JPMorgan Chase CEO calls bitcoin a 'fraud'

This is what I always thought.. using my CommonSense library I can see the fall of this thing will be harder than the fall of the 3rd. Reich. HPMorgan boss just pointed to the naked emperor.

CNN Money
http://money.cnn.com/2017/09/12/investing/jamie-dimon-bitcoin/index.html

Meanwhile, some 70,000 years ago, the cavemen's tribe CEO calls money a 'fraud':

"Uga buga buga nooga baga? Buga buga naga naga zuma naga!!!"
Translation: "Am I supposed to accept those pieces of metal in return for my sheep? Get out of here!!!"

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Caveman had no tools to analyze and predict (I believe)..

No because it's more about the banker's business model is getting destroyed. Of course he does not want it.

If we talk about "blockchain" methods this might be a "new" way to handle data. Axa, a big insurance company, uses it to handle the contracts and more.

Let's see...

Picture this!
From free to 3 cents to 4k+ in just a few years.. This means a few people will rule the world if this trend went on.. Then production or mining or whatever its name is has already slowed down and at some point will effectively stop, like prime numbers.. Then according to the law of supply and demand the value of this coin will uncontrollably inflate. Not to mention the cotton-soil ground of the internet on which it was built. If a strong wave if magnetic storm was released from the sun and hit earth then forget about anything stored or processed on the cloud.. besides the next war is cyber war and it's easier to destroy enemy websites than their military targets.

Go watch the documentary on netflix about bitcoin. You will understand why JP Morgan CEO calls this. As you know JP Morgan is trying to create a similar system like bitcoin and they throw dirt on to bitcoin now.
Digital money can't be stopped. Many countries are working on their own digital currencies based on blockchain tech , this is the reason they are trying to take down bitcoin.

Similar things happened in the past. Bitcoin will return stronger.

But does not money have a value based off of the country that issued it? What is Bitcoin based off of?

Dreams

AHilton said:

Dreams

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LOL

JakeBullet70 said:

But does not money have a value based off of the country that issued it? What is Bitcoin based off of?

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A better question would be "What is the value of the fiat currency in your wallet based on?"
I will answer the question if enough people are interested.

Widget said:

A better question would be "What is the value of the fiat currency in your wallet based on?"
I will answer the question if enough people are interested.

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Here is my answer as to what you have in your wallet, and you may not like it.

Open your wallet and take out your paper money. It does not matter what country you are from. Whether you are in the U.S., Europe, Canada, Australia, Japan etc..
Take a long hard look at one of these bills, like a $20 bill. What does this represent? Take your time. Think long and hard. <I'll wait>

99% of you will say this $20 bill represents money.
And 99% of you would be wrong.

Your paper currency is not money. It is debt. Your government is still paying interest on that $20 bill that you hold in your hand. And this interest must be paid to the Central Bank that printed the $20 bill. Why? Because no country in the world (except around 3 or 4) are allowed to print their own currency. All other countries including your own, must borrow the money from your Central Bank. Your government provides bonds (U.S. treasury prints treasury bonds) and gives them to the Central Bank as collateral in exchange for the currency. Most people think this is OK because the government prints bonds (paper) and they get the equivalent paper in return in the form of currency, namely $20 bills. It is far from fair.

The bonds will come due, usually in 10 to 30 years and these bonds have interest owing on them. The government must pay the holder of these bonds their face value plus interest. If the government borrowed $10 billion and issued bonds with a 4% yield, after 30 years the government owes the principal, $10 billion, plus 224% interest which makes the total $32.4 billion (if I've done my math right). Where does the government get the money to pay off these bonds? Well, the treasury prints more government bonds and gives them to the Central Bank for more paper currency. And if the government's credit rating deteriorates, they will need to pay more interest, say 5% or 6% on these new bonds because the risk of default is higher. And after 30 years at 6% yield, the government will need to pay 474% interest which makes the total of $186 billion. So after 60 years, that original $10 Billion debt has ballooned to $186 Billion. And this is without incurring any new additional debt.

