Jamie Dimon says if you’re ‘stupid’ enough to buy bitcoin, you’ll pay the price one day

Jamie Dimon says people who buy #bitcoin are 'stupid'

  • JPMorgan Chase Chairman and CEO Jamie Dimon can’t stop talking about bitcoin.
  • “The only value of bitcoin is what the other guy’ll pay for it,” Dimon said.
  • Dimon did add on Friday that he believed the blockchain technology behind bitcoin was valid, but he does not understand the value of “non-fiat” digital coins, that is, digital currencies which are not backed by a government.
  • “When I made that ‘stupid statement’ [calling bitcoin a] fraud, my daughter sent me an email saying, ‘Dad, I own two bitcoins,'” Dimon then joked, “My formerly smart daughter.”
  • “I could care less what bitcoin trades for, how it trades, why it trades, who trades it…if you’re stupid enough to buy it, you’ll pay the price for it one day.

JPMorgan Chase Chairman and CEO Jamie Dimon can’t stop talking about bitcoin.
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Canadian regulators taking a closer look at murky world of cryptocurrency ICOs

  • Canadian securities regulators are taking a closer look at technology companies that offer digital currencies such as bitcoin to raise funds, to make sure they abide by the right set of rules.
  • Similar to an initial public offering, or IPO, of a stock, a flurry of Canadian technology companies have recently raised money via ICO — initial coin offerings — in which digital tokens or coins are given to early investors in exchange for money, which the tech companies use to create their product.
  • But while the digital coins being exchanged are often established cryptocurrencies like bitcoin or ethereum, sometimes they are something else entirely, which is why regulators are looking to clarify the rules to determine whether such fundraising deals should be treated similarly to equity investments, or more like conventional money — on a case-by-case basis.
  • The Securities and Exchange Commission recently ruled that a major cryptocurrency offering known as the Decentralized Autonomous Organization, or DAO, which raised $150 million US last year, was in fact a securities offering, and as such breached the rules it should have been bound to.
  • While broadly receptive to more clarity on the rules, many in the cryptocurrency world are wary of an over-reach by regulators that would see them treat all such fundraising plans as securities offerings when, in fact, they should be treated the same way other private currencies are.

Canadian securities regulators are taking a closer look at technology companies that offer digital currencies such as bitcoin to raise funds, to make sure they abide by the right set of rules.
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World’s first bitcoin ATM opens in Vancouver

  • An ATM that converts bitcoins to Canadian dollars and vice versa opened for business in a Vancouver coffee shop today, marking a world first.
  • Michael Bliss, owner of Pacific Bliss Yoga, said his business was the first in Western Canada to start accepting bitcoins two years ago.
  • “Now, we’ve got at least 20 businesses this year,” said Bliss, co-founder of the BitCoin Co-op, on CBC’s Early Edition Tuesday.
  • The organization helps businesses and customers exchange bitcoins and connects people to businesses that accept bitcoins.
  • In an interview, Bliss acknowledged that up until now, exchanging bitcoins for other types of currency has been “a pain.”

An ATM that converts bitcoins to Canadian dollars and vice versa opened for business in a Vancouver coffee shop today, marking a world first.
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Introducing: From Bartering to Bitcoin

The Future of Money in a Digital World

  • Comments on the story are moderated according to our Submission Guidelines .
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  • So for the next month on Spark we’re going to be talking money.
  • If you have a story you think we should be following, or have something to say about one of our stories, send us a tweet, leave us a comment on our Facebook page, or join the conversation on our website .
  • On September 11th we will be starting our 10th season of Spark.

The Future of Money in a Digital World
Continue reading “Introducing: From Bartering to Bitcoin”

Bitcoin And Ethereum Drift Down After Halving

Bitcoin And Ethereum Drift Down After Halving

  • Bitcoin Surpasses Gold Trading in Brazil – The Bitcoin Channel
  • valuewalk.com / The Foundation for Economic Education / July 12, 2016 12:30 pm The big difference is the thousand years track record of gold against just seven years of bitcoin.
  • Britain’s decision to trial the use of the technology behind bitcoin to pay welfare benefits to the unemployed and disabled has sparked privacy concerns.
  • Use of bitcoin tech to pay UK benefits sparks privacy concerns – FT.com
  • The central bank of the Netherlands is preparing an ambitious experiment aimed at discerning if a financial market can be built on a blockchain….

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@BitcoinWrld: “Bitcoin And Ethereum Drift Down After Halving”


Digital currencies Bitcoin and Ethereum, the #1 and #2 largest cryptocurrencies by market capitalization, both drifted downward in weekend and early Mond…


Bitcoin And Ethereum Drift Down After Halving

MintChip launch Tuesday brings Canadian-made digital cash to consumers

  • Like cryptocurrencies such as bitcoin, it is an encrypted system that processes payments instantaneously removing the need for a third party to process or settle the transaction.
  • Gas stations saw booming business in April, pushing retail sales up to $44B June 22, 9:57 AM ET read comments
  • MintChip launch Tuesday brings Canadian-made digital cash to consumers read comments
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@Corner_Coin: “MintChip allows users to transfer money between themselves with no transaction fee #fintech #bitcoin”


MintChip, the digital cash platform started by the Royal Canadian Mint and acquired earlier this year by Toronto financial technology startup nanoPay, will be available to consumers starting today.


MintChip launch Tuesday brings Canadian-made digital cash to consumers