Pretty Specious

[iamTom123]

In response to the hot pronouncements coming from JPMorgan Chase CEO Jamie Dimon who called Bitcoin to be a fraud that is doomed to fail, Palihapitiya has this response:

"Nobody can stop it because nobody can control it. The idea that the government can put curbs on this is actually pretty specious."

Rather than debate its status as a currency or its use for nefarious purposes, he said there should be a broader discussion about how to put it to better use.

"As far as I'm concerned, the genie is out of the bottle," he said. "Now the real question is how can we productively use it to solve some of society's issues around the financial services infrastructure."

Quoted from this site here...

There are many critics of Bitcoin who see the glass to be half empty rather than half full and this can be quite surprising since many of them are actually successful in their own fields yet they feel the need to resist the Bitcoin revolution. of course, there are critics who are well-meaning and have no ill intentions whatsoever and there are those who are playing their hidden cards at their sleeves.

 Anyway, the most important thing is that Bitcoin is here to stay and sadly (or rather fortunately) it has not bubbled yet akin to the now-popular tulip bulb mania that happened a long time ago. The long history of Bitcoin is right now unfolding before our own very eyes and 2017 will go down as one of its most contentious periods.

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[jseverson]

"As far as I'm concerned, the genie is out of the bottle," he said. "Now the real question is how can we productively use it to solve some of society's issues around the financial services infrastructure."

Oh man, this is what governments around the world and haters should understand. One thing that nobody can deny is that Bitcoin is innovation. Blockchains and cryptocurrencies are still in their infancy in the grand scheme of things, and rather than stifling their growth, they should be supporting it. People are freaking out because a new way to do things is emerging and they just have to insist that their old way of doing things is better. We can't move forward as a society this way. If you can't embrace change, then at least let it be. They just might be the change we need for the future. They're not going to stick if they turn out to be duds anyway.

[piloder]

Bitcoin is based on blockchain technology.

Blockchain technology can be used in many fields apart from financial systems which government might adopt in near future.

Bitcoin on the other side was developed to give people a financial freedom which no any government or bank want to have. They are against bitcoin only because they can't print more bitcoin and can't control bitcoin like they control fiats. Also government will loss so much in taxes with bitcoin transactions so they just claim that bitcoin is only being used for criminal proposes. LOL

[Getmon]

I agree that nobody can stop it because no one controls it. But that is the situation a long time ago. Right now, whales can have a very big say as to the direction of bitcoin's value every now and then. A community of whales can actually manipulate and tweak the prices because of their huge amount of holdings.

[crismass1225]

The genie is really out on the bottle since 2010, thats the government and other sector didnt notice. They were debating about the fraud and scam but they dont see that the bottle is half full and how they can use it to solve the problem and issues in the financial economy where bitcoin is all around them revolving in their citizens. How that there are government official that have a brave heart to put it on the senate and propose to study how can they use cryptocurrency for good and for being anti on it.

[Kakmakr]

The internet received the same resistance in the early days. People only saw the "Dark" uses and the criminal activities and looked past the innovation it enabled. As time went by they found ways to regulate it and things calmed down. Innovation were given wings to fly and today we see more positive/legal applications for the internet, than negative things.

You cannot change people and you cannot stop Bitcoin, if you think you can, you are living in denial or you are on some power trip or hallucinating drugs. ^hmmmmm^

[squatz1]

Well the reason I think that a lot of people are critics on the subject on Bitcoin is that they want to see it fail, and for good reason. They have no reason to want Bitcoin to excel, they're the banks for god sake. There is no reason for them to want something other than the USD (and other fiats) to be doing wonderfully. They have full range and control over the USD by the Federal Reserve power they're given, they're going to try to belittle Bitcoin and say it's X,Y,Z.

All of these people have alternative motives, they're not just talking to talk. These people only open their mouths publicly when they think they can convince somebody, and sadly they probably did make some of their employees, or horribly educated TV watchers.

[Juggy777]

In response to the hot pronouncements coming from JPMorgan Chase CEO Jamie Dimon who called Bitcoin to be a fraud that is doomed to fail, Palihapitiya has this response:

"Nobody can stop it because nobody can control it. The idea that the government can put curbs on this is actually pretty specious."

Rather than debate its status as a currency or its use for nefarious purposes, he said there should be a broader discussion about how to put it to better use.

"As far as I'm concerned, the genie is out of the bottle," he said. "Now the real question is how can we productively use it to solve some of society's issues around the financial services infrastructure."

Quoted from this site here...

There are many critics of Bitcoin who see the glass to be half empty rather than half full and this can be quite surprising since many of them are actually successful in their own fields yet they feel the need to resist the Bitcoin revolution. of course, there are critics who are well-meaning and have no ill intentions whatsoever and there are those who are playing their hidden cards at their sleeves.

 Anyway, the most important thing is that Bitcoin is here to stay and sadly (or rather fortunately) it has not bubbled yet akin to the now-popular tulip bulb mania that happened a long time ago. The long history of Bitcoin is right now unfolding before our own very eyes and 2017 will go down as one of its most contentious periods.

Look that ceo of whatever company has no work thanks to Bitcoin, his business is down and he can't do anything about it, so it's but natural he shall vent, Bitcoin is the best thing that has happened to humanity and centralized bankers were always going to be jealous and that's obvious, but they won't be able to stop the Bitcoin juggernaut. Now the IMF is also in favor of Bitcoins. This time we are unstoppable.

[TheGodson]

The internet received the same resistance in the early days. People only saw the "Dark" uses and the criminal activities and looked past the innovation it enabled. As time went by they found ways to regulate it and things calmed down. Innovation were given wings to fly and today we see more positive/legal applications for the internet, than negative things.

