"Bitcoin Will Not Survive", says Jamie Dimon

[Blawpaw]

JP Morgan CEO Jamie Dimon has issued new remarks about bitcoin, dismissing the digital currency's potential to survive in the long-term.

Speaking at the Fortune Global Forum, Dimon said people were wasting their time with digital currencies such as bitcoin.

He added:

"This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that's going to put up with it for long ... there will be no currency that gets around government controls."

Full article: http://www.coindesk.com/jamie-dimon-bitcoin-will-not-survive/

He is probably right. Probably Bitcoin won't survive but its technology will certainly will. If Bitcoin doesn't succeed another new coin will succeed!

[yohanip]

Governments will indeed be against this , but it's for the people to decide and not the governments . So there is really nothing they can do to stop us from using Bitcoin unless they shutdown the internet or all countries agree to block it or something (which won't happen) .

That is my take as I have said in other posts...

Governments can't stop people from exchanging their stuff for whatever they want (even if it is camels, potatoes, or bitcoins).

Yes, but unfortunately the gov have that thing called the ancient weapon which could tame the wildest of them all which is called the manipulation of fear, yes they are fighting for that control, yes they are fighting it not frontally, but gradually.. Fortunately, we have the thing called the Natural Order. That is the counter of manipulation and eventually, everything will be rolled in according to the natural order, and we should do our best to survive. And that is to 'adapt'

[chennan]

You know, it's funny... I remember talking to my uncle who is a broker for JP Morgan about Bitcoin and how he should look into it. I also remember him telling me that it will never work and that the people who control the central banks are too powerful to be overtaken by "a bunch of geeks with digital money"... I should note that I talked to him about it back in 2012, and he kept saying it was going to come back down when it shot up in 2013.

Obviously he saw the bubble, but I digress...

Even though I don't agree with him about Bitcoin never going to survive and replace the dollar, I don't necessarily disagree with him about the amount of power the people in the Central Banks have. If there was a legit movement of millions of people in every country to start using bitcoins at major stores, then I'm sure there will be a major resistance the government will show to try and keep their power. Their will have to be another major revolution before central banks will let go and allow bitcoins to be traded for goods in services.

[Imoote]

I do not know Jamie Dimon was okay but it does not hurt because they argue that they have a way of thinking.
Actually I do not agree that digital currency can not survive for long. I strongly disagree with it because of the changing times will force us to use digital currency for transactions, especially online.

[Supercrypt]

I do not know Jamie Dimon was okay but it does not hurt because they argue that they have a way of thinking.
Actually I do not agree that digital currency can not survive for long. I strongly disagree with it because of the changing times will force us to use digital currency for transactions, especially online.

Yes, many countries opposed computerization and internet also. Many veteran philosophers, economists, industrialist and politicians comment like computerization was against human being. But we can not see a domain without computerization.

Same way these people will understand about bitcoin and it's necessity for modern digital world along with basic human right of decentralization.

[avw1982]

He's just Scared that bitcoin is as successful as it is right now, and dollar is just a whack on the face compare to 1 Bitcoin, I think bitcoin will not go down without a fight. :p

Yes what you say is right. Bitcoin is adding its success day to day without much fluctuations or decrease in its value. My word is the same as that you described bitcoin won't degrade its value at any time. It has got its own demand to known people

[Imoote]

I do not know Jamie Dimon was okay but it does not hurt because they argue that they have a way of thinking.
Actually I do not agree that digital currency can not survive for long. I strongly disagree with it because of the changing times will force us to use digital currency for transactions, especially online.

Yes, many countries opposed computerization and internet also. Many veteran philosophers, economists, industrialist and politicians comment like computerization was against human being. But we can not see a domain without computerization.

Same way these people will understand about bitcoin and it's necessity for modern digital world along with basic human right of decentralization.

Yes you are right but if they refused the Internet they will be left behind. The government should support and encourage cooperation for the sake of convenience and development. If it happens for the modern world will be realized. Perhaps socialization should be done in order to avoid misunderstanding

[Paultango]

He's just Scared that bitcoin is as successful as it is right now, and dollar is just a whack on the face compare to 1 Bitcoin, I think bitcoin will not go down without a fight. :p

Yes what you say is right. Bitcoin is adding its success day to day without much fluctuations or decrease in its value. My word is the same as that you described bitcoin won't degrade its value at any time. It has got its own demand to known people

The is not necessary true. The price of bitcoin is still quite volatile. It can change 20% within a few days.

[neurotypical]

Bitcoin might become is unusable in future because of very limited space for transactions and corresponding big fees when people try outbidng each other to ever be able to use decentralized transactions under Bitcoin, and not, it is not just Jamie Dimon wishfull thinking how to get rid of Bitcoin.

