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JPMorgan’s Jamie Dimon says bitcoin ‘is a fraud’

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Bitcoin “is a fraud” and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co, said on Tuesday.

Speaking at an investor conference in New York, Dimon said, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”

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Dimon said that if any JPMorgan traders were trading the crypto-currency, “I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”

Dimon’s comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100.

Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services bypassing banks and the mainstream financial system.

Dimon also said JPMorgan’s third-quarter trading revenue will be down about 20 percent from a year earlier, in line with analysts’ expectations.

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(Reporting by David Henry and Anna Irrera in New York; Editing by Steve Orlofsky)


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‘You lost’: Internet mocks Trump for cheering on ‘great vote’ — that Republicans lost

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Rep. Adam Schiff (D-CA), who sits on the House Intelligence Committee accidentally mistook a satirical article with a fake transcript of President Donald Trump's call with Ukraine President Volodymyr Zelensky on July 25. While Schiff apologized for the error, Trump has called for his immediate impeachment.

Impeachment is outlined in the U.S. Constitution and the section of the founding document gives examples of what they meant by "high crimes and misdemeanors." It does not cite accidentally reading the wrong transcript aloud. Members of Congress cannot be impeached and censure is a toothless resolution that is meaningless.

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2020 Election

Facebook reveals how Russia is already trying to manipulate the 2020 presidential election

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On Monday, in a series of announcements by Facebook, the company revealed it had shut down four new foreign interference operations originating from Russia and Iran. According to their announcement, one appears to be linked to the Russian troll agency, the Internet Research Agency (IRA), and was targeting the U.S. 2020 presidential election.

The company removed 50 Instagram accounts and one account on Facebook that originated in Russia and focused primarily on the United States.

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Republicans’ laughable effort to attack Adam Schiff lands with a thud

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Republicans' effort to castigate California Democrat Rep. Adam Schiff, the chair of the House Intelligence Committee spearheading the impeachment inquiry, met a quick and sudden defeat on Monday in a vote of 218-185.

Spurred on by President Donald Trump's attacks on the chairman, GOP House Minority Leader Kevin McCarthy led an effort to censure Schiff on the House floor. On what grounds? It's almost too absurd to make up: lying.

The party of Donald Trump — who lied more times in the hours before the censure vote than Schiff even stands accused of — actually claimed that it's the California lawmaker who should be called out for dishonesty.

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