Comments on: Bitcoin slides 10% after warning by JP Morgan boss

By: Daphne Caruana Galizia

Daphne Caruana Galizia — Thu, 14 Sep 2017 10:51:00 +0000

A fallacious assumption.

By: Mario

Mario — Thu, 14 Sep 2017 10:41:00 +0000

Why is JP Morgan Chase investing in “fraud”?

On Tuesday, the CEO of global bank JPMorgan Chase, Jamie Dimon, called bitcoin a “fraud”. He compared it to the 17th century tulip bulb craze, which was one of the biggest asset bubbles in history.

He’s entitled to his opinion, of course. But there’s something that doesn’t make sense here.

You see, JP Morgan Chase has been involved in blockchain – the digital ledger technology that underpins bitcoin and other cryptocurrencies – for some time now. According to Charlie Shrem, a bitcoin pioneer, the bank has had an internal “Blockchain Working Group” for over two years now.

JPMorgan has gone to great expense to build its own blockchain platform on Ethereum, a bitcoin competitor. The bank has even filed a patent for its own electronic currency.

So while the boss is throwing shade on bitcoin, the bank is full-throttle forward on blockchain. As well it should be. Banks are just middlemen between the suppliers and consumers of capital.

And bitcoin, along with blockchain technology, can potentially diminish our need for the big banks. If he’s not worried, he should be.

JPMorgan is joined by a who’s who list of big-name investors and billionaires who have put money into cryptocurrencies and blockchain technology. It’s the “smart money” seeing where the world’s going.

By: Antoine Vella

Antoine Vella — Wed, 13 Sep 2017 23:43:00 +0000

Bice, you’re not actually converting your body to pixels you know: you’re only converting a picture. We haven’t reached that level of technology yet.

By: Edward Vella

Edward Vella — Wed, 13 Sep 2017 22:58:00 +0000

It’s gone down earlier in June, but shot back up. Its quite standard with crypto currencies, especially in it’s current state.

By: Josette

Josette — Wed, 13 Sep 2017 22:12:00 +0000

One lesson which you learn again and again: what sounds too good to be true is generally too good to be true.

By: NoThanks

NoThanks — Wed, 13 Sep 2017 22:02:00 +0000

I’m sorry but this is where things get idiotic. Banks are not just in the business of moving money around. Probably moving your cash around is more of an annoyance to them.

Banks are in the business of creating money and giving it to the RIGHT people, aka Risk Management. How exactly is bitcoin solving the problem of connecting lenders and borrowers with the right risk profile?

By: Galeforce

Galeforce — Wed, 13 Sep 2017 21:45:00 +0000

In reply to Bice. You can find several online articles debating the possible links of terrorist groups using digital currencies to help fund their nefarious activities, if you are interested.

By: Daphne Caruana Galizia

Daphne Caruana Galizia — Wed, 13 Sep 2017 21:03:00 +0000

In reply to Bice. Really? You must have a strange family.

By: Bice

Bice — Wed, 13 Sep 2017 20:57:00 +0000

In reply to Galeforce. 15 years ago or so they said it was a sin cos i subscribed to facebook.

By: Daphne Caruana Galizia

Daphne Caruana Galizia — Wed, 13 Sep 2017 20:49:00 +0000

Yes, amazing, isn’t it. And that’s exactly why I have a sense of perspective: because I don’t only know about the things that succeeded, but also about the things that failed. Fortunately, we all eat normal food now, but for a while back there in the late 1960s early 1970s, there was quite a drive to have us eating things made from water added to powder: everything from soups to puddings. It was considered brilliantly Space Age and The Future.