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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   
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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Original Submission

• Re:I Still Don't Understand Cryptocurrency(Score: 2) by n1 on Friday September 15 2017, @09:10PM

  by n1 (993) on Friday September 15 2017, @09:10PM (#568703) Journal

  It can certainly be helpful if you're stopping by an independent shop to buy a can of drink, or use a public toilet. Most people I know still in the UK get most of their convenient shopping done in Tesco Express, use a self-service checkout and pay with contactless debit cards.

  Personally, even though i lived in London for a very long time, I never used a pay toilet.

  A pocket full of change doesn't help you take a bus in London anymore.

  There are different ways to pay for your bus fare:

  A contactless payment card to pay as you go
  An Oyster card with pay as you go credit, Travelcard or Bus & Tram Pass
  A Visitor Oyster card
  A Day Travelcard or a One day Bus & Tram Pass

  https://tfl.gov.uk/modes/buses/cash-free-buses#on-this-page-0 [tfl.gov.uk]

  Parent

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