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Since JPMorgan Chase announced "JPM Coin" Thursday, February 14, it has been attacked by various critics. This article examines some of the most interesting things that have been said about "JPM Coin" on Twitter in recent days.
economists
Professor Nouriel Roubini (aka "Dr. Doom"):
How does the new so-called JPMorgan encryption relate to blockchain / crypto? It is private non-public, authorized without authorization, on the basis of trusted authorities verifying the transaction not without trust, centralized non-decentralized. The crypto call is a joke
– Nouriel Roubini (@Nouriel) February 14, 2019
Naturally, many Bitcoin, who are not generally known to be big fans of Roubini, loved this comment. One of the most interesting answers to the above came from Alena Vranova, Director of Strategy at Casa:
You become a real Bitcoiner @Nouriel ? Glad to see you report a scam.
– Alena Vranova (@AlenaSatoshi) February 15, 2019
J.P. Koning:
I do not understand. A stated advantage of JPM Coin – which is reserved for customers – is that it avoids wire transfers: https://t.co/JbixsvoPM5 But JP Morgan's customers do not need a central credit transfer service for transfer value between them. So, how does JPM Coin help? pic.twitter.com/rLNiz0XLEL
– JP Koning (@jp_koning) February 15, 2019
Crypto Miners
JP Morgan's entry into the crypto is simply a sign of an old centralized cartel that is trying to stay alive in a more and more decentralized world. How long before their customers realize a value of exchange without a "trusted" third party? https://t.co/BHc0EsOnfb
– Boxmining (@boxmining) February 16, 2019
Cryptographic Investment Managers
Anthony Pompliano (aka "Pomp"):
J.P. Morgan launches a stablecoin. Soon, each bank will publish one as well.
Closed systems for the global elite will always be defeated by open systems designed for the citizen.
Long Bitcoin, Short Bankers!
– Pomp (@APompliano) February 14, 2019
The most popular token for money laundering this year will be JPM Coin
– Pomp (@APompliano) February 14, 2019
Pioneers of crypto
Nick Szabo:
Correct. JPM Coin and his close twin, Petro, do not have the main source of value that distinguishes crypto-currencies from bank money: the minimization of trust. https://t.co/5Xfq9B5I65
– Nick Szabo (@ NickSzabo4) February 15, 2019
Crypto Advocates
Jerry Brito:
If JPM Coin is a cryptocurrency, Fortnite V-Bucks is too.
– Jerry Brito (@jerrybrito) February 14, 2019
– Jerry Brito (@jerrybrito) February 14, 2019
Featured Image Credit: Photo via Pexels.com
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