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.
At www.theguardian.com
3
2
2
