• POLITICS
  • SCIENCE
    • Astronomy
    • Physics
    • Biology
    • Geology
    • Environment
    • Medicine and Health
    • Sociology
    • Psychology
  • MOVIES & TV SHOWS
  • TECHNOLOGY
    • Artificial Intelligence
    • Virtual Reality
    • Bionics
    • Nanotechnology
    • Engineering
    • Robotics
    • Space Exploration
    • Transport
    • Industry and Service
  • GADGETS
    • Mobile Devices
    • Wearables
    • Consoles
    • Hi-Tech
  • GEEK CULTURE
    • Gaming
    • Comics
    • Thingamajigs
  • MUSIC
  • SOFTWARE
    • APPS
      • Android
      • iOS
      • Windows
  • HARDWARE
  • CARS
  • REVIEWS
  • Advertise
  • Geek Reply Jobs
  • Contact Us
Geek Reply
  • HOME
  • Editorials
  • Geek Squad
  • GeekReply Jobs
  • Contact Us
  • Facebook

  • Twitter

  • Google+

  • LinkedIn

  • RSS

Technology

Before you believe Dimon’s claims that Bitcoin is a fraud just remember what he tried to build in 2013

Before you believe Dimon’s claims that Bitcoin is a fraud just remember what he tried to build in 2013
Saul Bowden
September 14, 2017

JP Morgan boss Jamie Dimon has ruffled a lot of feathers this week. Mr Dimon claimed that Bitcoin is a fraud that will ultimately blow up. There is just one little problem with Mr Dimon’s assertion. To find out why we need to go on a trip to the long pastimes of 2013, where Mr Dimon and JP Morgan attempted to set up their own Bitcoin rival.

The concerns raised by Mr Dimon certainly raise some questions about his own motives

Mr Dimon’s concerns are strange considering that in 2013 JPMorgan attempted to file a patent for a currency that strongly resembled Bitcoin. After all, he believes that cryptocurrencies are only viable if you are “in Venezuela or Ecuador or North Korea or a bunch of parts like that” or are “a drug dealer, a murderer, stuff like that”. It seems very odd for an upstanding financial institution like JP Morgan to want to corner the Venezuelan drug dealer market. If Bitcoin is a fraud, then surely his own idea was no better?

To be fair to Mr Dimon and JP Morgan they weren’t entirely copying Bitcoin. They simply wanted to make a system where users could make anonymous online transactions without a fee using ‘virtual cash’ that would sit in an ‘online wallet. So nothing like Bitcoin or any other  cryptocurrency at all.

It is in Mr Dimon’s interests for Bitcoin and other cryptocurrencies to fail. They risk undermining the ability of financial institutions to retain customers and make money. Especially if currencies they have no control over come to dominate the market, forcing big banks to compete on a relatively equal playing field.

Despite his motives Mr Dimon does have some legitimate concerns

Mr Dimon’s comments come on the back of a major crash in the cryptocurrency market. At time of writing Bitcoin has slipped below the $4000 mark and at time of writing sits at $3,483. This crash was largely on the back of China’s concerns about Initial Coin Offerings.

There are many aspects of the cryptocurrency market that could pose problems for the market in the future. They key problem will be lack of regulation over how currencies operate. If Bitcoin and other cryptocurrencies are ever going to get a real mainstream appeal they will need to be accepted by Governments. This will mean regulation. The problem for the currencies is that even the hint of regulation can spark mass selloffs.

There are also concerns over investor protection and security. Ethereum was forced to fork due to potential vulnerabilities and Korean hackers are currently targeting Bitcoin exchanges. If there are security breaches then users are at risk of losing their entire investment with little or no recourse to recover any of their funds.

Many of these weaknesses can and are being dealt with over time. It should also be remembered that cryptocurrencies are still fairly new technology. There will be a number of experiments, some of which will do well and some of which will fail.

No matter how much Mr Dimon claims that Bitcoin is a fraud it is not so different from any other form of investment at the end of the day. If you don’t invest more than you are able or content to lose then you will not face any problems.

