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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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You're being followed. Cut out the hanky-panky for a few days.
(Score: 2) by jmorris on Saturday September 16 2017, @01:44AM (1 child)
There are real problems.
The biggest is nobody understands it. Bitcoin is the simplest, by the time you get to the newer iterations that solve the fatal problems with it you get to math so exotic there might be a hundred people alive who can actually follow the the whitepapers well enough to have an informed opinion. And half of those work for the NSA. As for people who could actually find any flaws in the theory or implementation? Damned few who aren't deeply invested in the tech both emotionally and financially.
Bitcoin is the one most people think of when the subject comes up. But as multiple threads here have discussed already, it can never be more than a toy or a deep behind the scenes backend after it eventually becomes very expensive, banks holding BTC as a reserve currency or something. It can't process enough transactions per second to ever be a basis for day to day commerce, even B2B. And while most think it is anonymous, they haven't read the docs because it makes exactly the opposite claim, that every transaction is part of the permanent record on the blockchain that secures it.
For example, been observing the whole dailystormer.com fiasco. Besides DNS they are banished from the rest of civilized society, including the financial system. No credit cards, Paypal, etc. So of course they put up a bitcoin QR code because they can't keep making tasteless jokes about gassing Jews without collecting some shekels. Antifa instantly announced a project to track any donations and dox anyone contributing.
Being even more "faith based currency" than USD means holding any of it is far more speculative than stocks, collectibles, real estate or metals. Buying stuff with it by quickly transferring some other currency into it and sending it is slightly dangerous (dealing with dodgy people, potential hacking of the wallet, etc.) but for transactions that can't be handled by more reputable means, why not? The question of why you are transacting such dubious business might need asking but using cryptocurrency isn't your problem. Hope you used one that at least obscures your identity, requiring a level of effort to unmask greater than the sin being covered up.
(Score: 0) by Anonymous Coward on Saturday September 16 2017, @03:12PM
Smart people are already working on it, with multiple possible solutions.