JPMorgan boss stressed: “Crypto itself doesn’t do anything. It’s a pet rock.”

[Rafael Thundercat]

Other day I was asking myself about why nobody here talks about FTX ,Friedman Bank scandal?

Not relevant? 

And this "opinion" from Jamie Dimon? Biased? He call It a "decentralised ponzy scheme" 

JPMorgan boss stressed: “Crypto itself doesn’t do anything. It’s a pet rock.” 

 

 

https://news.bitcoin.com/jpmorgan-ceo-jamie-dimon-calls-bitcoin-hyped-up-fraud-expects-satoshi-nakamoto-to-increase-btc-supply-cap/

 

 

Edited January 22, 2023 by Rafael Thundercat

[Leo Gura]

Gold also doesn't do anything.

BitCoin is not supposed do anything, it's promise has alway just been an uncorruptable store of value. If Bitcoin replaced gold it will be worth trillions of dollars.

There is no "crypto", there is only Bitcoin and the rest is just scams and securities fraud. Bitcoin is legit, everything else is fraud.

Edited January 23, 2023 by Leo Gura

[spiritual memes]

5 minutes ago, Leo Gura said:

Gold also doesn't do anything.

Gold is actually very useful in electronics engineering and medicine due to it being chemically inert, easy to work and having a high electrical conductivity.

Even that aside, just the appearance alone makes it valuable for jewellery which is why it has always been historically valuable.

Bitcoin on the other hand is pretty much useless unless you want to buy drugs on the dark web. Its not a good currency or store for value because the price is so volatile.

 

[Leo Gura]

The utility of gold is moot because it is also mined every year. Whatever gold is used in jewelry and electronics is replaced with mining. The supply of gold is increasing each year. So gold inflates in price. Bitcoin never inflates. Gold is also difficult to move and sell.

Volatility of Bitcoin is a temporary thing since it is still not widely used. If it replaced gold it would not be so volitile. Bitcoin is volitile because people are speculating on its future potential of replacing gold. And also due to all the crapcoin scams going bust.

The only purpose of Bitcoin is to be a store of value that never inflates. It does that prefectly.

Edited January 23, 2023 by Leo Gura

[Danioover9000]

   Bit coin, the perfect currency that never inflates or deflates in value. @Rafael Thundercat Most cryptocurrency at this point is scam and pyramid/ponzi scheme, the way it's always over hyped is already a dead giveaway to it being a swindle.

[Hardkill]

Jamie Dimon is a no nonsense kind of a guy with a very high level of education and intelligence. He's also the CEO of JPMorgan Chase, which is the largest bank in the US and one of the largest banks in the world.

He also seems like a reasonable person and he achieved the level of success and wealth he has through totally legitimate means and from having a very solid work ethic. So, he really knows what he's doing and knows what he's talking about when it comes to anything related to money.

He's absolutely right about cryptocurrency being worthless and a “hyped-up fraud."

Top economist Paul Krugman, just recently put out a new article of his on how Bitcoin has been absolutely useless.

[zurew]

Bitcoin is still a new technology compared to other financial stuff, and none of these criticisms seem like structural criticisms - they more like "its useless right now, so it won't be useful in the future".

1 hour ago, Hardkill said:

which is the largest bank in the US and one of the largest banks in the world.

Do you think a guy, who made billions of dollars from having a centralized system will be inclined to give a non biased, objective analysis on a decentralized financial system?

[Leo Gura]

1 hour ago, Hardkill said:

how Bitcoin has been absolutely useless.

That's as silly as saying some currency is useless. It's not supposed to be making you breakfast. It's just a nice way to store value. The world will need a universal standard of storing value. That need will never go away. And the dollar is not so great with all the printing of dollars.

There needs to be money which cannot be faked, ever. The only thing we have like that is Bitcoin. You can fake everything else. The Chinese gov could set up a machine to print dollars. Just think about how bad that is.

Edited January 23, 2023 by Leo Gura

[Girzo]

3 hours ago, Leo Gura said:

way to store value

Symbol of stored value to be more precise.

It's important distinction, because money, in contrast to real value, can be created and destroyed at whim, while real value like labour, energy, materials can't be.

And that explains the rest of your post about how dolar is not so great.

Money is just a symbol, that's why it's so volatile.

