Bitcoin Forum

http://fortune.com/2015/11/04/jamie-dimon-virtual-currency-bitcoin/

I smell the fear in his voice.

CEO of IBM said "I think there is a world market for maybe five computers"

Sometimes, the guys way up get is very wrong.  Dimon was merely saying there won't be a hostile bitcoin - a bitcoin not controlled by government.  He didn't say there won't be a bitcoin that is controlled/approved by governemtn. 
Nevertheless, it is quite clear that he is in need of a big bag of dicks to swallow to prevent him from talking more.. 

LOL Jamie Dimond is in strong denial  :D

It's clear to me that he doesn't know the whole blockchain technology and yet comes out with a statement that makes himself looks stupid and give false predictions that many already know it could never happen... His (them) are still studying the blockchain and in a few months he would certainly make a different statement if he understand it actually

Guys, his name is Jamie Dimon.

And yeah, he probably thinks it's silly shit. So does almost any king of a business when some new idea or person enters the market.

Maybe, Possum577.......

But, Jamie Dimon has proved to be a very smart & ruthless operator for many years.  Recall that he was Blythe Masters' (who just entered The World of Bitcoin) boss too there at JPMorgue.

He's not scared of anything (except for maybe getting his head put on a pole if TSHTF), certainly not of BTC.  If anything, if there are BIG $$$ to be made, he would be looking at getting in...

These guys depend on the success of fiat so of course they are going to be biased.

“Virtual currency, where it’s called a bitcoin vs. a U.S. dollar, that’s going to be stopped,” said Dimon. “No government will ever support a virtual currency that goes around borders and doesn’t have the same controls. It’s not going to happen.”

The reason why he is saying this, is very clear in this statement : " Just the same, Dimon said JPMorgan had established a study group to examine the blockchain technology used to record bitcoin transactions.

“Block chain is like any other technology,” said Dimon. “If it is cheaper, effective, works, and secure, then we are going to use it.”

He is smack talking Bitcoin, to delay mainstream adoption, so that JPMorgan can come up with a private Blockchain alternative which they will make sure, would adhere to the government regulations and then that would replace Bitcoin.

Do not be fooled by this, they are just buying time to push their own private Blockchains.  >:(

He's right in saying is that governments will not tolerate unregulated transactions. They will try their best to prevent it. If they can't impose regulations on something, they're bound to ban it.

Regulations are already popping up all over the place; I think that's the way it will go for the majority of governments. Some still may have a knee-jerk reaction to ban it because they don't know (yet) how to regulate it.

If you'd ask me Bitcoins are easier to track than cash.

Maybe he didn't realize, that meanwhile Bitcoin is WORTH ALOT MORE THAN A DOLLAR.  :-*

I would want to see the look on his face when he realizes that this shit has no off button ;D

From his perspective he makes a very good point, banks have to comply with a lot of regulation, imagine if banks operate like Bitcoin, no KYC, no AML, immediate non-reversible transactions, that would be a nightmare.

The government wants your money. I can see a "pay with Bitcoin" button on the revenue services page in the near future.

It's the killer clown banking elite in Europe that's afraid of Bitcoin. They can only pull the governments strings for so long. Eventually the dog is going to start sinking its teeth into BTC when the masters aren't paying attention. Fido is already drooling...

How often got banks away with fraudulent behaviour in the past?! They paid a ridiculous fine compared to the profit they've made with their schemes.No one ever went in jail!
This so called regulation is a joke! And still they complain. Banks are centralized entities.
Bitcoin is not!Good luck trying to control it.
Just my 2 satoshis!

Jamie Dimond is clever, he sees the threat of bitcoin and the benefit of blockchain technology.

Bitcoin cannot be stopped by anybody. If it is to be stopped, it needs the unified effort of all the governments in the world.

And also he did not realize that people are already moving currencies around borders. And actually they were doing it even before Bitcoin.
 :D

[conspiracy rant]

The only unified effort undertaken by governments around the world is in Antarctica, where the combined military might of all the worlds major countries work together to secure the truth about our planet from the public by force.

However, I can't see them working together to shut down Bitcoin, we'd need an official one world government for that. The tri-cities (Vatican, DC & City of London) come close to being a OWG but they're not official and rely on indirect means of control.

[/conspiracy rant]

Correct, even with all these safeguards there is lot of corruption and fraud made using the banking system imagine if there wasn't...

Well most of the time people that have fear of something are in a strong denial. He would be better off investing some of his money into Bitcoin and then he can talk shit as he does now. In this way he would be in a win win situation at the end. :)

I follow a lot of conspiracy theories, never heard of anything to do with antarctica.  Does it have something to do with the flat earth theory?

Their plan is to centralize Bitcoin as much as possible (hi XT) so everything is controlled, then use the technology at their will. Down the path they will make it closed source and everyone will be fucked for life by then. Hopefully they dont succeed.

