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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: 4, Insightful) by Anonymous Coward on Friday September 15 2017, @05:48AM (3 children)

    by Anonymous Coward on Friday September 15 2017, @05:48AM (#568313)

    • Money is used to keep track of resources, including who gets to decide how resources should be allocated.

      Cryptocurrencies are the most advanced such technology ever created; it's called programmable money. It's so advanced, it's nascent implementation (Bitcoin) enabled a know-nothing 20-something-year-old to run a multi-hundred-million dollar drug market through a web page.

    • A currency is just a very liquid money; it's virtually guaranteed that other people will find it acceptable to use that money to do their logistical accounting.

    • When you say "I still don't understand cryptocurrency", it's not cryptocurrency that is being insulted.

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  • (Score: 2) by cubancigar11 on Friday September 15 2017, @04:40PM (2 children)

    by cubancigar11 (330) on Friday September 15 2017, @04:40PM (#568528) Homepage Journal

    Close. Money is used to barter power.

    • (Score: 0) by Anonymous Coward on Friday September 15 2017, @07:38PM

      by Anonymous Coward on Friday September 15 2017, @07:38PM (#568655)

      Your use-case for money is subsumed by the OP's description of money; your comment is a subset of OP's.

    • (Score: 2) by JoeMerchant on Saturday September 16 2017, @02:37AM

      by JoeMerchant (3937) on Saturday September 16 2017, @02:37AM (#568810)

      Only in large quantities.

      The top 0.1% of society's wealthiest absolutely do barter power with money.

      The bottom 90%, not so much individually, though they can attempt to barter a little power through collective efforts.

      --
      🌻🌻🌻 [google.com]