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(CNBC)   Bitcoin loses 8% of its value, which is 8% of zero   ( cnbc.com) divider line
    More: Asinine, JPMorgan Chase, Washington Mutual, Jamie Dimon, Market capitalization, CEO Jamie Dimon, Money, Bank, major business leader  
•       •       •

515 clicks; posted to Business » on 13 Sep 2017 at 3:20 PM (12 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



29 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2017-09-13 01:27:39 PM  
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2017-09-13 01:57:52 PM  
"The move lower came a day after JPMorgan Chase CEO Jamie Dimon called the cryptocurrency a "fraud," adding that "Someone is going to get killed."
"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said at a banking industry conference organized by Barclays. "Currencies have legal support. It will blow up.
"

Unlike Collateralized Debt Obligation (CDOs), for which JP Morgan ordered to pay 153 million dollars for fraud.

/I do not own bitcoins, but if or when it blows up, it will not take down the world's economy.
 
2017-09-13 02:01:16 PM  
"Give me your money for this thing that you can only understand if you have a degree in combinatorics, and regularly use 'algebras' as a plural in conversation. I'll tell you if and when you can sell it at a profit."
"Okay."
....
"Have I made money yet?"
"No."
"Have I made money yet?"
"No."
"Have I made money yet?"
"No."
...
 
2017-09-13 02:42:13 PM  
Jamie Dimon clearly has never tried to buy his own illegal drugs.  You just know he has an intern for that.
 
2017-09-13 02:45:27 PM  

mofa: Give me your money for this thing that you can only understand if you have a degree in combinatorics


Bitcoin is for black markets drugs, weapons, and services.  It provides the ball bearings of modern illicit commerce.
 
2017-09-13 03:28:57 PM  
Isn't Bitcoin modern day baseball card trading?

A guy I know is really into it as a way to survive when the market crashes.
 
2017-09-13 03:29:50 PM  
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2017-09-13 03:31:05 PM  
Bitcoins are the currency of choice for the dark net and their markets.  There are fewer BTC mined each reduction in the BTC reward per block.

BTCs will go up in the long term so long as;
- the dark markets exist
- underpinnings of the protocols, anonymous networks,  and technology remain intact, which is not certain.

You're a risky gambler if you're holding onto them as an investment.
 
2017-09-13 03:45:54 PM  
Man I can't wait to see the look on your guys' faces when my Iraqi Dinara revaluates.  Spent my whole life savings on it, it's got nowhere to go but up!
 
2017-09-13 03:51:07 PM  

Marcus Aurelius: Jamie Dimon clearly has never tried to buy his own illegal drugs.  You just know he has an intern for that.


What, drug dealers don't take cash anymore?
 
2017-09-13 03:55:14 PM  
BitCoins allow you to conduct financial transactions totally free of control from any government or bank! Just an anonymous group of random rich people who own server farms in Iceland. But no governments, and no banks.
 
2017-09-13 04:04:34 PM  
I made this after the last drop. I own bitcoin and many other coins. It's all profit now anyway.

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2017-09-13 04:06:51 PM  
The media reports every time bitcoin goes down.  They rarely report when it goes up.

Good reporting would look something a bit more like this:
Bitcoin is down 8% over the last 2 days, but is up 20% over the last month, and 500% in the last year.

(numbers pulled out of my ass, but probably pretty accurate).
 
2017-09-13 04:08:44 PM  
Ahhh... Glad to see the "bitcoins are only for criminals on the black market selling drugs and weapons" crews are here.

These will never catch on with major companies like Microsoft, Expedia, or to buy things like cars, or household goods from sites like overstock.com

It's all drugs and weapons.
 
2017-09-13 04:12:02 PM  

Lord Bear: The media reports every time bitcoin goes down.  They rarely report when it goes up.

Good reporting would look something a bit more like this:
Bitcoin is down 8% over the last 2 days, but is up 20% over the last month, and 500% in the last year.

(numbers pulled out of my ass, but probably pretty accurate).



https://www.cnbc.com/quotes/?symbol=BTC%3D-USS
 
2017-09-13 04:13:53 PM  

Munden: Bitcoins are the currency of choice for the dark net and their markets.  There are fewer BTC mined each reduction in the BTC reward per block.

BTCs will go up in the long term so long as;
- the dark markets exist
- underpinnings of the protocols, anonymous networks,  and technology remain intact, which is not certain.

You're a risky gambler if you're holding onto them as an investment.


Long term, the underpinnings are certainly borked (everybody has an eternally long blockchain).  Getting everyone to approve of updates is a bigger problem.
/has it effected international money transfers yet?
//I'd assume that emailing bitcoins was cheaper than wiring money
///although I think the cost of spending bitcoins went up as the mining "awards" dropped.  Other coinage might work.
 