Blockstream ruined the whole thing.  They want you to pay them and move to Lighting network.  They can't be stopped because two guys have their finger on the Veto button.  

The 'core devs' - are the supreme gods of centralization.  This concept of 'decentralized' is a myth.  The experiment failed.  

Take heart, a new system will come.  Maybe it is Ethereum.

You don't know how Lightning Network works to claim it's centralized.
What would be centralized is huge blocks that don't allow for people to run nodes, so we have 3 companies running nodes, 3 companies running mining cartels = Bitcoin dies as a decentralized, government censorship resistant technology.

If Bitcoin nodes remain decentralized as they are now, and we scale it globally through an additional layer like LN (which is just clever Bitcoin script and has no centralization whatsoever) we win, they can't shut down Bitcoin.

Only uninformed tools are still parroting the blockstream centralization myth. Ethereum is a meme and will be over after we have side-chains. There are 0 Bitcoin competitors right now, stop hoping for Bitcoin 2.0, that's delusion.

[villigut]

If bitcoin will grow. Will Litecoin grow too?

[sana54210]

If bitcoin will grow. Will Litecoin grow too?

Not sure whether you should ask this here but let me answer you, See the price of litecoin i based on bitcoin, because ratio of BTC/LTC remain near to same like you get 1 ltc for x btc , now if btc increase, you will get x btc for you LTC, which means getting high rates in USD when seling. Got it ?

[Omegasun]

If bitcoin will grow. Will Litecoin grow too?

Litecoin is just a clone of bitcoin. If bitcoin die, it will die with it. If litecoin offers some features which bitcoin does not have, then it will grow.

[neonshium]

Bitcoin do not come magically to these millions and millions of peoples’ lives and systems and their other daily use.
Bitcoin came and got fame because of these millions and millions of people, they are supporting it. An because of them, it will survive and will grow and will become the main stream of adoptions.

[kevin go]

this is the same thinking that I had in 2011, i thought bitcoin wont last long, but until now bitcoin is keep on growing and expanding

so i think bitcoin can die but it will last for a long time, it wont die so soon

agree will not die easily..how can btc die if the people keep using btc and try to earn btc and also do a transaction for a things in btc?
year by year pass and btc keep more famous than last year..so for me it will not die..

[hdbuck]

"Jamie Dimon will not survive", says Bitcoin.

[davinchi]

We have to laugh at some of the opinions of people that have a huge vested interest in fiat. Had jp Morgan being at the forefront of bitcoin from 2009 I'm sure we would be reading about the future of it according to Dimon

Mostly it not happens what they predict, sometimes the future appears differently regarding to their opinions. Many of the problems discussed about bitcoin that they will let the bitcoin, may be solved sooner by its supporters. Drawbacks in a thing/system do not destroy it but it arise someone to make it more strong. jp Morgan and Dimon will be helpful to make stronger the bitcoin.

[bjbear123]

I am fed up of all of these people saying bitcoin won't survive, for god sake

[Blawpaw]

JP Morgan CEO Jamie Dimon has issued new remarks about bitcoin, dismissing the digital currency's potential to survive in the long-term.

Speaking at the Fortune Global Forum, Dimon said people were wasting their time with digital currencies such as bitcoin.

He added:

"This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that's going to put up with it for long ... there will be no currency that gets around government controls."

Full article: http://www.coindesk.com/jamie-dimon-bitcoin-will-not-survive/

Well.. my humble opinion is that in a way the man is right. Governments won't put up with it for much long... either digital currencies fall into government control like traditional currency or it will be criminalized.

[erikalui]

JP Morgan CEO Jamie Dimon has issued new remarks about bitcoin, dismissing the digital currency's potential to survive in the long-term.

Speaking at the Fortune Global Forum, Dimon said people were wasting their time with digital currencies such as bitcoin.

He added:

"This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that's going to put up with it for long ... there will be no currency that gets around government controls."

Full article: http://www.coindesk.com/jamie-dimon-bitcoin-will-not-survive/

Well.. my humble opinion is that in a way the man is right. Governments won't put up with it for much long... either digital currencies fall into government control like traditional currency or it will be criminalized.

Since so many years nothing happened and hence I don't think anything would happen in the next 5-10 years as well. In my country, RBI is monitoring the use of bitcoins and they haven't yet termed it as illegal but if at any point they make a decision, it will not mean that bitcoins will be dead. There would be other ways for bitcoiners.

[jostorres]

There are a lot of believers of bitcoins who want to bitcoin for their rest of life. They are trying to spread it to each corner of the world so that to make it the global digital currency. As long as people love bitcoins, it will survive. No one can stop it from staying with us.