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

[pereira4]

This guy has been living the dream for so many years that he is out of touch with reality. He thinks he can stop anything, because he has so many millions on his bank account. They will fail to kill Bitcoin, just like they failed to kill BitTorrent, otherwise why do you think BitTorrent exists? It's not because they are nice, it's because they can't do shit about it.

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[Duomo]

Isn't this the same guy who thought bitcoin was going to fail? I am not worried one bit , Big banks, Corporations, Governments of foreign states have to realize that decentralization and open-sourced is the way to go whether they like it or not.

[oblomov]

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.

There is little chance of a country returning to the gold standard, short of a political and economic upheaval that isn't even on the horizon.

Being able to electronically create credit at will is the basis of the global economic system.  

I am not surprised at Dimon being dismissive of BTC.  It isn't big enough yet to even merit his attention.

At 10x present market cap, he would pay attention.  If it became a significant threat, he would be leading the charge for regulation or an outright ban.

Why do you think NY state requires Bitlicenses?  The banks have to buy money dealing licenses to trade Euro or Ringitt for dollars, so they argue:  why shouldn't someone have to buy a similar license to trade BTC?

I do think BTC will evade the grasp of the authoritarians and regulators, but there will be significant challenges if/when BTC/USD increases significantly in value.



 

[jyakulis]

I love his reasoning. Governments like to have control of their money supply. Since when has the government had any say in what the Fed does. The guy is either dumb or playing dumb. 

[watashi-kokoto]

What about this: If Governments get too big, we will stop them!

[chennan]

...
[long post jerking off Obama]
...

So I'm not going to sit here and try and refute every part of what you just said by copy and pasting quotes all day long.  But here's the thing man.  Barack, in no way shape or form, has anything to do with what is being discussed.  But, for shits and gigs, let's just go with it for now.

“In the coming years, we will offer every student the hands-on computer science and math classes that make them job ready on day 1”

Americans embrace math and science, especially computer science because they learned from studying history that jobs are found in new technologies not in old ones.  Other countries that do not embrace new technologies do so because they don't like having jobs, not because they are ignorant of history.  Other countries criminalize computer science jobs simply because the people there don’t want tech jobmoney.  Pure and simple.

But it is OK to have the same human history, but have a different ideology about it at the same time, and Americans should not hate them simply for having different opinions.  Instead, Americans should thank them for allowing Americans to have all the new computer science jobs because Americans like to make jobmoney by working at a job instead of going to jail for the things they like to do like complaining on Facebook, and playing video games for crypto prizes. 

I'm sorry man.. but what in the actual fuck are you talking about? I live in the US, and I can honestly say that there is no academic renaissance going on here.  I work in the technology field and I consider my self to be a very very small percentage of the work field.  Americans have been struggling in academics for a while now and are pretty low in education. 

I would guess and say that by now, probably over 40% of the jobs in the US are restaurant/service jobs just by them self.  Most people aren't white collar workers, rather, they are blue collar workers who are living pay check to pay check.

In fact... they can't even afford $500 readily, in case an emergency happens

Other countries who like to criminalize math jobs simply do not.  This is just a historical fact, that’s all.  But it’s not like the humans in those other countries who criminalize math don’t like to eat.  On the contrary, they love like to eat, however, they just prefer to eat different things like cardboard and gutteroil. 

Oh wow, rlly? ..

See, now, you are learning tolerance. Yay!

Hardly, I'm afraid...

[doublemore]

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!

Let bitcoin be the fall guy imo. Considering anyone can create a crypto currency these days more or less means we'd have another one spring up the next day.  Just like silk road and the other silk road copies. Then you get something even more robust like Open Bazaar.  Its an ongoing battle with humans trying to control chaos which is impossible.

[MF Doom]

I'm sorry man.. but what in the actual fuck are you talking about? I live in the US, and I can honestly say that there is no academic renaissance going on here.  I work in the technology field and I consider my self to be a very very small percentage of the work field.  Americans have been struggling in academics for a while now and are pretty low in education.  

I would guess and say that by now, probably over 40% of the jobs in the US are restaurant/service jobs just by them self.  Most people aren't white collar workers, rather, they are blue collar workers who are living pay check to pay check.

I'd have to agree 100%.  College campuses are not (at least in my experience) teeming with intellectuals, great ideas or solutions to the worlds problems.  They are teeming with spoiled, mindless sheep, who are addicted to alcohol, cell phones and being told how to think.  They are mostly completely oblivious to political issues, and go along with whatever the current "popular" opinion is on any given topic.  I also find it funny how so many college age people are so interested in politics, but only in the few months leading up to an election.

Most degree holders now probably have much less common sense and life skills than say trade workers, and end up, like you said working retail, restaurants, etc.

[MicroGuy]

~~

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!

