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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: 5, Informative) by Thexalon on Friday September 15 2017, @01:50PM (1 child)

    by Thexalon (636) on Friday September 15 2017, @01:50PM (#568423)

    There are 2 things backing up the US dollar:
    1. If you're an American, you have to come up with a certain number of them to pay your taxes to the government. And if you don't do that, the government can send people with guns to explain things to you.
    2. If you try to settle a debt in the US, the other person is required to accept US dollars as a legal offer of payment. And if they don't do that, the government can send people with guns to explain things to them.

    But yes, all currency can collapse, and all currency is partially made-up. Even things with inherent value: For instance, in Bronze Age Britain, the standard currency became bronze axe heads, which were definitely useful items. But once they learned how to use iron, bronze axe heads were no longer valuable, so their value as a currency collapsed and was replaced by sacks of grain.

    --
    "Think of how stupid the average person is. Then realize half of 'em are stupider than that." - George Carlin
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  • (Score: 0) by Anonymous Coward on Saturday September 16 2017, @05:41PM

    by Anonymous Coward on Saturday September 16 2017, @05:41PM (#569046)

    only cowards traitors and idiots pay the IRS. which are you?