https://www.reuters.com/business/jpmorgans-dimon-blasts-bitcoin-worthless-due-regulation-2021-10-11/

That being said, also waiting for next dip to buy. Or next coin to take off

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43258565)

"He majored in psychology and economics at Tufts University, where he graduated summa cum laude."

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43260578)

*Summa cum laude*

*Protege of Sandy Weill*

*CEO of America's largest bank, which makes billions from trading and investing and employs hundreds of elite traders who get paid millions*

*Gets dismissed as an idiot by the worst idiots on XO*

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43261036)

At the end of the day, Dimon is just a manager - one who was probably completely fungible early in his CEO tenure and whose only claim to competitive advantage now is experience, not brilliance. He desperately wants to be seen as an Musk / Bezos / Jobs type, but everyone knows that his banking WAR is probably negligible and he is just the figurehead occupying a position.

It doesn’t help that he is following in the footsteps of true financial innovators (Mullen, Pickens, Kravis, etc.) and superstar CEOs (Welch, Blankfein) who were actually iconoclastic. The post-ITE regulations quash new entries into the banking realm, so he is lucky enough to be at the top when his position was turned into a rent-seeking pseudo-sinecure. His bank hasn’t even outperformed his competitors (GS, MS, etc.)

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43261132)

He isn't saying that blockchain isn't an interesting and potentially useful technology; there's literally a "JPM coin". He's just saying that BTC has no intrinsic value which is simply an objective fact. The only people who care to disagree are crypto weirdos who seethe deliriously for some reason anytime someone, anyone says something, anything they perceive to be a critique of crypto. Then in their insecure scared rage they always immediately turn to ad hominem attacks of that person, attacks that become increasingly nonsensical as can be seen in the case of Dimon or, say, Warren Buffett.

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43261207)

Dude, please. It's tournament. Someone has to win. Do you really believe that Jeff Bezos, Zuckerberg, Bill Gates, Jobs etc are the most brilliant and original innovators to have ever walked the face of the planet? No, they're not. They won the tournament. Third place guy got steak knives. And at least those CEO's are smart stem dudes. Dimon looks and talks like any other high finance salesman schmuck. I think bitcoin is retarded but exalting Dimon as God on high, lol.

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43261654)

Citigroup fired Dimon. But, experience begets experience, and when Bank One was looking for a new CEO, there was Weill’s ex-right hand man, ready and available.

“Dimon may not be an original innovator but there's no question he's a highly competent decision maker and assessor of reality. “

Sure, but this is not a unique, or even particularly rare, trait. And when you have Weill protecting you early in your career, you can make mistakes that would get others fired. That is, if Weill doesn’t prevent you from making them to begin with.

Dimon is like the tomato plant on the edge of the garden that gets an extra couple minutes of sunshine in the morning. When every plant is a seedling, it doesn’t seem like much. But that plant gets to grow a little extra every day, and with that extra, it starts capturing more sun. And by the middle of the summer, that plant has grown so large that it is shading the other plants and producing the most tomatoes and gets the most attention from the gardener. But at the end of the day, it’s not producing a more delicious tomato, nor is it using less water or fertilizer or soil; it’s just the lucky tomato plant that got put in the right spot, no different than any of the other tomato plants in the patch. Had any other seedling been planted in the same spot, it would have grown the same way. So when people look at Dimon, people don’t see a brilliant financier or innovator who has improved the world; they see some average schmuck who was lucky enough to find his way to the top of one of the worlds preeminent rent-seeking institutions, gets paid billions over two decades despite no meaningfully better performance than his peers, and has no insights deeper than their own.

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43263249)

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43258639)

LOL. He never said this

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43258658)

like, look at rare digital assets like items in tf2, wow, dota2, league, wow, etc. all those things are technically not even owned by the account holder, people have made millions trading them. these are even a poor example because they have "utility" in being able to dress up your character in a unique way.

btc will never be used for anything. it is useless as a currency and a store of value. the technology that bitcoin invented has bene adopted by coins that are much better, so if crypto does become mainstream it will be through one of these other coins.

all that being said, you can successfully speculate on "worthless" things, as tons of crypto billionaires have done. time will tell whether or how long this can continue. over the past 10 years efficient market hypothesis has been blown the fuck out. history has shown that there will be a correction, but maybe this is a new paradigm. no one knows what the future holds.

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43260771)

btc will never be used for anything.>>>

yes it will. people buy shit with btc all the time. why? because it's not supposed to do anything. it's money. money is worthless but for the fact we agree it has value. you never stare at a dollar in your wallet and go "do something, please". why should btc have any use other than as money?

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43262260)

>yes it will. people buy shit with btc all the time.

not so much anymore. it was never built to scale to this many people. transactions are ridiculously inefficient. and the more times bitcoin is used the less efficient it becomes. back in april is cost over $50 to do a bitcoin transaction.

other cryptos have mitigated a lot problems bitcoin has. i mean, bitcoin was crypto 1.0, so it makes sense a lot of improvements would have been developed on subsequent coins. but the only reason btc has value is because it's was a first mover. if crypto is ever widely used for actual transactions, it will be through some other coin.

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43264110)

"if they understand what you're talking about, it's already too late."

seems like it's still early.

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43262277)

Or are you thinking that a sizable portion of dollar transactional activity will shift to a speculative computer asset that nobody understands with massive volatility and huge hostility from governments? Like you're gonna get paid in decentralized computer money and your landlord will accept it as rent and this will be better than using dollars because . . .

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43263755)

Joking aside, I assume whereever get cash for the coins go, a small % of held for liquidity purposes. So that cash doesn't disappear, but its not being used for any useful purpose. But that should be a very small % of the amount of crypto.

(http://www.autoadmit.com/thread.php?thread_id=4940500&forum_id=2#43263779)