September 13th, 2017
In my humble opinion...
Banks seem to have a memory problem.
My memory is failing, was it Bitcoin or was it JP Morgan that was bailed out by the government? https://t.co/DHqFzr5UJN
— Erik Voorhees (@ErikVoorhees) September 12, 2017
Coin of the Day
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JP Morgan CEO says Bitcoin is a "fraud", despite their "Bitcoin-Alternative" patent being rejected 175 times. Hm.
In case you didn't hear, Jamie Dimon, the CEO of JP Morgan Chase, said that Bitcoin (and by extention, other cryptocurrencies) are essentially a scam. Naturally, this news caused a slight drop in Bitcoin's price, most likely due to the newbie crypto traders trying to make a quick buck off of the recent market explosion. Most people also innately trust banks (should they?) and Dimon's quote has been received as investment advice for the general public - and a war cry by the crypto community. Confusingly, this comes a few months after JP Morgan announced the commencement of a project that would research the potential use of blockchain. Some notable quotes:
"It's worse than tulip bulbs. It won't end well. Someone is going to get killed,"
"My daughter bought bitcoin, it went up and now she thinks she's a genius."
"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."
Oh, and don't worry. The mainstream news outlets didn't take long to pick up on it.
So, you could say Bitcoin's having a rough week. But it's getting a response out of governments, banks, and the general public. This is a strong indication that something is working.
This news comes as a surprise as many banks in Europe are embracing crypto with open arms despite regulatory issues.
This morning, Bitcoin dipped to a weekly low of $3,800 - testing the stomachs of most traders. Although the coin has only gone up marginally in the past month, Bitcoin's stellar summer is sure to convince more global banks to take another look. Falcon Private Bank in Switzerland now offers Bitcoin Cash and Ether to its clients, Finland recently announced that Bitcoin "cannot be regulated" and is "revolutionary", and Russia is wrestling with potential adoption of crypto in its currency system.
Even if some banks don't agree with Bitcoin's decentralized nature, European businesses have been playing around with the concept of central bank-based centralized currencies. In fact, the head of Bundesbank recently proposed a digital currency to compete with Bitcoin. Oftentimes, the general market is interested in the safer option - the blockchain technology - as opposed to the high risk (but incredibly) high reward of using existing cryptocurrencies.
Is Bitcoin a bubble? Bitcoin.com doesn't think so- here's why.
That's hot: Paris Hilton backs LydianCoin's ICO, proving crypto isn't just for finance nerds.
Coin to buy:
Blocksafe (TRIG) is one of the most well-performing coins on the market right now (especially with the intense downward trend this week), and has been up 92% in the last 24 hours at $2.28. It must be doing something right.
It's too bad the internet exists to keep you accountable.
— WhaleClub (@btcWhaleclub) September 12, 2017