"Bitcoin is a Fraud" and "Worse than tulip bulbs"

TreasureHunter

TreasureHunter

Well-Known Member
JPMorgan CEO Jamie Dimon made some interesting points about Bitcoin:

https://www.cnbc.com/2017/09/12/jpm...es-20-percent-fall-for-the-third-quarter.html


To me, Bitcoin is a speculative pseudo-currency. Although, it is a great invention and I missed the boat, so I did not invest.

It looks like romantic sci-fi money that "could be, but just can't be"... real money/currency.

My main arguments are:
*the speculative part is far greater than its use as a means to trade/pay/transact etc.
*just watch how much it falls whenever some government bans it or when some crypto-exchange gets closed down
*most people are buying it believing "it will go up", as if that's what Bitcoin would have to normally do (just go up by itself)
*it's terribly unstable
*there is no wide use for Bitcoin (still too few ways to transact) and it's a bit difficult to use

I think someone could come up with a new sort-of Bitcoin to replace the FIAT currencies of the World.

That could be the IMF's new global reserve currency in the form of digital cryptocurrency.

What do you think?
 
You have to understand it first before you invest. Yeah I agree missing the boat won't help much, but even I had bought years ago I wouldn't know what to do with it, or where to spend, I'd probably ending up losing on it.
 
The blockchain is the interesting part. Bitcoin itself is kind of a neat way to test the theory behind blockchain by transferring information across it, but the unique string of characters that make up a bitcoin is completely meaningless. Okay, it means a computer somewhere did some really complex calculations at some point that generated the unique string of characters but I can generate the SHA256 hash 0F380EF2AB17A0523E619CB6E396A0A2833B9267A45EDEEBF7B6E9A0CF63585E, write it down on a piece of paper and you can pick it up in five years time and then spend as long as you like going though every possible combination until you turn it back into the plaintext "Big A.D. blows goats" and all we've proved is that computers can do sums. That's kinda why we invented them. It's not particularly mindblowing.

Having a decentralized ledger of transactions that can update itself in close to real time however, is a significant advancement in how we've been doing it up until now.
 
Seven of nine said:
You have to understand it first before you invest. Yeah I agree missing the boat won't help much, but even I had bought years ago I wouldn't know what to do with it, or where to spend, I'd probably ending up losing on it.
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It's a fantastic invention (technically), but it was so many flaws I doubt it could survive for long.

I'm not against it, I'm just observing. Bitcoin is

I'd be surprised if the IMF/Fed/ECB wouldn't come up with their own design for cryptocurrency.

Russia is already working on their own national cryptocurrency:
https://spb.blockchainconf.world/en...rf-sozdayot-natsionalnuyu-kriptovalyutu-69513
https://www.coindesk.com/bank-russia-time-develop-national-cryptocurrencies/

In fact, a cryptocurrency could take the place of the dollar and the euro. The new SDR-based currency could in fact be a cryptocurrency.
 
TreasureHunter said:
I'd be surprised if the IMF/Fed/ECB wouldn't come up with their own design for cryptocurrency.

Russia is already working on their own national cryptocurrency:
https://spb.blockchainconf.world/en...rf-sozdayot-natsionalnuyu-kriptovalyutu-69513
https://www.coindesk.com/bank-russia-time-develop-national-cryptocurrencies/

In fact, a cryptocurrency could take the place of the dollar and the euro. The new SDR-based currency could in fact be a cryptocurrency.
Click to expand...

Not much to celebrate there. The intention of the originators of crypto-currencies was to decentralise the concept of money. Therefore any moves by national governments to design their own cryptos is just meh, and more of the same shit we've got.
 
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Our tendency is to see the world masters as only a bit smarter than us. They're actually incredibly much smarter than us. They would know all about crypto and probably have the plan in place to shut down all but SDR backed goldchain or whatever.

This sort of thing.

STACK announced a partnership with Mastercard today, two weeks ahead of its official Beta launch. More than 20,000 Canadians have registered for the Beta app, which will begin onboarding users this month through Google Play. A public launch for both Android and Apple devices is planned for later this year.

