"Bitcoin Will Not Survive", says Jamie Dimon

[victoryboy]

Bitcoin has survived and reached to some level where it can face anything now.I feel sorry for him as he is much late for this kind of statement.It could be believed if was released two years ago.Bitcoin is to live long and change the financial system.

[knowhow]

Those people believe and fiat that has already proven that hasnt the requirements to rule a country,its amazing how people forget the financial problems that those governments leads the people into.Some years ago goverments of Brazil had frozen the savings from all people,those were the worst step taked by them and they had steal people money to pay for something they should do with the fee we pay ,but well,now Greece faced the fiat power,restricting people to use their savings and their money,those would make the banks fail,because the money isnt at there,if all request withdraw the banks will fail,they have no funds to pay all their costumers at once.

[marcus_of_augustus]

... methinks thou doth protest too much, who will not survive? Projecting much bankster?

[mezzomix]

"Jamie Dimon Will Not Survive", says the bitcoin community. 

[phys-]

Well, this was pretty embarrassing to watch. I guess they still haven't learned the lesson: You cannot stop a p2p decentralized open source network. Then again, im making a big assumption by thinking they know what any of that means.

>You cannot stop a p2p decentralized open source network

Pass a new law: said p2p decentralized open source network is now illegal.
Network stopped in 1 day.

You seem to underestimate the power of the governements.
Very few people are ready to go to jail in order to keep using the bitcoin.

I'm not saying that this a likely scenario of course.

[tokeweed]

People at high places want ordinary people to remain ignorant.

[tokeweed]

Well, this was pretty embarrassing to watch. I guess they still haven't learned the lesson: You cannot stop a p2p decentralized open source network. Then again, im making a big assumption by thinking they know what any of that means.

>You cannot stop a p2p decentralized open source network

Pass a new law: said p2p decentralized open source network is now illegal.
Network stopped in 1 day.

You seem to underestimate the power of the governements.
Very few people are ready to go to jail in order to keep using the bitcoin.

I'm not saying that this a likely scenario of course.

How can a government make decentralized p2p networks illegal?  

[YuginKadoya]

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

[~Bitcoin~]

Nobody knows about future but i am also feeling doubtfull about bitcoin being accepted as currency for daily use by normal users due to ongoing price fluctuations. Bitcoin has to be distributed all over the world or it shouldn't not be with only some guys in large amount. It's price is being controlled by guys with lots of bitcoin right now which is completely bad for future of bitcoin.

[SerenaL]

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.

[MF Doom]

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.

[Dalkore]

No surprise he thinks this but it is wishful thinking.  The concept of a decentralized P2P currency protected by cryptography and a shared ledger is here to stay.  If Bitcoin fails, Bitcoin 2 will not be far behind.  This technology is too valuable to ignore.

[Timeline]

It's possible that Bitcoin won't survive but blockchain technology will survive I am 100% certain of it.

[mixan]

The technology behind many great innovations have long survived what the end product of what it was created for. This has been proven time and time again in the past.
The adoption of bitcoin is essential for it's survival but it has took to long and some stores are outright turning away from it as a method of payment, like newegg.

[tom555]

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/

i think this is not a good news,but i corious with this person,who is JP Morgan,and what is Jamie Dimon?is they are a good company?
and about bitcoin will not survive,lets see many articles who have fact that bitcoin will survive atleast 10 years again,and i hope you dont ask me what the reason,because many thing proof that. this is a good 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" i agree with that,that why i said bitcoin will survive 

[LiteCoinGuy]

"Jamie Dimon Will Not Survive", says the bitcoin community. 

LiteCoinGuy said that first 

[zsmith]

Well, this was pretty embarrassing to watch. I guess they still haven't learned the lesson: You cannot stop a p2p decentralized open source network. Then again, im making a big assumption by thinking they know what any of that means.

>You cannot stop a p2p decentralized open source network

Pass a new law: said p2p decentralized open source network is now illegal.
Network stopped in 1 day.

You seem to underestimate the power of the governements.
Very few people are ready to go to jail in order to keep using the bitcoin.

I'm not saying that this a likely scenario of course.

Just because a law is passed saying something is illegal doesn't mean the network will stop. If only we could pass a law making drugs illegal, the drug markets would shut down overnight.  If only we could pass a law making tax evasion illegal, then the millions of people working under the table for cash would open up bank accounts and reenter the taxed economy overnight.  If only we passed a law saying p2p decentralized open source bittorrent networks are now illegal, then digital piracy would stop overnight.

In case you can't tell, I'm being sarcastic to illustrate the absurdity of your conjecture.  You are overestimating the power and ability of governments.  The main way the government has to enforce laws is voluntary compliance by the general public and ridiculous laws don't get compliance from the general public and thus is too expensive and difficult to enforce.  Laws against things like rape, theft and murder work because in general people agree with them and voluntarily comply, so enforcement is just on a small percentage of outlaws, not against the general public. 

In the incredibly ignorant event that some government makes bitcoin illegal, they are destroying their own power to regulate and/or profit from it it. Since governments thrive on power, wealth and control--exercising power and control over bitcoin to extract wealth is their likely strategy over simply making it illegal.  Regulating and taxing bitcoin makes the government richer and thus more powerful as well as give them an additional domain to exercise bureaucratic control in, killing bitcoin makes the government poorer and thus decreasing their power and depriving them of domain for them to exercise their bureaucratic control in.  If you want to predict the future behavior of governments, just imagine what action would give the government bureaucrats the most power, control and wealth and this is the action they will take.  Making bitcoin illegal doesn't increase the power or wealth of the bureaucracy as much as regulating it does.

Also such a bitcoin illegality scheme would have to be worldwide to kill bitcoin and there are countries in the world where the legal regime is such that this would be unconstitutional.  For example, in the USA, we have constitutional protections on freedom of speech, and it can be argued that bitcoin is speech.  If I send you one of my bitcoins, what I am sending you is nothing but a string of numbers, which can be verbally told to you or written down on a piece of paper. Even transmitted over the bitcoin network communication it does not lose constitutional protection as "speech" simply because it is expressed in the language of computers, just like if I reply to you in French it is just as protected as if I reply to you in English.  So making bitcoin illegal outright would violate my constitutionally protected rights of freedom of speech and freedom of association (with other bitcoin network users).   As long as there is at least one country in the world that still recognizes freedom of speech, bitcoin will still exist there.

[ArticMine]

...

I agree with zsmith; however I also believe that there is a very good chance that "Bitcoin Will Not Survive". The reason for my belief is that Bitcoin is being prevented from scaling. Can someone please explain to me how one can handle the daily transaction volume of JP Morgan Chase & Co on the Bitcoin blockchain with a 1 MB blocksize limit?

In short Jamie Dimon may very well be correct but for an entirely different reason than the one he gives in the article.

[Mickeyb]

So a bankster shares his opinion about a very innovative technology that has been made to compete with his banks. I must say that I am very surprised that his opinion is this negative.

Every great invention in the history of mankind was dismissed before it got accepted so nothing to worry about here. It will be the same with Bitcoin.

[erikalui]

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.