Ok, so most of you say, so what. They are exchanging paper for paper. What's the big deal?
When the country's credit rating fails, like Greece did, and the Central Bank (like the ECB - European Central Bank) is no longer willing to loan the government any more currency, the banks come in and will force the government to sell its public institutions for pennies on the dollar. The country will sell off its waste and water infrastructure to private corporations that are friends of the bank at deeply discounted prices. If the electrical grid is a public institution, it will be sold off to raise money to pay the interest on the debt. The government usually owns a very profitable lottery commission that makes billions of dollars for the government every year. Well, that gets sold for $30 million to more friends of the bank. The palms of the government officials are adequately greased so they do not put up much of a fuss. And the new super highways will become toll roads where the revenues are funneled to private corporations. Government land is sold to private interests so their resources can be plundered for pennies on the dollar. Every public corporation or utility that was bought and paid for by its citizens over the past 100 years, will eventually be turned over to private corporations at a pittance. These corporations will then turn around and double or even triple the cost of water, sewer, and electricity to the citizens of the country without lifting a finger to improve the existing infrastructure. The citizens will pay dearly in the end.

And if the government borrows more and more money for capital projects (which also increases its debt), inflation will increase because more money is put into circulation. There are more jobs, more wages and of course more money is needed to pay them. Anyone who has spent their life saving money will soon find their nest egg buys less and less every year because of inflation. Pension funds are never adequate to cover the high cost of living and this high cost of living is caused by more money in circulation that is driving up the prices.

But there is the other side of the equation that many of you never consider. What has the Central Bank put up in this transaction? (And here is the part you won't like.)
The Central Banks have put up the money for the paper and ink to print the currency. (Today it is just an electronic transfer so they don't even need to print money.) It costs the Central Bank around 15 cents to print a $100 bill and they charge the government the full $100 plus the interest that can never be paid back. The interest can never be paid back because only the Central Bank is allowed to print the currency. And the government can only borrow the currency at interest from the Central Bank to pay back the previous currency it borrowed years earlier. This cycle will continue until the debt gets so high the Central Bank calls in the loan and the private vultures come in to divvy up the goods. All countries will end up this way. If it hasn't yet happened to your country, then wait a few more years. With the massive amount of debt countries now owe, a small 3% to 4% rise in interest rates will make it impossible for your government to pay off the interest. 100% of the revenues the government collects in taxes and fees will go to the Central Bank just to pay the interest on the debt.

When a country gives up its right to print its own currency, its citizens become chattel for the banks. This happened in 1913 in the U.S. when the Federal Reserve was created, which in reality is a private bank owned by Wall Street along with a few foreign oligarchs. The Federal Reserve is neither Federal nor does it have any Reserves. Rather ironic, don't you think?

BitCoin and other crypto currencies (LiteCoin, Dash etc.), if allowed to flourish, will put an end to this Ponzi scheme by the banks because the currency will be created and controlled by the public. We will no longer need banks to issue currency or even loans. The banks cannot let this happen and will try their best to destroy Bitcoin and replace it with one of their own crypto currencies (Ripple?). If the banks are allowed to do so, then there will be no currency outside of the banks, and the banks will control every thing and own everything, including you and me.

This crypto currency war will affect everyone on the planet. We are headed to a cashless society whether we like it or not. The question is, who will control it?
I hope this has awoken some of you. If you want to know more how this bankster criminal organization operates, read "The Creature From Jekyll Island".

Oh, and don't forget to put your wallet away. In 10 to 15 years you probably won't need a wallet because there won't be a paper currency to put in it.

Indeed in a few years there will be little cash circulated .. Not because paper will be replaced by bit (or byte), but banks will connect your phone to your account and all vendors will be connected as well. In China this is a reality today.. I never needed to use cash.. Even when I rented a bike.. (Unattended bikes fill street sides in China) all what I had to do is pull out my phone, open "Wechat" app and scan the QR code in the back of the bike and it's unlocked through the internet.. Even small street fruits vendors display their printed QR codes so you can pay them. Some beggers also use QR codes .. So in China today you will never (double underline) need to use cash unless you want to. All restaurants, taxis, airlines, grocery stores, train and bus tickets.. You name it.. Even friends who want to borrow money from you, all show their QR codes in their phones and you scan them with your phone and put the amount you want to give them.

Forgot to say, if the United States is just borrowing money for 500 years now and as you mentioned they cannot pay it bank because simply they don't print money.. They cannot pay it back and this is (by design).. Then how do you say the system will collapse in 15 years? I thought if it didn't collapse in 500 years (and a little more in Europe ), then they will need a few more years than only 15.

