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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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Q: What's the difference between a dead dog in the road and a dead
lawyer in the road?
A: There are skid marks in front of the dog.
(Score: 5, Insightful) by Anonymous Coward on Friday September 15 2017, @09:00AM (7 children)
They're trying to FUD Bitcoin as they own Ethereum.
Not only do they own the first world's supply of money, they want to be the monopoly of a single digital currency globally as well.
(Score: 3, Insightful) by VLM on Friday September 15 2017, @11:28AM
This closes the thread. The whole thing is a report of Pepsi reporting their opinion that Coke tastes bad.
With a side dish of the Trump effect where everyone respectable hates Dimon so what he's opposing must be the greatest thing since sliced bread; the Trump analogy is the absolute dregs of society hated him, news media, activists, etc, so obviously he's our guy because of who hates him; whats he stand for? Who cares as long as CNN hates him. Likewise bitcoin is good if Dimon and similar reptilians hate it.
Hmm what else... oh and Dimon is a bandwagon jumper, wait until a short term Chinese currency manipulation action starts, then, and only then, jump in. Oh how brave.
(Score: 2) by Thexalon on Friday September 15 2017, @01:53PM (5 children)
These things can all be simultaneously true:
1. Bitcoin is a scam. There's good reasons to think that it's at least questionable.
2. Ethereum is a scam. If Bitcoin is a scam, Ethereum is a scam, for largely the same reasons.
3. JP Morgan Chase and Jamie Dimon are scam artists (this one we definitely know is true).
"Think of how stupid the average person is. Then realize half of 'em are stupider than that." - George Carlin
(Score: 2) by JoeMerchant on Friday September 15 2017, @03:03PM (4 children)
They're only a scam to people who lost money (or value) to them. To everyone else, they're a legitimate enterprise. When legitimate enterprises get big enough, they get political power, military backing, etc.
🌻🌻🌻 [google.com]
(Score: 2) by Thexalon on Friday September 15 2017, @03:32PM (3 children)
That's equally true of multi-level marketing: It's only a scam to the people who lose money.
"Think of how stupid the average person is. Then realize half of 'em are stupider than that." - George Carlin
(Score: 2) by JoeMerchant on Friday September 15 2017, @05:20PM (2 children)
Show me a large corporate entity that doesn't have elements of MLM in it... how do you rise through the ranks to the VP level in an organization of 10,000+ people? Say there are 10 VPs and each VP holds the position for an average of 10 years. Answer is: most people cannot do it, even in a 50 year time-span, there are too many suckers filling in the bottom levels of the pyramid for all of them to have any hope of reaching the top levels.
🌻🌻🌻 [google.com]
(Score: 2) by Thexalon on Friday September 15 2017, @07:15PM (1 child)
The difference is that if you're working for a company, you are required by law to get paid, so you aren't losing money by doing so. If you're working for an MLM, you pay for the privilege of working.
"Think of how stupid the average person is. Then realize half of 'em are stupider than that." - George Carlin
(Score: 2) by JoeMerchant on Friday September 15 2017, @08:09PM
Yeah, paying for the privilege of working should not be considered employment at all. My wife does some "work from home" business, churns through about $15K of expenses per year against about $17K per year of 1099 income... she does it for the social aspect, meeting people, etc. (staying home with the kids all day isn't as great as it sounds...) We know it's not to make money, when she recruits people we tell them up front that they're not going to make money, most people are o.k. with that, though you can see a few who are sorely tempted by that brass ring just one or two levels up where you _might_ start to make some actual money.
Anyone who recruits into one of those things and in any way infers that significant monetary gain is "a sure thing" should be convicted of fraud.
🌻🌻🌻 [google.com]