STACK is reinventing financial services with a fee-free alternative to traditional banking. Combining advanced machine learning with customizable tools, the STACK app delivers a smarter way to spend, save and share your money, straight from your smartphone. STACK will be the first financial services provider to offer instant access to multi-currency and crypto wallets as part of a 360-degree solution to personal finance.

STACK accounts will include a chip-and-pin Mastercard prepaid card, providing seamless and secure point-of-sale access to worldwide retailers, global ATM networks and Purchase Protection on every transaction.

"Partnering with Mastercard supports our mission to provide a better alternative to traditional financial services, without compromising convenience or reliability," said Miro Pavletic, Co-Founder and CEO of STACK. "Mastercard is a trusted technology expert in the payments industry, and we're committed to working with the best of the best."

"Canadians want to manage their money on their own terms and STACK is giving them that ability," said Patrick Sulston, Vice President of Market Development in Canada, Mastercard. "With a Mastercard prepaid card inside the STACK app, Canadians can easily, securely and conveniently access their funds and shop in-store and online."

STACK is the first financial technology company in North America to offer members a mobile tap-to-pay option attached to a digital money account, enabling members to pay with their mobile phones. Other features like automated savings, instant rewards and social sharing provide a lifestyle-focused approach to financial services.

"Canadians deserve better than what's available in the current market," said Pavletic. "With the advancements of tech-enabled financial services, we can finally offer a replacement to legacy institutions with a new, more consumer-friendly alternative."

http://www.newswire.ca/news-release...obile-tap-to-pay-functionality-643716753.html
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Cryptos are interesting inventions, but the more they create, the more bubbles there will be and they will be mostly "fool's gold", as Peter Schiff says.
 
And the day after he said that JPM Europe became the 3rd largest holder in BTC trade trackers.
Even Dimon FUD's
 
I don't pretend to understand cryptos all that well but to have one payment system that is accepted between countries around the would without exchange rates or government interference's and fees sounds like a great idea. But if I get paid by a crypto currency for my goods and services from an overseas buyer and I can not withdraw cash in my home currency out of an ATM or bank then it will be nothing but a waste of time I'm afraid. No use having a crypto bank account with money in it if I can't buy a loaf of bread, pay for my medicines, petrol or other day to day expenses. Until that happens I have no interest.
 
Ling said:
I don't pretend to understand cryptos all that well but to have one payment system that is accepted between countries around the would without exchange rates or government interference's and fees sounds like a great idea. But if I get paid by a crypto currency for my goods and services from an overseas buyer and I can not withdraw cash in my home currency out of an ATM or bank then it will be nothing but a waste of time I'm afraid. No use having a crypto bank account with money in it if I can't buy a loaf of bread, pay for my medicines, petrol or other day to day expenses. Until that happens I have no interest.
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Which is why there are some companies rushing to create a debit card that lets you spend crypto, just like a normal debit card. That way you don't even have to convert it back to fiat.

Check out https://www.tenx.tech/index.html
 
"I'm happy for private companies to develop cryptos for general use."


Thanks @mmm....shiney! ,


I'm sure that everyone will be happy to note your endorsement, lol, being such an 'EXPERT ON EVERYTHING' _JLG.
 
JOHNLGALT said:
"I'm happy for private companies to develop cryptos for general use."


Thanks @mmm....shiney! ,


I'm sure that everyone will be happy to note your endorsement, lol, being such an 'EXPERT ON EVERYTHING' _JLG.
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Thanks JLG, or should I say _JLG. I can’t begin to tell you how much that means to me. But I’m no expert on cryptos, I have more more an economics/philosophy bent.
 
mmm....shiney! said:
Thanks JLG, or should I say _JLG. I can’t begin to tell you how much that means to me. But I’m no expert on cryptos, I have more more an economics/philosophy bent.
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Sorry, was the emphasis on bent?. and you in your knit-picking way My sign off is _JLG.

I left school @13 years & 10 months of age, so I'm sure that you could flog that for another 20 posts in your (alleged) nit-picking manner. _JLG.

p.s. Now you have me confused whether you are an (alleged) knit-picker, or an (alleged) nit-picker.
 
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