
JP Morgan: Bitcoin is “vastly inferior” to traditional, fiat currency  - ghosh
http://arstechnica.com/business/2014/02/jp-morgan-bitcoin-is-vastly-inferior-to-traditional-fiat-currency/
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acd
JP Morgan, Goldman Sachs, Bank of America owns the federal reserve which is a
private owned central bank. They most likely also somehow influence the FED
chairman selection. The FED sets the price of new money the interest rate. The
interest rate in the banks favor is now close to zero. Low interest rate
creates more new debt. Low interest rate eventually will create inflation as
new money are put in the system, new money benefit those who get it first the
banks and the one who are most at disadvantage is fixed income earners such as
retired people.

If you want to know more about how JP Morgan and senator Aldrich who's
daughter was married to a banker created the FED you can read more about it
here. [http://www.bigeye.com/griffin.htm](http://www.bigeye.com/griffin.htm)

Bitcoin may be a bubble, but crypto currencies are here to stay, banks fear
alternative currencies because they can no longer control the prize of new
money which is the source of the banks wealth. Current banks create money out
of thin air by new debt creation.

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scotty79
If anything Bitcoin is inferior because no one can create additional bitcoins
to lend them to the banks when they get themselves in trouble.

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collyw
This has suddenly sparked my interest in it.

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mindcreek
jpmorgan has an aggressive stance against bitcoin for a while now. I wonder
what is behind their continuous negative statements about bitcoin, if you
don't like it just don't use it, it's not like we are pushing bitcoins down
their throats or stg :)

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tragic
The document ref'd in the OP is not a press release, or an arsey comment on
HN, but an investor's note. JPM are telling their clients not to invest in
bitcoin, because they do not rate it as an investment.

That is what is 'behind' the negative statements. They are not engaging in
personal vendettas, but trying to make money, and have decided that - even
compared to the absurd pre-08 financial instruments - a deflationary pseudo-
currency based on fantasy randroid economics is not a great idea from the old
'get money' angle.

How incomprehensibly mean spirited of them!

