Interesting because Jamie Dimon is the CEO of JPMorgan maybe, but the "e-tulip" analogy has been used and abused ever since Bitcoin was first traded. It's not even wrong... except that all currencies are essentially bubbles.
That's not to say they will fail quickly, just they need different supports.
They are already interested in smart contracts, when I was working with them last year I went to a presentation on ethereum and how interesting it is.
It's the speculative nature of BTC and other coins that he seems to be commenting on.
Because blockchain based currencies like Bitcoin cannot be controlled or manipulated by large entities who have ingrained themselves into the system like a traditional fiat banking system. You can't just create Bitcoin out of thin air and for financial mammoths like JP Morgan who contributed to the 2008 global financial crisis because of irresponsible lending/banking practices, it scares them.
I see BTC as being no different to trading stocks, some days you lose and some days you win.
What do you think miners are doing? And with ICOs you can literally just print however many you want.
> I see BTC as being no different to trading stocks, some days you lose and some days you win.
Sure, but with stocks there's usually a company actually doing something.
It's lost work though, and the amount of work is governed only by the level of competition with other miners, rather than the amount of effort involved insome external task.
> Jpm can/does create wealth by moving figures around on reports, or by betting one asset against another, without any physical limitation on its actions.
That's somewhat beside the point.
It's the cost of securing the network. It's not lost. Fees and rewards pay the miners for the cost of their computing cycles, to provide a secure, very difficult (near impossible) to attack network.
And it's still not an external task, it's a facet of running the currency rather than work that is independently useful.
And it's still conjuring money out of nothing.
Obviously financial advisers will be getting up to speed quickly, but for now I can't ask for ANY % of my 401k to be placed in Crypto. This means less commission and activity in the traditional investing marketplace.
What makes you think they're not? You don't really believe what this guy says or even believes reflects what he and his company actually does do you?
JPM exist to make money come rain or shine
I worked with them as a consultant for a year until June. Blockchain tech and smart contracts were interesting. BTC trading not so much.