You cannot change people and you cannot stop Bitcoin, if you think you can, you are living in denial or you are on some power trip or hallucinating drugs. ^hmmmmm^

However, all this hype for bitcoin could just be like another dotcom bubble. Also, governments can stop bitcoin for majority of people.

[ekoice]

Definitely,the genie bitcoin is out of the bottle and it has started to show its potential.People who wanted to put it once again inside the bottle like china don't understand that it could not be done and instead,they should rethink how to effectively make use of it just as japan did.Most of critics are not optimistic and they just see a bottle filled half with sand as a half empty bottle.They fail to see the advantages that bitcoin has provided to the community like blockchain technology,very fast transactions,etc.

I hope that atleast other countries as well as big economists should here after follow the way of japan concerning bitcoin.

[serjent05]

Government needs to resist bitcoin because they will be expose of their corruption.  With bitcoin  being public ledger and decentralized blokchaing where no one from the government can control its broadcast of transaction, government are afraid that somehow if bitcoin will be used in their country and the system adopted it, their corrupt transaction especially in taxation will be seen by the public.  So I guess they will always see it as half emptiy than half full.

[TheUltraElite]

People who use bitcoin are the ones who control the price of bitcoin and not some critics who go around making comments about bitcoin. If they are doing something they are doing it for a reason and that is to manipulate the market and make the people panic sell at which point they will pounce on the price and buy more for themselves. Government's fiat money is having no specific transparency via which they can be understood to be real or fake. Bitcoin being a public ledger removes this issue and thus they see it as their fate.

[Kemarit]

Definitely,the genie bitcoin is out of the bottle and it has started to show its potential.People who wanted to put it once again inside the bottle like china don't understand that it could not be done and instead,they should rethink how to effectively make use of it just as japan did.Most of critics are not optimistic and they just see a bottle filled half with sand as a half empty bottle.They fail to see the advantages that bitcoin has provided to the community like blockchain technology,very fast transactions,etc.

I hope that atleast other countries as well as big economists should here after follow the way of japan concerning bitcoin.

Bitcoin is really unstoppable but we can't blame those who can't see what it can do for them. I think the one that will really benefited from it is their community. However, they don't see it because they are instead looking at the other way around. They still think bitcoin is being used by criminals. But on the other hand, bitcoin has many advantage. Japan is has a different mindset as far as bitcoin is concern though.

The internet received the same resistance in the early days. People only saw the "Dark" uses and the criminal activities and looked past the innovation it enabled. As time went by they found ways to regulate it and things calmed down. Innovation were given wings to fly and today we see more positive/legal applications for the internet, than negative things.

You cannot change people and you cannot stop Bitcoin, if you think you can, you are living in denial or you are on some power trip or hallucinating drugs. ^hmmmmm^

Yeah, people is really resistant to change. But if they keep denying bitcoin, they will be left out in the dark. Its the new innovation and they need to understand that. They have to adapt and accept changes. This is how life goes. If this still insist on their old traditional way then there is no way they can grow. The bitcoin tsunami has started and it is really unstoppable.

[Yuhee]

Definitely,the genie bitcoin is out of the bottle and it has started to show its potential.People who wanted to put it once again inside the bottle like china don't understand that it could not be done and instead,they should rethink how to effectively make use of it just as japan did.Most of critics are not optimistic and they just see a bottle filled half with sand as a half empty bottle.They fail to see the advantages that bitcoin has provided to the community like blockchain technology,very fast transactions,etc.

I hope that atleast other countries as well as big economists should here after follow the way of japan concerning bitcoin.

I think the good about Japan is that there country doesnt have any anomaly in terms of there citizen. Most of the citizen are patriotic and having some terrorist in there on country is not the most issue for them so they could easily accept bitcoin in their regulation. Japanese is one of the world leader in technology and that is because of their unity.It would be good if Japan could help bitcoin rise from those negative comments.

[negancoin]

I don't think that government wants to stop bitcoin entirely. They're just trying to find a way to control it in somehow.

Totally, I agree with this :

The internet received the same resistance in the early days. People only saw the "Dark" uses and the criminal activities and looked past the innovation it enabled. As time went by they found ways to regulate it and things calmed down. Innovation were given wings to fly and today we see more positive/legal applications for the internet, than negative things.

You cannot change people and you cannot stop Bitcoin, if you think you can, you are living in denial or you are on some power trip or hallucinating drugs. ^hmmmmm^

[warrior333]

Definitely,the genie bitcoin is out of the bottle and it has started to show its potential.People who wanted to put it once again inside the bottle like china don't understand that it could not be done and instead,they should rethink how to effectively make use of it just as japan did.Most of critics are not optimistic and they just see a bottle filled half with sand as a half empty bottle.They fail to see the advantages that bitcoin has provided to the community like blockchain technology,very fast transactions,etc.

I hope that atleast other countries as well as big economists should here after follow the way of japan concerning bitcoin.

I think the good about Japan is that there country doesnt have any anomaly in terms of there citizen. Most of the citizen are patriotic and having some terrorist in there on country is not the most issue for them so they could easily accept bitcoin in their regulation. Japanese is one of the world leader in technology and that is because of their unity.It would be good if Japan could help bitcoin rise from those negative comments.

You are mistaken. For example, Japan has the Yakuza. What prevents the Japanese government to say that bitcoin is used by the Yakuza for illegal activities. The government can always find a reason to ban bitcoin if you wish. Japan is limited by its size and resources, so they are forced to use the latest technology. This is the main reason that they are not fighting bitcoin, but even they haven't fully legalized bitcoin.