Can you still remember a rumor that Bill Gates said this about memory needs in computers --> " 640K ought to be enough for anybody." We look back at that now, and we

know he was wrong... very wrong. The same goes for Mr. Dimond ... He is a respected person in the financial world and fiat slaves fall for everything he says. He has enough

influence to sway many politicians to believe him and to support him. JPMorgan and other fiat based organizations has a lot to lose, if Bitcoin succeeds and they will say anything to

protect their interests.  ::)

[off topic reply]

Officially all the major countries of the world work together and spend billions on one of the biggest ongoing cooperative military operations in history to secure Antarctica and protect penguin habitat.

All the counties in the world can't agree on a damn thing but when it comes to penguin habitat they're all on the same page and are willing to spend billions to protect it.

"The Antarctic Treaty" http://www.nsf.gov/geo/plr/antarct/anttrty.jsp

[/off topic reply]

The conclusion is he's thinking if blockchain will be use for fiat and bitcoin will be stopped because the government is more interesting to blockchain technology.

“No government will ever support a virtual currency that goes around borders and doesn’t have the same controls. It’s not going to happen.”

Well, certainly no government. But what about users? perhaps users can go on without government support :)

Just as they are already going...aren´t they?

Yup. Look up admiral bird.
https://en.wikipedia.org/wiki/Richard_E._Byrd

I've spent a few days down this rabbit hole

Bill Gates has been known for fucking up big time with his bad predictions. He also said that "they would never develop a 32bit operating system".
People are wrong so many times until they learn how everything is possible with technology.

Him and people alike should always add "At this time, according to my understanding .." because claiming what he just did makes no sense.
"Bitcoin will be stopped" - yeah right, just like they managed to stop decentralized file sharing. He just showed that he's ignorant, nothing more.
It's pathetic that his words end up being taken seriously by some people.

Somebody better tell the Winklevoss twins to cease Gemini since the DOJ is gonna put a stop to all virtual currencies. HAHAHA

Why you care so much what some random person saying? This is one person in one country :D, Bitcoin is global, 6 000 000 000 people and 250 countries around :D

He has a point, that governments love control, and despise that which they cannot control.

But the ruling elite have several problems to contend with if they try to ban bitcoin.

1. Unless there's consensus among all major countries to ban it, those countries that do allow Bitcoin will
gain economic advantages, which makes it unlikely to happen.

2. The forbidden fruit factor: The more that governments try to tell you that you have to
use their printed fiat money and can't have Bitcoin, the more people will learn about, and
want Bitcoin.

3. Governments can't easily stop anything that's decentralized.

Yeah it's like NASA and Flat Earth, the second the words "flat earth" come out of their mouth it's game over. They can't even re-butt it without raising awareness.

He has nothing to fear, he probably has more money than he can spend in his entire life.

He comes from an industry that has to comply with lots of regulation and seeing the Bitcoin network operating in similar markets as banks without all that compliance burden is pretty much unbelievable that it will stay like that if/-when it gets a considerable percentage of that market.

You can see a parallel with Uber. Uber operates in a market that in most countries has to comply with lots of regulation and they enter the market without that burden, consequence of this is it being banned in a few countries/cities and encountering difficulties everywhere.

I didn't expect a CEO from one of the largest banks to say anything other than rubbish about Bitcoin as currency. We've seen Master ahhem, LoserCard CEO do the same. At least he sees value in the BlockChain technology, which is a good thing. That makes him look less dumb.

after jamie dimond said that shit,and not too long for IMF start to talk about bitcoin,i dont know what connection between this,but IMF said this "IMF Director Tells Banks: Do Not Worry about Bitcoin & Blockchain"
what do you think about this?any conspiration here?

Well they tried to ban the internet at the beginning by using all those lame intranets but people got eventually feed up and just used the internet. In the future things will change a lot, 20 years is an eternity nowadays.

is jamie dimond looks brilliant or stupid talking like that? and dollar want to use blockchain???? ??? wtf

No matter what They say and what happens to Bitcoin itself, the cat is out of the bag and it's never going back in. They could make life very hard by squeezing above ground exchanges but there'll always be cracks to seep through.

“Virtual currency, where it’s called a bitcoin vs. a U.S. dollar, that’s going to be stopped,” said Dimon. “No government will ever support a virtual currency that goes around borders and doesn’t have the same controls. It’s not going to happen.”

Jamie Dimond doesn't realize or doesn't want to acknowledge that bitcoin doesn't need the support of any government. All it needs is the support of its adopters world wide.
Its already happening and as far as stopping it...maybe...but its almost like stopping the internet. Good luck with that.

*sigh* the Russians have been circling the major undersea cable nexus for a bit now. Satelites are a joke and if they cut the cables the net is FUBAR for a while.

The funny thing is that Jamie Dimon talks bad about Bitcoin but spends tons of money on research into the technology that drives Bitcoin, the blockchain.  So, he doesn't think Bitcoin will be accepted by governments but he does believe that banks will use the technology behind it.  Hmmm.  Sounds self serving to me.

The one big thing that's in our favor is that the blockchain needs us.  It won't work without us....it will be interesting to watch how his predictions pan-out when big banks can't get the proper kind of consensus network hashing.  

