Typical American/Western blindness.
Many parts of the world have dystopian economies right this very moment where you can't trust what's in your pocket or bank account. USD or gold may not be obtainable for people stuck in such places.
Topic: Cryptos would only have value in a dystopian economy said JP Morgan - page 3. (Read 656 times)
January 30, 2019, 01:14:45 PM
January 30, 2019, 11:19:41 AM
So does that mean that we're already in a dystopian economy since bitcoin already has its value established on a lot of fronts, or they simply can't accept the fact that there are big names and a lot of people supporting bitcoin even if their projections tell them that it's not supposed to get any value at all. But yeah, knowing how JP Morgan had treated bitcoin for the past years, I can say that this is just another normal statement coming from their end. There are tons of cryptocurrencies that fits the description, though bitcoin surely and certainly isn't of those useless coins.
January 30, 2019, 10:29:36 AM
The strange thing about that note to me is that they must have been really ignorant of the findings in recent years at least from Western economists and government think tanks who are certainly reporting that public trust in these very instruments are at all-time lows. People don't trust the government, they certainly don't trust the financial tools of the state, whether it be the banks or the physical pieces of paper backing their promise to holders.
If that's a dystopia, then certainly, it's already here or at least dawning.
I do agree price and value are not equal, but can't agree that a willing buyer doesn't imply some kind of perceived value. People are willing to pay for something, they perceive a value in it.
Whether you or I see the same value in something as a willing buyer does? Or if you or I see the same value in Bitcoin as the thousands (hey, I'm conservative) of willing buyers at any given time do? Beside the point.
I don't see value in say... pieces of stone that supposedly come from magical beings. Would never pay anything for them. But clearly, people buy them all the time. Who am I to say there's no value in them?
If that's a dystopia, then certainly, it's already here or at least dawning.
"Value" and "Price" are different things. Bitcoin might have a price right now but it doesn't mean it has a "value", there are a billion things in life that doesn't have a "value" if you ask me.
Anything you pay for doesn't have a "value" that suggests the price you pay, even a meal at a very expensive restaurant has a 100$ price tag doesn't really worth that much, it costs maaaybe 20 bucks to make it but they add the brand to it, look at iphones, there are countries where iphone is sold x10 the minimum monthly salary, do you really think it worth a 10 month salary ? Not at all however people still buy it because of the brand.
Value is long gone in our life, there are no more "value" for anything, there is just price and bitcoin has a price that JP Morgan is scared of because the higher it gets the less people will care about them.
Anything you pay for doesn't have a "value" that suggests the price you pay, even a meal at a very expensive restaurant has a 100$ price tag doesn't really worth that much, it costs maaaybe 20 bucks to make it but they add the brand to it, look at iphones, there are countries where iphone is sold x10 the minimum monthly salary, do you really think it worth a 10 month salary ? Not at all however people still buy it because of the brand.
Value is long gone in our life, there are no more "value" for anything, there is just price and bitcoin has a price that JP Morgan is scared of because the higher it gets the less people will care about them.
I do agree price and value are not equal, but can't agree that a willing buyer doesn't imply some kind of perceived value. People are willing to pay for something, they perceive a value in it.
Whether you or I see the same value in something as a willing buyer does? Or if you or I see the same value in Bitcoin as the thousands (hey, I'm conservative) of willing buyers at any given time do? Beside the point.
I don't see value in say... pieces of stone that supposedly come from magical beings. Would never pay anything for them. But clearly, people buy them all the time. Who am I to say there's no value in them?
January 30, 2019, 10:10:35 AM
They'd run out of fud to day to the community. If they can't bring the price down to how much it is since the time Dimon started shitting, its going to backfire to them. The blockchain technology alone speaks for itself and they can't make people see how its going to be flawed if used wisely. Someone in their side should advise them to buy more BTC.
January 30, 2019, 09:49:46 AM
"Value" and "Price" are different things. Bitcoin might have a price right now but it doesn't mean it has a "value", there are a billion things in life that doesn't have a "value" if you ask me.
