[2018-07-20]JPMorgan Bets On Bitcoin, Five Other Cryptos to Survive Long Term

squatter

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STOP SNITCHIN'

Quote from: gentlemand on July 22, 2018, 05:15:16 PM

Bitpay are heading down a dead end with their continued disdain for BTC. It's only a matter of time before someone pops along who is actually interested in doing business rather than fulfilling Bitmain's doomed agenda.

They probably realized their whole business model is untenable. If Bitcoin/cryptocurrency actually sees mass adoption, nobody needs a payment processor. And what is that, 10 years out? Maybe less? They'll be looking like Pets.com. I assume that's why they only care about the immediate future (big blocks/cheap fees now).

Harlot

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What is this a sudden change of heart? On the first part of 2018 we have seen news regarding their CEO, Jamie Dimon, calling their employees stupid if they buy such cryptocurrencies and now they have some "bets" in the market. What you are seeing is the classing bash and buy where influential people will say trash and then buy it when it goes down. Obviously the company and the people behind it has maybe bought their fair share in the market and is now ready for the big price rally which I think will be happening soon.

Naughtid

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Quote from: Carlton Banks on July 20, 2018, 07:53:30 AM

Quote from: SlipMart on July 20, 2018, 07:41:08 AM

Multinational banking giants JPMorgan Chase is betting on six cryptocurrencies: Bitcoin, Ethereum, Ripple, Dash, Cardano and Litecoin to survive in the long term.

Strange selection.

The design fundamentals for Ethereum & Dash are pretty terrible, it's amazing they've survived this long (Dash probably only because there's so little transaction activity to abuse).

Litecoin is going to lose any small utility is has on a far shorter timeframe once Lightning becomes more developed & popular.

Ripple doesn't really have much of a use case; it's essentially a SWIFT/ACH competitor, but any problems in SWIFT or ACH-like networks will cause fiat to become less stable, making Bitcoin compare far more attractively (people have mostly heard of Bitcoin, however unsure they are of it, you can't say that for Ripple).

And Monero's not on the list? Strange list (never looked at Cardano, anyone know something about it?)

Maybe because the ETH and Dash have good community support.

richardsNY

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Quote from: bbc.reporter on July 22, 2018, 08:47:23 PM

The purpose of signaling in bitcoin has been abused by miners by making it a political tool, instead of a tool for showing readiness to fork.

Signalling in Bitcoin is nothing more than a bunch of big shots barking to 'prove' a point, where in case of Bitcoin they have no other option than to follow and go with what's better for the protocol. Miners aren't totally stupid, they only care about the price to sky rocket and have their mining rewards be as valuable as possible, and looking back, the price did sky rocket. Miners should be respectful and thoughtful, because they are the ones with millions and millions in hardware running all day long -- messing up Bitcoin means messing up their operational results and that's not something they will allow to happen....

nutildah

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To Dimon's ridiculous comments about bitcoin from now saying Cardano of all coins is a long-term hold? Seems to be JP Morgan is just using the press to pump their own investments.

Here's a 3 minute span of Cardano transactions, from today:

This coin has a laughable amount of activity for being a top 10 coin. It has zero real-world adoption and the only reason it made it this far is because its whitepaper insists that its genius. Meanwhile its only wallet is still pretty crappy, sometimes unusable and the amount of technical problems plaguing its network are enormous. My hunch is the devs profited so immensely from it they have little reason to continue seeing it through. This baby has a long, long way to fall.

BTC, ETH, of course, XRP is being used by some banks, DASH and LTC not too sure about.

bbc.reporter

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Quote from: richardsNY on July 22, 2018, 04:42:16 PM

Quote from: aso118 on July 22, 2018, 04:04:20 PM

I am surprised that they don't go beyond the top 10 coins in market cap to find hidden gems.

