Dimon's connection to reality has always been a fleeting one at best. Also, he's by all accounts an objectively horrible human being. JPMC had to make sure to keep him out of the public eye for years because of how unfiltered-awful he was as a person. Only recently has he been coached into seeming semi-human enough to get in front of media.
I don't understand why everybody seems to link his comment on Bitcoin and the blockchain project at JPM as if it's something where he contradicts himself. It's not.
Because they drove the price down In the wake of his speech, some observers, including Bloomberg, noted that bitcoin prices started to fall after Dimon’s remarks. And then bought the dip. People, including me, are linking to his comments because he's a two-faced fuckhead abusing his position of power to manipulate markets to his own financial advantage, while calling out cryptocurrency markets as easily manipulatable by people other than Jamie Dimon. Fight me.Dimon later added that the cryptocurrency “will blow up,” according to CNBC. It was also during that appearance that said that he would terminate any trader that he found to be trading bitcoin for being “stupid.”
No need to fight, I can agree with you here and still state that the JPM blockchain project has nothing in common with Bitcoin except the word 'blockchain', thus it doesn't make sense to link the two events as if it's something that should create a narrative.
I completely disagree. Jamie Dimon in particular and JP Morgan in general have cast aspersions on blockchain from the very beginning, taking one of the most public stances of all public banks in the space. While the Bank of Japan was busy settling international payments with Thailand via Ripple, Dimon was calling Blockchain a scam. As recently as August he argued that governments would shut down all cryptocurrency. Now he's launching one.
This is from 13 oct. 2017, I'm lazy to try to find older direct comments from him : I used the transcript from Youtube, here are some quotes from the video: So, my point stands. Doesn't make sense to create a narrative against him for pointing out something as if he changed his mind. He didn't. Do I still believe he lacks an understanding of crypto as a powerful tool to create new decentralized projects that will redefine how we use most services ? Yes. Can I blame him for launching a dollar-backed crypto-currency because it would contradict something he said in the past ? No, doesn't seem legitimate. Basically, first time I agree with Roubini on crypto:The blockchain is a technology which is a good technology we actually use it it will be useful lot of different things god bless the blockchain. Crypto currencies and digital currencies I think are also fine you know JP more moves six trillion of dollars around the world every day we don't do it in cash it's done digitally. If we do it digitally with the blockchain so be it but it still be a dollar crypto currency. What I have an issue with is a non fiat crypto currency dollar so crypto sterling euro yen they're all fine
So there is a use case for Bitcoin if you live in Venezuela North Korea if you're a criminal great great product I mean that is better than cash or deposits in that country Cuba
In what way does it "have anything to do with crypto?" In that they're planning extensibility to "all standard blockchain networks." If JPM is calling it crypto, and planning on interacting with other crypto, it's crypto. Full stop.The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms. JPM Coin will be operable on all standard Blockchain networks.
Yes it's crypto. But can we be honest for a second and distinguish two subsets of crypto, one that is decentralized & permissionless vs one that is centralized and permissioned ? Can we agree that Jamie Dimon thinks the first one is going nowhere while he believes that the second one can optimize current processes ? Can we agree that we are not agreeing with this because both of us believes the first one will really change things (disruption) while the second one will only do some improvements ? Can we agree that since the beginning Jamie Dimon didn't change his line of thinking in regards to these two subsets ? Can we agree that creating a narrative as if he did isn't legitimate ?
This is a whole lot of nuance whereas four hours ago, you were disdainfully dismissive of any discussion related to JP Morgan and cryptocurrency. Further, an hour ago you agreed with Nouriel Roubini, noted Keynesian hatemonger of crypto, calling this whole discussion "a joke." You effectively exerted the right to mock anyone who saw a contradiction between JP Morgan Chase's former and current positions, a set of people that, based on my titling, includes myself. Now that you have triangulated to an either/or position of what is/is not "permissioned" you're attempting to resolve the insult by assigning motives to my behavior. I'm not agreeing with you on this because I believe Jamie Dimon in particular and JP Morgan Chase in general to be bad actors taking advantage of the amplification effect of their position in the market. The whole time JP Morgan has been slagging on crypto they've been a member of the Enterprise Ethereum Alliance, for example. My personal opinion is that the financial and research spaces of cryptocurrency and blockchains are exquisitely sensitive to sentiment and my personal experience is that JP Morgan doesn't say what they mean, they say what they benefit from. is Hyperledger a cryptocurrency? Is SWIFT a blockchain? These are arguments of definition, not intent. The bottom line is that JP Morgan is inconsistent when it is profitable for them to be inconsistent. That's my allegation, that's the allegation of many observers of cryptocurrency, and that's why the two are mentioned together.
I am dismissive of the creation of a narrative between Jamie Dimon comments on Bitcoin and the launch of the JPM Coin as if it’s something that doesn’t make sense. I might be naïve, but I take Jamie Dimon comments on Bitcoin at face-value: I believe that he thinks like that about Bitcoin, and that he isn’t playing a metagame here. I agreed with Roubini in the sense that to my understanding, linking Jamie Dimon comments on Bitcoin and the launch of the JPM Coin is comparing apples and oranges (both projects are crypto, like those two are fruits, but they have not much in common besides that). I should have been more precise. I mostly agree with you otherwise on your thoughts about JP Morgan and Jamie Dimon. It’s just that subset of the discussion with the link between Jamie Dimon comments on Bitcoin and the launch of the JPM coin that doesn’t resonate with me. It’s a catchy title and everything, but I still believe that him having that opinion about Bitcoin and JP Morgan launching the coin doesn’t contradict itself.