Bitcoin Forum

Jamie Dimon Goes On The Attack On Bitcoin

The fact that we're still talking about Bitcoin seems to suggest that it has some staying power.

However, Jamie Dimon believes its standing as a currency will eventually end.

Dimon, who is the CEO of JP Morgan, spoke with CNBC's Andrew Ross Sorkin about the so-called digital cryptocurrency. And he went on the attack.

"It's a terrible store of value," said Dimon. "It could be replicated over and over."

That speaks to the logistical issues.

But what's worse is arguably the regulatory hurdles.

Read more: http://www.businessinsider.com/jp-morgans-jamie-dimon-on-bitcoin-2014-1#ixzz2rEKru3fc

LOL - he means replicated over and over by the trillions like the US dollar.

The first thing these criminals talk about is "regulation".  That's how their kind has made such a mess of things: they use the guns of government to regulate the competition out of existence.  Then they make fortunes milking the system dry.

These people sense the jig may be up.  They are starting to panic.  Game on.

Of course Jamie Dimon goes on the attack on Bitcoin, it poses a real threat to JP Morgan Chase's credit card business!   :D

Can it? I think he's getting it mixed up with fiat. Maybe replicated in other cryptos, but cash isn't king any-more and they realise this. It's a threat to half of their business.

The game plan is to do to Bitcoin what they did to PayPal.

This is not at all surprising coming from him. What will probably be to many, but what shouldn't be, is how many people in the Bitcoin community will be willing to help them try to destroy Bitcoin in return for a financial benefit.

Keep an eye on those VC-funded Bitcoin startups especially.

Regulating crypto-currencies will work as well as regulating drugs, alcohol, and file sharing.  Total Fail.

Freedom is Truth.  Truth always wins out in the end.  It may take awhile, but it wins.

I agree with this in the long term.

In the short term, watch your back because while the long term plays out it's highly likely that more than one Bitcoin startup is going to stick a knife in it.

There is no possibility to enforce chargeback on Bitcoin.

Also if you run a business of converting cash into Bitcoin, no one can force you to follow the regulation, the hawalas have existed for ages.

If you really want to do business with the banks, which are run by Dimons and their minions then what's the surprise here?

Suppose the major US companies which back Bitcoin Foundation receive ultimatums. What could they do?

They could use their influence to completely stall needed development at the protocol level, for example making Bitcoin scalable to greater than trivial transaction rates, especially if they could push other priorities like blacklists and user identification.

This would prevent Bitcoin from getting "out of control" from a regulatory standpoint by forcing users off the blockchain and P2P network itself into the waiting arms of off chain services like Coinbase who are willing to make the user experience good for them while dutifully reporting everything their users do to every applicable government agency who asks for it, and especially being willing to comply with any funds confiscation orders they may receive.

They could even spread FUD around like telling everyone how using transaction rationing to push people off the blockchain and into off-chain services which contain exactly none of the freedoms the blockchain provides is, "keeping bitcoin free", and then laugh manically when people actually fall for it.

Lots of non-obvious ways these companies can compromise Bitcoin.

Development at the protocol level...one man got the whole thing off the ground, another should be enough to implement much of the needed changes I guess? Not to say there will be many more.

What is amazing and addictive about Bitcoin and differentiates it from other open source projects is it's incredibly empowering, lots of programming skill/money in the community can be immediately put into good use, I alone will keep enough to pay a programmer for one year.

It's too bad that Jamie Dimon doesn't like it, I suppose he will have to invest his firm's wealth in consumer credit card debt and overdue student loans instead  :'(

And that's the reason the Council on Foreign Relations summoned Gavin.

http://www.cfr.org/about/membership/roster.html?letter=D (scroll down for Jamie Dimons name)

Not be US companies?

Leave the US?

Fold or go bust?

Doesn't matter. In the end bitcoin will thrive in South America, Africa, Cyprus, Iceland and the rest of the world that has had enough of the current financial rulers.

Throw off the shackles.  We never needed these people telling us what to do under threats of violence anyway.

Once we eliminate the parasites who are sucking the life-blood out of the economy, the world will get back to becoming prosperous.

Not all the problems involved can be solved by code.

Sometimes you've got to solve problems in meatspace by interacting with people, and a lot of coders got into software for the explicit purpose of not needing to deal with people in meatspace.

Odd! As I read the above, I couldn't help envisioning Max Keiser screaming the above toward Stacy.

https://lh6.googleusercontent.com/-MO1sb3G_9MA/ToOcK9EXJDI/AAAAAAAADrM/ShUqBUzcQwM/s800/jamie-cuffs.jpg

It's a "terrible store of value", huh?
The money that I keep in dollars is almost always declining in value. My bitcoins are almost always gaining. Some of my coins are worth 1000 times what I paid for them.

Jamie, what the hell are you talking about???

i just love this country  ;D

Breaking News:

Criminal banker CEO pond scum doesn't understand Bitcoin beyond its threat to his banking cartel.

So why did JP Morgan file a patent regarding a bitcoin-like protocol?

Exactly. And it was rejected 175 times. I think he's just mad because he can't get in the game but he sure did try, which speaks his true feelings on the matter.

http://www.cryptocoinsnews.com/2013/12/16/zerohedge-jpmorgans-bitcoin-alternative-patent-rejected-175-times/

What if JP Morgan were to piggy back on an gold backed virtual currency such as http://www.ft.com/cms/s/0/f7488616-561a-11e3-96f5-00144feabdc0.html#axzz2rG4HC8QJ

I'm sure central banks around the world including the BRIC nations would be more biased to Gold as there are so susscessful at rigging the price. China loves Gold so would not surprise me to see this to life.

This. We should be cheering that bankers are attacking bitcoin, as it means they are beginning to understand that it can replace centrally-issued currencies.


We're somewhere between ridicule and fight at this stage, I think.

JPM can just piggy-back on Bitcoin proper.  All it would take would be that they become the tainting authority of choice when the U.S. government mandates that businesses honor one.

How/why this works is something I recently described here:

  https://bitcointalk.org/index.php?topic=334520.msg4691189#msg4691189 (https://bitcointalk.org/index.php?topic=334520.msg4691189#msg4691189)

JPM is very likely to be the U.S. Govt's choice as a tainting authority just like they are for a whole plethora of services.  They'll probably take over the effort the Mellon has started.

Dimon is no fool and in my analysis of Bitcoin's development trajectory I don't doubt that his assertion about the future of Bitcoin is nearly 100% spot on.


 - Edit:  This is Dimon's statement that I was referring to:

+1, but he understands it just fine.


And he is right by the way:

Banking is a better store of value - you get trillions in bailout funds if you mess up and your stock price goes through the roof

Regulation is a bitcoin problem but its not for banking when you lobby for rules to be changed or wiped

KYC likewise, but banks don't worry about the Drug Money, the terrorist money or the Ponzi scheme money.

Illegal activities well where do I start - 30% of JPM profits have been paid in fines this past year alone. That's billions of dollars

I like how he legitimizes the MSM - Hey! I'm a man of the people, I get my info from the same place everybody does, and they aren't co-opted at all, right?

Only until Mike Hearn builds one.