Dimon believes blockchain is real and is wary of the competition it brings.
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Dimon Hints at Eventual Consumer Use of JPM Coin
The post Dimon Hints at Eventual Consumer Use of JPM Coin appeared first on DCEBrief.
Jamie Dimon: JPM Coin Could One Day Be Used By Consumers… But Why?
The CEO of multinational investment bank JP Morgan Chase, Jamie Dimon, has stated that the newly-announced, not-so-crypto JPM Coin might one day be used by consumers. The digital asset currently being trialled by the institution and its partners will be pegged to the value of the dollar, thus offering little to no innovation.
Dimon has drawn much ire from the cryptocurrency community over his comments about Bitcoin. He has previously stated that the number one digital asset by market capitalisation is a “fraud” before later backpedalling, claiming that he really did not care about the fintech innovation.
JPM Coin Might be Offered to Consumers, But Who Would Want to Use it?
According to a report in CNBC, Jamie Dimon has stated that the JPM Coin that NewsBTC reported on earlier this month might one day be used by consumers. The CEO appeared at JP Morgan Chase’s annual investor day, where he was asked about the potential future use cases of the digital currency backed by the bank during a Q and A session. Dimon replied:
“JPM Coin could be internal….it could one day be consumer.”
The problem with the JPM Coin is that it offers very little in terms of monetary revolution proffered by Bitcoin. This is, of course, by design. Banking behemoths, such as JP Morgan, have a vested interest in the financial status quo. They do remarkably well out of the current fiat system and have zero desire to promote the kind of radical financial democratisation possible with permissionless, decentralised blockchain-based currencies like Bitcoin or other cryptos.
JPM Coin will be supported by a network of validators approved by the bank itself. Those using it, both in its current form (institutional users only) and the hypothetical consumer-facing product Dimon alluded to earlier today will also need permission to transact on the network. If the transaction is deemed illegal or supports a cause at odds with JP Morgan, it could easily be censored.
JPM Coin feels kind of like the mail service of yesterday saying:
“We have this new system. It’s called email and it’s fast, cheap, and efficient. You can use it, but only through us. You have to ask us permission. We’ll read your correspondence, decide if we like it, and providing we do, we’ll transmit your message across the network for you. But if we don’t like you, or what you’re all about, that’s too bad. Neat, huh?”
In all honesty, the launch of such bank-backed digital currency products is to be expected. We are looking at a hulking great dinosaur of an industry that is trying to stay relevant in fast-moving times. In an effort to do so, JP Morgan has elected to offer a pale imitation of cryptocurrency. The JPM Coin might one day be offered to consumers but in the meantime, those same consumers are welcome to experience all the same benefits it offers and more using Bitcoin or their choice of decentralised crypto asset. It seems hard to imagine that given fair choice, JPM Coin would win out.
Related Reading: Crypto Sphere Believes Galaxy S10, JPM Coin Behind Bitcoin Rally, But Is Really a Return to Mean
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Jamie Dimon Says He Takes No Pleasure in Bitcoin Decline
The CEO of JP Morgan Chase has once again spoken about Bitcoin (BTC). Jamie Dimon, who once called the digital currency a “fraud” and later backtracked on his comments has now said that he takes no pleasure in seeing prices take a short-term crash as he stated they would.
Speaking at the World Economic Forum in Davos, Switzerland with CNBC’s Squawk Box, the CEO also lamented his preference for blockchain technology over Bitcoin.
Jamie Dimon Finds No Satisfaction in Seeing Bitcoin Prices Slide
Despite having previously vowed to never discuss Bitcoin again, the CEO of JP Morgan Chase has once again commented on the subject. This time it was to state that he was not the kind of self-indulgent sadist to take pleasure in the losses of those who had invested in the technological innovation late in 2017 or throughout 2018.
The CNBC Squawk Box reporter asked Dimon directly if he took satisfaction about being proved right (in the short-term at least) about BTC prices. He answered simply that he “didn’t take any.”
Dimon has commented on his distaste for Bitcoin many times previously. Perhaps his most famous outburst was last September when the CEO slammed Bitcoin as a “fraud” and that those who bought it deserved to “pay the price one day.” He also stated that he would fire any of his employees found to be trading it.
Amusingly enough, JP Morgan was later accused of market manipulation since it emerged that the bank was one of the largest buyers of a BTC tracker fund called Bitcoin XBT. Nothing really became of this allegation and the next time Dimon hit the news in connection with Bitcoin was to state that he regretted saying that it was a fraud since that was all people wanted to talk to him about. From then on, he vowed to not mention the world’s first viable decentralised currency again.
Of course, it was not long before Jamie was breaking his own promise to tell the world that he really “didn’t give a s**t about Bitcoin” and that he did not want to be a spokesperson against the digital currency. This seems in line with his latest comments on the subject that he wishes no ill will on those who had lost money on Bitcoin or that had made investments that had not paid off yet.
