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Dimon Disses Bitcoin, and Bitcoiners Diss Back
The Wall Street Journal ^ | 24 January 2014 | Paul Vigna

Posted on 01/24/2014 7:42:26 AM PST by Errant

Jamie Dimon isn’t very impressed by bitcoin. Bitcoiners, in turn, don’t appear terribly impressed by Jamie Dimon.

The virtual currency, which a year ago at this time was known only by a small band of enthusiastic libertarians, techies, and alleged drug traffickers, has gotten so much larger in the intervening time that it gets talked about at the big Capitalismpalooza called the World Economic Forum at Davos. That in itself is interesting.

But J.P. Morgan'sJPM -1.35% Jamie Dimon and U.S. Treasury Secretary Jacob Lew were both asked their opinions and both talked it down, and both harped on its use in drug trafficking. The reaction from bitcoiners was just as dismissive.

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: banks; bitcoin; davos; dimon; jamiedimon
Jamie Dimon and U.S. Treasury Secretary Jacob Lew agreeing that cryptocurrency is a BAD thing... Imagine that! lol

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1 posted on 01/24/2014 7:42:26 AM PST by Errant
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...

Click to be Added / Removed.
2 posted on 01/24/2014 7:43:02 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

The point that drug traffickers might use bitcoin is not a fatal charge. The US dollar is the single most widespread currency in the drug trade.


3 posted on 01/24/2014 8:05:59 AM PST by RobinOfKingston (Democrats--the party of Evil. Republicans--the party of Stupid.)
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To: RobinOfKingston; All
Yep and I just saw this over at Zero Hedge. The amount of penalties are two times the entire value of Bitcoin at present.

Jamie Dimon Gets Pay Raise After Raking Up $25 Billion In Legal Fees

"Earlier this week we reported that at JPMorgan, the many will pay for the crimes of the few, after the bank revealed that compensation for most workers would be flat with 2012, and no raises were planned for the bank's employees as a result of the massive, $20+ billion legal bill the bank has raked up in recent months as one after another market manipulation, fraud and malfeasance by current and former JPM workers has been revealed. One person, however, will be exempt from this blanket punishment: the firm's CEO Jamie Dimon, of course. Because there is always a reason Jamie is richer than you..."

4 posted on 01/24/2014 8:16:36 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: RobinOfKingston
Big time drug lords are switching to the Euro and its 500 Euro note.


5 posted on 01/24/2014 8:17:21 AM PST by Yo-Yo (Is the /sarc tag really necessary?)
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To: Errant

Holy Crap..20 BILLION in legal fee’s???


6 posted on 01/24/2014 8:18:47 AM PST by Ghost of SVR4 (So many are so hopelessly dependent on the government that they will fight to protect it.)
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To: Ghost of SVR4
Yep, and Dimon still has the unmitigated gall to diss Bitcoin. You know who's going to pay those penalties? The big bank's customers, that's who. If Bitcoin went bust and took every single penny invested in it, it'd still be half of just JPM's penalties.

It's amazing to me just how stupid people in this world really are...

7 posted on 01/24/2014 8:25:32 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Ghost of SVR4
Speaking of stupid (like we don't need another example): Congress grants Obama 'free rein for martial law'
8 posted on 01/24/2014 8:31:32 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

It is exciting to be at the very birth of the undoing of the global elites. Bitcoin may not be the vehicle, but there is no stopping the decentralization of monetary power in the future.


9 posted on 01/24/2014 9:26:15 AM PST by AuditTheFed
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To: AuditTheFed
It is exciting to be at the very birth of the undoing of the global elites. Bitcoin may not be the vehicle, but there is no stopping the decentralization of monetary power in the future.

Boy do I ever hope you are right - for the sake of humanity. It will be tumultuous times though, to say the least.

10 posted on 01/24/2014 8:35:29 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

http://www.bloomberg.com/news/2014-01-21/bitcoin-no-bargain-as-47-of-investors-go-bearish-in-poll.html

Bitcoin No Bargain as 47% of Investors Go Bearish in Poll

11 posted on 01/24/2014 8:41:55 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: RobinOfKingston

But can you roll a Bitcoin into a straw to snort coke?


12 posted on 01/24/2014 8:45:32 PM PST by Lurkina.n.Learnin (This is not just stupid, we're talking Democrat stupid here.)
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To: RobinOfKingston

Precisely. If the mere fact that a currency is used by drug dealers is the issue the US dollar should be stripped of its reserve currency status for that reason alone.


13 posted on 01/24/2014 8:45:52 PM PST by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Errant

“Capitalismpalooza called the World Economic Forum at Davos.”

More like elitismpalooza.


14 posted on 01/24/2014 8:48:28 PM PST by Lurkina.n.Learnin (This is not just stupid, we're talking Democrat stupid here.)
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To: narses

Do me the favor of not posting your same old outdated harassment garbage to me, please. Matter of fact, since you never have anything of value to add and only waste bandwidth with your tired graphics, please don’t post to me again period!

Thanks,


15 posted on 01/24/2014 8:51:10 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

Stop posting your self serving hype. Frauds are bad, dontcha know?


16 posted on 01/24/2014 8:52:19 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses

Despite your arrogant and baseless assumptions, there are many on FR who are keenly interested it the latest Bitcoin/Cryptocurrency developments. If you are offended by that, then I suggest you spend your time on threads that are more appealing to your self-centered ideology. You’ve crossed the line into nothing more than harassment with bandwidth robbing tired graphics, adding nothing of value to any of our discussions.


17 posted on 01/24/2014 9:03:26 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

18 posted on 01/24/2014 9:06:10 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses

You got a problem with tulips?

Nobody’s forcing you to buy bitcoin. They are, though, forcing you to buy half your income of things for other people.


19 posted on 01/24/2014 9:11:41 PM PST by txhurl (Everyday I think I witnessed the liberals' destructive high-water-mark. In the AM, proven wrong.)
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To: txhurl

Fraud is bad.


20 posted on 01/24/2014 9:13:00 PM PST by narses (... unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.)
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To: narses

Naptime narses???


21 posted on 01/24/2014 9:46:08 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: narses

The volatility has declined as adoption has spread, and will continue to do so.

Services like bitpay perform daily clearing into the local fiat currency of your choice if you’re concerned about volatility.

Lastly, do you have a graph for the purchasing power of USD over the last 100 years (since the institution of the Federal Reserve)?

That will be the most pertinent comparison moving forward.


22 posted on 01/25/2014 8:30:38 AM PST by Gunslingr3
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