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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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(Score: 4, Informative) by shrewdsheep on Friday September 15 2017, @09:27AM (1 child)
No, fiat money comes without any promise whatsoever (that is the difference between fiat and gold standard). There is only the trust that the bank of banks (federal reserve, central bank, however it's called at your place) manages the amount of money responsibly.
(Score: 2, Insightful) by Anonymous Coward on Friday September 15 2017, @04:22PM
Fiat money (at least in the US) is backed by one thing:
It is against the law not to accept money to pay off a debt.