Welcome to the dark side Jamie Dimon
"I regret" calling bitcoin a fraud.
Those words were uttered by Jamie Dimon on Tuesday morning in an interview with Fox Business.
Talk about doing a 180 degree turn!
If you do not recall Mr. Dimon called bitcoin:
"a fraud"
"something that would end badly"
"something his traders would be fired for trading"
(among many other things)
Basically he was not very nice to cryptocurrencies and bitcoin specifically.
Though, he was always quick to say that he does believe in the blockchain technology, just not bitcoin.
More along the same was uttered in his interview this morning.
Here are a few quotes from his interview:
"The blockchain is real. You can have cryptodollars in yen and stuff like that. ICOs... you got to look at every one individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people."
This was quite a different than the tone he took with cryptocurrencies and bitcoin a few months back.
However, his overall opinion is still pretty evident in those remarks.
His thesis always seemed to stem from the fact that he doesn't believe that governments around the world will allow a decentralized system that is ripe for tax evasion and money laundering grow very large before it is ultimately killed off.
To be honest I don't fully disagree with him.
That is the big question mark facing these things today. It's not whether the technology is here to stay. It is. It's whether cryptocurrencies in their current form will be "allowed" to reach their full potential.
Governments around the world are building their own digital money.
It will be faster and cheaper than the current model allows. However, they won't be decentralized.
They will be the exact opposite.
In fact, with these new digital coins, likely built on a blockchain, the government will potentially know more about your financial transactions than ever before in human history.
What was once designed to free people from the tyranny of governments could end up ultimately enslaving them even more.
It will be interesting to see how markets respond when the time comes.
If people are really buying these things because they are demanding a different model, one that is truly decentralized for our money, then there is a chance something like bitcoin can survive and thrive.
However, if most of the interest is just in the blockchain technology and the amazing price increase, it is likely destined to go back to the underground and dark webs of the world to be used by criminals for the purpose of trading illegal goods.
I am interested to see where we go from here.
The clock is ticking though, as governments are likely to have their own digital coins ready in the next 12-18 months.
Will decentralization win out or will big brother win out?
Stay informed my friends.
Sources:
https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html
Image Sources:
https://tomluongo.me/2017/09/19/bitcoin-survives-the-slings-and-arrows-of-the-empires-misfortune/
http://christianobserver.net/big-brother-is-watching-you-through-your-smart-tv/
Follow me: @jrcornel
Great writing. Mr. Dimon is the CEO of company that's been fined big time over the last years. I posted an overview in one of my blogs today. Banks can't be trusted. Blockchain is interesting. More and more multinationals are embracing it and expertimenting, starting new projects with this new technology. It's still has to mature, but my it will stay. It's a great invention. I have a very small investment in BTC and will hold it. The scarity oif the coin meaining inflation protected, will play out . Look only at the value of all the government, company and consumer debts worldwide. Sure, the economy growth is high nowadays . No signs of slowing down yet, but if it comes it wil heart a lot of people who are not inflate hedged.
Agreed. Plus, settlement networks like Ethereum (which JPMorgan is building Quorum on!) should continue to have lots of value - if only all the companies in the Enterprise Ethereum Alliance start using the public network!
Cheers
@publicfigure
This is so enlightening @makeithappen, i was also one of the many that underrated bitcoin when it was first launched,
a decision am still regretting
Like you said more multinationals are introducing btc into their payment systems,
countries like china, nigeria, ghana etc are also keying into crypto, so the potentials is there and it wont fade anytime soon, it just gets better
Therefore this post goes out to unbelievers and doubters of little faith in crypto
Btw i would love to see that overview of yours on "banks cannot be trusted"
👏💗
Like. thanks yes. this contet is complete. thanks @jrcornel for this artcle.
nice!
intriguing points should be talked about
I'm sure JP Morgan holds more bitcoin than most of the population.
Yes, I think so, too.
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very interesting and controversial topic. First and foremost, most people do not fully understand the block system and they think that it makes the crypto currency "Neo" from the movie "The Matrix" - something like a liberator. But there is another side to these technologies. As you wrote, the government can control the growth of their prices, and there is likelihood, under certain circumstances - a big brother will know everything about you.
The negative side can be announced that due to block technology, "dirty" cases can be financed.
Thank you, interesting article
I'm sure he took a lot of heat for those comments!
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Does he regret calling BTC a fraud, or does he just regret making a public fool of himself?
I wonder if he feels humiliated at all by his ignorant statements on Bitcoin in the past? I personally levied a complaint with the corporate offices of Chase because of his ignorance. I hope enough other people called and complained especially shareholders like myself that the board made him correct himself. What a tool!
Certainly possible. It was pretty clear back at the time that he didn't fully understand what he was talking about. He didn't know enough to know what he didn't know ;)
I suppose when you run a corrupt institution like Chase I doubt there is much room for humility or even shame. He knows his company steals from the poor and gives to the rich. He is so blinded by money that the idea of a competitor to his cash cow will make him and other banksters cry all kinds of dishonest things.
Guy's a fucking moron... simple as that.
He's ignorant and has no idea what he's talking about when it comes to ANYTHING.
He's one of the dumbest people in power of a company today.
Next he's going to say it won't last when crypto overtakes FIAT.. Then when the government topples.. He'll claim it won't last either..
Fuck this tool. -.-
Cool to see this here, I am doing a series on the enemies of crypto and first up is top cuck Jamie Dimon. https://steemit.com/bitcoin/@millhouze/know-your-enemy-series-jamie-dimon