The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Bitcoin

JP Morgan CEO Says Bitcoin ($BTC) is “Worthless,” Here’s Why he is Wrong Again

by Miki 10/12/2021
by Miki 10/12/2021 0 comment

JP Morgan’s CEO Jamie Dimon is not a big Bitcoin fan and he has made it known over the years and his skepticism continues despite $BTC reaching new highs. Dimon is among the very few skeptics who have maintained his disliking towards $BTC throughout, first, he called it a bubble and predicted it would burst.  However, despite the growing popularity of BTC, Dimon remains aloof of its progress. Crypto proponents now believe no bull cycle is complete without China’s Ban and Dimon’s Bitcoin skeptism.

It’s not a Bitcoin bull market without Jamie Dimon saying it’s worthless.

— Joseph Young (@iamjosephyoung) October 11, 2021

In a recent virtual conference, the JP Morgan chief again reinstated his earlier stance on the top cryptocurrency and called it worthless, however, the reasons he gave to justify his belief only show that he understand little to nothing about Bitcoin.

“I personally think that bitcoin is worthless. I don’t think you should smoke cigarettes either. Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin – we can’t custody it – but we can give them legitimate, as clean as possible access.”

Dimon said BTC’s value supposedly comes from its scarcity with only 21 million BTC to ever get minted, but what if someone manages to change the code to remove the 21 million limit. He was quoted saying,

“I’ll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don’t know, I’ve always been a skeptic of stuff like that.”

This is quite an old and redundant argument used by people who don’t understand how a decentralized Bitcoin network functions.

Here’s Why JP Morgan is Wrong Again

While the Bitcoin network is open source and decentralized, thus anyone can make changes to the source code, but for those changes to be widely accepted and become a part of the mainnet it has to be accepted by a majority. So even if I want to change the total supply of BTC to an infinite amount, it won’t be accepted unless the majority of miners or nodes accept the proposal.

Ari Paul, the co-founder of BlockTower has one of the better explanations in naysayers terms. He explained

“anyone can take Bitcoin’s code and change it however they like. It’s like changing the TCP/IP protocols or FTP protocol. You can change it on your personal computer, but then you’re on a different network than everyone else. Your change wouldn’t be noticed by anyone else.”

Most of my followers know the answer to this, but for anyone curious, here’s an honest, nuanced answer: /1 https://t.co/c55LXyvCLZ

— Ari Paul ⛓️ (@AriDavidPaul) October 11, 2021

Coinbase CEO Brian Armstrong also took a dig at JP Morgan and said CEOs without a science and engineering background are going to be at a disadvantage.

CEOs without a science/engineering background are going to be at a disadvantage in the coming decades I think.

Honestly, probably politicians, journalists, and many roles. Software is eating the world, changing every industry.

— Brian Armstrong (@brian_armstrong) October 11, 2021



Source link

Views: 1
BitcoinBTCCEOHeresMorganWorthlessWrong
Share
0
FacebookTwitterPinterestEmail
previous post
JP Morgan CEO Jamie Dimon Calls Bitcoin ‘Worthless’
next post
DeFi Projects TVL Rises to $210 Billion

Related Posts

Elon Musk thinks this individual could be the...

12/29/2021

Bitcoin price trades under $48k as $6 billion...

12/29/2021

Indian security regulator warns mutual funds against investing...

12/29/2021

Bitcoin Will Remain ‘Digital Gold’, But Not A...

12/29/2021

Key Factors that Propelled Ether’s 4X Growth over...

12/28/2021

Gold Proponent Peter Schiff Claims Bitcoin is Losing...

12/28/2021

Trend Is Again Shifting From Outflows To Inflows

12/28/2021

Why Bitcoin Will Never Surpass The Market Cap...

12/28/2021

Crypto hacks led to $9.8 billion in losses...

12/28/2021

Is Bitcoin (BTV) Going To Hit $100k? Ambitious...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Shiba Inu Developers Issue Warning to Investors About a New Scam By DailyCoin

  • Cardano, Solana, Polkadot Price Analysis: 28 October

  • Dogecoin: Should traders really bank on a price reversal

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$30,514.001.95%
  • ethereumEthereum(ETH)$2,098.643.58%
  • tetherTether(USDT)$1.00-0.07%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • binancecoinBNB(BNB)$307.213.17%
  • rippleXRP(XRP)$0.4386753.69%
  • cardanoCardano(ADA)$0.584.15%
  • SolanaSolana(SOL)$57.216.61%
  • Binance USDBinance USD(BUSD)$1.000.15%
  • polkadotPolkadot(DOT)$11.063.66%
  • dogecoinDogecoin(DOGE)$0.0904732.90%
  • AvalancheAvalanche(AVAX)$34.505.71%
  • Lido Staked EtherLido Staked Ether(STETH)$2,065.603.69%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$30,543.002.17%
  • tronTRON(TRX)$0.0724954.65%
  • Shiba InuShiba Inu(SHIB)$0.0000134.80%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • daiDai(DAI)$1.00-0.19%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$72.978.51%
  • CronosCronos(CRO)$0.2029254.65%
  • matic-networkPolygon(MATIC)$0.737.88%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.950.69%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.682.19%
  • FTX TokenFTX Token(FTT)$32.100.77%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$206.754.81%
  • RareRare(RARE)$0.0461220.00%
  • chainlinkChainlink(LINK)$7.744.12%