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Prepare for the Weirdness

“Something is happening here,
But you don’t know what it is,
Do you, Mr. Jones?”
— Bob Dylan

No sir, not a chance. Mr. Jones does not even pretend to know what’s happening in America right now, and neither does anyone else.

Across the wire, this morning BTC/USD hits a record high of $9,200. “This is up 200% since Jamie Dimon’s, JP Morgan Chase CEO, fraud call.” -Mr. White Bonanza: Bitcoin Hits $9,200, Up 200% Since Jamie Dimon ‘Fraud’ Call .

In September, Mr. Dimon stated J.P. Morgan’s stance on Bitcoin to CNBC at the 2017 Delivering Alpha conference in New York.

JP Morgan ChaseChairman and CEO Jamie Dimon said bitcoin is a “fraud” that “won’t end well.” Dimon added Friday that if people are “stupid enough to buy” bitcoin, they will pay the price for it.


After this statement JP Morgan Chase announced it would launch a blockchain-based system, aiming to “significantly reduce” the number of parties needed to verify global payments, ultimately cutting the transaction times.

A visible sign that the big banks want to develop ways to cut market share from VISA and Mastercard. Whom, have dominated the transaction business since the late 1980s.

The whole debate revolves around three main threads, according to one of  The Economist’s bloggers, Buttonwood’s notebook. 

(1) The limited nature of supply {new coins can only be created through complex calculations, and the total is limited to 21 million}. The limited supply figure is embedded in the estimates inherent to the Bitcoin system.

(2) fears about the long-term value of the fiat currencies in an era of Quantitative easing;

(3) The appeal of anonymity. This being the major draw for criminals and those wishing to keep off the radar. Albeit, this being even more true of cash.

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