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Dinospeak

“I think there is a world market for maybe five computers.” – Thomas Watson, president of IBM, 1943

“Television won’t be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night.” – Darryl Zanuck, executive at 20th Century Fox, 1946

“There is no reason anyone would want a computer in their home.” – Ken Olsen, founder of Digital Equipment Corporation, 1977

“Almost all of the many predictions now being made about 1996 hinge on the Internet’s continuing exponential growth. But I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse.” – Robert Metcalfe, founder of 3Com, 1995

Christine Lagarde, chief of the International Monetary Fund (IMF), recently said that banks have nothing to fear from Bitcoin. Jamie Dimon, CEO of JPMorgan bank and one of the recipients of the biggest taxpayer bailout of all time, said Bitcoin will not survive. Peter Ohser, the executive vice president of business development at global remittance giant MoneyGram, said: “We don’t see bitcoin in particular as a solution today to be able to disrupt us or provide a better or different service.

The clueless heads of the institutional dinosaurs of today have spoken. Nuff said.

dinos

 

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  1. TrophyNinjaShrub
    November 12, 2015 at 2:33 am

    Why should the financial sector fear Bitcoin? You’re not the only person I’ve heard claim this, but I haven’t heard anyone explain why it would be so, and it seems like an odd claim to me.

    Something like Moneygram or Visa’s prepaid debit card business could get some competition, I suppose, but that’s such a miniscule part of the industry it hardly seems worth mentioning. To an average investment firm (either sell- or buy-side), how would it be significantly different from any other “foreign” currency, that is a currency not officially manipulated domestically? Wouldn’t bitcoin be yet another thing which can be bought and sold? Yet another way in which to denominate debt or even equity? Another exchange rate a business could potentially be exposed to (say if their expenses are in USD and some non-trivial part of their revenue is in bitcoin)? That last one seems extremely relevant since risk management is a huge part of what the finance world is these days, and I can imagine plenty of business folk being afraid of that historically volatile exchange rate.

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