Dimon Continues to Favour Blockchain Over Bitcoin
Dimon’s comments on Bitcoin at Davos were short. Instead, he favoured discussion about another closely related B-word – blockchain.
JP Morgan has been interested in the technology underlying Bitcoin for some time now. In 2017, the bank began exploring ways in which distributed ledger technology could remove trust for various transactions and increase the efficiency of financial services. Since then, the Royal Bank of Canada, as well as the Australia and New Zealand Banking Group have become partners in the project.
Speaking to CNBC, Dimon stated of blockchain technology:
“Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date.”
When put like that, blockchain technology sounds incredibly dull and unremarkable. These are the very reasons people like Dimon favour blockchain over Bitcoin. Blockchain is safe, manageable, and ultimately uninspiring. Bitcoin is potentially disruptive, world-changing, and a threat to the very existence of the likes of Dimon et. al.
Related Reading: ECB Latest Institution to Use “Blockchain Not Bitcoin” Narrative
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No, Jamie Dimon and Warren Buffett Won’t Have the Last Laugh on Bitcoin
In a bizarrely self-congratulatory article about Bitcoin and its recent price plunge, a Bloomberg journalist has attempted to discredit practically every aspect of the planet’s number one digital currency based on its 2018 price performance alone.
Bitcoin Might Be Down But It’s Certainly Not Out
If there’s one thing you can rely on, it’s a bit of sensationalism from the mainstream media and Bloomberg’s latest piece on the world of Bitcoin and cryptocurrency is absolutely loaded with it.
For a start, the title, “Jamie Dimon and Warren Buffett Have the Last Laugh on Bitcoin,” seems likely to have been worded to harvest clicks for advertising revenue. It obviously refers to two of the digital currency’s most vocal naysayers from the traditional finance sector and suggests that they have been proved categorically right. Therefore, this should be the last we’ll be hearing about Bitcoin.
The market has dropped. There is, of course, no denying that.
However, as I remember, Jamie Dimon and Warren Buffett had called for much more than an 80% decline from the dizzying, speculation-driven all-time highs of last year. How a short-term market movement can be said to have proved all that Buffett and Dimon have said about the space is correct simply boggles the mind.
In the article, journalist Lionel Laurent attacks those who still believe in the societal transformation that decentralised finance could hold for the planet. He states:
“This is a long-term unravelling of all of the lies, exaggeration and populist fantasies that drove last year’s market mania.”
Later, Laurent turns his attention to those who bought in during the last months of 2017 and how they have lost money. For the Bloomberg writer, this is irrefutable evidence that everything positive ever uttered about blockchain-based, decentralised currencies must be entirely fabricated.
The narrative reads as though a set of sneaky insiders managed to whip up the speculative frenzy of the latter part of 2017 and were able to profit off the gullibility of others:
“Nothing on the Bitcoin label turned out to be in the bottle. As a means of payment, it is cumbersome, volatile and expensive. It has destroyed value rather than storing it. Its decentralized technology was sold to investors as being unique. It has been anything but.”
The writer also states that the mainstream media spent 2017 warning about the risks of investing in the cryptocurrency asset class. However, as a reporter who worked through the period in question, I saw first hand that the planet’s largest news publications did not solely advise against investing in the space. Instead, they would pedal absolutely anything to do with the technology to their readers and were themselves hugely responsible for the retail bubble we saw.
The fact is that markets never travel in one direction indefinitely. They experience boom and bust cycles. That is consistent with literally every market that has ever been. Therefore, to pronounce the entire space dead for repeating a price pattern that has happened several times before is jumping the gun at best, and click-bait sensationalism at worst.
Related Reading: Jamie Dimon Breaks Promise, Says He Doesn’t Give a S**t About Bitcoin
If Lionel Laurent was a health worker and Bitcoin a patient, its body would still be warm as it was wheeled out of the operating theatre and into the mortuary to the sound of emotional pleas from bedside relatives. This would be followed by a thorough inquest into the integrity of the “professional” who pronounced its life over.
BTC remains the single best performing asset on the planet over the last five years. Whilst it is impossible to say whether Dimon and Warren Buffett will be proved correct in the coming years, a look at the BTC’s historical performance seems to mirror that of an entirely new technology experiencing rapid growth followed by a period of cooling off as it becomes better understood and the surrounding infrastructure slowly improves.
This is how markets move and none of this is new.
Let's hope people can learn from history and not make the mistake to panic sell right now. pic.twitter.com/Fz6IiYSlHi
— Tommy Mustache (@tommyp408) November 21, 2018
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After Pulling Stunts on Warren Buffet and Jamie Dimon, Genesis Mining – the World’s Leading Cloud Mining Company, Does It Again!
