We’ll cut to the chase - Jamie Dimon is annoying af.
We get that he appreciates blockchain, while shitting on Bitcoin...but if you don’t like decentralized blockchains - which is where the technology shines, then GTFO bruh.
Today’s review is JPM Coin aka JP Morgan Coin.
Let’s dive in…
JPM Coin (ticker: JPMC?)
Wtf is this shit?
The day has come. A central bank issues their own internal payment system and is calling it a cryptocurrency….but is it a cryptocurrency?
In our opinion: hell no.
Yes, they use blockchain technology. Specifically, transactions will be recorded on their Quorum blockchain. Quorum is a fork of Ethereum and was built by JP Morgan and partners (EthLab and others) to act as a private bank blockchain.
Over the next few months, they will be testing international payments as JPM Coin will first be used to settle transactions related to their wholesale business, which moves over $6 trillion daily. So, you can say they are in “testnet” although, the “net” is all theirs.
So their blockchain is not permissionless, not immutable, and centralized - just a heads up. This is basically an internal token payment system...and we are skeptical as to why they really are using blockchain anyways. All verification is done by them. It’s essentially a stablecoin redeemable for cash.
BUT, they do claim to want to extend to have other stablecoins and transactions settle on their network.
All in all, shitcoin and annoying.
Who tf is behind this shit?
JP Morgan and annoying Jamie Dimon.
Well, there you have it folks, our first bank coin...we are sure more will come in the future. Goldman coin? Hmm…
Hope you learned some shit.
- Mike and Aaron