iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
16,988 Blog Posts

Dimon: Bitcoin is a ‘Fraud, Worse Than Tulip Bulbs’

People are making a big deal because the top banker in the world said his biggest nemesis, Bitcoin, was a fraud. While I do agree with him, these statements are on par with a Police Commissioner bad mouthing a cop killer.

The world of cryptocurrency is bigger than bitcoins now. The blockchain, if successful, will replace investment banks and crush their free cash flow models.

On this news, BTC has dropped by 2.6%. Big deal.

DIMON: BITCOIN IS A “FRAUD”; “WORSE THAN TULIP BULBS”
DIMON: BITCOIN WILL EVENTUALLY BLOW UP
DIMON: BITCOIN WON’T END WELL
DIMON: WOULD FIRE ANY TRADER TRADING BITCOIN FOR BEING STUPID

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18 comments

  1. cancel19

    WTF! Bankers dealing in FIAT currency and precious metals hating crypto currencies. No way! Hmmm somebody wants them at a cheaper price, me thinks.

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  2. gappingandyapping

    I can’t imagine I would say anything different if a product threatened my business. This is exactly like the pharmaceutical industry telling us how bad cannabis is then they go and get FDA approve to create the exact synthetic compound to sell to us at a very expensive price. Its simply part of the game that is 4d chess.

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    • TJWP

      I agree with you 100%.

      On a slightly different note: every game of chess is a 4d game of chess. I wish people would stop saying that. Everything is 4d… duh.

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      • gappingandyapping

        Full disclosure I have never played chess and wouldn’t have the slightest idea the difference between a king, rook, queen or that horse but it sounded smart šŸ™‚

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      • moonshot

        Uh, chess is a 2D game, 3D if you include time. 4D would require something other than a single flat surface board.

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  3. bottom_feeder

    Tulip bulbs are a fraud? WTF. Do the Dutch know this? How can a flower bulb be fraudulent? Maybe he planted his upside down.

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  4. acehood

    Dimon’s a fraud.

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  5. ferd

    Might be that he knows that an PTB attack on cryptos will happen before his 2020 presidential run and he wants an I-told-you-so chit.

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  6. TJWP

    For all you fans of blockchains I have two serious questions (please keep in mind I have limited knowledge of all this):

    1) If this technology is so wonderful and revolutionary and will change the world why does the creator refuse to take credit?

    2) If blockchain truly tracks ownership of the coin (coupon, dollar… whatever the fuck) then why would someone go through the trouble of stealing them? Wouldn’t they be worse than worthless as they could be instantly identified as stolen?

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    • oilerua

      the people screaming the wonder of bitcoin are mainly early code-writers who knew enough in advance to generate bitcoins and eventually got or generated a bunch – or thousands- of them for free
      the market is hyper – unregulated so it’s not that hard to hack in and get rich , think of mc afee

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    • ho_chi_min

      1) Do you really want that much fame? It isn’t as glorious as it seems, and if it does then you are a retard.

      2) The value of these coins are going to the moon. Thats why someone would want to steal them and there are ways of either laundering the money through other coins or simply taking them out of a bitcoin ATM

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    • moonshot

      1) It is a mistake to think that everyone wants fame. There are also many reasons not to want to be seen as “owning” bitcoin. Not the least of which is that one of the primary goals of the currency is to be outside any government’s control.

      2) There are cryptocurrencies that are built to offer anonymity. There are also services specifically designed to rapidly transfer and scramble transactions (e.g., deposit a bunch of coins from different wallets into one wallet, and withdraw random amounts at random times to other wallets) that make full traceability difficult. It is not at all inconceivable to think you can steal cryptocurrency and get away with it.

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    • Phileo99

      1.) The creator of bitcoin did finally step forward to reveal himself:
      https://www.cnbc.com/2016/05/02/bitcoin-inventor-satoshi-nakamoto-finally-revealed.html

      2.) Bitcoin does not track ownership in the conventional sense. All it tells you is that how many bitcoins were sent to which Bitcoin address. That is it. You don’t really know who is behind that Bitcoin address. The analogy would be like sending email to an email address. It’s possible to find out the identity of the person behind the email address, but it’s also possible to hide your identity behind the email address as well. It depends on how you use your BitCoin client, and from what computer, and under what rules, etc.

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    • TJWP

      Thank you for the responses all, quite illuminating.

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  7. roundwego

    China is not liking ico. Block chain will be under government control. Why would they give up power.

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  8. J Adabese (your pen pal)
    J Adabese (your pen pal)

    Great call on $XIV Le Fly. More room to run.

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  9. ironturd

    Dimon has to say these things. Banking sector is one of the most at-risk sectors if blockchain technology really takes hold. It’s a non-issue, his opinion, because he has to be positioned that way.

    Who benefits if blockchain makes real inroads? Everyone else. Bankers always take a cut of everything. Raising capital, wire transfers, bank fees, atm fees, trading, contracts, etc. Here is a list of corporations that at-the-very-least open to experimenting and implenting blockchain tech:

    https://entethalliance.org/members/

    I don’t think banks will get too hurt in the medium term, and i’m very overweight banks in anticipation of rates rising over the next two years. But, I do think blockchain will change a lot of things once it is fully implemented. In terms of their prices, the standard argument goes “if x% of world’s assets goes into crypto, btc eth will be worth X”. While that is a questionable way to determine somethings intrinsic value, technically that’s the standard that gold has, and it’s one of the reasons I’m long gold now as a sort of crypto laggard (also a good North Korea hedge).

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  10. sarcrilege

    Dimon is talking his book. Blythe Masters and JPMorgan are working on their own blockchain.

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