Wednesday, September 13, 2017

Bitcoin is a fraud says JPM boss

https://www.theguardian.com/technology/2017/sep/13/bitcoin-fraud-jp-morgan-cryptocurrency-drug-dealers

It should be remembered however, that this is coming from the CEO of the company that received a $12bn government bailout.  https://dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/

The problem with Bitcoin, as I see it, is that it is a commodity and not a currency.   It's largely like gold, except that gold has some use outside of being a means of speculation.

While I wouldn't be surprised if Bitcoin remains marginalized, what is more important is the role that blockchain technology will play in finance in the future.