Bitcoin Forum

Or so says Jamie Dimon. He seems pretty sure of himself too. What are your thoughts

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

moderator note:
duplicate topic https://bitcointalk.org/index.php?topic=1237980.msg12889505#msg12889505, locked.

I don't even understand why anyone is giving this article/guy attention. Obviously the people that have the most to lose are going to be the ones trying to prevent Bitcoin. Nobody can stop Bitcoin. You can not stop peer to peer unless you control and censor every single person on the planet. In order to stop Bitcoin you have to convert each country to a tyranny. Bitcoin has already succeeded. As long as you are able to send coins from address X to address Y it is working. The price is not relevant to that question.

good luck with that :P Dimon is an old man talks old bullshits..

If Bitcoin gets to big and begins interfering with fiat...governments will either learn to adapt (unlikely because the whole point of Bitcoin is to decentralise) or they will try to eliminate it...
But yes stopping peer to peer? Almost impossible.

Well he is a fairly powerful guy and what he says shouldn't be ignored either. Sure bitcoin would work if it was banned but spending it or converting it to fiat would be another matter. All it takes is a number of these guys from around the world to pull the plug. Do you not think they are not talking about it already

So this "powerful guy" will prevent me from giving someone cash for Bitcoins (i.e. direct exchange)?  ::) That's just nonsense. I suggest that you stop; it is starting to look like a FUD attempt. The only thing that could kill Bitcoin would be something like a solar flare that could kill the internet completely and/or all electronics. At that point, Bitcoin would be the least of our problems. There are other examples which can be found in many threads around the forum. This "powerful guy" would not be making such statements if he had the power to stop Bitcoin right here, right now.

The head of a major bank hopes that bitcoin will be banned - does anyone consider this news? In your dreams, dude.

It wasnt FUD. I was curious what others thought about his comments. I also was referring to bitcoin being banned and not bitcoin being stopped.
 Now I have to worry about solar flares too tyvm

Some govs are trying that, but their effort is worth shiat. They just give Bitcoin more attention with their efforts so i am personally not worried much about that. PPL will always find way to use and trade Bitcoin.

As long I want to believe in bitcoin I can sense danger in the future of bitcoin. Governments won't give power to the people - and currency is the power.
Government intervention in the bitcoin industry is simply inevitable. I think there is a really high chance that we see a lot more government action against bitcoin.

i dont think there is anything they can do to "literally" stop or kill Bitcoin, You cant kill an idea (or any  other Alts for that matter), however i do worry about government crackdowns on digital currency's, cause no matter what country your in, or who your government is, the one thing they all have in common is how serious they are about Not fucking about with their money! and bitcoin (the way i see it anyways) kind of does just that, or at least strips the power of money control away from the Big guys, and gives it to the people.

We will always be able to send/receive bitcoin, for many of years to come, but i can remember a time back when i used to torrent all day every day, now you cant get to any of your favorite torrent sites without jumping through a few proxy's,
i remember when i first stumbled across them when i was younger i didnt know anyone (in person) that knew about torrents, then there was the phase where everyone knew about them a few years later and when i say everyone i mean the general public, hey i even remember my friends mum who i think is in her late 50s downloading torrents, but now where in a stage where although you can still download torrents willy nilly, the average person cant anymore or isnt at all bothered to go out and look for ways around the blocks to getting to them, i fear the same for bitcoin, what major retailers will be willing to accept bitcoin if the big governments are busy trying to lock them down? sure ill still be able to send bitcoins to my friend and he will probably gladly accept them, but isnt the goal for me to be able to send bitcoins to his mum, or my mum or just the average person and they can now go out and spend their coins without the hassle of Searching for a place to spend them?

Bitcoins need room to thrive, sure they'll survive but surviving is the easy part.

My nearest bitcoin ATM is a 1 hour drive away from me, not the most convenient, i dream of a day where i can walk 2 mins from my house to my local shop, and use one.

LOL ban Bitcoin
Goodd joke  ;D

You can laugh now. And I know it it seems pretty unrealistic now. But realistically it could happen. The best and efficient way is for governments to regulate ASIC manufacturing,
for example by forcing manufacturers to add some sort of kill switches to the hardware, force them to register and have mining licenses.

They cannot stop individuals from using Bitcoin.
They might try to kill it through over-regulation.

I don't think intervening with ASIC manufacturing would be that effective for a government. Plus a blackmarket would pop up and help circumvent it. But I could see crippling regulations that effectively kill bitcoin service companies like coinbase. and crippling regulations that prevent the public from using it and shops from accepting it. I know coinbase, and I think a few others, have hired lobbyists to make sure cryptocurrency regulations are fair in their country. but against the power of large traditional financial companies they are nothing

You can't completely stop Bitcoin, but governments could hurt it very bad ! Just cut all the exchanges off, regulate the manufacturing and sells of ASICS in SHA256 (as said above). They totally can slow down pretty badly the adoption.
Oh, and Taiwan banned Bitcoin yesterday.

