"Jamie Dimon: You're Wasting Your Time With Bitcoin" - Reactions?

Asrael999

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Quote from: arbitrage001 on November 05, 2015, 11:13:13 AM

Quote from: Jon Connor on November 04, 2015, 07:40:52 PM

Interested to see how people on this board would respond to Jamie Dimons statement about Bitcoin and Blockchain technology. Here's the link http://fortune.com/video/2015/11/04/jamie-dimon-youre-wasting-your-time-with-bitcoin/

As much as I hate to admit. He is right regarding no government will put up with non-control currency for long.

Bitcoin does not have to replace a fiat currency to be successful - it just needs to become a less frictional - ie less costly - method than banks for transactions than paying USD by a bank. Right now with quite high (0.25 - 0.5% of notional) bid/offers and relatively low liquidity it is not. What would the cost be to convert $100K to BTC move it to another person and then move it back to USD again? Right now its a lot more - and a lot more execution risk - than asking a bank to transfer $100K to the other person.

Asrael999

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Quote from: botany on November 04, 2015, 08:52:26 PM

Banks until now have said we love the blockchain, but hate Bitcoin.

Jamie seems to be running down the blockchain as well. He says the blockchain wouldn't offer improvement in areas like trading of stocks. This is plain silly. Why would you be satisfied with a 2 day settlement period, armies of men keeping track of transactions, possibilities of errors, etc, while the blockchain can do a better job in 10 minutes?

Banks have been saying blockchain because the word bitcoin scares the hell out of the senior people within them - after all , everyone involved in bitcoin is a libertarian nutcase right? What they have worked out though, and what is finally spreading upwards through their organisations is that you cannot have one with out the other, any blockchain needs an incentive system to maintain its security, and none of the "private" blockchain solutions currently can offer the security of the bitcoin blockchain. Maybe bitcoin will not be the "winning" standard but it is the current front runner - and there are plenty of people inventing ways of interacting with the bitcoin chain which will/do comply with regulation. Bitcoin does not need to replace FIAT to be successful - but what it does need to do is move to be lower friction and less costly. (lower bid/offers rather than lower transaction fees)

spazzdla

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Oooh excellent I hope the powers of old keep to their Fiat and do not gain new thrones in crypto.

arbitrage001

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Quote from: Jon Connor on November 04, 2015, 07:40:52 PM

Interested to see how people on this board would respond to Jamie Dimons statement about Bitcoin and Blockchain technology. Here's the link http://fortune.com/video/2015/11/04/jamie-dimon-youre-wasting-your-time-with-bitcoin/

As much as I hate to admit. He is right regarding no government will put up with non-control currency for long.

mcplums

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Quote from: EggShells on November 05, 2015, 09:26:49 AM

Right or not, he is one guy who should know better

He should, but he doesn't. History is overflowing with people who should know better but don't. 'Experts' are wrong all the time in every field.

For bitcoin the list of people who should know better but don't include Alan Greenspan, Warren Buffet, and Bill Gates (to start with although I think he's changed his tune now).

zodiac3011

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Quote from: zimmah on November 05, 2015, 01:28:03 AM

Quote from: zodiac3011 on November 05, 2015, 01:14:49 AM

Governments love the technology but hate bitcoin. We are not wasting our time because bitcoin is the trend right now and the government have no control over it, they will just apply the technology that bitcoin uses and create for themselves something they can control

And we will just keep using Bitcoin anyway.

If they want us to pay taxes in govcoin we just trade some BTC for govcoin to pay taxes.

Not that they can force us, because why would the police or the army work if they don't get paid?

The government loses all their power if it loses the power of debt slavery (which is what the current money system is).

I agree

unless the government has some kinds of technology to control bitcoin, we will just stick to bitcoin why we have to use the govcoin Grin

However in some case the government may think up with the solution to block all the connection to bitcoin database or their govcoin become so popular, I think we have to use it... just like we still have to use dollars today

EggShells

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Quote from: Hazir on November 04, 2015, 08:22:58 PM

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

Right or not, he is one guy who should know better, and so he is essentially saying "we have the power, and you can all go play with yourselves."

But it's true that, ultimately, the world will not be put right until at least the educated portion of the populace understand the disease of state money.

As for the short to medium term future of Bitcoin, he is just spin-doctoring for the elites. In the state-bank alliance, as in most others, it's the junior partner who plays the role of attack dog. What this shows is that the elites could actually be scared of the rapid rise of Bitcoin recently.

richardsNY

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Just don't listen to what these people have to say. They are either haters or don't understand what Bitcoin can really mean for the financial industry. We believe in Bitcoin no matter what. That's the most important.

TPTB_need_war

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More:

https://youtu.be/6MVfkEJfZi0?t=1045
https://youtu.be/6MVfkEJfZi0?t=1770

Mickeyb

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Move On !!!!!!

Quote from: Hazir on November 04, 2015, 08:22:58 PM

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

I hope that you are wrong but knowing how important is for any government to control money, I guess that this is bound to happen.

