as I know, every society on our planet quickly evolves into some sort of organized unit comprised of leadership and followers. None are perfect. I believe the democratic model we have is being severely eroded by the greed of capitalism, yet also aware of the complacency fomented by communism. As far as I can see, a "benevolent dictatorship" looks to be optimal.... but that's one rather ignorant guy's view.
The whole matter requires a helluva lot of wisdom. A lot more than I have. A lot more than I observe.
Unfortunately, what I observe of leadership models is very similar to the broomstick-balancer we studied in engineering classes. By nature the rich get richer, poor get poorer, until economic collapse and revolt, which wipes out nearly everything, rinse, lather, repeat, ad nauseum, throughout history.
"Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]