Is bitcoin a currency and is Jamie Dimon correct that it is a fraud - 'no' to both. Not throwing rocks but showing a few...

in #bitcoin6 years ago (edited)

This is my favorite rock cliff in the Grand Forks BC Canada area:

Bitcoin is not a currency even though some think it is and it behaves like one and will most likely become one. Bitcoin is a 'utility' and since it can be used like money some are doing such like me and my friends. The utility is: the most secure data base ever invented. As simple as that. My analogy is: picture it like a big spread sheet (an excel spread sheet) with 21 million cells. Each cell has a password assigned to it and that is called the keys to that cell. These keys can be transferred to other cell keys and are then owned or controlled by the new keys. Cool eh! There is even an open source protocol that releases these cell ownership controls over time ensuring decentralization and utilizing consensus systematic for any updates.

So now, what's the big deal in having a spread sheet that you can transfer cell ownership rights to each other? This spreadsheet is validated by lots of processing power every 10 minutes. Validated; means witnessed or notarized by the community and to date more processing power is validating the bitcoin blockchain than has ever been used for a single purpose in the history of mankind.

Okay, once again what's the big deal: well you can attach data to the cell - that is the epiphany! You can store contract law in the cell and use the validated spreadsheet to confirm ownership rights assigned to the cell or to the contract inside the cell. No more need for a middle man like a clearing house, notary, bank, lawyer etc. Cuts a lot of fat from the current utilities we are using for such items now like: car or land registration, identification, licenses, passports etc.

Now then how does it become money: it becomes money when a value is attached to the controlling or ownership of the cell. Why would someone want to own such a utility or a portion of it? There is value in someone notarizing contracts in a manner so secure it has had zero down time and zero hacks or errors from the early stages - currently now running over 9 years worth of 10 minute blocks of transactions. I call it triple entry accounting: a transaction 1) buyer 2) seller 3) witness by ledger and community. Or debit, credit and witness. You can sell services on this backbone and therefore owning control allows for a return on investment.

Not to throw rocks at Jamie Dimon but here is a picture of a few that slid down in the Crowsnest Pass BC Canada known as Frank Slide:

Jamie Dimon the most powerful private banker calling bitcoin a fraud exposes him to either being ignorant of the facts like most people or deceptive like most of the largest shareholders of the banks. Jamie Dimon's bank received one of the biggest bailouts in history so I hope you don't take a bankrupt has-been as knowing much about technology.

It becomes money when people realize they can transfer each cell or a portion to the power of 8 to someone else. Like transferring your IBM share certificate online in fractions with very little effort huge security and little cost - therefore starts to feel like money.

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Reestemed and upvoted, seems im regular here, you described bitcoin pretty well, we need steemit description in this style;) what you think is better to buy as diverse land or some gold coins? if not big summ like ~30-40k

I would say gold and land are close to equal right now with gold having a way bigger up side. I have at least 80% of my assets in computer money crypto-currency or the like.

The return that we get from crypto-currency is nowhere close to that of gold and land.


It was interesting to read you and I want to be read by others, so I want to Resteemed and upvoted :)

That's right, I also keep the bulk of the money in the crypto currency, because the future for digital technology!

haha,looks like you made some effort to dig through old posts.

no bro you are wrong . i am sbtc trader . do you know mr .president??????/

he have a great knowledge about crypto wrold .so as a trader we always need new info. @greeenman "s articles is the platform where we can get important info about crypto . and he is also a good man . we like him so much .

we not only follow him steemit but also in you tube and his own blog .see the example

Check his old post , then you know how much important his articles is even i am a fan of him bro .thats why we red his old post . we all love @greenman


Chill bro, don't get me wrong. My intention was not to find you flaw or something but just to have a little fun.We all love @greenman and i am also a fan of his van. Ohh that became a rhyme .

Sir crypto is still at its early stage and the potential is way bigger, there will be a stronger wave of bitcoin demand further as the the whole world is switching to decentralized blockchain system ,where people feel safer to keep their money, and as u said u have 80% assets in this, then u r going to be the next millionaire and billionaire, because the potential is really huge.