Let bitcoin be the fall guy imo. Considering anyone can create a crypto currency these days more or less means we'd have another one spring up the next day.  Just like silk road and the other silk road copies. Then you get something even more robust like Open Bazaar.  Its an ongoing battle with humans trying to control chaos which is impossible.

You're draining money off of bitcoin with advertisements plastered all over your account (which I'm not opposed to BTW), but then you say, basically, "F' bitcoin". Where is the loyalty?

That's like a New Yorker saying, "go ahead, let em' blow up and demolish the World Trade Center. They'll just build another one back in its place that's even stronger. What's the difference, we can't control anything."

~~

[BellaBitBit]

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.

Exactly!  Which government. 

[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.  

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?

Ok, then replace "ban bitcoin" with "put exchange operators in jail for not having a financial licence".  Still the same scenario

[doublemore]

~~

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!

Let bitcoin be the fall guy imo. Considering anyone can create a crypto currency these days more or less means we'd have another one spring up the next day.  Just like silk road and the other silk road copies. Then you get something even more robust like Open Bazaar.  Its an ongoing battle with humans trying to control chaos which is impossible.

You're draining money off of bitcoin with advertisements plastered all over your account (which I'm not opposed to BTW), but then you say, basically, "F' bitcoin". Where is the loyalty?

That's like a New Yorker saying, "go ahead, let em' blow up and demolish the World Trade Center. They'll just build another one back in its place that's even stronger. What's the difference, we can't control anything."

~~

I do enough promoting bitcoin to the world to make up for any minor rewards from bitcoin.  But anyway that is not important.

The world trade centre isn't a good metaphor since you cant very easy rebuild the damage of its destruction, you for sure cant rebuild the dead humans.

If someone created a better bitcoin tomorrow we would all switch and the damage would be much smaller. Still be damaging though yes but not like death and destruction on the WTC scale.

What do you think will happen many many years in the future when we evolve beyond not needing money? money will die, and at that point anyone trying to force everyone to keep money will been seen as the same financial terrorists that the banks/gov are now by us lot. Only reason to keep money could one day be to get first dibs on resource access right? If resources become easier to access over much time the demand for the design of money itself will drop or the demand could alter.

As i see it cypto currency is an evolution tool of humanity not just new better money.  One day we evolve beyond needing crypto. Nothing has ever stood still in history of human society evolution why would our generations be the ones to make things stand still?

[n2004al]

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?

Ha ha how a big thinker. On one hand he "predict" "that bitcoin as a currency is going nowhere". Then immediately after suggest (this is the key that can be laugh everyone) - attention - attention - "if it gets big - the government will stop it". After this monumental thought everyone has the right to ask (naturally to him): If bitcoin is going nowhere how is possible to gets big? How can become big something without value? How is possible that Government have interest to fight or to have fear from something that is going nowhere? How is possible that Government have on its attention something that is going nowhere? How is possible that such kinds of "heavy weights" make such kind of career? How is possible that such kind of idiots have such access to important medias and cannot be mocked after the "pearls" heard from them? Am I crazy who make such comments or are all those who hear such beings?

[watashi-kokoto]

Who are these Governments he's speaking of? I see only the masses and a few greedy pigs.

[LiteCoinGuy]

when bitcoin is big, it is already part of the financial system and cant be banned anymore. additionally it will bring alot of improvements for society (like the internet).


@n2004al
 

[pazor_true]

...not stopping, isolating is easier...

[Erkallys]

He's wrong. Bitcoin is unstoppable. If a few countries "ban" Bitcoin, there's still the rest of the world. The countries can not even all agree on something that they all find good... Also, the only restriction that a country can do is to forbide people to officially accept it as a way of payment in their shop. It can still be done secretly, and they will never be ready to censure the Internet to ban anything that is Bitcoin-related nor search on all the computers Bitcoin wallets.

[Arcteryx]

This is true since Russia is seeing it as getting too big so they are wanting to outright ban it from their citizens from using it. They even have went as far as having their officials trying to pass a bill in government on this so you know they are serious.

[n2004al]

when bitcoin is big, it is already part of the financial system and cant be banned anymore. additionally it will bring alot of improvements for society (like the internet).


@n2004al
 

Don't need to much to understand this. But this kind of interpretation is in vain to be discussed when is talked about persons like the personage in question. Is to complicated and this kind of person don't merit such high level of interpretation. It is enough a much more simple comment (like mine) of its words (without doing any kind of interpretation but only cited these) to show how kind of people manage the big finance on today's world. I really am amazed by these words and from the mouth of what kind of person were went out. How is possible to not be hit with rotten tomatoes when go at work or walk (if walk sometimes) on the streets?

[virtualdn]

This is a real issue because they could try to stop it by blocking access or saying it's illegal to use... the Bitcoin community should think about this thing unfortunately.