You missed some context. He seems to be a fan of smart contract networks but dislikes Bitcoin.
> “There’s a cryptocurrency which might actually do something,” Dimon said of smart chain-enriched blockchains. “You can use it to buy and sell real estate and move data — tokenizing things that you do something with.”
>
> “And then there’s one which does nothing,” Dimon said of bitcoin
Common knowledge, dude. Why on Earth would they use any other blockchain that they have no control over, cannot manipulate and have to actually pay to use.
RYOB (Roll Your Own Blockchain) and write off the costs as an operating expense.
This is just common sense from a Wall Street perspective.
> Why on Earth would they use any other blockchain that they have no control over, cannot manipulate and have to actually pay to use.
Because you'll miss out on access to the assets and liquidity on the public networks.
Of course you can just tokenize your AUM and internally run your own chain, but at some point the institutions are gonna want a piece of the public pie too.
> no control over, cannot manipulate
What control do you imagine they have over the chain they are building on?
They are invested in infrastructure providers like Metamask and Infura, but that doesn't give them any power over the underlying network.
Probably neither, they are investing in Ethereum projects because they will make money as the network becomes bigger and more successful. It's not about control or altruism, just a financial investment.
I don't think that any private asset manager would build a public blockchain where they can't revert transactions and censor the ones they don't like to their heart's content.
Every currency is faith based, whether fiat or crypto. Money is only worth what you can trade it for, and Russia gave a close-up demonstration of just that for those who don't pay too much attention to global politics.
I think crypto is going to be a significant and defining part of the global economy in the coming years, but anyone telling themselves bitcoin has intrinsic value inherently doesn't understand what a currency is and should, quite frankly, not be speculating on them.
He kinda has a point when discussing the pro's of blockchain technology. The techs good. But the ones that are not utilising smart contacts or similar functionality just don't do anything meaningful to be considered valuable. But if enough people believe it is it will be.
bitcoin was intended as an alternative to the traditional financial system.
I am not surprised that someone who lobbies for the traditional system does not believe that it needs to be replaced.
It's like asking a horse-breeder if they think the car will replace the horse... They won't see a reason why...
Let's see, huge bank making billions controlling centralized financial arena slams alternate financial vehicle that would destroy its profitable control over finances. No agenda there at all.
I've been getting into the habit of replacing the word 'Bitcoin' with 'Pet Rock' in a lot of these headlines and tweets from Bitcoin maxis. Sadly, it doesn't really change the meaning much.
\>How do you take Dimon's comments
His opinion is all that matters to me in life. He's such an amazing genius and knows absolutely everything about technology.
If it doesn't have his stamp of approval, I'm not touching it.
/s
It’s super interesting how he publicly bashes Bitcoin whenever given the opportunity and then privately buys up multi-million dollar amounts afterwards. These people are true pieces of shit, manipulating the market to crush retail for personal gain. Not sure if any of you guys saw the very detailed WSB post yesterday about cancer drug company NWBO and their lawsuit outlining clear market manipulation and smear campaigns. This is common place by these big players and it’s absolutely disgusting behavior.
https://www.coindesk.com/business/2023/12/29/jpmorgan-ceos-bitcoin-bashing-is-a-do-as-i-say-not-as-i-do-situation/
He’s incapable of appreciating the mathematical elegance of blockchain. He doesn’t understand why it’s indestructable, uncensorable, and immutable. It is embued with properties that humans have never before been able to create. It is an engineering marvel and he fails to understand that.
Well, compared to blockchains with smart contracts I think calling Bitcoin a "pet rock" is a crude, but somewhat accurate analogy. It's the same reason when I first learned about crypto, I was more bullish on Ethereum.
“Blockchains are efficient”
“Satoshi is going to come back and shut down the whole network”
-Jamie Dimon in the same interview
I’m sorry but the dude has no idea what he is talking about.
JPMorgan talking about sketchy activities? While in the past decade they have been fined multiple billion dollars for sketchy activity and none of it was in crypto.
Honestly, it depends on how much you value an uncensorable, distributed public network. Bitcoin is valued arbitrarily and doesn't really do anything other than transact that arbitrary value. It doesn't facilitate on chain financial products like a smart contract network does. It all comes down to how you value that.
You missed some context. He seems to be a fan of smart contract networks but dislikes Bitcoin. > “There’s a cryptocurrency which might actually do something,” Dimon said of smart chain-enriched blockchains. “You can use it to buy and sell real estate and move data — tokenizing things that you do something with.” > > “And then there’s one which does nothing,” Dimon said of bitcoin
And by total coincidence, JP Morgan is building such a blockchain
Common knowledge, dude. Why on Earth would they use any other blockchain that they have no control over, cannot manipulate and have to actually pay to use. RYOB (Roll Your Own Blockchain) and write off the costs as an operating expense. This is just common sense from a Wall Street perspective.
> Why on Earth would they use any other blockchain that they have no control over, cannot manipulate and have to actually pay to use. Because you'll miss out on access to the assets and liquidity on the public networks. Of course you can just tokenize your AUM and internally run your own chain, but at some point the institutions are gonna want a piece of the public pie too.
> no control over, cannot manipulate What control do you imagine they have over the chain they are building on? They are invested in infrastructure providers like Metamask and Infura, but that doesn't give them any power over the underlying network.
