wry Posted February 14, 2019 #1 Posted February 14, 2019 When I saw this headline I had to remind myself that it is Valentine's Day in many parts of the world, not practical joke day! OMG!!! The DELICIOUS irony is almost too much for me to take, JP Morgan, the huge US bank run by BTC hater Jamie Dimon has its own cryptocoin - JPM coin! I am NOT making this up! Amazingly a lot of the use cases are exactly what you could use bitcoin for, e.g. overseas remittances, but I guess it makes more sense for them to have their own coin. For you Quorum fans out there, they are initially using that blockchain for part of their rollout. However, none of us will be loading up on JPM coin, as befits a stuffy old bank the coin is for their institutional customers only. Anyway the article linked below does a good job laying everything out and references the FAQ for the JPM coin that has lots of good information if you are interested in how mainstream banks may put blockchain technology to use even as they trash the first successful use of that same technology. LINK: https://www.coindesk.com/jpmorgan-moving-its-in-house-crypto-to-real-world-trials-report
blueprints Posted February 16, 2019 #2 Posted February 16, 2019 Wow how lame institutional customers only? Do you happen to know how they are going to use it? I wonder if their even going to benefit that much from it. I am curious to how a centralized crypto will turn out though!
williamshennie9 Posted February 16, 2019 #3 Posted February 16, 2019 lol, thanks for this funny post wry I love how someone can dump on bitcoin and other cryptocurrencies, and then make their own, like it's no big deal. I had a good laugh reading this one
irawk0 Posted February 16, 2019 #4 Posted February 16, 2019 Haha, the irony of this. If I were them I think I'd rather go bankrupt than eat my own words by doing exactly what I was against in the first place, especially for such a reputable bank.
wry Posted February 16, 2019 Author #5 Posted February 16, 2019 15 hours ago, blueprints said: Wow how lame institutional customers only? Do you happen to know how they are going to use it? I wonder if their even going to benefit that much from it. I am curious to how a centralized crypto will turn out though! The article says they are going to use it for things like remittances, so I'm guessing bank to bank and internal transactions only which would explain the "institutional" focus. Like you it will be interesting to see how it goes. As to the other commenters, yes, the IRONY is just too DELICIOUS to ignore!
wry Posted February 19, 2019 Author #6 Posted February 19, 2019 Quick little update on this story. Coindesk posted an article comparing JPM coin (crap) to the slow roll out of the lighting network. Kind of interesting. Link: https://www.coindesk.com/will-the-crypto-community-torch-jamie-dimon
Dan Posted February 19, 2019 #7 Posted February 19, 2019 Technically he stated that Bitocin was a scam, which hasn't been proven to be a correct or wrong judgement. Secondly, the coin is just set to the USD, similar to tether. This is in essence just a private protocol to facilitate instant trasnactions across borders, which means that its a financial implementation of all the good things that come with blockchian technology, without utilising bitcoin or any other popular crypto. I still find it rather ironic, nonetheless.
wry Posted February 27, 2019 Author #8 Posted February 27, 2019 On 2/18/2019 at 9:37 PM, Dan said: Technically he stated that Bitocin was a scam, which hasn't been proven to be a correct or wrong judgement. You can say that about anything then, this forum might be a scam as could be Stake. It's difficult to prove a negative. If you think X you need to offer some evidence. I can currently exchange Bitcoin for cash or gold coins, this is evidence that it's as real as JPM stock at the very least. But that is not what I am replying to write about. I have rather yet another delicious serving of irony in an update to this story where Dimon is now on record saying that JPMcoin my be used by retail customers after all! Of course it is just a stable coin but still, it's crypto, and given that JPM is a bank, I expect it will aid a fractional reserve structure that is one of the things that Bitcoin is so against. So savor!!!!! Link to story: https://www.coindesk.com/jamie-dimon-jpm-coin-could-one-day-see-consumer-use
Kate Posted March 1, 2019 #9 Posted March 1, 2019 But for what reason would haters of bitcoin purposely launch a new crypto currency coin in a platform where their hated nemesis exists ?
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