Jamie, how does it feel ?
Sep 16, 2017 Posted / 22766 Views
Its an awkward and heated situation where one side it is the pioneer of the famous Anti-virus software McAfee and other side it is Jamie Dimon the CEO of multi national bank JP Morgan. Well, the situation has become this fiddly because of the debates about Bitcoins, where john McAfee is in the favor of Bitcoins and encourage people to invest in it, and other side Jamie Dimon doesn't agrees to the same and considers it as fraud.
John McAfee on Wednesday faced up to JPMorgan CEO Jamie Dimon's disbelief of bitcoin.
Dimon on Tuesday called bitcoin a fraud that will ultimately blow up. McAfee, whose company MGT Capital Investments mines the cryptocurrency, said he respects Dimon and people in his place "are not idiots," but he defied Dimon's disapproval.
McAfee said to CNBC's "Fast Money" on Wednesday that "You called bitcoin a fraud, I'm a bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It's called proof of work."
Miners devote "massive" quantity of supercomputing power and electricity in generating bitcoins, McAfee said. Definitely after that, there is worth in generating a bitcoin, he added further.
Bitcoin has undergone inspection for the reason that it is extremely volatile. The cryptocurrency was last trading Wednesday evening at over $3,870.
McAfee said "And the fact that bitcoin is consistently growing in its use and its value has to say something, sure it will rise and fall as all new technologies are. But at the same time, it is certainly not a fraud."
By declaring bitcoin openly fraud, Dimon has certainly made people and investors a bit furious about it.
McAfee made a below the belt statement while betting on Twitter previously this summer that bitcoin would reach $500,000 within 3 years. Last Wednesday, he said that people tagged bitcoin a bubble which was bursting at one certain point, and then it smashed their beliefs. Additionally, the long-term craze of bitcoin has been steadily up, McAfee added.
McAfee who is famously known for his pioneering McAfee Security antivirus software products, which are now part of Intel, as well as his big comments with deep meanings to the media and disagreement with the law. In July, he settled a lawsuit with Intel over his right to utilize his name on other products as well. He acknowledged to not to use his name, trademark his name or use some phrases including his name.
It is obvious that the comments from Jamie are all the more distraught given JP Morgan's previous history with cryptocurrency for the reason that it is not a secret that JP Morgan Chase in the previously had filed for a U.S. patent application for a computerized payment system that was similar to some aspects and features of Bitcoin, which is quite the contentious digital currency.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.