This guy is full of himself.  There is no way that one man is going to stop this from continuing.  As big as bitcoin is at this time, there needs to be some catastrophic change in the financial market that will stop people from using Bitcoin.  If all vendors out there stop taking bitcoin for payment, then it is possible that a small crash could occur, but Bitcoin will survive the damage.  As long as everyone does their part and support BTC in one way or another, BTC will just keep getting  bigger and bigger until it stabilizes.

Even if they regulated the manufacturing of this hardware miners, you would only value the current market more, for there is over 1/2 of the possible BTC out on the market already.  The only way to stop this currency from existing would be to have all vendors stop accepting the currency as payment.  There are so many countries and jurisdictions that do not consider BTC a currency, so until they classify it under some form of currency, it can still be accepted as trade.  Come on now, the US government sold off at auction how many thousands of seized BTC.  If they would have accepted it as currency, they would have just traded it in for cash like they do with all the drug money they collect on sieges.

Of course, that can't be the only way (you can mine with GPU after all). And you said it yourself, it's easy if you ban acceptance in stores.
It wouldn't kill it but it would hurt it pretty bad if they chose to do it early enough.
I think they are still thinking about what to do at the moment.

Bitcoin will never be banned unless the authorities around the world work together. Even so, it would take more than a decade to take down the whole network. Thus, instead of preventing Bitcoin, I think governments around the world will accept Bitcoin.

Well, good thing bitcoin doesn't need support from governments then. :)

EDIT:  I smell fear and jealously of the unknown.

Besides, doesn't he know what's already happened?  Nearly every government in the world has already setup a committee to investigate bitcoin, and ways to regulate it.  In the majority of cases, it resulted in a shoulder shrug, and nothing was done.  After looking into it, they realized it's impossible to regulate.  They can regulate the fiat transactions within exchanges I guess, but that's about it.

The way i see it, all governments can do is to slow down bitcoin's price with bad regulations and bans, but when it comes down to shutting bitcoin down - they are defenceless.
I usually just ignore every statement people who are bias make; it's only natural that they are trying to fight bitcoin off, but they will fail in doing so either way.

I wouldn't call government defenseless, they can make our lives hell. Maybe not destroy bitcoin completely but ostracize it so much that we would be better without it.
Simple regulations to bitcoin business will be enough to make bitcoin really hard to use.

Yea i wouldn't call it defenseless either, lets say more of skeptical about what it could offer then and who will become the main holders of bitcoin, I'm sure the government could buy out bitcoin at a 100 billion marketcap if they want to just try and hold power over it.

Bitcoin is completely out of reach from government act. No government can directly ban the bitcoin. They may ban only the fiat converting services. Nothing else would be possible for any government as bitcoin is a decentralized it is not possible to shut down all the computers and Internet.

This scenario is not impossible, and we have seen some governments pushing back against it, but the reality is, Bitcoin opened up a whole new global financial opportunity and it kept up with the changing needs of the people. We will see a lot more from this Blockchain type technologies doing the rounds.

Bitcoin will get regulated a lot more and it will fill a need in the financial world, but with time, and if it does not change to become government friendly, it will be replaced with a Blockchain replacement that adapted to the government needs. 

Yep that is totally true. People will still do cash transactions via localbitcoins in countries that have banned bitcoins.

Well I agree with what he's saying, I've said it myself a long time ago. If Bitcoin continues to try and be a two-faced rebel that uses existing infrastructures to proliferate while saying no to government control, it runs the risk of being stomped out. Bitcoin needs to make some concessions at some point, when it comes to regulations, if it is to assume a permanent position within the world economy.

If the bitcoin is banned in one country, but flourishes in another country, gives many benefits there. The country becomes more efficient and people liver a better life. The bitcoin will be unbanned in the first country.

Bitcoins despite of being secure and good are banned in few countries and declared illegal. In taiwan, recently bitcoins were banned and their use was declared illegal. The reasons behind it is that people are using it for gambling, and kidnapping and ransom asking to pay huge amounts in bitcoins. As there's no official community to look after bitcoins. Countries don't have any other option but to ban bitcoins.

The chances of other countries following the banning is probably pretty high. Does that matter? Nope that doesn't matter the people in that country who used it before will continue to use it there is not much a ban will do for pre existing bitcoiner but will be a shame for new blood. There will be more and more regulation if nothing else.

Bitcoin can not be banned directly but they will definitely find a way to convince people to loose their trust in bitcoins. also if you are using bitcoins understand that it is an investment which can either appreciate in value or depreciate. It is not 100% safe but all in all we risk every day.

