Jamie Dimon Goes On The Attack On Bitcoin

[Lorem_Ipsum]

So why did JP Morgan file a patent regarding a bitcoin-like protocol?

Exactly. And it was rejected 175 times. I think he's just mad because he can't get in the game but he sure did try, which speaks his true feelings on the matter.

http://www.cryptocoinsnews.com/2013/12/16/zerohedge-jpmorgans-bitcoin-alternative-patent-rejected-175-times/

[BitcoinTees]

What if JP Morgan were to piggy back on an gold backed virtual currency such as http://www.ft.com/cms/s/0/f7488616-561a-11e3-96f5-00144feabdc0.html#axzz2rG4HC8QJ

I'm sure central banks around the world including the BRIC nations would be more biased to Gold as there are so susscessful at rigging the price. China loves Gold so would not surprise me to see this to life.

[uranian]

Of course Jamie Dimon goes on the attack on Bitcoin, it poses a real threat to JP Morgan Chase's credit card business!   

This. We should be cheering that bankers are attacking bitcoin, as it means they are beginning to understand that it can replace centrally-issued currencies.

First they ignore you, then they ridicule you, then they fight you, and then you win.

We're somewhere between ridicule and fight at this stage, I think.

[tvbcof]

What if JP Morgan were to piggy back on an gold backed virtual currency such as http://www.ft.com/cms/s/0/f7488616-561a-11e3-96f5-00144feabdc0.html#axzz2rG4HC8QJ

...

JPM can just piggy-back on Bitcoin proper.  All it would take would be that they become the tainting authority of choice when the U.S. government mandates that businesses honor one.

How/why this works is something I recently described here:

  https://bitcointalk.org/index.php?topic=334520.msg4691189#msg4691189

JPM is very likely to be the U.S. Govt's choice as a tainting authority just like they are for a whole plethora of services.  They'll probably take over the effort the Mellon has started.

Dimon is no fool and in my analysis of Bitcoin's development trajectory I don't doubt that his assertion about the future of Bitcoin is nearly 100% spot on.


 - Edit:  This is Dimon's statement that I was referring to:

"They will eventually be made as a payment system to follow the same standards as the other payment systems and that will be probably be the end of them,"

[tabnloz]

Breaking News:

Criminal banker CEO pond scum doesn't understand Bitcoin beyond its threat to his banking cartel.

+1, but he understands it just fine.


And he is right by the way:

Banking is a better store of value - you get trillions in bailout funds if you mess up and your stock price goes through the roof

Regulation is a bitcoin problem but its not for banking when you lobby for rules to be changed or wiped

KYC likewise, but banks don't worry about the Drug Money, the terrorist money or the Ponzi scheme money.

Illegal activities well where do I start - 30% of JPM profits have been paid in fines this past year alone. That's billions of dollars

I like how he legitimizes the MSM - Hey! I'm a man of the people, I get my info from the same place everybody does, and they aren't co-opted at all, right?

[Mr. Gabu]

There is no possibility to enforce chargeback on Bitcoin.

Only until Mike Hearn builds one.