JPM coin?!

What’s your take on this? Overall incredibly bullish news I would say.

Sounds to me like an in-house XRP faster settlement thing. The huge part is that the $6 trillion JPM moves every freakin’ day would be easily incorporated in with other blockchains.

If these JPM coins are one to one with the US $ then they would lose value as inflation kicks in. I think JPM has been caught with their pants down and they’re scrambling.

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I don’t know what I’d trust less the JPM coin or Tether!

Over all though I’d say it’s good for the crypto space.

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Sounds exciting. We’d like to see the source code however, whitepapers, papers, proofs, guarantees, assumptions, etc. Without that being disclosed for public scrutiny… it’s like doing closed source cryptography and telling the user, “trust us, it works.”

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That’s an understatement… they are scared, very scared.

Back in the day Kodak argued hard against digital cameras, saying they couldn’t capture photos the way analog did, etc. and they were right: digital cameras were not as great… but they had three things that analog couldn’t offer:

  1. Instant photos
  2. Storage
  3. A huge runway to improve the technology

A few years later Kodak introduced digital cameras then it went bankrupt.

Parallels here between banking and photography are just too good to ignore.

Right now blockchain is slow, not user friendly but it is secure. It’s main features (decentralization+security) can’t be replicated by banks. Most importantly, sky is the limit when it comes to this technology’s potential. It’s applications aren’t yet fully grasped conceptually, let alone realized.

JPM went from “its blockchain, not bitcoin” to actually releasing their own coin. Not only does this sound hypocritical/phony, but it signals a complete capitulation.

The only reason banks will survive is that they help set monetary policy of the Fed, but even then banks will most likely turn into utilities and provide basic services. For pennies. It’s the end of banking as we know it.

This is a pivotal day for crypto… read between the lines, folks.

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I would assume they use established technology for the JPM Coin.

If I would have to guess a Hyperledger Fabric based consortium network.

No need for white papers, etc.

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Kodak is a good analogy. The only problem is I think banks are catching up too fast. Cardano is still in the woods. This might be bad news actually.

My money is still on Cardano…There are still a lot of regulations to be worked out and time left on the clock. Not a lot of projects with the science that Cardano boasts. Science equals mathematical proofs of security. This is the kind of stuff people want in Fintech blockchains. There is also a lot of room for multiple coins and blockchains. It’s a big world.

JPM is introducing another digital dollar. There are already half a dozen of them in the market. It will last till Fed introduces digital dollar (it’s coming anyway).

If banking taught me anything, it is that they are super slow and conservative to be even remotely competitive with Cardano.

Plus you can’t fake decentralized systems and all the perks/security they come with. Compared to banks they move at lightening speeds.

Also there is just no way companies can beat decentralized networks on costs.

I am super excited about the whole independent crypto space.

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I think this is it:

an ‘enterprise-focused version of Ethereum’.

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Could be.

Or maybe this:

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That is exactly my point. It’s scary to see banks act so fast.

As I understand (maybe I’m wrong) JPM Coin will be an internal tool for fast transactions, I don’t think it’ll be a direct competition for Cardano, but might cut a bit of the cake out. JMP and it’s client’s transactions are a huge chunk of the market. Consider that the clients are also very conservative and will rather rely on proven middleman than decentralized crypto.

They are solving for speed, but not for cost. I am sure they will be happy to continue charging you $35 per blockchain based wire transfers. It’s something I guess for clients…

I don’t think they could be a competition for Cardano as JPM is just improving the tech for transfers.

Cardano’s value proposition mainly comes from its decentralized CL—which would House the business logic and the engines of the future global economic enterprises. This is where demand for ADA will come from.

JPM having a coin is still a good development as it provides another avenue for fiat to enter Cardano’s ecosystem. Especially if you believe in interoperability.

It is decentralized Blockchain, just not public one, but consortium one.

Lot of business will be carried our via these Blockchains. They will however be connected to public Blockchains to support certain Use Cases.

It would be a direct competitor to Cardano Enterprise version, but that wouldn’t depend on ADA tokens for its consensus.

I am not sure if there is a Cardano Enterprise strategy, but it’s anyway not a concern of the ICO investors who paid for the public Blockchain roadmap delivery.

what’s really ironic is I remember JP Morgan’s CEO, Dimon knocking Bitcoin long time ago… look who’s come home to roost now.

The more this news marinades in me the more I feel like puking.

Anyone else experiencing similar symptoms?

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This is conjecture at this point for we all know that a new roadmap i.e. 2020 vision is set to be announced at the April summit in Miami. I believe that IOHK and Emurgo are quite nimble and have a very comprehensive understanding of the crypto landscape vis-a-vis emerging financial market trends. They will align Cardano accordingly.

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That coin is centralized and trusted - the very antithesis of blockchain.

Looks like something where the management said: “I don’t know what blockchain is, but it’s hot. Do something so that JP is more blockchainy.”

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Enterprise Blockchain was never part of the roadmap (and it’s not a big issue).

Not sure what you are saying :joy::joy:

Actually I would believe Enterprise Cardano should be a professional services and maybe licensed product by Emurgo / IOHK.

They can form partnerships with banks to offer a “Cardano infrastructure” for something like a “JPM coin” (e.g. will utilize the Quorum ETH fork…). However, this would not be limited for internal use but can also be a sidechain that can communicate externally for certain transactions via the main decentralized permissionless open Cardano blockchain. This could be part of their new 2020 vision/roadmap.

Could you tell me what you found so funny about my original post?