Friday, 22 September, 2017

JP Morgan's Jamie Dimon: "Bitcoin Is A Fraud"

Jamie Dimon Bitcoin Is a'Fraud                
          Sep 12 2017 at 19:46 UTC by Stan Higgins Jamie Dimon Bitcoin Is a'Fraud Sep 12 2017 at 19:46 UTC by Stan Higgins
Heather Davidson | 14 September, 2017, 01:19

Jamie Dimon the CEO at JPMorgan Chase on Tuesday said that the cryptocurrency was a fraud.

Meanwhile, Dimon told the Delivering Alpha conference presented by CNBC and Institutional Investor, "It's just not a real thing, eventually it will be closed".

Bitcoin is now seen as a good investment by many speculators, as it possesses advantages, including decentralization, non-duplication, and low processing fees. This phrase is something of a shorthand for an economic bubble, a situation where an asset's price is far higher than its intrinsic value. Speculators drove the prices of tulip bulbs to astronomic levels, some scholars claim as much as ten times an annual skilled worker's salary for a single bulb. His explanation of the merits of Bitcoin started off negative, when he said: "The currency isn't going to work".

The Bitcoin, Ethereum, and Blockchain Super Conference is being organized by Richard Jacobs, who runs the Future Tech Podcast and used to run the official Bitcoin.com podcast.

At a banking conference in New York, Dimon would let go anyone "in a second" if they were found to be trading in the cryptocurrency at the investment bank.

He said he wouldn't short bitcoin, because there is no telling how high it could go. He was speaking at an investor conference in NY on Tuesday.

Bitcoin's price has skyrocketed by more than 5 million times since its first appearance eight years ago.

Star-studded 'Hand in Hand: Benefit for Hurricane Relief' telethon airs tonight
The quick-moving show took a form familiar to viewers since a sad template was set in the wake of the 2001 terrorist attacks. At the end of the night, it was announced that the telethon had raised over $ 14 million .

Destiny 2 Is Already Angering Some Fans With In-Game Purchases
If you're wondering when Guided Games Matchmaking for Nightfall Strikes and Raids in Destiny 2 will launch, the answer is soon. Of course, much of this is already known, but if it's an at-a-glance guide you seek, then the roadmap below should help.

Royal couple expecting another baby
The palace was forced to share the news early, as with the Duchesses previous pregnancies , due to acute morning sickness . Harry was last seen publicly with William and Kate on August 30, to honor Princess Diana with a memorial garden.

To understand more about Blockchain, Bitcoin, how they are created, and how to buy/sell them in Pakistan, read our detailed guides on Cryptocurrency in this section.

While Dimon believes that it might make sense to adopt a virtual currency in countries like Venezuela, Ecuador or North Korea, he says, "There is no way it could be needed in the U.S". Yes, it should without doubt be a market for that, but it is a limited market for them.

One place where cryptocurrencies and traditional finance are coming together is at CBOE Holdings, the owner of the Chicago Board Options Exchange.

CBOE's chairman and CEO, Mr Ed Tilly, defended such efforts after Mr Dimon's remarks.

"Like it or not, people want exposure to bitcoin", Tilly said.

The board has several candidates among the executive ranks who could take his job today, Dimon said. "We're happy to be the ones in the middle".

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