7 years ago
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JPMorgan's Dimon says bitcoin 'is a fraud'
Bitcoin “is a fraud” and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co (JPM.N), said on Tuesday. Speaking at an investor conference in New York, Dimon said, “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.” Dimon said that if any JPMorgan traders were trading the crypto-currency, “I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”
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JPMorgan is the fraud. As far as I know, Bitcoin never had to be bailed out with taxpayer's money because of reckless, criminal misbehavior.
Because only governments and companies owned by one percenters should be in control of money?
Someone is feeling some breathing down his neck and is scared as shit that he (and the institutional criminals he sort of represents) will lose control over money and that is alot of power in this money oriented society. Plus: control as is. And taxes, lots of taxes. Otherwise it is done with the tropical scheming also, maybe the Panama papers ring a bell? The century old fraud starts to crumble and fall apart. Hopefully we are not falling for yet again a pyramidscheme of that magnitude.
I have some ex-banker /Wall Street friends. One is loving the challenge to the current money/government system. He's all for this and blockchain....the otheres are leary of these systems. I just think that like China, if they can't really get control over it, they will outlaw them due to some regulatory reason, or there will be a collapse and people will demand safeguards. There are competing cryptocurrencies as well, so that should be interesting to see the positioning. You already see sites accepting Bitcoin, right alongside of Paypal or credit cards.
This describes every fiat currency.
Isn't that what non-gold backed currencies (fiat currency) is? Shame. Dimon is one of the smarter guys on Wall Street and leads a great company. But his competitors are trying bitcoin and other cryptocurrencies out, to learn and apply them. JPMC stands to be left behind on this important issue.