Anything you pay for doesn't have a "value" that suggests the price you pay, even a meal at a very expensive restaurant has a 100$ price tag doesn't really worth that much, it costs maaaybe 20 bucks to make it but they add the brand to it, look at iphones, there are countries where iphone is sold x10 the minimum monthly salary, do you really think it worth a 10 month salary ? Not at all however people still buy it because of the brand.
Value is long gone in our life, there are no more "value" for anything, there is just price and bitcoin has a price that JP Morgan is scared of because the higher it gets the less people will care about them.
Anything you pay for doesn't have a "value" that suggests the price you pay, even a meal at a very expensive restaurant has a 100$ price tag doesn't really worth that much, it costs maaaybe 20 bucks to make it but they add the brand to it, look at iphones, there are countries where iphone is sold x10 the minimum monthly salary, do you really think it worth a 10 month salary ? Not at all however people still buy it because of the brand.
Value is long gone in our life, there are no more "value" for anything, there is just price and bitcoin has a price that JP Morgan is scared of because the higher it gets the less people will care about them.
January 30, 2019, 05:07:14 AM
Agree with JP Morgan only in realtion to coins which purpous is to transfer capital. Those cryptos value is based only on “dystopia" and .. speculations. Is there any other purpose ?
Cryptos which are not used only to transfer capital but are services based on blockchain that actually serve goods are above that.
Cryptos which are not used only to transfer capital but are services based on blockchain that actually serve goods are above that.
January 29, 2019, 09:48:12 PM
@pooyah87. It is also quite ironic that an institution like JP Morgan brought up the thought of a dystopian economy when their kind are the kind of parasites that feed on the people and bring dystopia.
Do we thank them for giving bitcoin its value hehehe?
Do we thank them for giving bitcoin its value hehehe?
January 28, 2019, 11:07:00 PM
it is just another new negative name that they came up with to attack bitcoin since they can't repeat the same thing like bitcoin is fraud every time. in reality they really are showing their fear of bitcoin. and the more they try the more they show their true panic faces and as bitcoin continues to grow their panic hence their attacks will only increase.
January 28, 2019, 09:46:36 PM
Thank Satoshi that bitcoin was invented because JP Morgan and friends are making the dystopian economy real hehehe.
However, bitcoin already has value, does that imply that we are already in a dystopian economy? Will a higher value also imply that we are deeper into dystopia? Have they run out of fud ideas?
Investment bank JPMorgan Chase has said that cryptocurrencies would only have value in a dystopian economy.
In a recent note to its clients, the firm said that it was skeptical of the value of cryptocurrencies apart from in a “dystopia” where investors have lost confidence in “all major reserve assets (dollar, euro, yen, gold) and in the payments system,” according to a report from Business Insider on Monday.
The banking giant further said that, though cryptocurrencies have a low correlation to traditional asset classes such as shares and bonds, they are not the best bet for diversification. “Low correlations have little value if the hedge asset itself is in a bear market.”
JPMorgan also reportedly said earlier this week that, with prices so low, bitcoin is worth less than the cost to mine it.
Source https://www.coindesk.com/cryptocurrencies-would-only-have-value-in-dystopian-economy-jpmorgan
However, bitcoin already has value, does that imply that we are already in a dystopian economy? Will a higher value also imply that we are deeper into dystopia? Have they run out of fud ideas?
Investment bank JPMorgan Chase has said that cryptocurrencies would only have value in a dystopian economy.
In a recent note to its clients, the firm said that it was skeptical of the value of cryptocurrencies apart from in a “dystopia” where investors have lost confidence in “all major reserve assets (dollar, euro, yen, gold) and in the payments system,” according to a report from Business Insider on Monday.
The banking giant further said that, though cryptocurrencies have a low correlation to traditional asset classes such as shares and bonds, they are not the best bet for diversification. “Low correlations have little value if the hedge asset itself is in a bear market.”
JPMorgan also reportedly said earlier this week that, with prices so low, bitcoin is worth less than the cost to mine it.
Source https://www.coindesk.com/cryptocurrencies-would-only-have-value-in-dystopian-economy-jpmorgan
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