Genesis Mining has made a name for itself in the crypto industry as one of the leading, and a reliable mining contracts provider. While the platform has got a strong following of crypto-miners, enthusiasts, and professionals, it is also known to take initiatives towards creating awareness about cryptocurrencies, their underlying blockchain technology, cryptocurrency mining and more. The educational and promotional campaigns run by Genesis Mining so far has been appreciated by the masses.
The first cryptocurrency, Bitcoin was introduced by Satoshi Nakamoto as a whitepaper in 2008. A decade after, the world now has a robust crypto-ecosystem comprised of hundreds, if not thousands of platforms with their unique tokens and blockchains. Genesis Mining decided to showcase the success of the cryptocurrency technology and its ever-growing footprint in the global financial industry with a witty campaign drawn around the Halloween theme.
“Scaring the financial industry since Halloween 2008.”
In the past few years, the traditional financial institutions have classified cryptocurrencies as a threat to their business models, mainly due to the decentralized, global nature of Bitcoin and others. Some of the other factors that weighs against financial institutions include speed and costs associated with transactions made over blockchain. Through its campaign, Genesis Mining decided to remind the very sector of the 10-year-old nightmare, that started the day Bitcoin Whitepaper was published by Satoshi Nakamoto. The Genesis Mining Halloween message was displayed during the World Crypto Con in Las Vegas.
Like always, the campaigned caught a lot of eyeballs and praises. Displayed boldly on a truck, the message got over 900,000 impressions with some leading personalities like Steve McGary of HackCrypto tweeting it to their followers.
The @GenesisMining marketing campaign in Vegas today for @WorldCryptoCon is #halloween #bitcoin pic.twitter.com/nv8xvyObAj
— Steve McGarry (HackCrypto) (@stvmcg) October 31, 2018
The event itself was organized at the world-famous Aria Resort and Casino in Las Vegas. World Crypto Con attracted who’s who from the industry like Bitcoin Foundation member Charlie Shrem, LiteCoin Founder Charlie Lee, Stan Larimer etc., who were also among the speakers at the event.
A Continuing Trend
This is not the first time Genesis Mining’s stunt was well-received. A couple of years back, the company launched its #ExploreBitcoin campaign to create mainstream awareness about Bitcoin. As a part of this campaign, Genesis Mining bought display on many billboards and taxicabs across the United States.
On the occasion of the Miami Bitcoin Conference, the company also went ahead to deploy a massive mobile billboard criticizing JPMorgan Chase’s Jamie Dimon for his comments about cryptocurrencies. The billboard, referring to the perceived threat of Bitcoin by the bankers read:
“You’re Right, Jamie. Bitcoin will eat your lunch.”
The Consensus Conference in New York City witnessed the #BankersAgainstBitcoin protest, with Genesis Mining hiring actors to present a future scenario where bankers might go on strike fearing loss of jobs due to increased adoption of cryptocurrencies among the masses as they attempt to overcome the costly centralized banking services.
Genesis Mining also took on investment guru Warren Buffet, asking him not to belittle the cryptocurrency just because he doesn’t understand it. The billboard saying “Warren, you said you were wrong about Google and Amazon. Maybe you’re wrong about Bitcoin?” was put up in response to the statement “[Bitcoin] is probably rat poison squared” by Buffet.
Genesis Mining has been a vocal advocate of the cryptocurrency ecosystem, and unlike other companies in the industry, it has pulled out all the stops to send a strong message across to those fueling negative sentiments towards the revolutionary technology and financial asset.
The post After Pulling Stunts on Warren Buffet and Jamie Dimon, Genesis Mining – the World’s Leading Cloud Mining Company, Does It Again! appeared first on NewsBTC.
Jamie Dimon Breaks Promise, Says He Doesn’t Give a S**t About Bitcoin
The CEO of global investment banking giant, JPMorgan Chase has once again piped up about the world’s most popular digital asset. Jamie Dimon had previously said that he would not be speaking about Bitcoin again after receiving backlash for earlier comments on the subject.
Jamie Dimon: “I Don’t Wanna Be a Spokesperson Against Bitcoin”
Dimon broke his self-imposed gag order about Bitcoin yesterday. The CEO was speaking at an Axios conference being held in LA. In response to a question posed about pivoting from his earlier remarks on Bitcoin, Dimon stated:
“I never changed what I said, I just regret having said it. I don’t wanna be the spokesperson against Bitcoin. I don’t really give a shit about Bitcoin, that’s the point, OK?”
The question posed to Dimon is missing on the video posted to CNBC today, but we can assume it references his suspected warming to the technological innovation over a series a remarks starting last September. The CEO famously called Bitcoin a “fraud” at an investor conference held in New York City. He then went on to say that it was “worse than tulip bulbs” and he’d fire anyone from his firm that was found to be trading cryptos.
