JP Morgan’s so-called Stablecoin isn’t a Real Cryptocurrency: Crypto Industry Experts

2019-2-15 19:56

While JP Morgan Chase CEO, Jamie Demon has been busy bashing the leading cryptocurrency, Bitcoin by calling it a “Fraud” the company has been working on its own “cryptocurrency.” However, it came really “short” of creating a cryptocurrency.

Nick Szabo, a blockchain, cryptocurrency and smart contracts pioneer took to Twitter to call this out,

“JPM Coin and its near-twin the Petro lack the predominant source of value that distinguishes cryptocurrencies from bank money: trust minimization.”

While Bitcoin Proponent and founder of Crypto VC funds Heisenberg Capital, Max Keiser had this to say,

“American financial terrorist Jamie Dimon launches a competitor to Venezuela’s Petro.”

“JPMCoin is backed by the hundreds of billions we stole from our customers – and paid a minuscule fine – with the SEC’s help”. – Jamie Dimon.”

Anthony Pompliano, Founder and Partner at Morgan Creek Digital capital, further stated “J.P. Morgan is launching a stablecoin. Soon every bank will issue one as well. Closed systems for the world’s elite will always be beaten by open systems built for the common person. Long Bitcoin, Short the Bankers!”

According to Jerry Brito, executive directors at Coin Center, a non-profit focused on the policy issues facing cryptocurrencies shared,

“There’s a lot of confusion. I see folks referring to it as a cryptocurrency. It’s not a cryptocurrency. A cryptocurrency is one that is open and permissionless, if you want to download it, you don’t need permission; you just need some software.”

Neeraj K. Agrawal, also from Coincenter, quipped on Twitter, “Someone asked me privately why I am posting about JPM coin so much. It’s because I really don’t want to relive the last few years of explaining the difference between open and closed blockchains, but this time for the word cryptocurrency.”

How Is It Different

According to the official announcement by JP Morgan, it is a digital coin that is to make instantaneous payments by using blockchain technology. Umar Farooq, head of Digital Treasury Services and Blockchain stated,

“Exchanging value, such as money, between different parties over a blockchain requires a digital currency, so we created the JPM Coin.”

As for how it is different from cryptocurrencies, it has been shared that the “1:1 redeemable in fiat currency held by J.P. Morgan.” When it comes to the blockchain, it is a permission that is the blockchain solution, Quorum, built by JP Morgan and only institutional customers that will pass their KYC will be able to transact with JP coins.

It has also been mentioned that it is “exclusively for institutional customers” viz. corporates, banks, and broker-dealers.

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Èíâåñòáàíê JPMorgan çàïóñòèò ñîáñòâåííûé ñòåéáëêîèí

Àìåðèêàíñêèé áàíê JPMorgan Chase, îäèí èç êðóïíåéøèõ èíâåñòèöèîííûõ áàíêîâ â ìèðå, íà÷àë ïîäãîòîâêó ê òåñòîâîìó çàïóñêó ñîáñòâåííîé êðèïòîâàëþòû JPM Coin. Îá ýòîì ñîîáùàåò CNBC ñî ññûëêîé íà ïðåäñòàâèòåëåé JPMorgan.

2019-2-14 17:20


Institutional Investors are Already Turning to Crypto: Should You Fear Missing Out?

Two public pensions from Fairfax County, Virginia’s Police Officer’s Retirement System and Employees’ Retirement System, have invested in Morgan Creek’s new $40 million crypto fund. Anthony Pompliano, a Morgan Creek general partner, said that it is the first case in which public pensions have invested in the cryptocurrency market.

2019-2-12 18:28


Ôîòî:

The Daily: Binance Adds Stablecoin Pairs, Tzero Patents Integration Platform

Cryptocurrency exchange Binance is opening trading for three stablecoin pairs. Also in Tuesday’s Daily, Overstock’s Tzero has patented a solution to integrate traditional and cryptocurrency trading systems, Morgan Creek founder Jason Williams offers his Lamborghini for bitcoin, and in Brazil, crypto investors are looking to buy vaults to safely store their digital assets.

2019-1-8 15:45


JP Morgan: “Participation by financial institutions in Bitcoin trading appears to be fading”. But is that really a correct claim?

The prolonged cryptocurrency plummet is off putting for institutional players, according to JPMorgan Chase & Co. , suggesting a change of feelings for cryptocurrency markets is happening. “Participation by financial institutions in Bitcoin trading appears to be fading,” analysts including Nikolaos Panigirtzoglou wrote in a research note dated Dec.

2018-12-18 21:31


Anthony Pompliano Says ICOs And Crypto Fund Managers Are In Trouble To Stay In Business

The cryptocurrency market has been in a bear trend that has affected the whole industry. And this is what Anthony Pompliano, Morgan Creek Digital founder, says in a recent blog post. Mr Pompliano explains that cryptocurrency hedge funds and Initial Coin Offerings (ICOs) are facing some challenges. Perhaps, the most important thing he said was […]

2018-11-22 15:31


Ôîòî:

Tone Vays Got His BitMEX Account Suspended

The former Wall Street veteran and actual crypto market analyst and trader Tone Vays got his BitMEX account terminated on November 12 over suspicions of holding a U.S. citizenship. Vays who has over 10 years of experience in big financial corporations like Bear Stearns and JP Morgan Chase, took to Twitter to announce his account […] Tone Vays Got His BitMEX Account Suspended was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-11-19 17:29


[VIDEO] Blockchain and Cryptocurrency News For Today November 14th – Severe Market Downturn

Ripple Price Analysis: XRP/USD Drops Four Percent, Stable above 50 Cents Ripple Price Analysis: XRP/USD Drops Four Percent, Stable Above 50 Cents Financial Times (FT) Explores Bitmain's Different IPO Prospectus' Profits Compared to Earlier Reports Financial Times (FT) Explores Bitmain's Different IPO Prospectus' Profits Compared To Earlier Reports JP Morgan Chase's Blockchain DLT System ‘Interbank […]

2018-11-15 08:20


Max Keiser Calls for New All Time High Bitcoin Price with Morgan Stanley’s Asset Class Classification

The goal for many cryptocurrency enthusiasts is to make cryptocurrency into a mainstream asset, and a recent report from Morgan Stanley suggests that it is heading that way. The report, which includes predictions and clarification from Max Keiser, shows that Bitcoin is considered a new asset class by the company, adding to the belief that […]

2018-11-5 23:12


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J.P. Morgan Banks on Quorum Blockchain to Offer Lucrative Trading Products

Global investment banking firm JP Morgan is building Quorum, an enterprise blockchain platform built on the Ethereum Platform. According to the Financial Review’s article published on October 29, 2018, JP Morgan believes that the Quorum platform can open up new trading opportunities in the next decade as it will help tokenize of a variety of assets which include gold bars,.

2018-10-30 17:00


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