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

[mayax]

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.

what american will send bank wire to China in order to buy BTC or to receive wires? the americans are used to send local bank wires.

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[chennan]

no it will not because hopefully "government" is not a singleentity, 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...

This is a good point, it seems that the government doesn't really understand that you can't really "shut down" bitcoin; that's just like saying you can "shut down" just a part of the internet, which obviously wouldn't work.

I remember my uncle who was a broker for Morgan said the same thing... and I think we all know that major governments would give it the old college try, especially if the USD, Euro, Yen, etc. becomes worthless paper (which is already basically is) and they are trying to "correct" the mess (maybe with some other weird inflation tactic which essentially kicks the can down the road).

The thing we all have to remember, is that the Central Banks are a small group of very wealthy and powerful people that has every nations army at their side (pretty much).  So to say that they won't do something to try to keep the power is an understatement to the max.

[Preclus]

There isn't a banker in the world that cares about bitcoin. They care as much about it as they care about the value of the Western Africa CFA franc.

[fuathan]

There isn't a banker in the world that cares about bitcoin. They care as much about it as they care about the value of the Western Africa CFA franc.

Most of the bankers don't care because they don't understand the dynamics of BTC. Most of them are just "economists" not geeks. They can't imagine how BTC would be useful for the world.

[jonald_fyookball]

There isn't a banker in the world that cares about bitcoin. They care as much about it as they care about the value of the Western Africa CFA franc.

I would generally agree...but...

Obviously Jamie Dimon cares.  He won't shut up about it.  
What's this, his like 5th or 6th time in the press talking
about it?

MOST bankers don't care or get it.  Dimon is sharp
as a tack, he got to where he is for a reason and
he knows long term what Bitcoin COULD be...and
apparently doesn't like it.  I think it threatens his worldview,
even if he won't be around long enough to see it
displace any of his business.

[vinaha]

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.c[Suspicious link removed]m/2016/01/20/pro-uncut-the-full-interview-with-jamie-dimon.html

~~

What do you think guys? Will governments stop Bitcoin?

Dimon needs to do himself a favor and stop making a fool of himself.

[btcxyzzz]

What do you think guys? Will governments stop Bitcoin?

Most they can do is to make it underground, but I wouldn't say that necessarily means price will drop because, remember, technically Bitcoin may be the the asset with best properties of all assets out there...

[Jet Cash]

Interesting replies here. It's because of the US banking policy, that Bitcoin was invented. It is just another thing contributing to the demise of the dollar. If the US tries to shut down Bitcoin, then it will just strengthen it. A far bigger risk is if Jamie Dimon invents a Bitcoin based scammy derivative scheme, he'll be promoting it like mad then.

The US refused to let China into the IMF, and China got fed up, and created an Asiam equivalent.
The US imposed sanctions on Russia, and they were forced to trade oil in dollars. They have now reached a number of agreements with China and others, and there is an oil quote based on Rubles now
China is a massive buyer of physical gold, the US deals in paper gold. What will happen to the dollar if China ask for delivery of some of this paper gold? You can bet that a gold based Renminbi will replace the dollar as a reserve currency.

[ROT13]

As long as it can be exchanged for cash or goods somewhere it will work. 

For example lets assume it is banned in the US but remains legal everywhere else.  You'd simply see people sending it to someone in Europe who would pay them in usd through paypal or some such.  Sure, maybe paypal will crack down on it but as weve seen with every other form of money laundering or fraud, where there is money to be made people will find a way.  Moreover, with something as anonymous and easy to send as bitcoin (compared to say drugs, illegal physical items or fraudulently obtained bank or creditcard funds) it would be exceptionally difficult for someone like paypal and law enforcement to to detect and crack down on the practice.

For a ban to work you'd need to make it illegal almost everywhere immediately.  Otherwise you'll just have people operating a system such as the one above, which would dramatically -increase- the price due to the lack of supply caused by the closing of US exchanges and the ability of bag holders to name their price. 