As bitcoinsatan said above, the only way a ban would have a real impact is if every country banned it simultaneously (not likely) but a US,EU,and china ban would certainly hurt.
Could someone elaborate on his plan to use the blockchain tech with USD. I presume he means a private centralised blockchain set up between the worlds banks.
On a side note 90% of the coverage on the media is more positive and mature this time compared to the last surge in 2013 when we had to listen to ponzi scheme accusations etc (although some threw in the MMM ponzi scheme as a reason for this surge)

Bitcoin people, stand strong in your beliefs and remember your only enemy is the accuser that offers no workable, constructive solution or dialog.

Also without any shame (maybe a little ::) ) I am going to selfishly plug my two videos about Bitcoin and request you to share them if you can  :-*
testing my luck ? please tell me if anyone think that I am breaking any guidelines by doing so ?

Video 1) A Bitcoiner's paradise - there is no way back now ! Bitcoin freedom is here.
https://www.youtube.com/watch?v=0DpAieJgm00

Video 2) What if Bitcoin is made illegal ? Bitcoin people - To succeed we must reject the illuminati and freemasons !
https://www.youtube.com/watch?v=vfq2WNgxInQ

Stay cool friends

Bitcoin is a commodity in USA, it is also treated as a property by IRS. Bitcoin is not subject to VAT as it is treated as currency in Europe.

JP is a total prick he hasnt got a clue what he is on about and all he wants to do is try destroying something he has no idea of and how it is improving country's and people an business as a collective. Good luck to stopping it even it is already banned in some places but have removed its restriction soon after and ones where it is banned still get access and use it. So it is far impossible to be stopped. If Barclys Bank are currently testing it out with charities then I think it will be simple to say Bitcoin is the future and Jamie Dimon is prick and nothing more than vapor with him. And JPMorgan can go fuck himself, he thinks its not regulated or wait UK have that covered and oh wait many other places have that covered to and actually support it with REGULATION IN PLACE. US n Morgan do not have regulations in place hence why want to bank it bunch of assholes. Regulate it have regulations in place to follow then you can follow like others. If not then GTFO Bitcoin

I have seen interview with head of Russian Central Bank (where Bitcoin is banned) and she says that they watch Bitcoin and they now that this low cost alternative is very attractive for citizens, so if it will be necessary they will prepare regulations. So we can clearly see that BTC is going in good way and slowly to mainstream.. even in Russia ;)

Bitcoins can be banned in few countries but not overall so soon. If the currency continues to be misused by ISIS and other illegal activists, it will effect all of us. Even RBI are monitoring its use and till now nothing has been confirmed. It's just that every Government is desperate to collect taxes from each penny an individual has, bitcoin is viewed as black money.

This guy is just a huge pile of bullshit. Why would it be banned?
 
You can use BTC in just the same way as online payments, or can even convert it to them.

Bitcoin cannot be banned or controlled. It is a decentralized system, one person does not control the whole operation. If governments want to ban Bitcoin they will have to arrest every miner in the world, something that is impossible.

not at all.nowadays some online shopping sites already accepted bitcoin as payment .after 2-3 years

bitcoin will be used all over the world even on mars.

There are more and more retailers accepting bitcoin. In 5 -10 years, bitcoin will become more widely used in the business. The value will increase.

https://s-media-cache-ak0.pinimg.com/736x/68/f1/8a/68f18a84af31770f27a8e7cb56cdf77c.jpg

One hundred people, one hundred different minds. One hundred woman`s, two hundread breast`s. What to add on this image, people will talk no matter what, and how budist`s talk u cant show a truth to a man, u can just show him the direction.

The government is smarter these days. I'm pretty sure they could figure what to do for bitcoin. And just probably, they may consider using bitcoin too. ITs always good to listen to what they say, like if you can't beat them, join them.  ;D

When bitcoin is used widely, the market capitalization is larger, say 1 trillion dollars, the price will be more stable than now. The governments will treat it as currency, and tax accordingly.

It is very risky for a government to use bitcoin, because the price of bitcoin is changing and the losses can be in millions or trillions of dollars, so it can be banned in some countries.

The government do not have to use the bitcoin. As long long as it allows its citizen to use bitcoin, we are happy.

We've been running this shadow economy for the last 5 years now. I'd say if you want to stop it, start with all the ponzi schemes. Take those down, we don't really need those. Governments can stop fiat to bitcoin exchanges, but they cannot take bitcoins away from people who own them. And you cannot really take down this "shadow" economy system that we have been operating. It's just impossible. Just good luck turning off the internet.

There is no reason to ban bitcoin at all. It is just a token or a kind of goods,  or credit points. All those things are legal in many countries. Those things can also exchange for cash or various currencies. the only difference between bitcoin and other goods is that bitcoin has finite supply unlike most currencies, thus the value will not drop all the time.

I won't be surprised if governments are already buying bitcoins in large numbers or owns good amount of it. If they are not doing this it will be wise for them to start now and create bitcoin reserve system similar to the one based on gold they already have.