JP Morgan Chase and Co. announced Thursday that it will be the first major institutional bank to release its own cryptocurrency. His new JPM coin is an almost shockingly powerless reaction to Bitcoin and other cryptocurrencies from the largest US bank.
Jamie Dimon gets a new toy
Breaking News: Bitcoin Basher Jamie Dimon and JP Morgan launched their own cryptocurrency currencies: //t.co/VciDixDldH
– CCN.com (@CryptoCoinsNews) 14 February 2019
JP Morgan says you can now give them a dollar and they give you a JPM coin. which you can redeem at any time for your dollar.
You use JPM Coin to keep track of how much money you have deposited and withdrawn. Therefore, they offer the base banking business as a new crypto.
The embarrassing extent of failure in this step is difficult to overestimate.
It would be shocking to know for years what the head of institutional banking is in terms of cryptocurrency, how he thinks about crypto, the knowledge of crypto that he oppresses, and what the world should think about Bitcoin ,
"We are excited about the blockcoin technology, the Bitcoin
What would be like horse-drawn carriages say a hundred years ago that they are enthusiastic? Some of the underlying technologies of these new horse-less wagons …
But not the horseless part.
And then a new "automobile" is presented on the market that looks very similar to a model T-car and copies some of the finer details, but it is pulled by horses. 19659002] The idea of a JPM coin as a currency is a scam
They call it "coinage", ie the purchase of a digital JPM coin from these, and the "redeeming" of the coin means returning them to your US dollar.
That's almost too ridiculous to criticize timidly.
At first you do not shape anything. In this case, this use is in the area of the 100% fluff metaphor. When Bitcoin is entered into your Bitcoin wallet, the fact that it has been transferred to your account will indelibly mark these bits.
Once the transaction is completed, it is irrevocable. It is much more stable and steady than a design that is punched into a metal blank with a cube and a press.
But all that happens to JPM Coin, a sturdy coin pegged to the dollar in a 1 to 1 ratio, is a customer who gives JPM a dollar, and JPM's computer remembers them have given a dollar and that they are obliged to return it if the customer wants to withdraw it.
This is literally the way JPM was before this so-called cryptocurrency. Customers would give them their money and they would return it if the customers asked for it.
This is called banking.
The only significant difference is that they have developed some solutions for handling transfers between them
JPM Coin is only JP Morgan optimizing its database software and calling "A Crypto"
It is 2019 and JP Morgan Chase and Co. are finally in the process of issuing something that TARP provides computer software rescue money to improve the electronic storage of data.
And it was weird to say that was JPM Coin, a new "cryptocurrency" suggested to you by Jamie Dimon, the guy who called Bitcoin a fraud.
The reaction of the crypto community was fierce and funny. It ranged from "nothing like Bitcoin" (MIT Technology Review) to "not even a true cryptocurrency" (CCN), to the most beloved 2019 banknote:
The most popular money laundering sign this year will be JPM Coin
– Pompomp (@APompliano) February 14, 2019
– Logan [🗝🧙🏼♂️⚡💰] (@futjrn) February 14, 2019
JPM coin is no doubt used Commit financial fraud
This tweet from partner Morgan Creek Capital, Anthony Pompliano, is not a straightforward comment.
Although his billionaire boss Jamie Dimon said in September 2017 that Bitcoin was a scam, his company paid billions and billions of dollars, which is surprisingly good for the wrist compared to the amount of money manipulated by JP Morgan for nefarious purposes :
"Since 2010, when Bitcoin first began circulating under the leadership of Jamie Dimon JP Morgan Chase has been charged with 48 different bank and securities fraud scams. $ 28,675,456,874.00 is the sum they have paid in the last seven years in fines from politicians whose funds have filled them with money.
They should have called it just FraudCoin because of the odds This will be used at some point in time.
This is only one way for JP Morgan, who says his new bank voucher is destined to handle wholesale transactions between his main customers to inflate his reserves with new JPM dollars created from scratch and say "Here, give us your money for these tokens." What is the convertibility of JPM coins into Schrute Bucks?
Disappear with your so-called "Bitcoin Killer" by Jamie Dimon
The idea behind a Stablecoin is a meaningless one Exercise.
As if you look at one of these absurdist koans
The coin is tied to the value of something else.
So why not just hold the something that seems to always have the same value as the Stablecoin, but is it actually itself and not just something that is self-redeemable?
That's just funny, because Dimon and the institutional finance department at Bitcoin mocked the Dutch Tulip Mania on the grounds that it was just a common hallucination of one big blockhead after another of some value in something of no intrinsic value.
Now they ask big players who need to buy a lot of money their Stablecoin, which they say is worth $ 1, but why is that worth it? Stablecoins are only worth what all the people who share the hallucination agree with, but JPM Coin has no intrinsic value.
JPM Coin is so absurd that it's almost like a postmodern art project.
JP Morgan has just issued a digital certificate that you can redeem for another digital certificate that you have not been able to redeem for hard types since Nixon.
Are we actually witnessing how the banking system viciously satirizes itself?
Forget World War III, nuclear armageddon, the zombie apocalypse, sea-level rise, AI winter, gamma-rays from outer space, or a kind of nano-biotic gray horse.
Is the real chthonic power that will overwhelm the world, the unbearable mirth and the frightening blindness of the ancient dinosaur institutions, fiddling with our brave new world?
Disclaimer: The views expressed in this article are solely those of the author and not those of CCN and should not be assigned to them.
Jamie Dimon Picture by AP Photo / Jacquelyn Martin