They haven't proven anything yet. In this space hidden gems can just as easily become hidden dump holes since utility doesn't matter. I know enough coins with pretty decent utility that actually deserve to be up higher in the overall list, but they don't get any serious exposure because the hype only concerns a few top coins. What other than the listed coins have proven to be worthwhile according to you? In my opinion Monero has been decent, Byteball and Digibyte. These coins however won't ever be able to climb up the crypto ladder due to how this space works. Bitcoin and Ethereum will probably be the only main coins....

I reckon Monero is more than decent. It might be the cryptocoin that has learned from bitcoin's past mistakes and might show that their way might be the right way. Which are onchain private transactions, Asic resistance and no miner signaling before forks.

The purpose of signaling in bitcoin has been abused by miners by making it a political tool, instead of a tool for showing readiness to fork.

BitHodler

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Quote from: gentlemand on July 22, 2018, 05:15:16 PM

I'd love to know what proportion of the Bcash spent through them was the free forked coins versus coins that someone actually bought with their own money.

I very much doubt that people investing in bcash are going to spend it. BitMEX pointed out that bcash mainly functions speculative object, more so than any other coin, where even Roger even admitted that.

The people with free coins could either choose to cash out, or spend, where the latter seems more likely and more favorable to avoid paying tax. Spending crypto in most countries means you're exempt from paying tax.

If you are really curious and into blockchain analysis, you can always allocate time to roughly figure out how much bcash is being processed through BitPay. If people spend hard enough they'll run out of coins in a year or two.

dunfida

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Quote from: richardsNY on July 22, 2018, 04:42:16 PM

Quote from: aso118 on July 22, 2018, 04:04:20 PM

I am surprised that they don't go beyond the top 10 coins in market cap to find hidden gems.

They haven't proven anything yet. In this space hidden gems can just as easily become hidden dump holes since utility doesn't matter. I know enough coins with pretty decent utility that actually deserve to be up higher in the overall list, but they don't get any serious exposure because the hype only concerns a few top coins. What other than the listed coins have proven to be worthwhile according to you? In my opinion Monero has been decent, Byteball and Digibyte. These coins however won't ever be able to climb up the crypto ladder due to how this space works. Bitcoin and Ethereum will probably be the only main coins....

Agree, even on those coins you had been mentioned do really have that feature which is really more better with bitcoin and Eth itself but still they cant really able to manage to go into the top. I do somehow believe too that hype is really adding or one of the factors why such thing do happen. Basing on the rankings specially on top 1-10 they would stay up for a while there might be changes but it would takes time if a certain coin would gain another buzz. This is somehow basing on popularity.

gentlemand

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Welt Am Draht

Quote from: BitHodler on July 20, 2018, 05:08:56 PM

Actually, bcash has gained a significant use bump due to BitPay's acceptance, saying that no one using it is not correct.

Yup. I very much appreciate the ease they've handed me in spending it. I'd love to know what proportion of the Bcash spent through them was the free forked coins versus coins that someone actually bought with their own money.

Bitpay are heading down a dead end with their continued disdain for BTC. It's only a matter of time before someone pops along who is actually interested in doing business rather than fulfilling Bitmain's doomed agenda.

richardsNY

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Quote from: aso118 on July 22, 2018, 04:04:20 PM

I am surprised that they don't go beyond the top 10 coins in market cap to find hidden gems.

They haven't proven anything yet. In this space hidden gems can just as easily become hidden dump holes since utility doesn't matter. I know enough coins with pretty decent utility that actually deserve to be up higher in the overall list, but they don't get any serious exposure because the hype only concerns a few top coins. What other than the listed coins have proven to be worthwhile according to you? In my opinion Monero has been decent, Byteball and Digibyte. These coins however won't ever be able to climb up the crypto ladder due to how this space works. Bitcoin and Ethereum will probably be the only main coins....

aso118

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★Nitrogensports.eu★

Quote from: BitHodler on July 20, 2018, 02:52:10 PM

I'm at least happy they didn't select bcash, which would be an utter waste. I still cringe when people say they are more bullish on bcash than Bitcoin. There is nothing bullish about bcash at all.