One last more: why central bank is using the name of the "United States of America" on the bills? Maybe central bank OEM the bank notes for the U.S. government and therefore customize the design for them.

Widget said:

So after 60 years, that original $10 Billion debt has ballooned to $186 Billion. And this is without incurring any new additional debt.

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That is depressing...
But who put the $176 Billion in interest in their pocket?

I am just wondering to what amout did the $10B ballooned after 500 years.

Another way to quit that deadly (for us, the citizens) game will be to elect honest people who will simply declare null the nation's debt by law and nationlize what the banker's friends "stolen" in the meanwhile.
All the goods, either natural or not, back in our hands, private banks eliminated forever and a new, solid and honest economy to live in.

Consult with china.. They have a working model the world can learn from.

udg said:

Another way to quit that deadly (for us, the citizens) game will be to elect honest people who will simply declare null the nation's debt by law and nationlize what the banker's friends "stolen" in the meanwhile.
All the goods, either natural or not, back in our hands, private banks eliminated forever and a new, solid and honest economy to live in.

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Excellent idea. Let's see if we have had any honest people that were elected to fight for the rights of the people when it comes to banking.

There was President Andrew Jackson who said:
President Jackson was nearly assassinated in 1835 by Richard Lawrence who pulled out 2 pistols and fired point blank at the President. Both guns misfired probably because it was damp out that day, which was very lucky for the President. The assassin wawould be assassin spent the rest of his life in an insane asylum. At the time President Andrew Jackson was in the process of dismantling the Bank of the United States which was the country's 2nd Central Bank.

In 1849 President Zachary Taylor said:
A few months later he died eating a bowl of cherries and milk. Rumored to be poisoned with arsenic.

President James Buchanan opposed a central bank. He attended a banquet and suffered from arsenic poisoning and got off lucky because 38 other guests died that night. Maybe it was another bad batch of cherries?

Then in the 1860's Abraham Lincoln said:
President Lincoln went to the banks to get a loan to fund the Union side of the civil war. The banks wanted around 25% interest and Lincoln balked at that high rate and would not succumb to such usury. He decided to print Green Backs instead which was quite successful. Months after the civil war ended he was shot in the head by an "actor" named John Wilkes Booth who also happened to be associated with the Templar Order. After the assassination, and article in a European newspaper suggested that Booth was an assassin hired by European Banking interests who wanted to regain control over the U.S. monetary system.

President James Garfield said:
He opposed a central bank. On July 2, 1881 he was assassinated.

President McKinley opposed the monopoly that gave a few key people control of the United States.
On September 6, 1901 President McKinley was shot twice and died a few days later. Without this opposition, the new central bank (Federal Reserve) would be created in 1913.

Then there was JFK who on June 4, 1963 signed executive order 1110 which was to replace the Federal Reserve notes (paper currency) with silver certificates which is a form of currency printed by the government and not by the Federal Reserve (private bank). These silver certificates look almost identical to the Federal Reserve notes. JFK wanted to wrestle the monopoly that the bankers had on its currency. 5 months later JFK was shot in the head by multiple shooters, not by a lone gunman as many think. Only 2 months after his assassination, President Johnson recommended canceling the silver certificates and did so a few months later. This gave the monopoly of money printing back to the Federal Reserve.

I don't know about you, but I'm beginning to see a pattern here. I can't quite put my finger on it.

And what has this uncontrolled money printing given us? Debt. Plenty of it.
http://www.usdebtclock.org

The chart shows when the U.S. got off of the gold standard in 1971, debt spiraled out of control. George W. Bush had doubled the debt from $5 trillion to $10 trillion. Obama doubled it again to $20 trillion. Will Trump double it again to $40 billion? This cannot continue forever. The currency will eventually collapse. Probably a lot sooner than people think and it will take down every other fiat currency along with it.

Beja said:

Indeed in a few years there will be little cash circulated .. Not because paper will be replaced by bit (or byte), but banks will connect your phone to your account and all vendors will be connected as well.

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Sure. It doesn't matter if the banks use a blockchain or just electronic access to your account. The goal is to remove paper currency from circulation so all currency rests in the bank. In the future you won't be able to stack money in your mattress or your sock drawer. All money belongs to the bank and they will let you have some, only at the bank's discretion and at the gov'ts discretion.

