Take That Jamie Dimon, Chinese Cronies: Bitcoin price bounces back by nearly $1,000 as market moves on from recent drama

This morning on CNBC the Chairman of Overstock.com echoed our sentiments from last week. – Big surprise that the dollar bankers and the Chinese powers that be don’t like Bitcoin. This is to be expected.

As we said last week this challenge to Bitcoin is an excellent stress test of a more mature crypto currency world. So bang on Jamie and Chinese officials, let’s see where the hard bottom is.

It is too early to determine if we found it over the last few days but things look generally bullish at this moment.

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The Chinese, JP Morgan, the big guys try to take Bitcoin down – BECAUSE THEY FEAR IT

“Look, I’ll be honest. I don’t really know what Bitcoin is…But it’s bad I tells ya…” <- He didn’t really say this.

A couple of weeks ago we said that if it was possible to do so the banks would seek to crash Bitcoin. And surprise surprise now we see an all out assault on crypto currencies from all corners of the banking establishment. The Chinese have moved against crypto exchanges, and Jamie Dimon, CEO of JP Morgan has again reiterated that he thinks Bitcoin is a fraud —- like the dollar,

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Bitcoin up sevenfold since Warren Buffett warned digital currency was a ‘mirage’

I am not one of the “Buffett has lost his edge” people. But people can make mistakes and even if Bitcoin crashed tomorrow this was a huge misread from the man in Omaha. Of course Bitcoin also directly challenges the banking system as we know it and banking “as we know it” has served Mr. Buffett very well. It’d be kind of a bummer (for Buffett, not us) if Bitcoin started really eating into Wells Fargo.

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Yes, Bitcoin has no intrinsic value, but neither does a $1 bill

Of course some would counter that this is exactly the problem.

Personally I am all for cryptos and my thoughts on the subject are pretty in line with what Austrian economist Bob Murphy argues.

I believe that crypto currencies and the blockchain generally are a revolutionary technology that is only now getting rolling. I believe they are changing and will change the world for pretty much everyone. Of course anyone can be wrong. Paul Krugman once argued in the late 1990s that the Internet would have about as much impact as the fax machine.

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Irish Central Bank Chief: Blockchain is One of ‘The Largest Policy Challenges’

The central banks fear gold and metals generally. They always have as precious metals restrict their power. But a new “villain” is emerging and has been emerging now for years – Bitcoin. (And blockchain transactions.)

I say “Bitcoin” but bitcoin has brothers, Litecoin, Ethereum, to name 2. Together with other alternative digital currencies they present a real challenge to the power of the Fed and company. This challenge will only grow in the future –

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