2017-09-13 04:22:00 PM  

Marcus Aurelius: mofa: Give me your money for this thing that you can only understand if you have a degree in combinatorics

Bitcoin is for black markets drugs, weapons, and services.  It provides the ball bearings of modern illicit commerce.


My dealer only takes cash.
 
2017-09-13 04:30:17 PM  

mofa: "Have I made money yet?"
"No."


I don't screw around with bitcoin, but my highschool roommate turned $15,000 into $700,000 in the past two or three years buying and selling various cryptocurrencies.
 
2017-09-13 04:35:20 PM  

Marcus Aurelius: mofa: Give me your money for this thing that you can only understand if you have a degree in combinatorics

Bitcoin is for black markets drugs, weapons, and services.  It provides the ball bearings of modern illicit commerce.


I've got no problem "going to the student dorms" and "talking to my friend"... so you do you, I guess. I think it shows a fundamental lack of drive to be that lazy or unresourceful.
 
2017-09-13 04:43:48 PM  
Meh, 8% is nothing. It's time to buy. It will rebound in no time.

Unless it won't.

Hollie Maea: I don't screw around with bitcoin, but my highschool roommate turned $15,000 into $700,000 in the past two or three years buying and selling various cryptocurrencies.


Have you seen his banking statement, or was it his own verbal statement? :)

Although there was a number of people who safely made a lot of money from Bitcoin. It's middle-men. Like Mount whatever it was. They were risking other people money for their own profit, and that, of course, is the best way to make investments: with someone else's money.
 
2017-09-13 04:56:46 PM  
The $200 I put in 2 years ago is now worth $1400. It was worth more earlier this week. As long as it stays above the $200 I put in, I am fine.
 
2017-09-13 04:58:28 PM  
Bitcoin is interesting in that the lure of easy money is interesting. But I'm old and actually have some USD in preferred accounts which I am loathe to part with on a purely speculative bet. I'm willing to accept BTC as currency. But not unless it's stable and liquid and by liquid I mean can I pay my mortgage with it in 48 hours or less 100% of the time. Extreme volatility is for young folk and gamblers and I'm neither. I also have some land. That's not liquid either. But I can lay my head there whenever I damn well please. You can't sleep on your bitcoins.
 
2017-09-13 06:15:01 PM  

BadReligion: The $200 I put in 2 years ago is now worth $1400. It was worth more earlier this week. As long as it stays above the $200 I put in, I am fine.


Do you understand that if the price would fall to, say, $600 and you'll decide to pull out while you are ahead - you will suddenly not be able to find any buyers? Most of the shops would either accept bitcoins at 1/5th of the price or would stop accepting them outright? Things like that have happened before.
 
2017-09-13 06:21:03 PM  

Hollie Maea: mofa: "Have I made money yet?"
"No."

I don't screw around with bitcoin, but my highschool roommate turned $15,000 into $700,000 in the past two or three years buying and selling various cryptocurrencies.


So did my roommate! He used this one simple trick to do it. Kwik 'n EZ Bitcoin Fortunes
 
2017-09-13 06:56:46 PM  

Grahor: BadReligion: The $200 I put in 2 years ago is now worth $1400. It was worth more earlier this week. As long as it stays above the $200 I put in, I am fine.

Do you understand that if the price would fall to, say, $600 and you'll decide to pull out while you are ahead - you will suddenly not be able to find any buyers? Most of the shops would either accept bitcoins at 1/5th of the price or would stop accepting them outright? Things like that have happened before.


I put in a negligible amount of money into crypto currency, if I lose it all, it does not matter. A day's wages.
 
2017-09-13 07:33:30 PM  

BadReligion: Grahor: BadReligion: The $200 I put in 2 years ago is now worth $1400. It was worth more earlier this week. As long as it stays above the $200 I put in, I am fine.

Do you understand that if the price would fall to, say, $600 and you'll decide to pull out while you are ahead - you will suddenly not be able to find any buyers? Most of the shops would either accept bitcoins at 1/5th of the price or would stop accepting them outright? Things like that have happened before.

I put in a negligible amount of money into crypto currency, if I lose it all, it does not matter. A day's wages.


A sixer and some pizza?
 
2017-09-13 08:56:46 PM  

Arkanaut: Marcus Aurelius: Jamie Dimon clearly has never tried to buy his own illegal drugs.  You just know he has an intern for that.

What, drug dealers don't take cash anymore?


You can't pay with cash when you order online.
 
2017-09-14 04:39:15 AM  
Can you actually cash out at any time, or would I end up spending "$3,000" in bitcoin to buy a Subway sandwich or something?

/Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor.
 
2017-09-14 06:31:52 AM  
Dimon bashed Bitcoin by name.

His company is a heavy backer in Ethereum, the #2 in market cap.

He knows what he's doing - using his stump to push his agenda.
 
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