Jamie Dimon Slams Bitcoin as a ‘Fraud’
bloomberg.com
bloomberg.com
Still, he says, it’s a good option for murderers, drug dealers
An unbiased, balanced outlook.
Meanwhile, fewer and fewer people can afford a whole coin.
I think now would be a nice time to buy. The best time is after a crash, so articles like this are usually a leading indicator that we may be bottoming out of the current slide.
Even if Bitcoin is nothing more than tulip mania, tulip mania caused a vast transfer of wealth. You won't lose if you don't play, but you won't win anything either.
If you think it's going to continue going down, put some money on that! It's pretty easy to put in a short sell and test your hypothesis. But people tend to ignore that.
Emphasis on "simple." People put money into Bitcoin because it's simple to understand and to do. The volatility is the tradeoff.
If there are really people that are using Bitcoin as an investment because indexing isn't easy enough the situation is scarier than most people thought. Both because investing in index funds is very easy and because you have to be extremely bullish on Bitcoin to consider it more than a small percentage of your total retirement investments. If that really is the case then that's a reason to consider Bitcoin to be overpriced. The value is being propped up by the buying pressure of people who don't know how to do a simple stock purchase and have finally found a way to invest again after their experience with beanie babies.
Also, Bitcoin isn't investing. It's speculation. But everyone knows that.
By creating a bubble that bursts and drains all confidence from it.
>Also, Bitcoin isn't investing. It's speculation.
All the more reason for people that don't even know what index investing is to stay well away from bitcoin.
>But everyone knows that.
I've seen plenty of people defending bitcoin as an investment.
I disagree that bubbles are dangerous to Bitcoin. It's just the opposite: Bitcoin is defined by bubbles. I still remember selling five Bitcoin at the peak of $32/coin and feeling smug because it crashed to ~$12 after.
That will happen, always. The world keeps turning. It doesn't matter if you ban it when people can participate via localbitcoins in person. So there doesn't appear to be any way for people to stop it or control it.
I agree that putting your retirement money into it is a bad idea, but there's a wide range between that and putting in $2.
Loved his past employer's take. https://twitter.com/agurevich23/status/907692985424371712
1. There is no way governments will just let an unregulated currency take over in a meaningful way.
2. Thus, the current Bitcoin rally is simply speculation and is being driven up by those who will profit the most from it (which is fraudulent in the way the Tulip mania was fraudulent).
I get that he's the CEO of the horse and buggy company dismissing cars, but I don't think he was that tone deaf.
That said, I'm not really sure why Bitcoin is growing so rapidly at the moment. Part of me wonders whether it's being fueled by a bidding war to become the top trader, to have greater control over pricing of the blockchain, but that's just idle speculation, I really have no idea. If the technical issues that hold back scaling were solved, then I could understand it, but at the moment the trading behaviour just looks bizarre.
But Dimon probably still would say Ethereum is a fraud too, it's strongly implied by his Bitcoin comments. He's talking about the whole cryptocurrency market, not just Bitcoin.
"You have to have an open mind to be able to see the future"