J-Coin Vs Cardano, what will happen in Japan


#1

Your thoughts on the government backed Cryptocurrencies like J-coin to be issued by a consortium of banks in Japan (all major institutes in japan). J-Coin launch date is planned for the Tokyo Olympics in 2020.

Is this likely to shrink ADA market in Japan. Should Cardano be scared?


#2

Hello @minary, i see you joined up just to create this thread. Don’t take this the wrong way but where i come from, people introduce themselves first. We have a category for that if you like to check it out sometime :wink: Perhaps it is a cultural difference, there’s no way of knowing without an introduction but i digress.

If anything, it would be good for Cardano. J-coin will be exchangeable to yen at a 1:1 ratio, leaving all investors and speculators in the cold. You do not earn money by exchanging to a stable coin currency.

Japan’s society uses 70% cash to pay for goods and services, the introduction would make it more normal for citizens to use cryptocurrency.

Now, J-coin AFAIK does not have a smart contract layer, it is represented by a banking cartel, and it could be shoved down the Japanese people’s throats by the government.

People would likely look for alternatives if they scrutinise government or banks, thus Cardano could become a natural counterweight in the market. Seeing as Cardano will feature interoperability, a lot of people who want to download dApps to their smartphones would simply exchange some J-coin for ADA.

You are comparing a stablecoin currency to a smart contract fuel model. They are not made for the same goals.

The real threat to Cardano and any other crypto for that matter is the CME futures and derivatives market. It is no coincidence that Cardano is largly ignored by coindesk. CME Group is an investor in Digital Currency Group, CoinDesk’s parent company.

Bitcoin has retraced 70% from ATH since Dec-17–2017 (CME-future’s market Open) dragging altcoins along for the ride. If you start comparing FUD news articles by CoinDesk and futures contracts volumes there is a strong correlation.

Who could of guessed, that there is a cartel suppressing the price…


#3

Good question.

I think the answer to your question, is another question…

To the Cardano developers…

Will Cardano Smart Contracts be able to use/interact with J-Coin, True USD, and all the other currency backed coins that will soon appear in the crypto space?

If the answer is NO, then Cardano will definitely diminish. Indeed if this is the case, they should be working right now to create such coins on their own blockchain.

If the answer is YES, then It won’t matter, and may even help Cardano, as it will increase the functional possibilities of Smart Contracts.