Bitcoin
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BTC · 195w

Jamie Dimon, here's why you're wrong about bitcoin

Hi Jamie,

We've never met, and I never expected to find myself in the position of writing you an open letter. But this weekend, days after your observations on Bitcoin, strangers all over the world, plus old friends like my high school best friend's younger brother, were still tweeting or messaging me about your comments, so here goes.

When I first heard about your comments on Bitcoin last week, I paid barely any attention. Though I cover Bitcoin and crypto assets day in and day out (and full disclosure, own some bitcoin and ether), your remarks seemed to be spoken by someone who has no understanding of cryptocurrencies, and so I ignored them. Later on, I read a full article detailing your comments that day -- replete with video -- and truly understood the depth of your ignorance.

You said of Bitcoin, "eventually, it will be closed," which, to anyone who knows anything about the technology, is an incredibly absurd statement. The idea that Bitcoin could be "closed" is ridiculous -- hilarious, even.

JP Morgan Chase's Chairman and CEO Jamie Dimon (ERIC PIERMONT/AFP/Getty Images)

Leaving aside attacks on the Bitcoin network which aren't implied in your word choice, "closed" assumes that there is a place you can go to shut something down or an entity you can approach to force them to shutter it. Bitcoin is a network run on more than 9,000 nodes all over the world. Being geographically dispersed, they are in different legal jurisdictions. The scenario you outline would require all the governments around the world to agree that they should try to shut down every single node. While this is not impossible, governments around the world have not even come together around the objective of keeping the earth's climate within the bounds of temperature fit for human life. So given that our world leaders can't even unite to ensure that there are people left ...

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