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Jamie Dimon Slams Bitcoin as a ‘Fraud’

14 points by peterkshultz 9y ago

al2o3cr 9y ago
In bitcoin’s case, Dimon said he’s skeptical authorities will allow a currency to exist without state oversight, especially if something goes wrong. Mah dude, if "state oversight" always worked when "something goes wrong" you'd have been making this statement from your cell...
wyc 9y ago
It seems that his staff feel ambivalent about his comments: JPM Blockchain Lead: "¯\_(ツ)_/¯" https://twitter.com/AmberBaldet/status/907675559492288512 https://twitter.com/AmberBaldet/status/907675559492288512 Former JPM Director of Global Macro: "Jamie, you're a great boss and the GOAT bank CEO. You're not a trader or tech entrepreneur. Please, STFU about trading $BTC." https://twitter.com/agurevich23/status/907692985424371712 https://twitter.com/agurevich23/status/907692985424371712 Got these sources from Fortune's Term Sheet: http://fortune.com/tag/term-sheet/ http://fortune.com/tag/term-sheet/
koolba 9y ago
This is the fourth or fifth time I've seen this headline posted to HN.
- readhn 9y ago
  if you look at the BTC chart you'll understand why. there were plenty of voices warning of RE crash and market crash back in the 2000's ... some were years too early. for most its impossible to get the timing right.
  - koolba 9y ago
    To clarify, I didn't mean a generic "BTC is a bubble..." headline. I meant this specific headline regarding Dimon's recent comments.
merricksb 9y ago
Previously: https://news.ycombinator.com/item?id=15229765 https://news.ycombinator.com/item?id=15229765
deleted 9y ago
[deleted]
brndnmtthws 9y ago
Let's not forget their $12bn bailout[1] (closer to $14bn in today's dollars), and also the long string of controversies[2]. Jamie Dimon doesn't have much credibility. JPMorgan hasn't exactly been altruistic under his rein. [1]: https://dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/ https://dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion... [2]: https://en.wikipedia.org/wiki/JPMorgan_Chase#Controversies https://en.wikipedia.org/wiki/JPMorgan_Chase#Controversies
- cholantesh 9y ago
  What does any of that have to do with the long-term viability of one particular cryptocurrency?
  - jacknews 9y ago
    obviously because his credibility as an 'impartial' analyst is in question. BTW, I'm guessing he pronounces his surname as "Diamon(d)", not "Demon", though I suppose both are rather suitable names for an investment banker.
readhn 9y ago
at this point i agree its similar to tulip mania and its going to collapse there is no "ifs" just when it will happen. that said there is utility in bitcoin mechanism. the value of the mechanism is the questionable part.

14 points by peterkshultz 9y ago

In bitcoin’s case, Dimon said he’s skeptical authorities will allow a currency to exist without state oversight, especially if something goes wrong. Mah dude, if "state oversight" always worked when "something goes wrong" you'd have been making this statement from your cell...

wyc 9y ago

It seems that his staff feel ambivalent about his comments: JPM Blockchain Lead: "¯\_(ツ)_/¯" https://twitter.com/AmberBaldet/status/907675559492288512 https://twitter.com/AmberBaldet/status/907675559492288512 Former JPM Director of Global Macro: "Jamie, you're a great boss and the GOAT bank CEO. You're not a trader or tech entrepreneur. Please, STFU about trading $BTC." https://twitter.com/agurevich23/status/907692985424371712 https://twitter.com/agurevich23/status/907692985424371712 Got these sources from Fortune's Term Sheet: http://fortune.com/tag/term-sheet/ http://fortune.com/tag/term-sheet/

koolba 9y ago

This is the fourth or fifth time I've seen this headline posted to HN.

readhn 9y ago
if you look at the BTC chart you'll understand why. there were plenty of voices warning of RE crash and market crash back in the 2000's ... some were years too early. for most its impossible to get the timing right.
- koolba 9y ago
  To clarify, I didn't mean a generic "BTC is a bubble..." headline. I meant this specific headline regarding Dimon's recent comments.

merricksb 9y ago

Previously: https://news.ycombinator.com/item?id=15229765 https://news.ycombinator.com/item?id=15229765

deleted 9y ago

[deleted]

brndnmtthws 9y ago

Let's not forget their $12bn bailout[1] (closer to $14bn in today's dollars), and also the long string of controversies[2]. Jamie Dimon doesn't have much credibility. JPMorgan hasn't exactly been altruistic under his rein. [1]: https://dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/ https://dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion... [2]: https://en.wikipedia.org/wiki/JPMorgan_Chase#Controversies https://en.wikipedia.org/wiki/JPMorgan_Chase#Controversies

cholantesh 9y ago
What does any of that have to do with the long-term viability of one particular cryptocurrency?
- jacknews 9y ago
  obviously because his credibility as an 'impartial' analyst is in question. BTW, I'm guessing he pronounces his surname as "Diamon(d)", not "Demon", though I suppose both are rather suitable names for an investment banker.

readhn 9y ago

at this point i agree its similar to tulip mania and its going to collapse there is no "ifs" just when it will happen. that said there is utility in bitcoin mechanism. the value of the mechanism is the questionable part.