Tag Archives: Bitcoin

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."


Sweden: Trader files regulatory complaint over Dimon/JPMorgan's Bitcoin poop and scoop

Source: CryptoCoinsNews

"Did Jamie Dimon have an ulterior motive when he trashed bitcoin last week? Florian Schweitzer, managing partner for a bitcoin market trading firm, has filed a complaint with a Swedish regulator against JPMorgan’s chief executive for calling bitcoin a 'fraud' a week ago after learning that JPMorgan began buying into a bitcoin tracker fund shortly after Dimon made his comments, according to Quartz. … Bitcoin’s price dropped 24% from the day Dimon recently criticized bitcoin and the day the company made its XBT trades. The Zero Hedge finance blog accused JPMorgan of buying bitcoin on the cheap. JPMorgan told Reuters it was serving as a broker for clients who wanted to buy into the bitcoin tracker fund and that the purchase orders were for clients, not for JPMorgan." (09/21/17)


McAfee at Shape The Future; "Pandora's box has been opened"

Source: Bitcoin.com
by Marcel Chuo

"'Pandora's box has been opened.' John McAfee's words echoed through the halls of the Grand Hyatt in Hong Kong. The several hundreds of us that had gathered together on the 20th September were hanging on to his every word. McAfee had perfectly captured the crypto enthusiasts' sentiment. Blockchain technology has begun to erode governments' control over money and will continue to do so. These governments ha[ve] responded by lashing out in a form of crypto inquisition that parallels the American prohibition. We also learned that many bitcoin exchange executives were not allowed to leave China amidst the recent regulation rulings. Surprisingly, McAfee's comments did not encourage fear, but inspired a strong sense of community among the crowd. He walked off the stage to a thunderous applause." (09/20/17)


China: Regime orders Bitcoin exchanges in capital city to close

Source: BBC News [UK state media]

"China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities. All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 September. The move follows the Chinese central bank's decision to ban initial coin offerings in early September. Top exchange BTCC said it would stop trading at the end of the month. Chinese authorities decided to ban digital currencies as part of a plan for reducing the country's financial risks." (09/19/17)


The day Bitcoin was hacked

Source: Freeman's Perspective
by Paul Rosenberg

Fiction: "In the ninth year of Satoshi, at 9:30am UTC on a cold February morning, Bitcoin was hacked."


Jamie Dimon fears his job is obsolete

Source: Foundation for Economic Education
by Jeffrey A Tucker

"Guys like Dimon believe they own the system. They are the great intermediaries. The masters of the monetary universe. No one gets in the system or out of the system without their knowledge and permission. So it has been for thousands of years. Bitcoin changes all that. Download a wallet, find a friend, and you are the owner of a currency that can buy anything in the world, from anywhere in the world. It’s more than that: any individual can raise capital, without intermediaries. Without JP Morgan. Let’s just say that Mr. Dimon has a slight conflict of interest here. He is right to fear for the obsolescence of his job. And this might explain his anger issues." (09/14/17)


Which is fraudulent — Bitcoin or JP Morgan?

Source: Liberty Blitzkrieg
by Michael Krieger

"I’m really grateful JP Morgan CEO Jamie Dimon decided to once again lash out in anger at Bitcoin, as it provides us with ample opportunity to highlight a practice very near and dear to how the bank operates. Fraud. The way the news cycle works, any topic that isn’t already at the forefront of enough people’s minds will be largely ignored irrespective of its importance. The fact that Jamie Dimon ironically called Bitcoin a fraud, allows us to ask highlight some very important facts about the seemingly systemic fraud inherent in America’s largest bank, JP Morgan." (09/13/17)


How should Bitcoin and cryptocurrencies be taxed?

Andrea O'Sullivan

Source: Reason
by Andrea O'Sullivan

"The tax treatment of cryptocurrencies has been a persnickety affair. Long gone are the days when bitcoin users mistakenly believed that their experiment in monetary innovation would be free from the grabbing hands of the state. But cryptocurrencies' unique properties and uses posed a dilemma for tax authorities seeking to outline a reasonable path for taxation of technologies like bitcoin. Thankfully, a new bill could rectify many of the early mistakes made with the tax treatment of cryptocurrencies." [editor's note: Cryptocurrencies SHOULDN'T be taxed. Neither should anything else – TLK]


The 1% has started to embrace Bitcoin — why it matters

Source: Liberty Blitzkrieg
by Michael Krieger

"2017 has been the year when an increasing portion of the 1% finally started to embrace Bitcoin. Not a huge percentage by any means, but certainly enough to affect the price. We can call them the early(ish) adopters of this wealthy class. Specifically, this real estate project highlights the fact that adoption of Bitcoin amongst people with significant financial resources is happening faster than many realize. Why does this matter. While it obviously matters to price, I’m thinking way beyond that. For starters, more wealthy people moving into the space helps provide some degree of political protection since we know that people with significant financial resources influence public policy. Just as Silicon Valley VCs coming into Bitcoin in the relatively early days helped provide political protection, so too will the involvement of more and more wealthy people." (09/07/17)


Bitcoin rallies to move closer to $5k as Ether slides

Source: MarketWatch

"Bitcoin rallied on Thursday in a bid to reclaim its all-time high of $5,000 as jitters over China’s move to declare initial coin offerings illegal further receded. One bitcoin climbed 1.4% to $4,679.60. However, ether, which trades on the Ethereum platform, slid 1.9% to $331.42, according to data from Coindesk.com. The Chinese government last weekend indicated that it will ban initial coin offerings, triggering a big selloff in digital currencies." (09/07/17)