Jamie Dimon is right to fear cryptocurrency

Source: Garrison Center
by Thomas L Knapp

“Dimon considers cryptocurrency ‘worth nothing’ for one reason only: Because his company — the largest bank in the United States and among the largest in the world — doesn’t control it. And that’s one of several reasons why others find it very valuable indeed. Cryptocurrencies run on blockchains, ‘distributed ledgers’ without central authorities. Dimon prefers fiat currencies, which are created by governments, managed by central banks, and funneled through institutions like his, legally privileged choke points taking generous rake-offs from wealth created by others but forced to pass through them. Neither crypto nor fiat currencies are backed by physical commodities like gold or silver, but the resemblance ends there. Crypto is backed by the work of maintaining its ledgers, called by the imaginative name ‘mining.’ Fiat currency is backed only by your trust in the governments (and the Jamie Dimons) of the world.”