[Leo Gura]

It's not "just" a symbol. It's a symbol that everyone believes in. Which is it's real value.

Gaining that consensus is literally worth trillions. The only thing keeping Bitcoin from being worth trillions is consensus. And if it ever becomes worth trillions, those trillions are literally the consensus itself.

The real thing that Bitcoin "does" is consensus. And that is a BIG deal. That's more work than JPMorgan will ever do. Which is why Bitcoin is worth more than JPMorgan.

Having consensus among humans is a very important and valuable thing, because humans disagree about everything so fucking much. To have one thing which everyone agrees on is an epic feat of magic.

This is the genius of Bitcoin. It's a unicorn. Profound to contemplate. Everyone tries to copy it but none can match it. Bitcoin is GOAT.

Edited January 23, 2023 by Leo Gura

[Something Funny]

@Leo Gura your opinion on Bitcoin seems to have changed quite a bit over time

[Leo Gura]

1 minute ago, Something Funny said:

@Leo Gura your opinion on Bitcoin seems to have changed quite a bit over time

Has it?

Maybe it's cause I put my money where my mouth is 

[Something Funny]

@Leo Gura I remember you saying that Bitcoin can't become a common use currency because it's still imperfect when it comes to its technology itself.

And that we would need to wait for a more technologically advanced crypto currency to be created for it to be used as a dollar replacement for example.

Do you not think so anymore?

[Leo Gura]

7 minutes ago, Something Funny said:

@Leo Gura I remember you saying that Bitcoin can't become a common use currency because it's still imperfect when it comes to its technology itself.

And that we would need to wait for a more technologically advanced crypto currency to be created for it to be used as a dollar replacement for example.

Do you not think so anymore?

There is still a danger of that.

However...

What that analysis misses is that Bitcoin's function is not to be the perfect microtransaction technology, it's to have integrity. The only function of Bitcoin is integrity.

Bitcoin is literally just electronic Integrity.

When you grasp that... Wow!

- - - - -

Now, the trillion dollar question is...

How much is Integrity worth?

Does Jamie Dimon know the value of Integrity

Edited January 23, 2023 by Leo Gura

[Something Funny]

@Leo Gura but there is no mining cap on it right?

What do you think about the dangers of China, or the US, or someone else seriously affecting it's value by mass mining operations?

[Leo Gura]

7 minutes ago, Something Funny said:

but there is no mining cap on it right?

There will only ever exist 21 million Bitcoins. Evar.

Like I said...

Integrity.

Edited January 23, 2023 by Leo Gura

[Rafael Thundercat]

3 minutes ago, Something Funny said:

@Leo Gura but there is no mining cap on it right?

What do you think about the dangers of China, or the US, or someone else seriously affecting it's value by mass mining operations?

Why some would do that? If one think well maybe doing this would have consequences to the whole system. Is called a currency for some reason don't  it?

Edited January 23, 2023 by Rafael Thundercat

[Something Funny]

@Leo Gura oh, I see.

1 minute ago, Rafael Thundercat said:

Why some would do that? If one think well maybe doing this would have consequences to the whole system. 

So does printing dollars, doesn't it?

[Rafael Thundercat]

Just now, Something Funny said:

@Leo Gura oh, I see.

So does printing dollars, doesn't it?

And what happens if a system print dollars like crazy?the excessive mining would not have the similar effects?

[zurew]

57 minutes ago, Girzo said:

Symbol of stored value to be more precise.

It's important distinction, because money, in contrast to real value, can be created and destroyed at whim, while real value like labour, energy, materials can't be.

You can have stored value and functional value, but both of those are dependent on the fact, that people collectively give value to them. Functional value is completely depended on the context (what tech society wants to build, what kind of lifestyle we are okay with,etc):

• If we think of  a scenario where we get stuck in stone age a lot of materials that we currently value - we either wouldn't value at all, or would give much less value to them, because most of them would immediately lose their functional value.
• Or if we think of a scenario where AI does everything you can basically drive down the value of human labour to almost zero.

Sure, the likelyhood that certain context will dramatically change randomly is not high (I agree with that when it comes to volatility), but its essentially all boils down to the same thing, that it all depends on how much we collectively value that particular thing and that drives ultimately all economic value (so there is no objective or "real" economic value outside of that) - and the same thing applies to cryptocurrency as well.

Edited January 23, 2023 by zurew