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I am dismissive of the creation of a narrative between Jamie Dimon comments on Bitcoin and the launch of the JPM Coin as if it’s something that doesn’t make sense. I might be naïve, but I take Jamie Dimon comments on Bitcoin at face-value: I believe that he thinks like that about Bitcoin, and that he isn’t playing a metagame here.
I agreed with Roubini in the sense that to my understanding, linking Jamie Dimon comments on Bitcoin and the launch of the JPM Coin is comparing apples and oranges (both projects are crypto, like those two are fruits, but they have not much in common besides that). I should have been more precise.
I mostly agree with you otherwise on your thoughts about JP Morgan and Jamie Dimon. It’s just that subset of the discussion with the link between Jamie Dimon comments on Bitcoin and the launch of the JPM coin that doesn’t resonate with me. It’s a catchy title and everything, but I still believe that him having that opinion about Bitcoin and JP Morgan launching the coin doesn’t contradict itself.
Yes it's crypto.
But can we be honest for a second and distinguish two subsets of crypto, one that is decentralized & permissionless vs one that is centralized and permissioned ? Can we agree that Jamie Dimon thinks the first one is going nowhere while he believes that the second one can optimize current processes ? Can we agree that we are not agreeing with this because both of us believes the first one will really change things (disruption) while the second one will only do some improvements ? Can we agree that since the beginning Jamie Dimon didn't change his line of thinking in regards to these two subsets ? Can we agree that creating a narrative as if he did isn't legitimate ?
This is from 13 oct. 2017, I'm lazy to try to find older direct comments from him :
I used the transcript from Youtube, here are some quotes from the video:
- The blockchain is a technology which is a good technology we actually use it it will be useful lot of different things god bless the blockchain. Crypto currencies and digital currencies I think are also fine you know JP more moves six trillion of dollars around the world every day we don't do it in cash it's done digitally. If we do it digitally with the blockchain so be it but it still be a dollar crypto currency. What I have an issue with is a non fiat crypto currency dollar so crypto sterling euro yen they're all fine
- So there is a use case for Bitcoin if you live in Venezuela North Korea if you're a criminal great great product I mean that is better than cash or deposits in that country Cuba
So, my point stands. Doesn't make sense to create a narrative against him for pointing out something as if he changed his mind. He didn't.
Do I still believe he lacks an understanding of crypto as a powerful tool to create new decentralized projects that will redefine how we use most services ? Yes. Can I blame him for launching a dollar-backed crypto-currency because it would contradict something he said in the past ? No, doesn't seem legitimate.
Basically, first time I agree with Roubini on crypto:
No need to fight, I can agree with you here and still state that the JPM blockchain project has nothing in common with Bitcoin except the word 'blockchain', thus it doesn't make sense to link the two events as if it's something that should create a narrative.
I don't understand why everybody seems to link his comment on Bitcoin and the blockchain project at JPM as if it's something where he contradicts himself.
This looks like a videogame.
@On the startup idea: me not engaging fully with this says to me that I’m not ready yet for the sacrifices that launching a company entails. As soon as I get my computer back I will probably write a business plan and see where I can go from here, and try to learn how to code to try basic features just to get an idea and some knowledge about the technical part. I will try to do the free courses on Lambda School during the first semester of 2019. While I’m confident that the idea has merit, I also deeply believe that there are way too many competitors with deep pockets right now in the mobility-space and that my solution would provide a small improvement, but not an 10x one that would be necessary to gain adoption. Will have clearer ideas about all that when I put it down. I also believe right now is not a good time to launch a company that needs huge amount of VC money to reach scale, because as the markets are turning red, the VC money is usually the first one to dry up as it’s high risk. But going through this whole process, of identifying what are the steps needed might definitely help me to be readier 5, 10 years from now to launch something I believe in.
@On clear goals: yep. That’s where I have a hard time making sacrifices to define one goal instead of another one. Will take the holiday season as I have a few days off to think about all this.
@On love: you are right on this one, I shouldn’t overthink about it right now.
Uncertainty. And thankful.
I'm 25 years old, single, employed, with a college degree and living with my mom and brother.
- I don't know precisely on what I want to work on, on what problems to solve. I have a deep confidence that I can learn and focus on something and become good at it if I really dedicate my time and effort there. My lack of decision-making relating to that big decision, and others, paralizes me in some way. I'm particularly interested in crypto (public blockchains), mobility (self driving cars, mobility as a service, electrification), travel (adventure, photos, movies / still have to do my tripreport from Canada x Alaska, and will be able to as soon as I get my computer fixed) or starting my own company* in something I believe in
(e.g. I think I have a great idea but no technical knowledge and with the competition I would need to raise millions to be able to execute. The idea is 'Carpooling on demand' and it improves current solutions on multiple levels (I'm thinking about Uber for the on-demand part and Blablacar for the carpooling part). It would cost way less per trip than Uber, it would be a way more 'instant' and 'direct' experience than Blablacar. Less congestion and pollution because you don't add any cars compared to Uber. It scales with mobility as a service solution and self-driving cars beautifully. I think it would be hard to penetrate the US Market but I'm confident it would work quite well in France. The end-of-state scenario would be: xx.xx$/months. Unlimited Car Pooling, Worldwide. Price could vary if you want to add options about being able to use public transport, scooters, and other mobility solutions).
- I don't know where I want to live ;
- I don't know if I want to be a dad one day or if I want a life full of adventure and travel ;
- I don't know how to make these decisions because I feel like the 'me' in three years from now might have a different opinion on what I should have done.
- I'm thankful that these are the questions I'm wondering about. That I have choices.
For those of you who went through this and others who have an opinion about it: how did you chose between your options, and why? What questions did you ask yourself at the time?
I'm 25 and currently living in the suburbs of Paris at my mother's place. I went away for 2 years in Lyon, 6 months in Taïwan for my studies, but I'm starting my career and it's a huge help to be able to save a lot of money, especially to travel.
Also, all my long time friends from middle school and high school are still living in the area, so while I also have friends from university and business school in Paris, I don't feel an urge to move there.
It was exceptional. Writing a tripreport is on my to do list since I came back but I obviously failed to take the time to do it. I will post it on Hubski before the end of next week :)