They prevent Bitcoin from becoming a true bubble, which would be disastrous. The level of incomprehension regarding Bitcoin is still very high. Jamie Dimon's recent comments show that, like Warren Buffet before him (as of a few months ago anyway), Dimon has no knowledge of how Bitcoin functions as a crowdsourced, decentralized, economical, sustainable, and fast method of immutable data-registration. If these guys don't know, it's a given that lots of recent easy-money chasers don't know either. A friend of mine says his grandfather was taught to drive a Model T by an elderly uncle who sat in the passenger seat with his hand on the emergency brake and yelled Whoa! Whoa! if they went faster than a trot. That's how a lot of people hold their bitcoins. They sit with their hand on the mouse and yell Sell! Sell! at the first hint of trouble. But that's good. Bitcoin can never become a bubble that way because it won't get high enough fast enough. It will slide and even crash from time to time, but since it has real utility (as opposed to tulips --- and the liar loans Dimon's company, J.P. Morgan, was fined $13 billion dollars for selling) Bitcoin will continue to climb after Buffet and Dimon have had uninformed say and momentarily clogged the exits with butts and elbows. As for rumor-mongering China, Bitcoin's Long March will continue there too.
Just sit back and hodl. If you can't hodl here, you are in the wrong game. Try the stock market.
I love your analogy of the model T and the grandfather with his hand on the EBrake.
That's exactly the right way to describe some people with their Bitcoin stash. Click to
Sell through every bump in the road. It's crazy.
Regarding Dimon, what a trained puts. Just amazes me that that guy works for JPMorgan
He practically IS JP Morgan. He is the show pony of that entity and I honestly can't believe
More people don't find it suspicious that JP Morgan is in charge of funding for FOOD STAMPS.
Finger on the oppression button much ? Just a thought.
But I do agree a little bit of panicky times will prevent enormous crashes from cocky and arrogant carelessness.