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Author Topic: "Jamie Dimon: You're Wasting Your Time With Bitcoin" - Reactions?  (Read 1241 times)
arbitrage001
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November 05, 2015, 03:13:13 PM
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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/

As much as I hate to admit. He is right regarding no government will put up with non-control currency for long.
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November 05, 2015, 03:15:06 PM
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Oooh excellent I hope the powers of old keep to their Fiat and do not gain new thrones in crypto.
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November 05, 2015, 03:18:56 PM
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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?

Banks have been saying blockchain because the word bitcoin scares the hell out of the senior people within them - after all , everyone involved in bitcoin is a libertarian nutcase right?   What they have worked out though, and what is finally spreading upwards through their organisations is that you cannot have one with out the other, any blockchain needs an incentive system to maintain its security, and none of the "private" blockchain solutions currently can offer the security of the bitcoin blockchain. Maybe bitcoin will not be the "winning" standard but it is the current front runner - and there are plenty of people inventing ways of interacting with the bitcoin chain which will/do comply with regulation. Bitcoin does not need to replace FIAT to be successful - but what it does need to do is move to be lower friction and less costly. (lower bid/offers rather than lower transaction fees)
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November 05, 2015, 03:25:10 PM
 #24

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/

As much as I hate to admit. He is right regarding no government will put up with non-control currency for long.
Bitcoin does not have to replace a fiat currency to be successful - it just needs to become a less frictional - ie less costly - method than banks for transactions than paying USD by a bank. Right now with quite high (0.25 - 0.5% of notional) bid/offers and relatively low liquidity it is not. What would the cost be to convert $100K to BTC move it to another person and then move it back to USD again? Right now its a lot more - and a lot more execution risk -  than asking a bank to transfer $100K to the other person.
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