It’s about time someone called out bitcoin for what it is

It’s good to see that the grown-ups are lastly talking out on a number of the nonsense happening within the monetary world.

Jamie Dimon, head of JPMorgan Chase, this week referred to as bitcoin “a fraud.” And he was quoted as saying that “any dealer buying and selling bitcoin [will be] fired for being silly.”

Dimon’s remarks got here quickly after the Chinese language authorities reportedly cracked down on buying and selling of bitcoin and different pretend “currencies.”

I’ve been calling bitcoin a confidence recreation. It solely has worth as a result of these advocating the cryptocurrency have satisfied sufficient individuals of the notion that it has worth. Bitcoin and its imitators are backed by nothing of any actual worth.

So name it a fraud, a confidence recreation or a joke. Nevertheless it’s about time that somebody spoke up about it. Perhaps the media will quickly begin doing its job on this topic as properly.

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