We, the ordinary people in the world support bitcoin. Bitcoin does not need the support from governments. As long as they do not ban it, it will be used widely.

they cant ban it, there is no problem with it, you sayd it!.


thats the real truth about it, bitcoin only need two guys who accept it and want to make businesses with it, thats all, governments cant stop it is like "torrent" for example, believe me, soon or later they will accept it and try find the way to take his own piece of cake with it ;)

Even if governments tried to ban it, they would have a hell of a time enforcing the ban without violating some of their own laws,  like privacy rights, search rights, seizures, due process....etc.  Plus, if they did impose a ban, I'm pretty sure it's value would increase significantly.  There will always be a black market and as long as there is one, there will be a means to make transactions within that market.

The genie is out of the bag and countries like US are already light years away from banning them...farther along the adoption continuum than banning continuum I'd say. Banning crypto currency...would be akin to banning the use of electricity...you could postulate about it, but it will never happen.

Yeah. That guy is talking way to much shit about Bitcoin. He needs to shut his mouth. I don't really care what he has to say, because what he is saying is bullshit. It's his own opinion, and I don't give a shit about that. I want to know the facts not the fiction.

It's kinda of like the banning of the use of marijuana in the USA.  Yes, it is still illegal federally but so many people are using it that it would not be economically viable to try to enforce the laws against it.  The people have spoken....

everyone knows termites and woodworm are a real threat to house prices.. yet you dont hear real estate moguls shouting about it..
because its small and insignificant in the grand scheme of things.

so when a big fatcat mentions bitcoin.. good or bad, you know it has to be a big deal.

so as they always say any press is good press, because it gets people hearing about it and then doing their own research. and to be honest.. anyone that believes negative bull crap just on the face of it, is not really people that would be positive about new things anyway..

.. so let the stew in their negativity for a bit and slowly crawl out of their bubbling depths of stupidity, when they are good and ready.

you can never fight a blind man to suddenly see.. but if you give him time to feel around his reality, he will see the truth sooner or later

Jamie, why are you yelling at me?

I do not think he cares about what ordinary people thinks. He serves the high rank officials and get return from them.

they don't need the hashing power that bitcoin has. If I recall correctly nasdaq is already using blockchain to transfer stocks between accounts. Blockchain is just a ledger type which keeps keeps info from present to the genesis block. But I still think that bitcoin will surpass all fiat money in the future just because the supply is limited. If banks want to use blockchain to keep track of all the dollars they owe each other that's fine by me.

Is the nasdaq using any blockchain or are they using "the blockchain" ...the pow... btc blockchain 

Also, the market and shareholders will end up... demanding that they use "the blockchain" as opposed wasting resources in building their own somewhat competing closed system.

the values on the blockchain can be used to represent anything, just because we call ours bitcoin doesn't mean others can't use the same technology. I guess it was just cheaper for them to build their own blockchain, than make application that registers trades on bitcoins blockchain. And the market shareholders won't demand shit because they are actually holding jack shit, they never held anything and they never will. Most major banks and stock brokers do that for them.

link to news: http://www.coindesk.com/nasdaq-to-unveil-blockchain-based-platform/ (http://www.coindesk.com/nasdaq-to-unveil-blockchain-based-platform/)

let Jamie Diamond sleep, it's good for him. Hopefully when he wakes up, the world as he knew it will no longer exist.
What's your guys opinions on how long it will take him to fully understand bitcoin?

I know there are some here that belief the governments will just let it slide. Or that there will be some revolution. But seriously, it's very unlikely. It's more likely that the government will put controls in place. They don't like uncontrolled stuff.

Governments are taking steps to take cash out of the equation. Do you really think they're going to let bitcoin be unregulated? I think that's a very, very naive point of view.

And the market shareholders won't demand shit because they are actually holding jack shit, they never held anything and they never will. Most major banks and stock brokers do that for them.


It would be the market....not market shareholders...sorry...like what your competitors are doing...ie doing things faster and cheaper.
Also I think your understanding of stock market isn't correct. If you own shares of stock ...no matter who holds them....you have voting rights.
As far as shareholders voting out board members and changing management of a company...tell activist investors like mr Icahn that that never happens.

Jamie dimond, CEO of JPMorgan said that virtual currencies like bitcoins won't reach up to that mark as they will be stopped by the government before they will reach up to that mark. I don't think that his statement doesn't even make any sense. It's just a stupidity. .bitcoins are reaching up the mark now.
World now needs portability, and everything to be wirelessly and bitcoins are a huge step towards it, so Mr.jamie needs to rethink once more before speaking anything about bitcoins as it's the only currency which connects the whole world together.

Yea, like how do you make something illegal, after you made it legal. It's not like a bitcoin can harm you. Just a means of exchange.

LOL, he thinks we need permission. lol

I'm fairly sure he's part of the divide and conquer crew; he doesn't want a connected world with fast, efficient & trustless transactions. I'm sure he's getting really pissed off that people are transferring money instantly without the banks permission.

The confidence with which he says it is amazing. If someone was on the fence about BTC and listened to this, it would be very convincing.

Go ask BurtW.

He talked down about BTC quite authoratively. He will be proved wrong in a few years time after bitcoin is adopted widely and the price increases.