"Bitcoin Will Not Survive", says Jamie Dimon

[BitcoinFX]

...

"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/

Autonomous, decentralized systems don't require control. Neither traditional government nor issuing authority is required.

Human societies historically prosper best with local self-governance on an autonomy grid - whereas tyranny, mostly leads to a collapse.  


- Rage Against The Machine - Hadda Be Playin' On The Jukebox
- https://www.youtube.com/watch?v=b_qX5xpk8yk a poem written by Allen Ginsberg.

[cohnhead]

I think more and more people will adopt bitcoins once they become educated on how it works. Jamie probably just receives second hand information about bitcoin without investigating further.

I have a feeling in his position, he doesnt need to resort to "second hand" information.  I'm pretty sure that he alone could (if he really wanted to) get the funds needed to really reak havok in the btc market.  I think a few hundred million buying/selling every few days would cause enough erratic price movement to make a lot of people get out of btc.

I am not that sure he could do it even if he wanted too, unless he wanted to go to jail for market manipulation. He does have shareholders to answer too.

[aso118]

I agree with him to an extent. Till the Government doesn't make Bitcoins a legal currency and regulate it, the crypto currency doesn't look to have a great future. Just like what happened with Liberty Reserve and the owner was arrested to have an online wallet that could be used for illegal purposes, I am afraid the same case would be with bitcoins as well.

Liberty reserve was meant to be a money laundering scheme and hence was different.
The most important fact is the the US government has auctioned bitcoins seized from silk road. This gives Bitcoin implied legality. Plus with Bitlicences being in place, the question of Bitcoin's legal status doesn't arise.

[crazyivan]

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/

You know how many of these doom theorists and their shit I ve red over the years? Dozens and yet, BTC s still around.

[Blue_Tiger73]

There are a lot of speculations about what is going to happen to Bitcoin. This is just Jamie Dimon's own opinion on what is going to happen. I think that Bitcoin will continue to rise as the demand for it is increasing.

[eternalgloom]

I dunno, seeing how the EU just updated their stance on Bitcoin, I think we're well on our way to seeing Bitcoin become mainstream.

[blackmachinegun]

Too confident to says like that. I know he is dumb enough speaking loud like that.

[cjmoles]

Well, Jamie Dimon talks bad about Bitcoin but spends tons of money on research into the technology that drives Bitcoin, the block chain ledger.  So, he doesn't think Bitcoin will be accepted by governments but he does believe that banks will use the technology behind it.  Hmmm.  Sounds self serving to me.

[erikalui]

Liberty reserve was meant to be a money laundering scheme and hence was different.
The most important fact is the the US government has auctioned bitcoins seized from silk road. This gives Bitcoin implied legality. Plus with Bitlicences being in place, the question of Bitcoin's legal status doesn't arise.

It doesn't make bitcoins legal if they have been auctioned and bitcoins too have been associated with gambling, drugs, terrorist activities as nobody does have a license to trade in bitcoins with it being not necessary. There have been many exchange websites that have shut down as well so that's why I feel that bitcoins may not last long.

[yanka50]

This is a lot of bull, bitcoin will never die. As long as people use it and need it will never die.

[Raimonn]

When euro started as a coin in european countries, some people said the same, it will not survive. All the coins have people that are negative because they want to buy at lower prices.

[Denker]

who cares about what he said, nothing impossible in this world , he just one man compared to more than 100k bitcoin users

We should care. Never underestimate these type of guys. They might pull one or two aces out of their sleeves. And if not they might react like "If I go down, I will take all of you with me".
These control and power addicted people are crazy and damn dangerous!
Fight them yes I agree! But we have to make it smart without underestimating and laughing about them!Otherwise we are not better than they are!

[cohnhead]

Jamie Dimon has to say those things. He is a relic, a throwback to another time. Giant independent systems, not trusting each other, wasting resources and costing millions if not billions a year in upkeep. He knows the promise of a distributed ledger, the only problem is he thinks he can accomplish it as a closed system among other "select"  financial institutions without a token as a reward for maintaining the system. Intranet vs internet. He and his successors will waste millions in shareholder wealth trying to recreate the wheel.

[chek2fire]

Bitcoin is technology and Dimon is a human.... Who will not survive?

[BlackBaron]

As long there is an internet bitcoin will survives. Internet is design to survive a nuclear war. Jamie Dimon has more probability to die earlier than bitcoin if it does.

[aso118]

Bitcoin is technology and Dimon is a human.... Who will not survive?

If Bitcoin does not succeed in Dimon's lifetime, it is probably a failure.

[Amph]

This is a lot of bull, bitcoin will never die. As long as people use it and need it will never die.

agree, and i known that i'll use it forever, even if i'm only the one left on the network, so because of this, bitcoin will live at least my entire life

i'll try to convince upon death, someone else to do the same

[S4VV4S]

Bitcoin is technology and Dimon is a human.... Who will not survive?

Unfortunately, technology is created and used by humans.
So it depends on humans if it will survive or not.
But so far it's doing pretty well I might say.

[Omegasun]

Bitcoin will survive, or it will survive in a different form in the future. It has very big user community.

[cohnhead]

Bitcoin is technology and Dimon is a human.... Who will not survive?

If Bitcoin does not succeed in Dimon's lifetime, it is probably a failure.

How would one measure success. If bitcoin stayed as it is, with its current market cap and current user base, I think it still is and will be considered a giant success...I don't think Satoshi Nakamoto expected it to reach the levels its already attained

As far as lasting longer than Mr Dimon....thats a bet i'd eagerly make.

Average life expectancy of a 59 year old male in USA is about 82 years. That gives Jamie only 23 more years.