Many countries, including the U.S. want to get rid of large denominated currency, like the $100 bill. They do this as a precursor for capital controls that the government will need to put on bank accounts to prevent the withdraw of money. Most people do not realize when they deposit their money in the bank in their savings account or their checking account, they no longer own the money. The bank now owns the money. The depositor, namely you, is an unsecured creditor. You have in effect, loaned your money to the bank and it is up to the bank whether or not you will get paid back. Most of the time you will, on demand without too much of a fuss. But recently, at least in the U.S., if you try and withdraw more than $5000 cash at a time, the bank is legally obligated to call the police or the FBI and report it. The bank teller will often ask you what you are going to use the $5000 for. This is not the bank teller being inquisitive. The tellers are instructed to ask the person withdrawing the money what you will use it for and will make a written record of what you tell them. Again, this is for capital control.

Beja said:

Forgot to say, if the United States is just borrowing money for 500 years now and as you mentioned they cannot pay it bank because simply they don't print money.. They cannot pay it back and this is (by design).. Then how do you say the system will collapse in 15 years? I thought if it didn't collapse in 500 years (and a little more in Europe ), then they will need a few more years than only 15.

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The U.S. gov't has not been borrowing money from the central bank for 500 years. The last central bank in the United States, the Federal Reserve, was created in 1913 and is 104 years old. Prior to that the gov't printed its own currency. In fact the most prosperous years of the U.S. was after the civil war up to 1913 when it did not have a Central Bank. Productivity boomed, common people earned a good living, and many became rich. One of the mandates of the Federal Reserve was to preserve the strength of the U.S. dollar. Since 1913, the U.S. dollar lost 97% of its purchasing power so the Federal Reserve failed miserably in this regard. Where did this wealth go? The wealth flowed from the people to the Federal Reserve and into the Wall Street banks and to the foreign owners of these private banks.

Did you know the Federal Income Tax Act was also created in 1913, a few months before the Federal Reserve Act? Was this a coincidence? Hardly. Since 1913, 100% of the money collected for the Federal Income Tax went directly to the Federal Reserve to pay the interest on the debt that the gov't borrowed. The Federal Income Tax Act (1913) is merely a conduit to take money from the pockets of the taxpayers under the guise that it will be used to build roads, bridges, hospitals, and to pay for war. This was all a lie. All of the money collected from the income tax was instead funneled directly to the Federal Reserve to pay the interest on the money that the government borrowed from it. When prior to 1913 the government simply printed the money themselves without incurring any debt whatsoever. This was a clever diabolical plot that siphoned vast wealth of a country to the banks and to the foreign owners of the banks. Again, read the book "The Creature from Jekyll Island" to learn how this plot unfolded. And if you think this treachery is only found in the U.S., it is done in your country as well and orchestrated by the same people. That is why the U.S. and most of the countries in the world are up to their eyeballs in debt and why there is so much poverty in these countries. It is all by design.

Beja said:

One last more: why central bank is using the name of the "United States of America" on the bills? Maybe central bank OEM the bank notes for the U.S. government and therefore customize the design for them.

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At the top of the bill it will say "Federal Reserve Note" to indicate the Federal Reserve printed/owns this note.
On the other hand, the silver certificates printed by the Treasury by JFK look identical to the Federal Reserve notes except the silver certificate says:
"Silver Certificate - This certifies that there is on deposit in the treasury of The United States of America "x" Dollars In Silver Payable to the Bearer On Demand". The U.S. Treasury backed their silver certificates ($1, $5, $10, $20, $100 bills) with actual silver that you could exchange your paper currency for. The Federal Reserve note is backed by nothing. Which would you rather have?

The struggle between public open source BitCoin type block chain currencies and the Central Banks will be a battle between good and evil. Who will win is anyone's guess. But rest assured, most of the world will still be asleep when the winner is determined, much like they were in 1913.

JakeBullet70 said:

That is depressing...
But who put the $176 Billion in interest in their pocket?

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Again I ask, WHO is keeping this money?

Beja said:

Consult with china.. They have a working model the world can learn from.

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No offense to China, but I'd rather have the world follow the Nordic Model. Along with the Nordic Model, we need to push for Universal Basic Income due to the coming rise of automation.