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General News    H4'ed 9/13/17

Bitcoin is a fraud that will blow up, says JP Morgan boss

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bitcoin - Note: there is no actual physcial bitcoin
bitcoin - Note: there is no actual physcial bitcoin
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JP Morgan CEO "Jamie Dimon claims cryptocurrency is only fit for use by drug dealers, murderers and people living in North Korea."

I never though i would agree with Dimon but in this case, he's right. And you can also add these reasons not to trust this latest mania: few, if any, businesses willing to accept bitcoin actually keep their payments in bitcoin. They generally convert it to national currencies right away, meaning there is only a few seconds of risk for them, at most; only the smartest and richest organizations (like JP Morgan) can afford the computers that mine bitcoins now, making this a rigged market; there are 100s of competing cryptocurrencies, some with central bank/gov't backing.

Bitcoin was down over 7% this morning after Dimon's comments. Even Nvidea, which makes fast chips for bitcoin-mining was down almost 2%. This is a bubble, folks. Get out while you can.

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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a former blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:

Scott is a former and current President of Common Ground-NY (, a Geoist/Georgist activist group. He has written dozens of (more...)

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