Bitcoin Cash rises in prominence only when Bitcoin's blocks start getting full. Both price and its prominence go up when the scaling debate restarts. If this report had been published 6 months back, then there was a chance that Bitcoin Cash might have featured in the report.
I am surprised that they don't go beyond the top 10 coins in market cap to find hidden gems.

bbc.reporter

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Quote from: Carlton Banks on July 20, 2018, 07:53:30 AM

Quote from: SlipMart on July 20, 2018, 07:41:08 AM

Multinational banking giants JPMorgan Chase is betting on six cryptocurrencies: Bitcoin, Ethereum, Ripple, Dash, Cardano and Litecoin to survive in the long term.

Strange selection.

The design fundamentals for Ethereum & Dash are pretty terrible, it's amazing they've survived this long (Dash probably only because there's so little transaction activity to abuse).

Litecoin is going to lose any small utility is has on a far shorter timeframe once Lightning becomes more developed & popular.

Ripple doesn't really have much of a use case; it's essentially a SWIFT/ACH competitor, but any problems in SWIFT or ACH-like networks will cause fiat to become less stable, making Bitcoin compare far more attractively (people have mostly heard of Bitcoin, however unsure they are of it, you can't say that for Ripple).

And Monero's not on the list? Strange list (never looked at Cardano, anyone know something about it?)

Agreed on Ethereum. The unmanageable size of their blockchain will be the plaform's doom. Dash, I cannot comment, but I assume it has something of the same problems as Ethereum?

Litecoin will live as far long as bitcoin will live, I reckon. It's a very underestimated project. But Charlie Lee has to step away and let the coin live on its own.

Also agreed on Ripple, and Cardano is not online yet. They might be invested in it hehehe.

BitHodler

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Quote from: figmentofmyass on July 20, 2018, 04:17:40 PM

then again, bitpay supports bcash, and nobody uses bcash. bitpay is just becoming irrelevant.

Actually, bcash has gained a significant use bump due to BitPay's acceptance, saying that no one using it is not correct. BitPay is pretty easy to use with your mobile wallet client. You may not use or like it, but others do.

BitPay has the banking aspect on its side that other payment processors would love to have but can't obtain, unless they want to throw around with millions in legal fees and whatnot, but it's not very likely.

figmentofmyass

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Quote from: SlipMart on July 20, 2018, 07:41:08 AM

Multinational banking giants JPMorgan Chase is betting on six cryptocurrencies: Bitcoin, Ethereum, Ripple, Dash, Cardano and Litecoin to survive in the long term.

The bank made this prediction in a recently published internal finance report.

were they limited to the top 10 by market cap or something? does cardano even have a live network? last i checked a few months back, it was literal vaporware.

Quote from: Carlton Banks on July 20, 2018, 07:53:30 AM

And Monero's not on the list? Strange list (never looked at Cardano, anyone know something about it?)

somehow i'm not surprised that a bank doesn't like privacy coins. Cheesy

Quote from: BitHodler on July 20, 2018, 02:52:10 PM

Also, Litecoin does it without BitPay support and without hype. Imagine if BitPay would support Litecoin......

then again, bitpay supports bcash, and nobody uses bcash. bitpay is just becoming irrelevant.

European Central Bank

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Quote from: hatshepsut93 on July 20, 2018, 11:35:23 AM

Just because a lot of competitors have emerged, doesn't mean that they will win - they are all pretty bad, centralized and vulnerable, just like Ethereum. Smart contracts are still only a proof-of-concept, so by the time they will be useful, Bitcoin will probably get them and will kill all the Ethereum-like coins.

nothing that's around now will beat it. like you say they're all shit. but someone somewhere will unveil something that destroys them all. a huge amount is being learnt every second and the people working on stuff like ethereum are now anchored to a lumbering beast, not something scratch built.

BitHodler

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I'm at least happy they didn't select bcash, which would be an utter waste. I still cringe when people say they are more bullish on bcash than Bitcoin. There is nothing bullish about bcash at all.

