J.P. Morgan’s Jamie Dimon says bitcoin is a ‘terrible store of value’

[CryptoCurrencyInc.com]

J.P. Morgan’s Jamie Dimon says bitcoin is a ‘terrible store of value’

The biggest U.S. bank by assets does not like bitcoin, to put it mildly.

J.P. Morgan Chase & Co. JPM  Chief Executive Jamie Dimon told CNBC on Thursday that bitcoin is a “terrible store of value.”

The question isn’t whether the the bank accepts bitcoin, said Dimon. “The question is do we even participate [with] people who facilitate bitcoin,” he said on the sidelines of Davos.

Bitcoin is a digital currency that exists without a central bank. It is created through a process called mining, in which computers race against each other to solve cryptographic problems and win blocks of bitcoin. Bitcoin was thrust into the mainstream lexicon in 2013 as it surged from $13 in January 2013 to more than $1,000 late last year and was the subject of Senate hearings.

http://blogs.marketwatch.com/thetell/2014/01/23/j-p-morgans-jamie-dimon-says-bitcoin-is-a-terrible-store-of-value/

[jcoin200]

Of course he doesn't like bitcoin and he is going to use every chance he has to bash its name and its functionality.  Every transaction that takes place with btc is one less dollar added to his $20 million paycheck. He is the problem. Not btc.

[pleiotropik]

BTC is an awful store of value but it outshines the toilet paper also called fiat... any and all fiat.  

Jamie Dimon gave himself a raise (in USD) after paying out 20 billion usd in fines to the usgov for unethical/illegal/amoral maneuvering's against its own clients. Ergo, Jamie Dimon -aka one of the world's biggest douchebags- has no authority to give an opinion that will weigh more than unicorn poop in the btc community's scales.

[7Priest7]

Their is irony here.
JPMorgan denounces the main crypto currencies value while trying to mimic it.

Actions speak louder than words, in this case the actions are pro crypto currency(they just prefer one they can control.

[Phinnaeus Gage]

Their is irony here.
JPMorgan denounces the main crypto currencies value while trying to mimic it.

Actions speak louder than words, in this case the actions are pro crypto currency(they just prefer one they can control.)

Somebody had to suggest it: https://bitcointalk.org/index.php?topic=433314

[7Priest7]

Somebody had to suggest it: https://bitcointalk.org/index.php?topic=433314

The slogan for that alt-currency can be "In inconsistencies we trust."
Perhaps it can use a intentionally flawed algorithm.
This would reflect the inconsistencies I stated in previous post and the flawed logic by which he denounced btc store value.

[Paladin69]

Their is irony here.
JPMorgan denounces the main crypto currencies value while trying to mimic it.

Actions speak louder than words, in this case the actions are pro crypto currency(they just prefer one they can control.)

Somebody had to suggest it: https://bitcointalk.org/index.php?topic=433314

Make it an unlimited supply cap.  Premined to 17 trillion already and 2.5 billion JamieDimonCoins added each day.

http://www.brillig.com/debt_clock/

[keithers]

From what i have heard, Chase is also laying down the hammer on people using their bank accounts to facilitate the buying and selling of bitcoins. So lame that in the United States (a country cleverly disguised as a free one), that grown adults are told what they can and can't do with their own money.

[7Priest7]

United States (a country cleverly disguised as a free one)

Really? I have never been convinced we have any measurable freedom greater than anywhere else.

[MarketNeutral]

He's talking his book, in all likelihood.

[BitDreams]

The 'cost of regulation' has likely been a great revenue stream to Mr. Dimon as banks both lobby for and author regulation.

I'm pretty sure Mr. Dimon also meant to say that Bitcoin could do terrible things to his proprietary and fraud filled stores of value.

[tvbcof]

Looks like Dimon has confidence in the Bitcoin Foundation and their work.  I have a similar confidence in TBF's ability to turn Bitcoin into PayPal-II and thus a pretty similar outlook it seems.

Of course as Bitcoin moves through it's phases along this trajectory, the opportunity to get rich off of it has only just begun!

[Slight0]

This is the best part:

"The question is do we even participate [with] people who facilitate bitcoin".

I like how he pretends like it's his decision to make and like they have a fucking choice on the matter. Please JPMorgan. Please try and ban bitcoin users from using your services. I would absolutely love to see you try.

[Trance]

J.P. Morgan’s Jamie Dimon says bitcoin is a ‘terrible store of value’

The biggest U.S. bank by assets does not like bitcoin, to put it mildly.

J.P. Morgan Chase & Co. JPM  Chief Executive Jamie Dimon told CNBC on Thursday that bitcoin is a “terrible store of value.”

The question isn’t whether the the bank accepts bitcoin, said Dimon. “The question is do we even participate [with] people who facilitate bitcoin,” he said on the sidelines of Davos.

Bitcoin is a digital currency that exists without a central bank. It is created through a process called mining, in which computers race against each other to solve cryptographic problems and win blocks of bitcoin. Bitcoin was thrust into the mainstream lexicon in 2013 as it surged from $13 in January 2013 to more than $1,000 late last year and was the subject of Senate hearings.

http://blogs.marketwatch.com/thetell/2014/01/23/j-p-morgans-jamie-dimon-says-bitcoin-is-a-terrible-store-of-value/

J.P Morgan is telling everyone BTC is bad because they patented their own!

My girlfriend works for a SunCorp financial in AU and recently her marketing team was given a task to implement a rewards system to attempt to get the millennial age group to use credit cards with incentives with a rewards system that would possibly give you X amount of BTC for each purchase of gas, food and so forth, like the rewards system for Bank Of America, those fictitious points could be Bitcoin in the future! Economics drive politics !