JP Morgan CEO Jamie Dimon Hints "If Bitcoin Gets Big, Governments will Stop it!"

[MicroGuy]

Jamie Dimon, CEO of JP Morgan discussing Bitcoin on CNBC in Davos. Jamie says during the interview that bitcoin the currency is going nowhere, that there's nothing behind it, and suggests that if it gets big - the government will stop it.



https://www.youtube.com/watch?v=hb3AWedkdwo

The full uncut interview can be viewed here: http://www.cnbc.com/2016/01/20/pro-uncut-the-full-interview-with-jamie-dimon.html

~~

What do you think guys? Will governments stop Bitcoin?

[Quantus]

I don't think "blockchain technology" or whatever you want to call it can work without something like Bitcoin at its core insuring security.
The people behind these Gigabloat coin forks are starting to understand that they need Bitcoin so they're trying to morph Bitcoin into something they think can one day be used to secure their own network services But what they don't understand is such actions would drive bitcoin into the ground.

[Amph]

no it will not because hopefully "government" is not a single entity, so if the usa gov want to stop it that's fine, they will only stop it there, in euro it keep going and in many other country also

also you can not really expect to stop something that can be easily used on any computer...

[Quantus]

That's why we need to keep Bitcoin lean and mean.

Who knows maybe one day we'll end up weaponizing Bitcoin clients so they work like a DDos botnet so it can defend itself. lol

[AgentofCoin]

...and suggests that if it gets big - the government will stop it.
...
What do you think guys? Will governments stop Bitcoin?

The point is, when it gets that "big", the government can no longer stop it.
We have to worry about attempts to stop it now, not when there are tens of millions of users.
This guy doesn't understand the fundamentals of Bitcoin/bitcoin.

[NorrisK]

This type of messages just shows how afraid the big guys are getting. Them falling back on the government also shows that they have no understanding of the potential of bitcoin and how it works to begin with.

It will be fun to see them become obsolete in the coming years, they never knew what hit them when they come crying at the governments doors.

[bassride2]

Bitcoin being talked about by banks (in good or bad light) is a sure sign of it's increasing success!

"Governments like to control currency, know where it goes to and control it for monetary purposes".

The only way governments can and are controlling Bitcoin is by overseeing the gateway to entering the system,
i.e. exchanges that buy and sell BTC for Fiat currency. Whether this is a good or bad depends on many things including how liberatarian your views are.

"There's nothing behind a Bitcoin .... The Blockchain is a technology, and yes it's real"

This goes along with this current trend of banks trying to separate the perceived negative connotations of "Bitcoin" with the highly innovative
technology of the "BlockChain".  So here's the deal: You can't (of course!) have one without the other.  It's like saying we don't like
the idea of cars, but engines are great.  It's the vision and value of the car (or truck or motorbike....) that drove the invention of the engine.

The Bitcoin (or any Altcoin) needs to possess value as an incentive for miners to validate and mine blocks, securing the blockchain
and any other 'applications' such as secure contracts.

Jamie Dimon is showing a lack of understanding here.

[thejaytiesto]

And we still have idiots wanting to raise the block size so pigs like this can start controlling Bitcoin and stopping it full stop if they wanted to. This is why don't you support crap like XT and Classic, learn the lesson now or tomorrow will be to late...

[calkob]

do these idiots not understand that bitcoin cant be blocked, yeah you might ban it in your country but you cannot stop it.  Anyone with a computer and an internet connection can run a node and if the big mining farms where shut down they could mine it also, these people never surprise me in there arrogance........

[smoothie]

Good luck is all I have to say...

These people don't know what they are talking about.

[DeathAngel]

What a buffoon, you can't stop a decentralized system. 

[jonald_fyookball]

And we still have idiots wanting to raise the block size so pigs like this can start controlling Bitcoin and stopping it full stop if they wanted to. This is why don't you support crap like XT and Classic, learn the lesson now or tomorrow will be to late...

You are not representing your side of the debate very well.

First of all, people like Gavin Andressen and Mike Hearn are not "idiots".  
They are very smart computer scientists, (as are Adam Back and Greg Maxwell.)

Secondly, the motivation to raise the blocksize limit is so that Bitcoin can scale.

Third of all, find me one person who is an "XT supporter".

Fourth, if you think bigger blocks will hurt bitcoin, why don't you make
an intelligent argument as to why?  Hint:  All the arguments have been
made already.

[Meuh6879]

Will governments stop Bitcoin?

