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He said more than that. He said it is a fraud, it's only fit for murderers and people living in places such as North Korea, it's stupid, and that he'd fire in

He said more than that. He said it is a fraud, it's only fit for murderers and people living in places such as North Korea, it's stupid, and that he'd fire in a second anyone working at JP Morgan that was found to be trading in bitcoin.

52-6F-62 9y ago
Which I find quite interesting considering JPMorgan is running research in smart contracts and has their own chain they'd likely want to push. https://www.jpmorgan.com/global/Quorum https://www.jpmorgan.com/global/Quorum >>> Wall Street Journal: JPMorgan Chase, led by CEO Jamie Dimon, is building a new system based on the Ethereum platform
- TACIXAT 9y ago
  Smart contracts != Bitcoin.
  - 52-6F-62 9y ago
    I'm well aware of that. Ethereum, however, falls into the cryptocurrency space and trades on exchanges like Bitcoin. It can be used for cheap international money transfers -- like Bitcoin. My unspoken point that I feel I should now elucidate was that the optics now have a look of JP Morgan positioning itself to fill in a vacuum they are pushing to create. If they're speaking out publicly like this against it, one could speculate they may be pressuring governments to make more desirable moves for them. They could also be trying to foment FUD in the space to try and empty it while introducing themselves as a secure, traditional, more reliable developer of the technology. They also have little interest in the Ethereum public chain immediately, and I imagine would only adopt it or connect with it if they are forced to. They are marketing their own private chain which they're open-sourcing to entice developer mindshare. The more people buying into their system (out of fear of the unknown currently dominating the space's mode), the more value there is for the top holders -- who of course would be JP Morgan and its top-ranking employees. A more basic interpretation would be, he calls Bitcoin a fraud only because it's not him and the bank making the money in that space.
nylonstrung 9y ago
I bet the horse and buggy manufacturers had bad things to say about Ford as well. Thomas Edison devoted a fair chunk of his life to trying to discredit AC electricity. The genesis block was timestamped with a headline about banks getting bailed out. Anyone who reads into Dimon's statements too much doesn't really get what crypto is about.
- Nursie 9y ago
  They are interested in ethereum and smart contracts, and the potential for them. Bitcoin is mentioned particularly because it is a vehicle of pure speculation.

52-6F-62 9y ago

Which I find quite interesting considering JPMorgan is running research in smart contracts and has their own chain they'd likely want to push. https://www.jpmorgan.com/global/Quorum https://www.jpmorgan.com/global/Quorum >>> Wall Street Journal: JPMorgan Chase, led by CEO Jamie Dimon, is building a new system based on the Ethereum platform

TACIXAT 9y ago
Smart contracts != Bitcoin.
- 52-6F-62 9y ago
  I'm well aware of that. Ethereum, however, falls into the cryptocurrency space and trades on exchanges like Bitcoin. It can be used for cheap international money transfers -- like Bitcoin. My unspoken point that I feel I should now elucidate was that the optics now have a look of JP Morgan positioning itself to fill in a vacuum they are pushing to create. If they're speaking out publicly like this against it, one could speculate they may be pressuring governments to make more desirable moves for them. They could also be trying to foment FUD in the space to try and empty it while introducing themselves as a secure, traditional, more reliable developer of the technology. They also have little interest in the Ethereum public chain immediately, and I imagine would only adopt it or connect with it if they are forced to. They are marketing their own private chain which they're open-sourcing to entice developer mindshare. The more people buying into their system (out of fear of the unknown currently dominating the space's mode), the more value there is for the top holders -- who of course would be JP Morgan and its top-ranking employees. A more basic interpretation would be, he calls Bitcoin a fraud only because it's not him and the bank making the money in that space.

nylonstrung 9y ago

I bet the horse and buggy manufacturers had bad things to say about Ford as well. Thomas Edison devoted a fair chunk of his life to trying to discredit AC electricity. The genesis block was timestamped with a headline about banks getting bailed out. Anyone who reads into Dimon's statements too much doesn't really get what crypto is about.

Nursie 9y ago
They are interested in ethereum and smart contracts, and the potential for them. Bitcoin is mentioned particularly because it is a vehicle of pure speculation.