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Author Topic: "Jamie Dimon: You're Wasting Your Time With Bitcoin" - Reactions?  (Read 1242 times)
Jon Connor
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November 04, 2015, 11:40:52 PM
 #1

Interested to see how people on this board would respond to Jamie Dimons statement about Bitcoin and Blockchain technology. Here's the link http://fortune.com/video/2015/11/04/jamie-dimon-youre-wasting-your-time-with-bitcoin/
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November 05, 2015, 12:22:58 AM
 #2

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.


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November 05, 2015, 12:52:26 AM
 #3

Banks until now have said we love the blockchain, but hate Bitcoin.

Jamie seems to be running down the blockchain as well. He says the blockchain wouldn't offer improvement in areas like trading of stocks. This is plain silly. Why would you be satisfied with a 2 day settlement period, armies of men keeping track of transactions, possibilities of errors, etc, while the blockchain can do a better job in 10 minutes?
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November 05, 2015, 01:16:49 AM
 #4

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

It may be small but BTC is running as currency right now without government control. The ways to get into it are certainly within its tentacles but there are ways around that too if you're that committed.

No doubt the noose will tighten but there's always be workarounds.

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November 05, 2015, 01:50:56 AM
 #5

Forget gov control.
Why  Bitcoin control system is pure game theory!
It does not need gov.
because it does not need centralized trust.
everybody can check transactions on validity and those checking can be anamies.
and can have contrary intrests except  for bitcoin.
it is very well possible that a extremist jew and extremist muslim  use bitcoin.
they want to kill each other but also do not want that the other controls its money supply!
so to make that sure the jew keeps up the hashing power , to make sure the muslim cant take over...
the muslim does the same... by doing this they both secure the bitcoin network!
Thats the power of a human trustless system it does not need central control in fact it can only function in decentralized setting!
this is why its impossible to set it up in a controlled fashion!
the fact you don't control all party's gives it its strength!
Central banks will fail because they over centralized!
and no longer act in all groups interests , the fact that one group can create unlimited money is   undesirable because it requires endless need of growth on a planet with limited resources,  and that cant go on for ever.

 







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freedomno1
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November 05, 2015, 02:00:12 AM
 #6

Nice try little man I know your secret plan your just O'leary in an older suit Wink
That said it will never be over, we know how Wall Street has worked.
Blockchain was conceded so that is progress lets give it more time.
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November 05, 2015, 03:53:06 AM
 #7

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

Haha, literally he's wrong. Bitcoin exists. Bitcoin is currency. Bitcoin is not controlled by government. 

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November 05, 2015, 04:16:09 AM
 #8

It is amazing to me that our current financial systems function as they do: they are highly manipulated constructs.
Jamie Dimon may be (and is most likely) right...but sometimes you may push a body of people too far, and formerly law abiding citizens rebel and do things like... form new countries (U.S.A.).
Blockchain tech. running U.S. Dollar? Interesting.

Sometimes there's more truth in forums than anywhere else.  Twitter:  @cryptobitchicks   "I am expressing multiple attitudes simultaneously. To which are you referring?"
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November 05, 2015, 05:14:49 AM
 #9

Governments love the technology but hate bitcoin. We are not wasting our time because bitcoin is the trend right now and the government have no control over it, they will just apply the technology that bitcoin uses and create for themselves something they can control
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November 05, 2015, 05:25:17 AM
 #10

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.


Bitcoin don't care
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November 05, 2015, 05:28:03 AM
 #11

Governments love the technology but hate bitcoin. We are not wasting our time because bitcoin is the trend right now and the government have no control over it, they will just apply the technology that bitcoin uses and create for themselves something they can control

And we will just keep using Bitcoin anyway.

If they want us to pay taxes in govcoin we just trade some BTC for govcoin to pay taxes.

Not that they can force us, because why would the police or the army work if they don't get paid?

The government loses all their power if it loses the power of debt slavery (which is what the current money system is).
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November 05, 2015, 08:06:17 AM
 #12

he is another one of those haters, i would just ignore him, no matter how famous he is

everyone who bash bitcoin is a faggot for me, and no i'm not wasting my time, if i'm helping to destroy the biggest scam in the man history
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November 05, 2015, 09:20:52 AM
 #13

the government as a governing body want to control everything. They are definitely trying to find a way to control bitcoin and benefit from it. they need the tax, they need to own it and control it. But we are not wasting our time for this is the best thing in today's world. In future everybody will embrace it and I will be proud to have been among the first people to appreciate its importance.
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November 05, 2015, 09:29:34 AM
 #14

The only reason he is bashing bitcoin is because he is so big in fiat and has no control over bitcoins. My guess will be that he will change his mind when his R&D department tells him that "we cannot stop, nor control bitcoin. It's the next best thing that has happened to humanity". I hope that that doesn't happen for a couple of years to come.
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November 05, 2015, 10:18:45 AM
 #15

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

I hope that you are wrong but knowing how important is for any government to control money, I guess that this is bound to happen.

That's why for Bitcoin is important that it adds a bit but in many places. If we would have 1 - 2% of every market but as many use cases as possible, I think that this would be the best option for us.
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November 05, 2015, 11:22:58 AM
 #16

More:

https://youtu.be/6MVfkEJfZi0?t=1045
https://youtu.be/6MVfkEJfZi0?t=1770

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November 05, 2015, 12:03:58 PM
 #17

Just don't listen to what these people have to say. They are either haters or don't understand what Bitcoin can really mean for the financial industry. We believe in Bitcoin no matter what. That's the most important.

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November 05, 2015, 01:26:49 PM
 #18

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

Right or not, he is one guy who should know better, and so he is essentially saying "we have the power, and you can all go play with yourselves."

But it's true that, ultimately, the world will not be put right until at least the educated portion of the populace understand the disease of state money.

As for the short to medium term future of Bitcoin, he is just spin-doctoring for the elites.  In the state-bank alliance, as in most others, it's the junior partner who plays the role of attack dog.  What this shows is that the elites could actually be scared of the rapid rise of Bitcoin recently.
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November 05, 2015, 02:04:35 PM
 #19

Governments love the technology but hate bitcoin. We are not wasting our time because bitcoin is the trend right now and the government have no control over it, they will just apply the technology that bitcoin uses and create for themselves something they can control

And we will just keep using Bitcoin anyway.

If they want us to pay taxes in govcoin we just trade some BTC for govcoin to pay taxes.

Not that they can force us, because why would the police or the army work if they don't get paid?

The government loses all their power if it loses the power of debt slavery (which is what the current money system is).
I agree Grin unless the government has some kinds of technology to control bitcoin, we will just stick to bitcoin why we have to use the govcoin Grin However in some case the government may think up with the solution to block all the connection to bitcoin database or their govcoin become so popular, I think we have to use it... just like we still have to use dollars today
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November 05, 2015, 03:01:44 PM
 #20

Right or not, he is one guy who should know better

He should, but he doesn't. History is overflowing with people who should know better but don't. 'Experts' are wrong all the time in every field.

For bitcoin the list of people who should know better but don't include Alan Greenspan, Warren Buffet, and Bill Gates (to start with although I think he's changed his tune now).
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