@greenman driscribe so much well about cryptography . his articles are so much valuable. He is our bitcoin president. great mman with great attitude Mr Paul collin.

@greenman these guy 4 times commenting on your single articles #Junkie!

sir @greenman is my favorite ,ii always follow him, i like him and love you,his all post are made great thinking of all works...


amigo #resteemia at your service

i just read an impressive article. absolutely brilliant work @greenman

'UpVote ReSteem Comment'

You explain bitcoin in a great way .Hope someone can explain steem in this way .
resteemed your post.

Congratulations @greenman!
Your post was mentioned in the hit parade in the following category:

  • Comments - Ranked 5 with 119 comments

Interesting thoughts, I liked! Resteem and upvoted.

Reestem and upvoted, it does not want people to invest and cease being slaves.
investment and one of the keys to success.
I agree with your investment, and photo unbelievable

So its obvious some people are here just to spam and get the rewards from Mr.Greenman and same people are commenting a lot of times here.

Another one

These Jamie Dimon are big news in the crypto space. There seems to be a lot of guys in the mainstream that are denouncing it recently!

Canadian Maples are my favorite gold round! I love the simplicity yet elegance and the .9999 doesn't hurt.

Well said, thanks!

Upvoted and Resteemed! Thank you for such a detailed analysis , it's a pleasure when a professional like you shares his opinion.

i agree with you @greenman. yes it is true we all love bitcoins and the digital ones . but we have to diversify our holdings and Gold is the best option to diversify your portfolio.
the thing is Gold in simply gold. and as much as we get profit from the digital things better to keep some of them as Gold.
Nice and Cool post once again,

I have Strong enthusiasm for upvoting and resteem your post. Cheers

Nice article , upvoted and resteemed

Please suggest me is this is the right time to buy bitcoin or not ??

Yes it is a good time to buy if you hold for year or two.

Thank you so much sir for your suggestion 😊😊

For the love of bitcoin

Probably the best article ive read that explains the real value behind bitcoin.
Im going to have to steal some of those ideas when explaining bitcoin to people ;)
Quite enlightning, and by the way, nice pile of gold maple leafs... those things are a beauty. Are those oz coins?

Bitcoin serves as an attractive incentive for hackers and cybercriminals to attempt stealing the cryptocurrencies. All these factors have made it more important for both individuals and businesses dealing with cryptocurrencies to find and implement secure storage solutions for Bitcoin and Altcoins.

Exchange platforms in the past have found out the importance of security the hard way, losing millions of dollars’ worth of Bitcoin and altcoins belonging to their customers. Realizing the importance, many have already implemented some of the best cybersecurity measures to their platform. Similarly, individuals have to focus on the security of their wallets and make the best use of features like two-factor authentication and fingerprint recognition or even invest in a good hardware wallet to prevent themselves from falling prey to criminals.
am I right @greenman

Lots of people and articles out there now calling Bitcoin a scam/joke. Most of these people work in financial industry which is in direct competition with these Cryptos and ICOs.

I think the financial industry is worried about being destroyed by Bitcoin and other Cryptos so much that they need big shots like Jamie Dimon to scare potential stock and bond holds from selling their financial assets and investing in Cryptos or they are trying to slam the price down so the banking club can buy it up cheap.

You don't see them bashing Ripple or other financial companies spending millions on blockchain technology now do you?

I agree that the big wigs are putting on a fright show to get money to move out of crypto. Take the recent play by China for instance, banning new ICOs was it?... I think such moves allow the big money to come in at lower prices. Great time to keep investing in crypto, as the technology is not likely to go anywhere, anytime soon. #moneyasdebt

As long as we make profit out of it, i don't think we need not bother who says what.

Great post dear @greenman
Resteemed and up-voted
Nice article good photography

Jamie Dimon is saying like this i can't even imagine that it became a fraud now wow resteemed and upvoted

This is one of the best explanation I ever read about bitcoin.Bitcoin is future for sure sir.Rock cliff picture is amazing. And ahh so much of gold.

