Stories
Slash Boxes
Comments

SoylentNews is people

SoylentNews is powered by your submissions, so send in your scoop. Only 15 submissions in the queue.

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.].

Original Submission

 
This discussion has been archived. No new comments can be posted.
JPMorgan's Jamie Dimon Says Cryptocurrency a Fraud, Bound to Fail | Log In/Create an Account | Top | 69 comments | Search Discussion
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.

  • (Score: 4, Insightful) by n1 on Friday September 15 2017, @05:06AM

    by n1 (993) on Friday September 15 2017, @05:06AM (#568294) Journal

    JP Morgan has had numerous fines and penalties for it's activities leading up to and since the financial crisis in 2008, totally at least $30bn (2015)

    US bank JP Morgan Chase has agreed to a record $13bn (£8bn) settlement with US authorities for misleading investors during the housing crisis.

    http://www.bbc.com/news/business-25009683 [bbc.com]
    https://www.cnbc.com/2015/04/30/7-years-on-from-crisis-150-billion-in-bank-fines-and-penalties.html [cnbc.com]

    Also

    JPMorgan Chase & Co (JPMorgan) filed an application for an electronic mobile payment system which has eerie similarities to the popular online currency Bitcoin. [...] all of the claims, totaling 175 claims, [...] have been either cancelled or rejected. [zerohedge.com]

    I do not consider bitcoin anything more than a highly speculative investment, although it proved extremely useful in enabling me to buy the laptop i'm writing this comment on. Newegg does not accept card payments from non-US banks, but does accept BTC.

    As decentralized as it may be, it still can and will be manipulated by institutional leverage and government action.

    Starting Score:    1  point
    Moderation   +2  
       Insightful=2, Total=2
    Extra 'Insightful' Modifier   0  
    Karma-Bonus Modifier   +1  
    Total Score:   4