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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: 1) by pdfernhout on Saturday September 16 2017, @01:36AM

    by pdfernhout (5984) on Saturday September 16 2017, @01:36AM (#568793) Homepage

    Some governments are better at regulating their currency supply than others. How is the "constitution" of the bitcoin system regulated? Who elected the software developers?

    A currency only holds its value in proportion to the confidence in the community that uses it (and its current and likely future political regulation).

    --
    The biggest challenge of the 21st century: the irony of technologies of abundance used by scarcity-minded people.