All while his company invested in Bitcoin. That is why I said he is talking out of both sides of his mouth.
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It’s not an either or situation. I don’t need to get in at the very bottom or out at the very top to do well. People still believe you can’t time these things, and they are right. You can’t time them perfectly, but you can still make some very good money on them.
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Not really. Credit cards, $PYPL, Banks all support use of $BTC for everyday purchase.
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They actually don’t. They just support converting the user’s Bitcoin to dollars, which are then used to compete the transaction.
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Not really. The trading desks are not going to miss out on the latest hot product with fat margin’s. His comments are for wider audience, not for his trading desks. They have different metrics. If they are not making money, they will move on. For ex: Citi closed their muni-bond underwriting, considering Citi is a major player. Why they closed because Texas AG started putting some restrictions for political reasons, and Citi just walked away. You can trade a hog and don’t have to think they are a good pet.
So when I use my card in EU, $EUR is no longer a currency because my statement shows USD values? Stop splitting the hair and accept the reality.
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Didn’t Dimon recently announce his retirement? One more big score, before he takes his loot and leaves. The consequences will be someone else’s problem.
Steve
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No, it’s almost exactly the same process. They notate the price in EU, then they to pay the merchant in EU, they apply a conversion rate from EU to US$, and you see a US$ amount on your credit card statement. When you buy something in EU, and want to draw from a bitcoin account, they will do a similar thing, they will convert the amount to bitcoin, sell that amount of bitcoin from your account for EU, send that EU to the card processor, and then pay the merchant in EU, and you will see a debit in your bitcoin account. Later, you have to account for capital gains or losses on that sale of bitcoin, and those gains/losses will be taxed appropriately. That’s the reality.
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Glad I don’t have money in either Chase or Bitcoin.
IMO, it’s like the Tulip Craze. I think an actual bank dealing with it is foolish, but that’s just me. Unless governments ban it, it will continue because of the utility to criminal activity (i.e. it will get used to pay ransoms, transfers of illicit monies, etc).
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How can you make a post where every word is a wrong take?!!
$JPM has $4.5 trillion in assets and $4.2 T in liabilities. How much loan do you think they are going to give for $BTC holders, and how much of that is going to go straight to zero? That you are worried about $JPM stability???
The bank CEO’s are hauled to congress to explain why they are not giving these loans by your elected representatives…
The criminals don’t hold Bitcoin rather they take payments and convert it to USD… should we ban USD?
Do you know how often I have heard that we should heavily discourage, if not ban, paper money specifically because paper Dollars are the primary currency of crime?
Stable coins are never going to be an investment specifically because they are STABLE. This is the reason Bitcoin will always be a highly speculative investment and not a currency because it is not stable.
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Be very careful regarding this too oft casually repeated phrase, and even more wide awake regarding that treacherously beautiful/hideous monstrous goddess, Fortuna.
Carl Orff put music to a most excellent short lecture on the subject
The specific phrase syke6 used in his post does derive from ancient (Democritus, Juvenal,….) sources, but those sources thoroughly understood the utterly essential two-facedness of the beguiling being Fortune. The English phrase starts to show up in knightly romances, but remember that the “favor” granted in that chivalric phrase is figurative — a lady gives her “favored” knight a handkerchief or some such to mark admiration for his bravery, but mere bravery, skill, nor “favor” give victory, only that dangerous monstrous goddess FORTUNA, and she Does Not Care.
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A few examples -
Old-school -
Pliny the Younger quotes his uncle, Pliny the Elder, as using the phrase Fortes fortuna iuvat when deciding to take his fleet and investigate the eruption of Mount Vesuvius in CE 79, in the hope of helping his friend Pomponianus: “‘Fortes’ inquit ‘fortuna iuvat: Pomponianum pete.’” (“‘Fortune’, he said, ‘favours the brave: head for Pomponianus.’”)[4][5] Pliny the Elder ultimately died during the expedition.
On a side note - if you’re a beer lover and haven’t tried Russian River’s Pliny the Elder and Pliny the Younger…you’re missing out.
New-school -
Matt Damon’s infamous Crypto.com commercial -
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Exactly what I said, I really don’t care for the why he does it, it is that he does it. If he doesn’t oversee his trading desks than he should just spin them off or quit talking out of both sides of his mouth.
You can’t eat the hog though and say you are a vegan.
Not so sure about that, it’s possible, but gold became a currency.
So you did use the Bitcoin to pay for the transaction. @syke6 , I thought you said bitcoin couldn’t pay for anything.
Thank you eldemonio! Living in Mexico I never even heard of it. Perfect.
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I’m afraid you are mistaken. This is what I did say:
It is possible to sell your stamp collection and use the proceeds to buy a hamburger. That doesn’t mean your stamp collection is currency.
First some table setting. “Being adopted” is in present progressive tense which means the action is ongoing. Certainly, you can use Bitcoin for payments. Like for buying drugs on the dark web. But there is no evidence Bitcoin is being adopted as a currency. Bitcoin is not becoming more adopted as a currency in other words.
Let’s use the commonly accepted definition of currency: a unit of account, medium of exchange, store of value, and standard of deferred payment, and look how Bitcoin performs.
Bitcoin is not a unit of account. If you want into a grocery store nothing is priced in Bitcoin. Airline tickets and mortgages aren’t priced in Bitcoin. When Tesla was accepting Bitcoin for payment, they still priced their cars in dollars, not Bitcoin. Tickets for Bitcoin conferences are priced in dollars. A big Bitcoin conference is coming up in Vegas next year. Tickets are priced in dollars, not Bitcoin. If Bitcoin maxis don’t use Bitcoin as a unit of account, it is safe to assume nobody else does either.
Medium of exchange. I’m unaware of any place that accepts actual Bitcoin for payments. There certain could be some (like drugs on the dark web) but I’ve never heard of it. Kingran’s payments example, the dollar is the medium of exchange. The merchant doesn’t accept Bitcoin.
Store of value. Maybe if you hold your jaw just right. As we know Bitcoin had 25% drop and recovery just this year, so I wouldn’t put any money in Bitcoin that I needed in the near future.
Standard of deferred payments. Human economic systems for as long as we have written records of economic systems have been about pay debt. That might be paying for labor at the end of the work day, or loans or whatever. A currency must function as a standard of deferred payments.
Would you write a mortgage in Bitcoin? Like say, the borrower pays you back 0.03 Bitcoin per month for 30 years? Would you take out that loan? How pay someone a salary in the same amount of Bitcoin every two weeks for a year? Nope. No one does this.
So if we look at the four components of what people commonly consider currency, Bitcoin flunks three of them completely and is pretty sketchy on the fourth one.
Again, it is possible to make a payment in Bitcoin, but there is zero evidence it is gaining acceptance as a currency.
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If you can take a trip to Europe and pay for it with your Bitcoin that is good enough for me. That shows acceptance in my world.
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You can’t though. You have to sell the Bitcoin first. No different than selling your stamp collection.
Go ahead and try it. Try to give any airline your Bitcoin. They won’t take it.
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