Quote from: jrobi4life on October 15, 2017, 04:18:54 PM

Quote from: thejaytiesto on October 15, 2017, 03:23:40 PM

I disagree. Sure, he doesn't understand bitcoin at all beyond how it can be used for illegal activities, but I think he genuinely doesn't care and thinks it's a joke. You are looking at a guy that has a fund that moves trillions of dollars a day while BTC is still a drop in the sea of money.

He is just looking at it from the perspective of a power drunk guy that can't see any treats to the status quo as realistic.

His comments aren't the comments of someone who doesn't care. He may not completely understand Bitcoin from a technical standpoint but he understands it takes the power out of the big banks hands and puts it in the hands of the people and that is enough for him to be totally against it. What he also knows is how fragile the international banking system is. It's based on derivatives of derivatives. For every real earned dollar that goes into a bank they put between 100 and 1000 on their books. So the underlying real asset is only between 0.1 and 1% of whats on their books. They also do the same thing for money that they haven't even received yet but are owed. When people don't make new deposits or pay debt the results to the banking system are exponential as we saw in 2008. Since then they've actually gotten even more aggressive with fiat creation through the fractional reserve system. Plus as big as Chase is, it's still only one of a handful of major banks. The gross domestic product for the whole world is only estimated to be about 75 Trillion for 2017. So when Dimon talks about moving 16 trillion around per day (5,840 Trillion per year), the vast majority of that is money the banks have created out of thin air based on the fractional reserve system. Even calling it a house of cards is generous. If Bitcoin takes even just a few percent of the global currency market everything collapses.

We can only speculate if he really thinks is a joke or not. At least it's important enough for him that it's under his radar.

The real threat I see is the fact that Jamie Dimon wants to run for president of the FED to then influence whatever POTUS at the time to deploy an huge ban on BTC, not only on exchanges but possible possession of BTC being illegal as well.

If China crashed the market like that with exchanges only, an USA ban on both exchanges and possession could be pretty brutal for the price.

The good news is Bitcoin recovered pretty quickly from an exchange-only Chinese ban, this is a demonstration of power, but like I said, a full blown USA ban could be bad. I wonder how the price would react. Im sure it would recover, the question is, for how long would it be crashing?