 

Post Views: 25
W3Schools
Related ItemsBitcoinCryptoCurrencyfeaturedJP morgan
Technology
September 14, 2017
Saul Bowden @https://twitter.com/SaulBowden

You'll find me wandering around the Science sections mostly, excitedly waving my arms around while jumping up and down about the latest science and tech news. I am also occasionally found in the gaming section, trying to convince everyone else that linux is the future of the computer gaming.

Related ItemsBitcoinCryptoCurrencyfeaturedJP morgan

More in Technology

Choosing the Right Provider for Cloud Migration

Matt DavisMarch 24, 2022
Read More
Google misleading Australian consumers

Google Accused Of Misleading Users Over Data Privacy

John CusackJuly 27, 2020
Read More
apple-watch-sales-revenue-report-awesome-number

Apple Stock Prices Hit New All-Time High

Mike GuarinoJune 5, 2020
Read More

Security And Safety Trends For Businesses To Consider

Matt DavisApril 15, 2020
Read More
Samsung-Galaxy-Fold

Samsung Galaxy Fold vs. Huawei Mate X – The foldables are finally here

Matt DavisMarch 9, 2020
Read More

Six Cybersecurity Tools Every Business Needs in 2019

John CusackJune 11, 2019
Read More

Gotham: The Underrated Superhero Show

Matt DavisMay 28, 2019
Read More

How to Buy Online Games at Cheaper Prices with a VPN

Aaron GreenbaumMarch 15, 2019
Read More

Best iOS emulator for windows 10

Matt DavisMarch 14, 2019
Read More
Scroll for more
Tap

Game Deals

EwinRacing Champion Series Gaming Chairs
  • Popular

  • Latest

  • Comments

  • The Future of Work and How Gaming Can Impact Your Productivity
    GamingMarch 9, 2022
  • Geek Chic: Key Fashion Pieces for Gamer Girls
    Opinion PiecesMarch 8, 2022
  • FIND BEST SPORTSBOOK FOR FOOTBALL
    Opinion PiecesMarch 7, 2022
  • Choosing the Right Provider for Cloud Migration
    Opinion PiecesMarch 24, 2022
  • iPhone 14 – 10 LEAKED Features!
    GadgetsJanuary 20, 2022
  • Stellar Data Recovery Professional for Mac
    Stellar Data Recovery Professional for Mac- It can surely save the day
    ReviewsSeptember 26, 2019
  • Fun Video Game Titles for the Entire Family
    Opinion PiecesMarch 31, 2022
  • Three Major Steps To Follow To Obtain CompTIA Security+ Certification
    Opinion PiecesMarch 30, 2022
  • Keep yourself safe: While playing online
    Opinion PiecesMarch 24, 2022
  • Choosing the Right Provider for Cloud Migration
    Opinion PiecesMarch 24, 2022
  • Just 10% Of iPhone X Users Want Apple To Remove The Notch, Survey Says – My WordPress Website says:

    […] There are lots of requests that Apple users are…

  • The 9 most plausible rumors in regards to the new iPhones – Mark Swarrts says:

    […] Just 10% Of iPhone X Users Want Apple To…

  • Onimusha: Warlords HD PS4/Xbox One Box Art Revealed - GameSinners says:

    […] mean for the series, as its success could result…

  • 5 Essential Tips to Setup a Web Hosting Business | Your Own Website says:

    […] Source link […]

Geek Reply

Greetings techies! We are Geek Reply, a website whose main goal is to bring you all the latest news and updates from within the industry and beyond. What can you expect to find here?

Professional journalism coupled with expository writing for the most part, but we also give our honest opinion or throw in a pinch of humor for good measure when we deem it necessary. Our team is comprised of enthusiasts from across a wide variety of fields ranging from smartphone junkies to camera nerds, and everything in between. But perhaps you were looking for your daily dose of science news or hoping to read about the latest apps. If that’s the case, don’t worry, you came to the right place.

GeekReply Secured with GeekReply Scured
Nintendo Switch GeekReply

Copyright © 2020 GeekReply - Webdesign & Marketing - iPublicitate

You can Sue EQUIFAX if your Information has been Leaked.
EQUIFAX hired a Music Major as a Chief of Security