[mayax]

What a buffoon, you can't stop a decentralized system.  

yes, they can "stop" it very easy... The FEDs will put in jail all the US exchangers without financial license. They already did that with few. How many US exchangers have license? 2-3? Most of them are illegal.
this will be the end of BTC. Also, they can ban foreign exchangers to use USD. All the correspondent banks for USD are from USA. It's so simple.

Bitcoin without exchangers = like dead

[Yakamoto]

What a buffoon, you can't stop a decentralized system.  

yes, they can "stop" it very easy... The FEDs will put in jail all the US exchangers without financial license.How many of them  have license? 2-3?
this will be the end of BTC. Also, they can ban foreign exchangers to use USD. All the correspondent banks for USD are from USA. It's so simple.

Bitcoin without exchangers = like dead

It might lose more of its monetary value, but it can still be utilized among circles that are willing to trade it for one good or another. Heck, even on the dark web you'll still be able to exchange it. It just comes down to how much people will value anonymity instead of convenience.

[Asulect]

do these idiots not understand that bitcoin cant be blocked, yeah you might ban it in your country but you cannot stop it.  Anyone with a computer and an internet connection can run a node and if the big mining farms where shut down they could mine it also, these people never surprise me in there arrogance........

Your keyword is "Internet" in which, some governments have control of.  One single country in the east with its Great firewall can easily cause chaos in bitcoins.  Another country in the west have total control of the "backbone" of the Internet can also cause chaos if it choose to.

[mayax]

What a buffoon, you can't stop a decentralized system.  

yes, they can "stop" it very easy... The FEDs will put in jail all the US exchangers without financial license.How many of them  have license? 2-3?
this will be the end of BTC. Also, they can ban foreign exchangers to use USD. All the correspondent banks for USD are from USA. It's so simple.

Bitcoin without exchangers = like dead

It might lose more of its monetary value, but it can still be utilized among circles that are willing to trade it for one good or another. Heck, even on the dark web you'll still be able to exchange it. It just comes down to how much people will value anonymity instead of convenience.

Yes, the dark market will continue to use it but the normal people NOT. US gov does not have to ban Bitcoin, they just need to apply the law and the law is simple. "Are you an e-currency exchanger, trading company, etc? You need a financial license to operate. Don't you have one? You will go to jail". It's that easy. It happened with some exchangers(make a search) in the near past.

[saturn643]

do these idiots not understand that bitcoin cant be blocked, yeah you might ban it in your country but you cannot stop it.  Anyone with a computer and an internet connection can run a node and if the big mining farms where shut down they could mine it also, these people never surprise me in there arrogance........

Your keyword is "Internet" in which, some governments have control of.  One single country in the east with its Great firewall can easily cause chaos in bitcoins.  Another country in the west have total control of the "backbone" of the Internet can also cause chaos if it choose to.

The internet in itself is decentralized. The backbone of the internet is not located in one country, but multiple countries. And pulling the plug on the internet a) doesn't work and b) would be absolutely catastrophic to other stuff that the governments do care about. The internet cannot be shutdown, and with anonymizers like Tor, censorship and blocking can be easily circumvented.

Furthermore, we can also develop a bitcoin network through radio and not rely on current internet infrastructure. Instead we could create a global peer-to-peer radio network solely for bitcoin. There are people who are trying to create such a network

[smaxz]

do these idiots not understand that bitcoin cant be blocked, yeah you might ban it in your country but you cannot stop it.  Anyone with a computer and an internet connection can run a node and if the big mining farms where shut down they could mine it also, these people never surprise me in there arrogance........

Your keyword is "Internet" in which, some governments have control of.  One single country in the east with its Great firewall can easily cause chaos in bitcoins.  Another country in the west have total control of the "backbone" of the Internet can also cause chaos if it choose to.

The internet in itself is decentralized. The backbone of the internet is not located in one country, but multiple countries. And pulling the plug on the internet a) doesn't work and b) would be absolutely catastrophic to other stuff that the governments do care about. The internet cannot be shutdown, and with anonymizers like Tor, censorship and blocking can be easily circumvented.

Furthermore, we can also develop a bitcoin network through radio and not rely on current internet infrastructure. Instead we could create a global peer-to-peer radio network solely for bitcoin. There are people who are trying to create such a network

shhh, maybe nobody has let them in on the hoax yet.

https://www.youtube.com/watch?v=iDbyYGrswtg

[fuathan]

But which government?

Assuming that China's hash power and possession style of btc I am not sure that if US tries to stop it, it stops. It would like marihuana or something like that.

By the way, Bitcoin getting serious by companies. Purchasing chain completed with debit cards and ATM. You can easily spend btc without using US dollar now.

The government may want to regulate it in the future maybe... They want to know the transactions and real names.