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The head of the largest bank in the US said Thursday that bitcoin is a “terrible store of value,” in part because international governments, bankers, and other officials are unsure whether they can trust the digital currency.
Jamie Dimon, the CEO of JP Morgan Chase - which has $2.509 trillion in total assets - told CNBC that the cryptocurrency does not have much staying power because the hurdles it faces are insurmountable.
“It’s a terrible store of value. It could be replicated over and over,” he said. “It doesn’t have the standing of a government.”
Bitcoin proponents say that the currency’s ability to exist without any centralization is what makes it so appealing. It is a peer-to-peer payment system that is formulated when computers compete with each other to “mine,” or solve cryptographic problems, and are assigned bitcoins as a reward.
It's a terrible store of value, it can be replicated over and over."
“It doesn’t have the standing of a government.”
The use of bitcoin became so prevalent in 2013 that its value surged from $13 to over $1,000 by the end of the year, when it was the subject of Senate hearings that were largely neutral and at times positive towards the digital currency.
Dimon speculated that bitcoin will soon become popular enough that the government will intervene, which could spell out the cryptocurrency’s demise.
“They will eventually be made as a payment system to follow the same standards as the other payment systems and that will probably be the end of them,” he said.
How come? This is the CEO of JP Morgan Chase, and he doesn't understand how Bitcoins work - he doesn't understand that they have more value than the dollars he holds so dear - the value comes from something called electricity and computational power.
To his surprise, Gundotra wrote him back. He also forwarded Malik’s query to another Google staffer and started a series of email exchanges that led to one Googler telling Malik that the company is indeed pondering how it can make use of the world’s first form of decentralized digital cash.
“We are working in the payments team to figure out how to incorporate bitcoin into our plans,” wrote Google Senior VP of Ads and Commerce Sridhar Ramaswamy at one point in the email exchange that Malik forwarded to me. He promised to get back in touch “when we are a little more sure.”
CPU mining is DEAD. GPU mining is DEAD. Even FPGA mining is DEAD !
ASIC's ? Yes them still can be profitable. But..... ONLY if you can get your ASIC cheap. Here are the maximum prices you can pay for ASIC, and still have some hopes to get ROI in 3-4 month:
40+ GHs for 1BTC - if you get your machine TODAY
75+ GH/BTC - if ASIC delivered within 1 month
160+ GH/BTC - if ASIC delivered within 2 month
Why ROI in 3-4 month?
Because if it takes longer, most likelly you will never get your money back Never forget this:
Currently, doing the work of payment processing is rewarded with newly created bitcoins, 25 per block. The block reward will be halved to 12.5 bitcoins in 2017 and again approximately every four years thereafter. By 2140 there will be approximately 21 million bitcoins in existence and transaction processing will be solely incentivized by transaction fees. Today, transactions that pay a fee may be processed more quickly
In April 2011, Forbes quoted Andresen as saying, "Bitcoin is designed to bring us back to a decentralized currency of the people," and "this is like better gold than gold."
questions about bitcoin from an old computer guy.....
1...does the (person, persons, organization, country, cartel, banker, crook) that originally wrote the "code" for bitcoin, have a backdoor where he can go in and control it?
2...it is said that bitcoin will max out at a quantity of 21 million total...really?...guaranteed by who?...and how would anyone know for sure?
3...if all buy/sell transactions are handled by an computer algorithm, why can days go by, before credited into actual currency in users accounts?
4...if fraud is discovered, or, bitcoin loses value quickly, how do you get your money back, and from who?...an algorithm?
But at the same time, the Bitcoin supply is limited, and what is made takes work to produce.
The U.S. Dollar, however, has no such limit - it can be printed at will.
JPM is arguably the biggest criminal enterprise in the history of Humanity