It's just as slow or fast as Bitcoin, but far more centralized. It's not good on-chain money and it never will be. Litecoin on the other hand is excellent on-chain money. Cheap and fast confirmations is all you need.

If you discard the stress testing transactions (it's a thing apparently) of bcash, Litecoin processes more transactions on a daily basis. Why? Because it's far better on-chain money.

Also, Litecoin does it without BitPay support and without hype. Imagine if BitPay would support Litecoin......

stomachgrowls

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Quote from: richardsNY on July 20, 2018, 12:11:17 PM

Quote from: hatshepsut93 on July 20, 2018, 11:35:23 AM

Just because a lot of competitors have emerged, doesn't mean that they will win - they are all pretty bad, centralized and vulnerable, just like Ethereum.

The good thing is that the competition will make sure that Ethereum starts bleeding, especially so with how EOS is forming a real threat. When more economical activity is heading to EOS with all the ICO and airdrop nonsense, the users will follow with how greed obsessed they are. Ethereum has no other real world use and purpose than to function as platform for fraudulent ICO's and whatnot. I actually enjoy reading through the Ethereum versus EOS trash talk. If you have free time on your hands definitely dive into it, it's very amusing how both camps are literally trashing each other. I got my popcorn ready for more crypto drama. Cheesy

Have also my popcorn too and it would be exciting on how EOS and ETH would end up either this year or on next but basing on what we are seeing now we can picture out on where ETH would go.
Im not even surprised how JP morgan change his views once again and now betting with crypto? They do already realize that theres no point on attacking crypto or trashtalking and now they are choosing coins which would survive. The thing i dont like in the selection is XRP.

richardsNY

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Quote from: hatshepsut93 on July 20, 2018, 11:35:23 AM

Just because a lot of competitors have emerged, doesn't mean that they will win - they are all pretty bad, centralized and vulnerable, just like Ethereum.

The good thing is that the competition will make sure that Ethereum starts bleeding, especially so with how EOS is forming a real threat. When more economical activity is heading to EOS with all the ICO and airdrop nonsense, the users will follow with how greed obsessed they are. Ethereum has no other real world use and purpose than to function as platform for fraudulent ICO's and whatnot. I actually enjoy reading through the Ethereum versus EOS trash talk. If you have free time on your hands definitely dive into it, it's very amusing how both camps are literally trashing each other. I got my popcorn ready for more crypto drama. Cheesy

hatshepsut93

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Quote from: Carlton Banks on July 20, 2018, 07:53:30 AM

Litecoin is going to lose any small utility is has on a far shorter timeframe once Lightning becomes more developed & popular.

And Monero's not on the list? Strange list (never looked at Cardano, anyone know something about it?)

Litecoin might survive if there will be some demand for cheaper onchain transactions.

Monero is not on the list because it has a rep of being criminal's coin, JPMorgan wouldn't even talk about it.

Quote from: European Central Bank on July 20, 2018, 10:19:51 AM

the odds are strong that ethereum will break or be overtaken by something better

Just because a lot of competitors have emerged, doesn't mean that they will win - they are all pretty bad, centralized and vulnerable, just like Ethereum. Smart contracts are still only a proof-of-concept, so by the time they will be useful, Bitcoin will probably get them and will kill all the Ethereum-like coins.

European Central Bank

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people like this look to multi year periods. with that in mind i would only bet on bitcoin myself.

the odds are strong that ethereum will break or be overtaken by something better, dash, i don't even know where to begin with that piece of crap, i don't understand why all ripple is worth more than a fraction of one cent and i don't think anyone else does either, litecoin might soldier on but after all this time the only thing it's done is serve as a bitcoin test bed for segwit and political proxy, cardano, does that even technically exist yet?

i'm really amazed that most of the tired old crap out there is still right up there.

Topic: [2018-07-20]JPMorgan Bets On Bitcoin, Five Other Cryptos to Survive Long Term (Read 298 times)