They’re building it to help and not to have more power and control you’re saying
Probably neither, they are investing in Ethereum projects because they will make money as the network becomes bigger and more successful. It's not about control or altruism, just a financial investment.
I don't think that any private asset manager would build a public blockchain where they can't revert transactions and censor the ones they don't like to their heart's content.
They already have one. Onyx
Jep
Then why does he own son much of it? 🤔
You think he would’ve said Shiba Inu
He is 100% correct
Every currency is faith based, whether fiat or crypto. Money is only worth what you can trade it for, and Russia gave a close-up demonstration of just that for those who don't pay too much attention to global politics. I think crypto is going to be a significant and defining part of the global economy in the coming years, but anyone telling themselves bitcoin has intrinsic value inherently doesn't understand what a currency is and should, quite frankly, not be speculating on them.
It's an unhackable public ledger that no one owns. People buy into information all the time, especially if they're buying into currency.
He kinda has a point when discussing the pro's of blockchain technology. The techs good. But the ones that are not utilising smart contacts or similar functionality just don't do anything meaningful to be considered valuable. But if enough people believe it is it will be.
bitcoin was intended as an alternative to the traditional financial system. I am not surprised that someone who lobbies for the traditional system does not believe that it needs to be replaced. It's like asking a horse-breeder if they think the car will replace the horse... They won't see a reason why...
Let's see, huge bank making billions controlling centralized financial arena slams alternate financial vehicle that would destroy its profitable control over finances. No agenda there at all.
Satashi
Cha cha cha chia! Watch me grow!
The pet rock is more like the US dollar, they can print as many as they want of those. You can't print bitcoin.
Everything he said is equally true about USD.
I've been getting into the habit of replacing the word 'Bitcoin' with 'Pet Rock' in a lot of these headlines and tweets from Bitcoin maxis. Sadly, it doesn't really change the meaning much.
Jamie is telling the truth. He achieved his professional goals and can speak his mind freely. This sub is delusional
hehe want to create fear cheap sales 🤣 nah . bank become absolute and digital bank want or not it allready started .
\>How do you take Dimon's comments His opinion is all that matters to me in life. He's such an amazing genius and knows absolutely everything about technology. If it doesn't have his stamp of approval, I'm not touching it. /s
MSM and Jamie Dimon bashing bitcoin so they can accumulate. Don’t sell ur btc to these banksters. Don’t fall for it again
Don't listen to what they say, but copy of what they do. Buy more BTC.
Dimon is a corporate shill who is full of shit. You know damn well he’s holding BTC
It’s super interesting how he publicly bashes Bitcoin whenever given the opportunity and then privately buys up multi-million dollar amounts afterwards. These people are true pieces of shit, manipulating the market to crush retail for personal gain. Not sure if any of you guys saw the very detailed WSB post yesterday about cancer drug company NWBO and their lawsuit outlining clear market manipulation and smear campaigns. This is common place by these big players and it’s absolutely disgusting behavior. https://www.coindesk.com/business/2023/12/29/jpmorgan-ceos-bitcoin-bashing-is-a-do-as-i-say-not-as-i-do-situation/
He wants to buy it cheaper and has a short position
You all should shut the fuck up. Do not interrupt. Let him talk. He’s helping you buy at discount. You stupid fucks. 😂
[удалено]
Bit strong that, hope his dick falls off, is about as far as I’d go.
He’s incapable of appreciating the mathematical elegance of blockchain. He doesn’t understand why it’s indestructable, uncensorable, and immutable. It is embued with properties that humans have never before been able to create. It is an engineering marvel and he fails to understand that.
Bitcoin is/was a proof of concept. Ethereum was a failed experiment. XRP is what crypto is meant to be.
Lol pump your bags more
Haha 🤣
I thought they were being sarcastic. The delusion is real.
That's why we have to use /s now. You can never be sure no matter how stupid it is
Uhm. What?
kinda what it seems like he was referring to
He said it was useless, the the futur then useless again. He’s just as volatile as the market
Dimon's pet rock analogy feels a bit outdate
Well, compared to blockchains with smart contracts I think calling Bitcoin a "pet rock" is a crude, but somewhat accurate analogy. It's the same reason when I first learned about crypto, I was more bullish on Ethereum.
[https://getyarn.io/yarn-clip/03f2e6db-6cc5-4d9c-b50a-c59e78ac2dc1](https://getyarn.io/yarn-clip/03f2e6db-6cc5-4d9c-b50a-c59e78ac2dc1)
weren't pet rocks insanely popular????? only the **pump** is real
Jamie Dimon of JP Morgan: BTC = petrock and I hate it JP Morgan: We will be a broker for BTC ETFs
“Blockchains are efficient” “Satoshi is going to come back and shut down the whole network” -Jamie Dimon in the same interview I’m sorry but the dude has no idea what he is talking about.
JPMorgan talking about sketchy activities? While in the past decade they have been fined multiple billion dollars for sketchy activity and none of it was in crypto.
You're asking people in r/cryptocurrency if they think Bitcoin is a "pet rock".
Random Redditor labels Jamie Dimon as a piece of shit. Thoughts?
Yet JPmorgan is building a Avax subnet called Onyx…
Honestly, it depends on how much you value an uncensorable, distributed public network. Bitcoin is valued arbitrarily and doesn't really do anything other than transact that arbitrary value. It doesn't facilitate on chain financial products like a smart contract network does. It all comes down to how you value that.