[09-27]'Wolf of Wall Street' Jordan Belfort: Jamie Dimon is Right About Bitcoin

[aysha9872]

JP Morgan CEO Jamie Dimon got support from an unlikely source today – Jordan Belfort, better known as the "Wolf of Wall Street."

Speaking with TheStreet, Belfort said that he believes Dimon is right about his assertion that bitcoin is fraud, telling the news outlet: "I don't think it's a great model."

That said, Belfort – who plead guilty to stock fraud and money laundering in 1999 and went on to write a book called "The Wolf of Wall Street" (later made into a film) – doesn't think cryptocurrencies won't exist in some form or another necessarily.

"I'm not saying cryptocurrencies, there won't be one – there will be one – but there has to be some backing by some central governments out there," he told the publication.

He added:

"Sooner or later, a central bank or a consortium is going to issue their own cryptocurrency and that's what will take hold."

His criticisms later shifted to the cybersecurity risks around holding bitcoin, as well as the fact that the code underlying the cryptocurrency, rather than any central authority or institution, controls the issuance of new coins in the system.

"I'm not saying you should or shouldn't buy bitcoin,

but [what] I'm saying is I personally, myself, would be very, very careful about investing a lot of money in something that could vanish very quickly," he concluded.

https://www.coindesk.com/wolf-wall-street-jordan-belfort-jamie-dimon-right-bitcoin/

[vit05]

that could vanish very quickly

For big rewards, you need to accept big risks.

 I do not believe that the price is correct right now. I think there is a lot of whale playing with the market using p2p. But the blockchain is something revolutionary. The idea of decentralizing, smart contracts, the trust in the code. We do not need Central Authority to something like this work.

[Siren]

that could vanish very quickly

For big rewards, you need to accept big risks.

 I do not believe that the price is correct right now. I think there is a lot of whale playing with the market using p2p. But the blockchain is something revolutionary. The idea of decentralizing, smart contracts, the trust in the code. We do not need Central Authority to something like this work.

But other are risk takers and accepting it. Just sad to see Jordan Belfort, better known as the "Wolf of Wall Street." is talking about risk here. Its ironic. And I agree that we don't need any central banking. We have been applying for an ETF, but the government rules against it. We have been making our moved to somewhat became a 'legal' entity but they wouldn't approved it. So I guess its really better to be like this, no central authority, anyone is his own bank. Risk is what we like about it. And I think he of all people should know what risk is all about.

[bitcoinnewsindo]

basically "jamie dimon" simply exploits the market with such statements
you can imagine them saying bitcoin is a fraud but they become sponsors and home base meeting blockchain when they say it
it's just a whale game called "Jamie Dimon" who wants to buy bitcoin for a bargain and sell it when the price is high

[Wekkel]

His statements are different than Dimon's: much more nuanced.

[d5000]

"I'm not saying cryptocurrencies, there won't be one – there will be one – but there has to be some backing by some central governments out there," he told the publication.
[...]
His criticisms later shifted to the cybersecurity risks around holding bitcoin, as well as the fact that the code underlying the cryptocurrency, rather than any central authority or institution, controls the issuance of new coins in the system.

He's from a generation that believed (and still believe) in centralism and made their money with centrally-administered assets (like stocks).

It's maybe a bold statement, but I believe that everything what he says that must be done by a "central bank"/"government" (or another central authority) could also be done in a decentralized way by "the users" themselves. In other threads I have already mentioned some possibilities: back Bitcoin by goods and services from its (merchant) ecosystem, collectively/decentrally outperform the whales' market manipulation, or even to use backing mechanism using a smart property decentralized market.

Regarding currency issuance/supply control, I'm investigating systems that involve the "burning" of coins.