When we first heard that JPMorgan’s Jamie Dimon Concluded that Bitcoin Is A Fraud, how did we React?
Cryptocurrency enthusiasts, evangelists, technologists, educators, investors, business owners all over the world were appalled and taken aback at such ‘stupidity’.
We declared him a “Whacko Job” and shouldn’t ever be given a microphone EVER!
Well, here Dimon goes again talking about cryptocurrencies. He says that Eventually the Government will shut it down. I started rolling my eyes hoping this guy will just go away already. I didn’t know listen to him yesterday and why do I have to listen at him today?
JPMorgan Chase chairman and chief executive Jamie Dimon spoke to Saloni Shukla and MC Govardhana Rangan in an interview about more than just cryptocurrencies. So let me give you the fine points of my take on the interview.
So rather than my judging bitesize internet sensationalistic titles, I thought it would be fair and maybe educational to ME if I at least LISTEN to see what he is talking about.
I did find myself agreeing with a few points. I agree with him re: blockchain and cryptocurrencies actually being 2 separate entities. Many people don’t understand that or they simply forget that. I share with my students and colleagues often that the future is actually the blockchain.
I also agree with his statements about how governments create currencies and government want to control all currency … who has it … where it goes… “where my cut be at, yo?” etc.
BUT there is one component Dimon forgets about. The shutting down of an exchange or any tentacle of a network doesn’t shut down anything. It grows more and more tentacles and/or it evolves or moves elsewhere. And … well… you listen to him yourself.
Don’t fall over when he starts talking about a “Crypto-Dollar” and why HE prefers the “Crypto Dollar” to “CryptoCurrency”. His argument is that the world … the governments already have currency. And we can use blockchain technology to get this party started.
I am of the opinion that he is an elitest shill who is a puppet of the masters sent to say that Bitcoin is a fraud. That then opens up the door to strategically place him into the limelight to start the propaganda machine. He even talked about his version of FedCoin or what he termed “Crypto-Dollar”. His conclusion that all cryptocurrency MUST have government backing and that somehow the ‘dollar’ is legitimate because it has “legal tender” written on it is asinine. Shucks! That is the same conclusion that can be made for EVERYTHING “STATUS QUO”!
What he is truly doing is thinking (or simply communicating) in the same old sandbox … the status quo … the paradigm which fails the masses but allow people such as himself to have a networth of over $1 billion.
Shucks! AFter all, Jamie Dimon is chairman, president and chief executive officer of JPMorgan Chase, largest of the Big Four American banks, and previously served on the Board of Directors of the Federal Reserve Bank of New York.
His mission is to continue to spread Fear, Uncertainty, and Doubt (FUD) about the cryptocurrency markets. His charge is to continue the attack where our governments have already started in order to negatively affect the cryptocurrency markets in order to drive the MONEY and PROFITS back to the financial instruments which JPMorgan, Bank of America, Federal Reserve, financial institutions, governments, and the elitists.
They are being bled and they ain’t liking that one bit. While the governments ain’t liking that they don’t have the POWER nor the CONTROLS as they do with the staid old deficient, elitist, plantation-like monetary, financial, and political systems.
Then he goes on to say that there are multiple cryptos that actually created themselves out of nothing and thus they are nothing. I am listening while trying to drown out the sound of those noisy dollar bill printing presses churning out NOTHING all day long …
Finally the instrument of destruction, JP Morgan, CEO, Jamie Dimon, says that “it will end badly” because he says the government will bring down an edict that says if you buy or sell bitcoins or aid and abet transactions dealing with bitcoin, we will put you in jail.
Listening to this guy is not a ‘comfortable’ experience, but the truth of the matter is that is EXACTLY what the government will ATTEMPT to do. The wheels are already in motion. STAY ALERT!
So don’t brush this guy off as a lunatic. That, my friends, he is NOT.
What I am saying is this. Take our ‘feelings’ and ’emotions’ out of the game (just as we should do when trading cryptocurrencies or investing in anything) and listen to this guy.
DO NOT brush off Mr. Jamie Dimon!
Interesting Article: https://www.thestreet.com/story/14315079/1/bitcoin.html
Faith Sloan CryptoQueen QueenWiki