"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
Bet anyone 1 BTC that Jamie Dimon starts investing in cryptocurrency by the end of 2018.
he already bought the dip he caused in autumn 2017
So intresting point thanks for the artical. waiting for same articals from you.
He lied last time, and had his people buying Bitcoin when the price droped.
It is a known fact.
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Interesting to see that his comments did not have much of an impact as they did when he talked it down. If I am not mistaken, the first time he said Bitcoin was a fraud, the price went down by 10-15% but now that he is regretting it, there was no movement. I guess the market has the consensus that he has no credibility with regards to the space. Wall Street will be late to the game no matter how hard they try to come in and take over.
bitcoin is preety good cryptocurrency for us and its was the mother currency ..
Nice write up.. Thanks so much
nice post thank you for post
Bitcoin is the money maker now a days.I have a little bit interest to make money..Many many thanks for sharing the post....Carry on
Decentralise will surely win
I fear for cryptocurrency because of this so called digital money, however, crypto I think will withstand the test of time
the dark side? ... seriously, you think there's another side there... i can't go for that bro !!
Jamie does not deserve the dark side, I think maybe you can sit. because the condition is closed. forever dark side
interesting topics deserve to be discussed @jrcornel
I commend mr jamie dimon for boldly rephrasing his statement and thought on cryptocurrencies and bitcoin. And i also agree with him. But on my opinion decentralisation will win out big time.
Why don't you believe? 😂😂😂
When you're in that spotlight you either ride into the sunset with the words you bark or you end up eating your foot. Least I know where Jamie stands on this, absolute coward and speaks leaps and bounds for the company he's running.
I'm not sure if it's true, but I heard Dixon or a company he's been tied to was pretty heavily invested in bitcoin at one time. Anyone hear this? Regardless, glad to see him coming around on the issue
It's controversial issue that still has a lot to talk about, for the simple fact that there are people who do not understand how Blockchain technology works. For anyone who has been educated with the idea that money should have it in hand at the end of work to be "real" is something that can be shocking and think right away that Bitcoin and other virtual moneds are a fraud .
In my country, cryptocurrencies are between acceptance and rejection because there are many ghost companies that take advantage of people and make them invest believing that they will receive exorbitant profits.
The moment that people fully understand what "is" Blockchain and how they can take advantage of it is when negative opinions will be reduced and there will be more acceptance ... China is a powerful example of this.
This was inevitable.
Eventually everyone of this know-all people will accept blockchain is the future and they were mistaken
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great write up.
followed you
i'm new to steemit
resteemed @jrcornel
im poor,, man,, plz like me
He Should be agreed to the bitcoin world.
now he can do nothing but regretting himself for what he have said .
but still it's never to late to accept your mistake..
follow you brother.
follow back upvote restreem
@jrcornel
Finally, people are starting to realize.
Cryptos to the moonnn!🌕
Jamie Dimon wouldn't speak a single word without smelling some money.
When he was negative Bitcoin climbed more than 400% and now he is bullish on Bitcoin. Beware !!!
And If tommorow bitcoin crashes he regrets saying it haha
Ethereum & NEO are better in my opionion
Excellent publication, a pleasure in reading and greeting you, follow me to be in constant communication I also hope that my posts can be of great help. success!
Excellent publication, a pleasure in reading and greeting you, follow me to be in constant communication I also hope that my posts can be of great help. success!
You can't blame Jamie Dimon, after all it's easy for the fraudster to call everything else a fraud except himself.
My friend blasted him so much as Bitcoin crossed 10k he made tin foil (conspiracy) hats and sent pictures of him and some others wearing them to his social profiles. haha. Were so close to doing it for Bitcoin 20k as well.
He clearly doesn't fully understand Bitcoin. It is probably best to not take advice from people who are uninformed on a topic.
Great writing sir i really empress about your article. Thanks for sharing anyway
It's so satisfying to see Jamie Dimon eat his words.... Bitcoin can only get stronger and better.
Dimon, Jamie Dimon. Jeane Dixon was an astrologer.
So Jamie was the first of the big naysayers to crack.
It had to be someone. Crypto is here to stay.
Really, me too I want to see where it will go from here because if the government comes with heir own digital money I wonder what happens to privately owned digital money, the government wasn't interested in this at first but since it's a good business they'd invest big too.
Decentralizing technologies have always been veritable Pandora's Boxes that once let out can never be put back in. The printing press, the telegraph, radio, telephone, the fax machine, the internet itself are some of them, blockchain is one of the newest. At every attempt to limit them, centralized powers ultimately are limited, and people gain more freedom of thought. Even if Bitcoin itself doesn't survive something in that spirit will become the new normal. I'm almost certain of that.
I am as well, but will it be a centralized blockchain or a decentralized one? That is the big question mark in my mind.
I agree. Being decentralized and distributed is the key. You cannot destroy every copy. You cannot undo a transaction or hide it. It is a world of NO SECRETS, intentionally. It is actually more difficult to be criminal with it. The IRS, and everyone else, can watch the OPEN transactions fly by and work out what IP addresses involved. That is its POWER because it has hard cryptography, and cannot be faked. The central banks want to promote their own blockchain solutions (Ripple/XRP), but don't be fooled. Those solutions they can manipulate. You want a cryptocurrency that everyone can trust and cannot be manipulated.
GREAT ARTICLE DUDE , keep the good work
As Vitalik Buternik said in a interview Cryptocurrencies is a fusion of Computer Science and Economics. The second being controlled by mostly banks in Wall Street. With the rise of Cryptocurrencies they fill threatened by the fast this new form of economics is growing. Nice article, thanks for posting your references.
On behalf of the Dark Side I would like to officially reject the application of Jamie Dimon. The Dark Side does not take whiners and back peddlers.
Besides, his arguments about "governments" is completely insignificant. All of your governments will bow before me when I arrive and implement steem as the currency of those loyal followers I choose to spare.
Haha if he has been rejected by the dark side, I wonder where he will go next?
lordvader: blowin' hot steam again. Always trying to alter the deal. You can pray it won't get altered any further, but it will. Don’t be too proud of this technological terror you’ve constructed. The ability to destroy a planet is insignificant next to the power of the Force… I find your lack of faith disturbing. Bitcoin is the new hope. Just for once you should look at this with your own eyes… Sis was right.