That's why for Bitcoin is important that it adds a bit but in many places. If we would have 1 - 2% of every market but as many use cases as possible, I think that this would be the best option for us.

USB-S

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In XEM we trust

The only reason he is bashing bitcoin is because he is so big in fiat and has no control over bitcoins. My guess will be that he will change his mind when his R&D department tells him that "we cannot stop, nor control bitcoin. It's the next best thing that has happened to humanity". I hope that that doesn't happen for a couple of years to come.

erickimani

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the government as a governing body want to control everything. They are definitely trying to find a way to control bitcoin and benefit from it. they need the tax, they need to own it and control it. But we are not wasting our time for this is the best thing in today's world. In future everybody will embrace it and I will be proud to have been among the first people to appreciate its importance.

Amph

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he is another one of those haters, i would just ignore him, no matter how famous he is

everyone who bash bitcoin is a faggot for me, and no i'm not wasting my time, if i'm helping to destroy the biggest scam in the man history

zimmah

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Quote from: zodiac3011 on November 05, 2015, 01:14:49 AM

Governments love the technology but hate bitcoin. We are not wasting our time because bitcoin is the trend right now and the government have no control over it, they will just apply the technology that bitcoin uses and create for themselves something they can control

And we will just keep using Bitcoin anyway.

If they want us to pay taxes in govcoin we just trade some BTC for govcoin to pay taxes.

Not that they can force us, because why would the police or the army work if they don't get paid?

The government loses all their power if it loses the power of debt slavery (which is what the current money system is).

zimmah

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Quote from: Hazir on November 04, 2015, 08:22:58 PM

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

Bitcoin don't care

zodiac3011

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Governments love the technology but hate bitcoin. We are not wasting our time because bitcoin is the trend right now and the government have no control over it, they will just apply the technology that bitcoin uses and create for themselves something they can control

_Miracle

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Do due diligence

It is amazing to me that our current financial systems function as they do: they are highly manipulated constructs.
Jamie Dimon may be (and is most likely) right...but sometimes you may push a body of people too far, and formerly law abiding citizens rebel and do things like... form new countries (U.S.A.).
Blockchain tech. running U.S. Dollar? Interesting.

Possum577

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Loose lips sink sigs!

Quote from: Hazir on November 04, 2015, 08:22:58 PM

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

Haha, literally he's wrong. Bitcoin exists. Bitcoin is currency. Bitcoin is not controlled by government.

freedomno1

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Learning the troll avoidance button :)

Nice try little man I know your secret plan your just O'leary in an older suit Wink

That said it will never be over, we know how Wall Street has worked.
Blockchain was conceded so that is progress lets give it more time.

notthematrix

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CryptoTalk.Org - Get Paid for every Post!

Forget gov control.
Why Bitcoin control system is pure game theory!
It does not need gov.
because it does not need centralized trust.
everybody can check transactions on validity and those checking can be anamies.
and can have contrary intrests except for bitcoin.
it is very well possible that a extremist jew and extremist muslim use bitcoin.
they want to kill each other but also do not want that the other controls its money supply!
so to make that sure the jew keeps up the hashing power , to make sure the muslim cant take over...
the muslim does the same... by doing this they both secure the bitcoin network!
Thats the power of a human trustless system it does not need central control in fact it can only function in decentralized setting!
this is why its impossible to set it up in a controlled fashion!
the fact you don't control all party's gives it its strength!
Central banks will fail because they over centralized!
and no longer act in all groups interests , the fact that one group can create unlimited money is undesirable because it requires endless need of growth on a planet with limited resources, and that cant go on for ever.

gentlemand

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Welt Am Draht

Quote from: Hazir on November 04, 2015, 08:22:58 PM

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

It may be small but BTC is running as currency right now without government control. The ways to get into it are certainly within its tentacles but there are ways around that too if you're that committed.

No doubt the noose will tighten but there's always be workarounds.

botany

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Banks until now have said we love the blockchain, but hate Bitcoin.

Jamie seems to be running down the blockchain as well. He says the blockchain wouldn't offer improvement in areas like trading of stocks. This is plain silly. Why would you be satisfied with a 2 day settlement period, armies of men keeping track of transactions, possibilities of errors, etc, while the blockchain can do a better job in 10 minutes?

Hazir

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★Nitrogensports.eu★

"There will be no currency without government control" He is unfortunately right on that point. We will have government regulations of bitcoin in the future.
Just wait a bit when bitcoin will be bigger and worth more, then government will strike.

Jon Connor

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Interested to see how people on this board would respond to Jamie Dimons statement about Bitcoin and Blockchain technology. Here's the link http://fortune.com/video/2015/11/04/jamie-dimon-youre-wasting-your-time-with-bitcoin/

Topic: "Jamie Dimon: You're Wasting Your Time With Bitcoin" - Reactions? (Read 1314 times)