Bitcoin

Bitcoin Tumbles After Jamie Dimon Calls It A Fraud: “Would Fire Anyone Trading It”

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– Bitcoin Tumbles After Jamie Dimon Calls It A Fraud: “Would Fire Anyone Trading It”:

Surprised by the sudden air pocket below bitcoin? Curious if this was caused by some new, unconfirmed Chinese crackdown on bitcoin traders, exchanges, and other money launderers?

No, the answer is Jamie Dimon, who in an angry outburst during the same conference in which he preannounced JPM’s 20% trading revenue drop, lashed out at the cryptocurrency, calling it a “fraud” which is “worse than tulip bulbs. It won’t end well”, will “blow up” and “someone is going to get killed.” Oh, and in conclusion, “any trader trading bitcoin” will be “fired for being stupid.”

  • DIMON: BITCOIN IS A “FRAUD”; “WORSE THAN TULIP BULBS”
  • DIMON: BITCOIN WILL EVENTUALLY BLOW UP
  • DIMON: BITCOIN WON’T END WELL
  • DIMON: WOULD FIRE ANY TRADER TRADING BITCOIN FOR BEING STUPID

So how does Jamie really feel?

Of course, if “a trader” bought $100,000 of Bitcoin in 2010, they’d be roughly 3x richer than billionaire Jamie, but that’s another story.

What is more surprising, is that bitcoin actually reacted to this angry outburst by the JPM CEO, sliding sharply, and dragging the entire cryptocurrency space with it.

Or perhaps not surprising at all as hundreds of JPM traders quietly liquidated their accounts moments after hearing Dimon’s threat…

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Jim Rickards: Is This The Global Elites’ Secret Plan For Cryptocurrencies?

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– Is This The Global Elites’ Secret Plan For Cryptocurrencies?:

Interest in Bitcoin is red hot at the moment. It’s impossible to open a website, listen to a podcast, or watch a video in the financial space without hearing about the meteoric rise in the price of Bitcoin.

Maybe you know a “Bitcoin millionaire” who bought five hundred Bitcoins a few years back for $50,000 and is now sitting on a Bitcoin fortune worth over $2,000,000. It’s true, those people actually do exist.

Yet the crypto-hysteria is distracting you from a scary truth no one is talking about.

Read moreJim Rickards: Is This The Global Elites’ Secret Plan For Cryptocurrencies?

Bitcoin Recovers ‘China ICO Ban’ Losses – Bounces Back Above $4600

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– Bitcoin Recovers ‘China ICO Ban’ Losses – Bounces Back Above $4600:

Cryptocurrencies are surging higher once again today as the world realizes that the China ICO ban plunge may follow the SEC ‘ban’ playbook. Bitcoin is up 15% from its $4000 lows on Monday, rallying to $4600 – erasing the plunge from the moment China officially banned ICOs.…

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US Bitcoin Exchange Coinbase Hits 10 Million Users

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– US Bitcoin Exchange Coinbase Hits 10 Million Users:

Coinbase has just hit a remarkable 10 million registered users. In the last three weeks of August, the cryptocurrency exchange added an astonishing 800,000 users as the bitcoin price briefly rose above $5,000.

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2,900 ‘Two-Way’ Bitcoin ATMs Set to Launch in Australia

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FYI.

– 2,900 ‘Two-Way’ Bitcoin ATMs Set to Launch in Australia:

A partnership between two FinTech firms could soon see a large-scale rollout of ‘two-way’ Bitcoin ATMs in Australia.

A new joint-venture between blockchain ASX-listed blockchain startup DigitalX and ATM developer Stargroup will see some 2,900 existing ATMs’ software tweaked and updated to support users to buy and sell bitcoin using the machines. An accompanying press release reveals that Stargroup has deployed 500 ATMs in Australia, with a further 2,400 ATMs through its subsidiary, StarLink.

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H/t reader kevin a.

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Ethereum, Bitcoin Crash After China Declares Initial Coin Offerings Illegal

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– Ethereum, Bitcoin Crash After China Declares Initial Coin Offerings Illegal:

Ethereum and bitcoin are crashing this morning, after China confirmed its recent threat of an ICO crackdown, when the central bank said on Monday that initial coin offerings are illegal and disrupt financial markets. “This is a positive move given the rapid proliferation of low quality and possibly fraudulent coin sales promising the moon.”

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Cryptocrash: Bitcoin Tumbles To Pre Korea-Missile-Launch Level After Topping $5000

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– Cryptocrash: Bitcoin Tumbles To Pre Korea-Missile-Launch Level After Topping $5000:

Shortly after topping $5,000 (according to several exchanges), Bitcoin began to tumble dramatically – now down almost $500 – erasing all the post-North-Korea missile anxiety gains.

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Your Bitcoin is NOT Anonymous: IRS Moves To Track Bitcoiners With New Chain Analysis Tools

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– Your Bitcoin is NOT Anonymous: IRS Moves To Track Bitcoiners With New Chain Analysis Tools

H/t reader squodgy:

“Looks about right. How cheeky/naive of them to assume they’d avoid paying taxes to our bankster masters…Tut tut tut.”

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Bitcoin in an Illusionary Age

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– Bitcoin in an Illusionary Age:

It is altogether fitting that crypto currencies, in particular Bitcoin, have witnessed a meteoric rise in this illusionary age. 

Not only has their monetary value gone to dizzying heights, but they are now being touted as the destroyer of the current, crumbling monetary order and the next paradigm upon which a new money and banking system will emerge.

In an era where sacrifice, hard work, loyalty, ingenuity, tradition, and independent thought are considered anathemas, while affirmative action, sloth, effeminacy, office seeking, and something-for-nothing schemes are endemic in every walk of life, it is not surprising that non-tangible, computer-generated currencies would become a “natural” feature of such a world.

Read moreBitcoin in an Illusionary Age

How to Get the World to Accept Cryptocurrency as our Global Economy Collapses (Video)

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FYI.

What if the global economy & financial system is collapsing and there will be total chaos, revolution and civil war, directly followed by WW3, with the internet going down and not coming back up again for a looong time? What if THAT is the plan?

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Bitcoin Gains Bipartisan Support for Legality in Australia

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– Bitcoin Gains Bipartisan Support for Legality in Australia:

As reported by the Sydney Morning Herald, Labor senator Sam Dastyari and Liberal senator Jane Hume have come together to call on the Reserve Bank to ‘embrace bitcoins as an official form

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H/t reader kevin a.

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Why Cryptocurrencies Will Never Be Safe Havens

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– Why Cryptocurrencies Will Never Be Safe Havens:

Every further new high in the price of Bitcoin brings ever more claims that it is destined to become the preeminent safe haven investment of the modern age — the new gold.

But there’s no getting around the fact that Bitcoin is essentially a speculative investment in a new technology, specifically the blockchain. Think of the blockchain, very basically, as layers of independent electronic security that encapsulate a cryptocurrency and keep it frozen in time and space — like layers of amber around a fly. This is what makes a cryptocurrency “crypto.”

Read moreWhy Cryptocurrencies Will Never Be Safe Havens