Great posT @greenman I think bitcoin is here to stay it will be very huge jamie and china and russia want manipulate market

I don't see the resteem?

done , i forguet it done sorry , shared in my steemit facebook group also thank you so much for the support

the post is shared here :
in the top for 7 days :)

I really liked your theme and for better viewing I Resteemed and upvoted

Really nice article sir @greenman. I like very much..


Resteemed and upvoted. Nice gold maple coins. I also have a few of them but they are in bank lockers. Do you think its safe to keep them in lockers?

Yes. I keep my gold in bank locker and I keep my silver buried in the ground though as I don't trust the bank locker 100%.

haha good idea about the silver. I will try that too.

Wow, you explained what bitcoin is! If you understand that this is just a contract, everything becomes quite simple!

Upvoted and resteemed. Yes Mr.Greenman is right. Bitcoin is an asset like gold and everyone should have a part of it in the portofolio.

@greenman Amazing post!! Resteemed and upvoted.

resteemed and upyoted dear @greenman nice article

Resteemed and up-voted
@greenman have a great day

That is beautiful collection of gold coins so much gold in one post wow restemeed it :)

This is one of the best explanation I ever read about bitcoin. really love your post. keep posting

restemeed and upvoted because i think you explained it quite well enough for a simple man too understand in a very easy language with a great example

RESTEEMED and UPVOTED this post. This Jamie Dimon influence on the market is huge. One word change crypto rates drastically​.

nice post bro. keep going

very articulate, I have high hopes for the blockchain, there are a million uses.. transmitting money, storing data, decentralized everything. That guy is a banker , bitcoins directly affecting his bottom line so of course hes going to talk trash. Dude probably has his own secret stash of btc.

First I want to say, I am lucky that's why I could read this article. Then I want to say I am little bit unlucky, that's why I had to read this article 16 hrs after the post!
Anyway, I want to say few things about the post!
#1. Once my friend told me divide your investments between BTC, GOLD, SILVER and USD
I told him, no BTC is the precious. I thought I was correct until I read your article! Therefore, thank you very much you showed the correct path!

#2. People asked me what is BTC and I gave them a lot of cheerful answers! And now I could read your article and understood, what's actually behind it and 50% of my believers about BTC was wrong :D

#3. LTC, GOLD, STEEM, BTS if you could please be kind enough to provide us the same kind of articles. Actually I want to know truth about them too.

Finally, I am a lucky guy! That's why I could read this article! Hope to diversify my holdings as well! Really appreciate your post and the experience you shared with us!


Amazing insight and nicely explained.


@greenman - oh my goodness, this is one of the best explanation about the true story behind the bitcoin. Actually, I can't believe your deep knowledge about the block chain & the real mechanism behind it. I'm overwhelmed by your excellent article. Therefore, I wish to resteem this post for more audience Sir.

Well this can be true,what I can say is a good marketing strategy. But until and unless we are making profit out of it, its all cool.

Thanks for the explanation, this article is truly helpful !

This is one of the best explanation I ever read about bitcoin. really love your post. keep posting......upvoted

Excellent post thanks for sharing in bitcoin.....
I followed and upvoted.Would you like to follow and upvote me.

resteem, I'm sure Jamie Dimon bought Bitcoin, the aristocrat does not want new rich, the aristocrat wants to control everything, the people must remain in their place it must not be outside the control of the aristocrat.

  1. the banks must control the crypto money.
    2.the banks must destroy the crypto money.
    what the aristocracy thinks

Thank you for the sharing this information :)

ahhha that's why you got a mountain bike .btc is one kind of gold Mr president .by the way
nice post thanks for sharing. @greenman

bitcoin will always be a topic to debate and there is a no ending point of it :)

The big bankers always try to create panic so they can buy things cheaper. This is coming from me who has worked in wall street since 2008.

A good example, I also think that the future of Bitcoin.

your Grand Forks is fantastic sir

Yep, I have a similar opinion. A lot of altcoins will die, some new coins will moon but if you want to play it "safe" Bitcoin is the best choice. It will always be there.

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