Jamie Dimon Slams Bitcoin as a 'Fraud'

https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin

by burger_moon • 9 years ago

18 12 9 years ago

nxsynonym• 9 years ago

>Dimon compares bitcoin to tulip mania, predicting a collapse Still, he says, it’s a good option for murderers, drug dealers

Ooooh hot take. Good thing experts are really digging deep into this.

Regardless if Bitcoin is in a bubble, is a Ponzi scheme, will crash, or become the next One True Currency - there hasn't been any new criticism in months. Just the same single point arguments parroted over and over.

xiphias2• 9 years ago

What about the TXIO lookup DOS attack that was published last weekend? Not that something like this could destroy Bitcoin, but it could potentially slow down adoption by a year, as people lose some confidence temporarily.

Still, I'm happy that it was published, at least now I know that it's important to always use the latest node software, as they contain secret security fixes.

thisisit• 9 years ago

Is there a link for the article/paper in question?

sburne• 9 years ago

Jamie Dimon is definitely a 'Fraud'

champagnepapi• 9 years ago

why?

corporateslave3• 9 years ago

Bitcoin is a threat to Jamie Dimon

fortythirteen• 9 years ago

The ever persistent question I have about bitcoin is simple:

Who's actually buying it with cash at a $4k+ valuation? Is anybody in their right mind doing that or is it a completely theoretical number?

The thing about Bitcoin is that it's 100% transparent, except for where it's not.

xutopia• 9 years ago

You don't have to buy a coin. You can buy fractions of a coin. I suspect a majority of people do just that.

21• 9 years ago

If you want to "invest" in safe things, you buy treasury bonds. You'll get lousy returns, but you're guaranteed to get your money back.

If you are willing to "invest" in unsafe things, you buy bitcoin or a start-up. You might get 10x or 100x returns, or you might lose all your money.

Taleb advises what he calls the "barbell strategy": you put 80% of your money in ultra-safe things (treasury bonds), and the rest in ultra-risky things (out of money options, bitcoin, startups).

The actual price of bitcoin is irrelevant. If I have $10k to invest, I might get 10000 bitcoins at a price of $1 or 2 bitcoins at a price of $5000. It doesn't matter. It's the same $10k invested.

BTW, when I started watching bitcoin in 2011, it's price was $1. People were saying the same thing than, who is crazy enough to invest in this thing at the outrageous price of $1.

sctb• 9 years ago

Ongoing discussion: https://news.ycombinator.com/item?id=15229765.

ObscureScience• 9 years ago

He seem to assume the idea of bitcoin is making money on speculating on it, which I'm not really a fan of in general, but I'm pretty sure we have different reasons. I guess he missed the point of cryptocurrencies, that they traded for profit is only circumstantial.

I'm not entirely sold on cryptocurrencies, and am not certain that that's what will reign trade in the future, however it might and it's a very interesting idea/technology and if it will lose as a general currency it might win in contracts for example.

One of my personal reservations of current models of cryptocurrencies is how easy it is to have early adopters build up a fortune in the beginning, primarily for causing such a avalaunch of competing currencies of such similar workings (if radically different ideas where tested it might be more interesting), arguably many for simply this reason (to make creators rich).

Jamie Dimon Slams Bitcoin as a 'Fraud'

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