Jamie Dimon Slams Bitcoin as a 'Fraud'
bloomberg.com
bloomberg.com
I'm not entirely sold on cryptocurrencies, and am not certain that that's what will reign trade in the future, however it might and it's a very interesting idea/technology and if it will lose as a general currency it might win in contracts for example.
One of my personal reservations of current models of cryptocurrencies is how easy it is to have early adopters build up a fortune in the beginning, primarily for causing such a avalaunch of competing currencies of such similar workings (if radically different ideas where tested it might be more interesting), arguably many for simply this reason (to make creators rich).
Ooooh hot take. Good thing experts are really digging deep into this.
Regardless if Bitcoin is in a bubble, is a Ponzi scheme, will crash, or become the next One True Currency - there hasn't been any new criticism in months. Just the same single point arguments parroted over and over.
Still, I'm happy that it was published, at least now I know that it's important to always use the latest node software, as they contain secret security fixes.
It was at 02:30:00
Who's actually buying it with cash at a $4k+ valuation? Is anybody in their right mind doing that or is it a completely theoretical number?
The thing about Bitcoin is that it's 100% transparent, except for where it's not.
If you are willing to "invest" in unsafe things, you buy bitcoin or a start-up. You might get 10x or 100x returns, or you might lose all your money.
Taleb advises what he calls the "barbell strategy": you put 80% of your money in ultra-safe things (treasury bonds), and the rest in ultra-risky things (out of money options, bitcoin, startups).
The actual price of bitcoin is irrelevant. If I have $10k to invest, I might get 10000 bitcoins at a price of $1 or 2 bitcoins at a price of $5000. It doesn't matter. It's the same $10k invested.
BTW, when I started watching bitcoin in 2011, it's price was $1. People were saying the same thing than, who is crazy enough to invest in this thing at the outrageous price of $1.