Amusingly, Dimon was later accused of market manipulation regarding these comments since it emerged that JPMorgan were one of the most active buyers of a Bitcoin fund known as Bitcoin XBT. A blockchain startup called Blockswater alleged that Dimon had violated Article 12 of the EU Market Abuse Regulation by publicly attacking crypto. Of course, nothing came of the allegation.
Later, Dimon said that he regretted his comments and his choice of words. This time round he was speaking on Fox Business around the height of Bitcoin mania this January.
Although admitting he probably phrased his critique poorly, Dimon also stated that he was not very interested in the topic. He, like others connected to the world of finance, went on to claim that blockchain was an interesting idea. Presumably, they mean private, permissioned distributed databases with none of the liberating characteristics of open-source, decentralised systems, however.
Previous reports have indicated that the Wall Street bank is using the Quorum blockchain to tokenise gold bars. According to the Financial Review, the tecnology could present new trading opportunities within the next 10 years.
Despite his public outcries against Bitcoin, Dimon’s firm published a report in February stating that cryptocurrencies could pose a risk to JPMorgan’s services in the future. The report detailed ways the bank could change its operating procedures to compete with the sector.
Featured image from Shutterstock.
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Surprise Surprise! Jamie Dimon and Warren Buffet Still Don’t like Bitcoin
In what might be the most shocking revelation of the year, it turns out that Warren Buffet and Jamie Dimon still don’t like the world’s most popular digital currency, Bitcoin.
The two recorded an interview with CNBC yesterday in which they once again outlined their stance.
Jamie Dimon on Bitcoin: “Just Beware”
The two staunch Bitcoin critics appeared on CNBC’s ‘Squawk Box.’ Naturally, being both united in their dismissal of cryptocurrency, it wasn’t long before the subject was raised.
Despite having plenty to say about Bitcoin on several previous occasions, Dimon told the reporter:
“I don’t want to be a Bitcoin spokesperson.”
Fortunately, there is absolutely no risk of this being the case since the JPMorgan CEO represents exactly what many members of the Bitcoin and wider cryptocurrency community despise – centralised finance. Dimon then added a somewhat cryptic warning to those involved in the space:
“Just beware.”
Dimon famously enraged fans of digital currency last September when he senselessly referred to Bitcoin as a ‘fraud”. He has also stated that he would fire any of his employees that were found to be trading Bitcoin. It was later discovered that JPMorgan was one of the most active buyers of a Bitcoin tracker fund called Bitcoin XBT. He was subsequently accused of market abuse, as we reported last year.
In January, Dimon said that he regretted saying what he had about Bitcoin because it was all that people wanted to talk to him about. Clearly, he’s ready to hear more about why the public think he’s entirely wrong about Bitcoin as he is once again openly discussing it.
At one point during the interview recorded yesterday, the reporter put the question to her guests, “which of you hates Bitcoin more?” The reply from Warren Buffet was:
“I set a high standard, I don’t know whether Jamie can top me.”
Buffet is certainly more creative than Dimon when it comes to badmouthing Bitcoin. His famous outburst about the digital currency was to state that it was ‘probably rat poison squared.’
In response to this, a Bitcoin mining firm claimed to have installed a billboard across the road from Buffet’s offices. The message it conveyed was:
“Warren: You said you were wrong about Google and Amazon. Maybe you’re wrong about Bitcoin?”
The Berkshire Hathaway CEO also appeared on a CNBC segment last month. He was joined by fellow Bitcoin naysayers Charlie Munger and Bill Gates. During this interview the 87-year-old billionaire stated:
“If people react when you criticise their investment, if they get mad, they’re gambling… If they really like what they own, what difference would it make? If I criticise their wife or something, they don’t get all upset about it [laughs].”
Featured image from Shutterstock.
The post Surprise Surprise! Jamie Dimon and Warren Buffet Still Don’t like Bitcoin appeared first on NewsBTC.
JPMorgan the repentance of Jamie Dimon
Jamie Dimon, managing director of the major US bank JPMorgan Chase, was one of the first and for a long time most prominent voices who loudly doubted Bitcoin. In September, he had predicted Bitcoin would end with a speedy crash. This week he says he regrets having accused Bitcoin of being a “fraud”. Dimons rethink […]
The post JPMorgan the repentance of Jamie Dimon appeared first on The Bitcoin News – Leading Bitcoin and Crypto News since 2012.
BREAKING NEWS – The Bitcoin News – Leading Bitcoin and Crypto News since 2012
Jamie Dimon Says He Regrets Calling Bitcoin a Fraud
JPMorgan Chase chief executive Jamie Dimon now reportedly regrets calling bitcoin a “fraud,” though he is still not a fan of the cryptocurrency.
CoinDesk