Bitcoin Is Free Speech: Why Jamie Dimon Was Wrong and Governments Can Never ‘Close It Down’



J.P. Morgan CEO Jamie Dimon said that governments will “close [bitcoin] down.” In the U.S., thankfully, that can never happen because bitcoin is protected by the First Amendment. Subscribe…

35 Comments

  1. Code is speech, but bitcoin is not "just code". I believe the U.S. tax law currently treats bitcoin as an asset. Is code, in the general and abstract, non-specific sense an asset?

    Note– the above does not mean I'm taking the side of Jamie Dimon.

    Also– though it's probably generally the case that the U.S. can't merely shut bitcoin down, they could make trading in bitcoin illegal if they felt like it. And yeah, I get it– actually preventing people from using bitcoin as currency could be incredibly difficult.

    All I'm trying to say is: almost nothing important regarding bitcoin or any other cryptocurrencies is truly settled yet. It's all still playing out live right in front of us. It might take months or (more likely) many years before we all of us know how this is going to shake out– how much of a seismic shift will occur in the landscape of finance and government due to the introduction of cryptocurrencies.

    Have fun with the speculating in the meantime.

  2. Without all of the existing currencies run by governments, would bitcoin even work at all?

    By this I mean, that a dollar represents the value of something. If a country doubles its wealth, it ideally doubles the money supply so there each dollar continues to represent the same amount of wealth as before, otherwise you end with inflation (too few dollars representing total wealth) or deflation (too many dollars representing total wealth).

    But as the world continues to create wealth, how are more bitcoins created? Does it only work on some sort of global wealth, and when global wealth goes up without any new bitcoins, you'd get bitcoin inflation? It seems that the issue is that bitcoin must represent a unit of value of something, and without traditional currencies, such a value would be impossible to know. And if the global wealth went up due to American invention, as an example only, while Venezuela's wealth went down due to mismanagement of its economy, how would bitcoin accurately reflect these two different nations' very different view of how their economies have changed?

  3. I don't know much about Bitcoin, but shouldn't this guy be in prison, or at least the company he represents shut down for the 2008 financial crisis?

  4. Blockchain is the code and protected under 1st amendment; there have been Bitcoin failures and fraudsters have hidden in the Bitcoin world. Tax evasion is not protected.
    This video confuses Bitcoin and Blockchain.

  5. Blockchain is the next computer revolution. It will become the standard for securities, currency, contracts, voting, and most of the internet. It has the potential to take down the fed, the sec, the irs, most major internet companies, the entire banking system.

    Blockchain could possibly be the saving grace that pulls socialist-democracies from the bring of economic destruction, eliminating the majority of crony capitalism and restoring power to the people.

    Whoever shatokomania yakmoteria is… Will go down in history as one of the greatest inventors ever, we may never even know whom to credit.

  6. I don't trust bitcoin it is my option and it lack of understanding economic and polices in place dedicated of govt and international trade….

  7. Real fraud is calling the Federal Reserve Note "money", as it is devalued a little more every year.

    Honestly, though, Bitcoin is not "the" answer; it's only part of the answer. The real answer is multiple competing currencies, of which Bitcoin would only be one such. It's like people don't really understand how markets work, especially when it comes to money.

  8. What a false reality vid. BitCoin is ANYTHING but free speech. It is a globalist BETA test to see how many geek minded millinials will believe in ""virtual"' money…ha…ha…ha

  9. I hope crypto or any other format destroys centralized banking at some point… All things begin with most people being non-believers… Just a small group…

  10. Bitcoin can be shut down by the government? No. But can it be made illegal as legal tender by the US/other governments? Absolutely. And that will instantly end their use by large/medium companies.
    I mean think people. If tens of millions of people were living in a crypto world – getting paid in crypto's and paying their rents/bills in crypto's – the government would not be able to tax those people (since they cannot track crypto's). So the government would lose HUGE amounts of tax income.
    Are you people really so naive as to believe that the government is just going to sit around and do nothing while they lose much of their budgets and their power? Come on now.
    Crypto's are a blip right now in the global economy. But if they ever get big enough, the governments will ban them as legal tender – guaranteed. And they will probably use the excuse that crypto's must be shut down because they are used by organized crime and terrorist organizations (which is true).
    Sure, crypto's can live on forever underground. But if they ever get big enough – they WILL be banned as legal tender.

  11. I dont give a fuck about bitcoin or the people who have a stake in it. Isnt that what capitalism is all about? Looking out for your own self interest? I dont have a stake in it so why should I give a fuck if it fails or doesnt make sense or whatever comes?

  12. Bitcoin is fake currency for morons. But like the Dutch tulip profiteers of the past, there is money to be made from the idiots who buy them. So get yourself some bitcoins, and sell high, and definitely never believe that their anything other than zeros and ones.
    The hucksters always find a willing stooge.

  13. Eh I could try to defend bitcoin but in reality. The concept of money isn't real. All of it is play money. Anyone defending bitcoin. This is just some illuminati currency for some rich elitists. The common people won't use these to buy groceries.

    Which leads the question. Who is this made for?.. And when would you use bitcoins? When the power goes out and you are unable to access the internet wouldn't bitcoins be essentially worth 0 then?

  14. It is cute how you think that the words in a paper constitution can protect you. It is nice that currently the federal government chooses to abide by the first amendment. Yet given the lawyers and judges ability to come up with convoluted interpretations of other parts of the constitution, that doesn't seem as much of a protection, as a challenge to the legal profession to be clever. It seems like the law is in reasonably close alignment to follow what the general consensus wants to be allowed.

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