JP Morgan’s Dimon doubled down on his criticism of bitcoin and other cryptos, all but promising it would end badly and suggesting that once it became a threat to governments, people would go to jail for aiding and abetting it.
Jamie Dimon's latest message for Bitcoinfags. You're going to jail. #BTC #ETH pic.twitter.com/OEqJKEvqL8
— The_Real_Fly (@The_Real_Fly) September 22, 2017
“It’s creating something out of nothing that to me is worth nothing,” he said. “It will end badly.”
Here is the full clip.
Naturally, he’s not against the blockchain, which is an oppressive government’s wet dream — being able to track every fucking transaction digitally. I don’t know how so many people got duped into believing the blockchain equated more freedom, when in fact every god damned thing is documented. Personally, I prefer to use cash — backed by the full faith and credit of the US military apparatus. The idea of storing my value in a currency that was created out of thin air and could be hacked and stolen by crafty Russians is beyond the pale for me.
Bitcoin is -5.2%, Etherum -6.7% and Bitcoin cash is -10.5%.
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yet jpm keeps buying. i dont get it mane
Show me the evidence that JP Morgan is creating a net long position in Bitcoins.
ZH said so!
Screenshot of the MS and JPM buying XBT (XBT=bitcoin). http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/09/15/20170916_BTC1.jpg
While I can’t confirm that this is accurate, Fortune seems to confirm it is true in this article. http://fortune.com/2017/09/18/jpmorgan-buy-bitcoin-ceo-callingfraud/
GS, MS, JPM have rich as fuck clients that want a little bitcoin exposure.
That’s nonsense.
Dimon is feeling a bit threatened. He’s talking his book.
he is short bitcoin , i don’t see what’s the show here bitocoin was one hundred dollars ( and worth nothing ) not long ago .. then mc afee and coke got the price to 5000 wtf.
it deserves to be annihilated and removed from the market
How else are people supposed to purchase pot and gamble on sporting events online? Legalize everything, kill bitcoin, and we no longer will have to listen to another hippy whine about marijuana laws.
Here’s the problem for Jaimie – it may be too late to do what he is *cough* talking about. The number of large companies accepting bitcoin is actually pretty unbelievable. What’s the “market cap” something like 50-70 billion? I’m quite confident the majority of that is not owned by potheads and degenerate gamblers.
Dimon knows exactly what he is doing. Is there a way to short blockchain down to buy moar – other than talking mad greasy big gov’t gonna get you shit?
Dimon blathering about Bitcoin is about as stupid as Cameron proposing to ban end-to-end message encryption in the UK. It is really all about the blockchain with gurus predicting an “The End Of Banking As We Know It” (TEOBAWKI). And the problem is really all about the blockchain and the enormous build up of specialty processing built up to beat the other ID10T to the validation of a block; hence WIN a COIN. In my opinion, the Chinese were starting to actually get agitated about the mWatts of power that is sucked down by these massive installations in the hinterlands (hint: located by hydropower) doing nothing more than winning Bitcoins. They already have too many ghost cities – and now Amp sucking random hash calculating Blockchain validation farms? Like that will help with their prescribed GDP growth. Meanwhile this blockchain Genie is out of the bottle, and has strengthened since the Great Recession – now pretty much battle hardened, and morphing into Gawd only knows bubbly ICOs. There are some opinions that the Bitcoin thing is really about buying into these other bubbles, not about Bitcoin itself. Using an electrical engineering methaphor, which is also used oddly enough in software design – there seems to be an “impedance mismatch” between Bitcoin and Fiat – moving money in and out is difficult – and this is about the only place that Political units might have an official impact. But the black market is just that – black. Pretty much anybody with a phone and a back alley could start a Bitcoin exchange service – the tech barrier to entry appears to be quite low. Ponzi? Appears more like a real/time supply demand thing – since any digital coin doesn’t have an intrinsic value. The attraction is the transparency and anonymity and globality. Dimon has globality, but fights against transparency and governments hate anonymity. Worth studying as this Genie will continue to float around in new and interesting forms, no matter what Dimon would like to think.
well,….. until ppl start “thinking in BTC” terms as opposed to “how much is BTC worth in fiat”, BTC and other cryptos will be speculative plays and opportunistic transactions, i.e. move fiat from A to B.
Meanwhile, at the house of Fly, his position is slowly building up. You can’t tell me that a red-blooded trader such as the Fly isn’t seeing the swing trading opportunities in crypto…
Serious question – does Exodus cover the cryptos?