Jamie Dimon Doubles Down, Calls Daughter Stupid for Owning Bitcoin JPMorgan CEO Jamie Dimon is back in the news for bashing Bitcoin.
Table of contents
- JP Morgan hints it could join party as Bitcoin continues to flirt with $50k
- 'Limited market'
- Jamie Dimon Says Bitcoin Is a ‘Fraud’ That Will ‘Blow Up’ - WSJ
A blockchain is a ledger of blocks of information, such as transactions or agreements, that are stored across a network of computers. This information is stored chronologically, can be viewed by a community of users, and is not usually managed by a central authority such as a bank or a government. The concept was designed to ensure security and anonymity for users, by preventing tampering or hijacking of the network. Once published, the information in a certain block can't be changed. If people try to tamper with that information, it becomes obvious.
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This is a powerful concept. Ten years ago, blockchain was combined with other technologies to create cryptocurrencies, and the first blockchain-based cryptocurrency was Bitcoin. JPM Coin is not for retail customers - it will be used internally by JP Morgan to enable the instantaneous transfer of payments between institutional accounts. The client can then use the coins to perform transactions over the bank's blockchain network Quorum with other clients, for example money movement or payments in securities transactions.
A blockchain is designed to be decentralised, so no one party has control over transactions being sent over the network. JP Morgan says that it is trialling crypto-currency and blockchain in order to speed up payment transfers, as well as reducing clients' counterparty and settlement risk, and decreasing capital requirements. However, Mr Gerard is sceptical and does not believe that the bank needs the technology to speed up transactions. Because of the privacy that blockchain enables, the bank envisions having a network whereby clients, such as large banks, can move coins between themselves on the network, and JP Morgan does not see these transactions.
In an appearance at a separate conference earlier in the day, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century.
JP Morgan hints it could join party as Bitcoin continues to flirt with $50k
It won't end well. Someone is going to get killed," Dimon said at a banking industry conference organized by Barclays. It will blow up. Dimon also said he'd "fire in a second" any JPMorgan trader who was trading bitcoin, noting two reasons: "It's against our rules and they are stupid. Bitcoin fell to its session lows after Dimon's comments. As of p. Dimon's criticism comes at a time when some of the most well-known figures on Wall Street are starting to embrace the cryptocurrency.
Even Dimon's own bank, JPMorgan, has reportedly begun a trial project using blockchain as it tries to cut trading costs. Blockchain is the technology behind bitcoin. Earlier on Tuesday, Dimon warned about further declines in trading revenue for the banking giant. Louisville's All-America guard found her stroke in a career-high scoring effort after struggling in the opening rounds of NCAA play.
'Limited market'
The Arizona Diamondbacks are ready to open the season in familiar fashion: with Mad Bum on the mound. Madison Bumgarner was tabbed by manager Torey Lovullo to make his second straight opening day start for the Diamondbacks on Thursday at San Diego. The year-old four-time All-Star struggled last season — his first in Arizona — going with a 6. He was with a 6. This will be the seventh opening day start in Bumgarner's career after doing so five times with San Francisco.
Meanwhile, Jameson Taillon will be skipped the first time through the Yankees' rotation.
The year-old right-hander was placed on administrative leave on Sept. Left-hander Jordan Montgomery will start against Baltimore on April 5. Alec Bohm had two hits, including his fourth double. Jay Bruce doubled and walked. Twelve of the first 13 batters in the inning reached base. Kevin Kiermaier had a double and his first homer, a two-run shot. Freddie Freeman had two hits, including a double and his first homer — a two-run shot in the sixth.
Alex Jackson homered in the seventh with a runner on for his second of the spring. Charlie Morton made his third start, allowing two hits and two walks in three scoreless innings. Morton didn't allow a run this spring. Frazier added an RBI single in the second. Mitch Keller made his fifth start for the Pirates. He came in with a Matt Harvey made his fourth start for the Orioles, giving up two runs and five hits with two walks in five innings.
Yusniel Diaz had a double for one of Baltimore's two hits. Aguilar doubled in a run in a four-run first.
Jamie Dimon Says Bitcoin Is a ‘Fraud’ That Will ‘Blow Up’ - WSJ
Brandon Nimmo hit his second home run for New York. Michael Conforto had two hits, including his first double. Xander Bogaerts had a go-ahead RBI single in the fifth. Martinez had two hits, including his fourth double, driving in two. Cesar Puello hit his second homer, a solo shot. Alex Avila had two hits, including his second homer. Victor Robles had three hits, including his sixth double, with an RBI, and Kyle Schwarber doubled and walked three times. Nomar Mazara hit his first homer. Joc Pederson belted his eighth home run of the spring for the Cubs with a man on in the fourth.
Kohei Arihara allowed three runs, two on Pederson's homer, on five hits and struck out four over five innings in the start for the Rangers. Joey Gallo hit a three-run homer in the second. Burnes had a 1. Christian Yelich tripled, and Jackie Bradley Jr. Jeff Hoffman opened for the Reds and gave up four runs and three hits and two walks while getting just two outs.
Sean Doolittle started the second inning and allowed two runs and three hits while striking out the only two batters he retired. Musgrove also singled and doubled in two at-bats and scored on Fernando Tatis Jr.