[mayax]

As long as it can be exchanged for cash or goods somewhere it will work.  

For example lets assume it is banned in the US but remains legal everywhere else.  You'd simply see people sending it to someone in Europe who would pay them in usd through paypal or some such.  Sure, maybe paypal will crack down on it but as weve seen with every other form of money laundering or fraud, where there is money to be made people will find a way.  Moreover, with something as anonymous and easy to send as bitcoin (compared to say drugs, illegal physical items or fraudulently obtained bank or creditcard funds) it would be exceptionally difficult for someone like paypal and law enforcement to to detect and crack down on the practice.

For a ban to work you'd need to make it illegal almost everywhere immediately.  Otherwise you'll just have people operating a system such as the one above, which would dramatically -increase- the price due to the lack of supply caused by the closing of US exchanges and the ability of bag holders to name their price.  

many people like you does not understand a simple fact.
The Govs do not need to ban Bitcoin. The exchangers can be put in jail in the most of their own countries because they do not have financial license. You need a financial license to operate e-currency in all the countries( US, Europe, Asia, Australia as well). Most of the exchangers are out of law.

How many of them have a financial license? Maybe 3-4. So, if a GOV wants to "shut down" Bitcoin, they have to raid the exchangers and...done.

It's funny how the BTC media is trying to buzz about Bitcoin and exchangers but they don't say:

"OKcoin does not have financial license" or "Kraken is operating illegally in USA" or "how are BTC China/Lake BTC operating in China when the chinesse gov banned all the financial institutions to deal with exchangers?" or "Bitstamp is without financial license but they do operate in EU and USA..

It's well known that USA requires license if you want to deal with US citizens even the company is not based in USA.
We hear about a lot of money invested in these firms but we do not hear about REAL compliance which means financial license.

These are simple questions but the BTC media ignores them. Why?

[notbatman]

WHALE @ 4 O`CLOCK (PST)!

[watashi-kokoto]

These are simple questions but the BTC media ignores them. Why?

What about this:

The Governments have NO RIGHT, let me repeat: NO RIGHT, to interfere with Bitcoin.

[jonald_fyookball]

These are simple questions but the BTC media ignores them. Why?

What about this:

The Governments have NO RIGHT, let me repeat: NO RIGHT, to interfere with Bitcoin.

ha!  When did 'rights' ever stop Governments?

[watashi-kokoto]

Just like they closed Guantanamo !!!!!

All powerful governments are a joke.

[MF Doom]

Just like they closed Guantanamo !!!!!

All powerful governments are a joke.

except the jokes on us... both parties repeat the same "promises", deliver nothing, and constantly shift the blame to a new "problem"

[RodeoX]

Stop me? lol, silly government. 

[Kprawn]

It just shows you how arrogant these people has become. I wonder if Jamie has ever thought who the governments represents? Answer : The People. Once the "Dinosaurs" of

the financial world seize to exist, Crypto currencies will replace them. He thinks the old saying, "Money is Power" is going to save them. He cannot be further from the truth.

The people has already spoken, and they not asking for private "permissioned" Blockchains or the status quo. They are asking for more transparent governments and financial

freedom.

[thejaytiesto]

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........

It could be blocked, if the nodes end up as centralized as mining. They could send the military into the mining facilities now, but we still have the nodes across the world, but imagine if nodes were in big buildings too! That's why it's insane to raise block size unless it's the only, only, only solution.

[doublemore]

What do you think guys? Will governments stop Bitcoin?

They could stop it but in order to stop it they would have to set up such insane rules that they'd cause a revolution in the process anyway.  After a revolution a new government would form to actually serve the people since it would likely be built on blockchain technology - like how we see the UK already looking into this possibility.

[isvicre]

I met this hilarious guy now and he's right! His government can stop Bitcoin! Just like they stop all other bad things in earth.
If they start to scare about you, now it's time. It's Bitcoin's time to shine baby!