Friday, 20 October 2017

JPMorgan Chairman and CEO Jamie Dimon Jamie Dimon is betting big on the technology behind 'fraud' bitcoin

  • JPMorgan Chase said Monday it is launching a blockchain-based system with two other banks to reduce global payment transaction speeds "from weeks to hours."
  • On Friday, JPMorgan Chairman and CEO Jamie Dimon said he sees potential in blockchain, but said "if you're stupid enough to buy [bitcoin], you'll pay the price for it one day."
  • Blockchain creates a quick, permanent and transparent record of transactions, eliminating the need for third party verification.
  • The largest U.S. bank is investing in the blockchain technology behind bitcoin, despite its CEO calling the digital currency a "fraud."
    In September, JPMorgan Chase Chairman 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.
    JPMorgan Chase announced Monday the launch of a blockchain-based system that will "significantly reduce" the number of parties needed to verify global payments, thereby cutting transaction times "from weeks to hours." Royal Bank of Canada and Australia and New Zealand Banking Group are JPMorgan's partners in the project, called the Interbank Information Network.
    Blockchain technology eliminates the need for a third party intermediary by creating a permanent, open record of all transactions on a network. That way, a buyer and seller can interact directly, while their exchange is recorded almost immediately on the blockchain.




Jamie Dimon is betting big on the technology behind 'fraud' bitcoin

  • JPMorgan Chase said Monday it is launching a blockchain-based system with two other banks to reduce global payment transaction speeds "from weeks to hours."
  • On Friday, JPMorgan Chairman and CEO Jamie Dimon said he sees potential in blockchain, but said "if you're stupid enough to buy [bitcoin], you'll pay the price for it one day."
  • Blockchain creates a quick, permanent and transparent record of transactions, eliminating the need for third party verification.

Jamie Dimon speaking at the 2017 Delivering Alpha conference in New York on Sept. 12, 2017.
David A. Grogan | CNBC
Jamie Dimon speaking at the 2017 Delivering Alpha conference in New York on Sept. 12, 2017.
The largest U.S. bank is investing in the blockchain technology behind bitcoin, despite its 



Jamie Dimon is betting big on the technology behind 'fraud' bitcoin

  • JPMorgan Chase said Monday it is launching a blockchain-based system with two other banks to reduce global payment transaction speeds "from weeks to hours."
  • On Friday, JPMorgan Chairman and CEO Jamie Dimon said he sees potential in blockchain, but said "if you're stupid enough to buy [bitcoin], you'll pay the price for it one day."
  • Blockchain creates a quick, permanent and transparent record of transactions, eliminating the need for third party verification.

Jamie Dimon speaking at the 2017 Delivering Alpha conference in New York on Sept. 12, 2017.
David A. Grogan | CNBC
Jamie Dimon speaking at the 2017 Delivering Alpha conference in New York on Sept. 12, 2017.
The largest U.S. bank is investing in the blockchain technology behind bitcoin, despite its CEO calling the digital currency a "fraud."
In September, JPMorgan Chase Chairman 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.
JPMorgan Chase announced Monday the launch of a blockchain-based system that will "significantly reduce" the number of parties needed to verify global payments, thereby cutting transaction times "from weeks to hours." Royal Bank of Canada and Australia and New Zealand Banking Group are JPMorgan's partners in the project, called the Interbank Information Network.
Blockchain technology eliminates the need for a third party intermediary by creating a permanent, open record of all transactions on a network. That way, a buyer and seller can interact directly, while their exchange is recorded almost immediately on the blockchain.
Proponents say applications of the technology with the most potential include speeding up financial transactions and bringing banking services to underdeveloped countries.
"If you're stupid enough to buy [bitcoin], you'll pay the price for it one day," Dimon said Friday at an event hosted by the Institute of International Finance. He added he could care less about what bitcoin trades at.
The digital currency has run up six times in price this year to a record high of $5,856 Friday. Bitcoin traded lower near $5,675 on Monday, according to CoinDesk.
But at the same talk Friday, Dimon praised the technology behind bitcoin.
"The blockchain is a technology which is a good technology. We actually use it. It will be useful in a lot of different things," he said. " calling the digital currency a "fraud."
In September, Jp Chase Chairman and CEO Jamie Dimo 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.
JPMorgan Chase announced Monday the launch of a blockchain-based system that will "significantly reduce" the number of parties needed to verify global payments, thereby cutting transaction times "from weeks to hours." Royal Bank of Canada and Australia and New Zealand Banking Group are JPMorgan's partners in the project, called the Interbank Information Network.
Blockchain technology eliminates the need for a third party intermediary by creating a permanent, open record of all transactions on a network. That way, a buyer and seller can interact directly, while their exchange is recorded almost immediately on the blockchain.
Proponents say applications of the technology with the most potential include speeding up financial transactions and bringing banking services to underdeveloped countries.
"If you're stupid enough to buy [bitcoin], you'll pay the price for it one day," Dimon said Friday at an event hosted by the Institute of International Finance. He added he could care less about what bitcoin trades at.
The digital currency has run up six times in price this year to a record high of $5,856 Friday. Bitcoin traded lower near $5,675 on Monday, according to CoinDesk.
But at the same talk Friday, Dimon praised the technology behind bitcoin.
"The blockchain is a technology which is a good technology. We actually use it. It will be useful in a lot of different things," he said. "