@matrix
9 months ago

Is JPM Coin by JP Morgan a legitimate cryptocurrency?

2 0
I dont think it's a cryptocurrency as with wat satoshi would say it is but it's the next big thing like it reduces transaction time and fees but still not a crypto
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I don't consider it a legitimate crypto as it sounds like it will be very centralized and that goes against what crypto is built on.
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The idea of cryptocurrency and blockchain is decentralisation. Banks making it centralised caused the coin to not be a true crypto. But is it legit? Yes it is. It is kinda like Ripple but it is only for JP Morgan's banking system and finance. It is used and exclusive only for their customers.
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I think is a legitimate Cryptocurrency and will even go a long way to boost the image and reception of Cryptocurrency
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no currency crypto and a bank
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There are two types of tokens:

  1. Intrinsic token - tokens made by the system automatically without any intervention. Mostly
  2. Asset backed or Project backed token - These tokens are established by private companies to crowdfund and kick start crypto based projects or released against an asset pledged by the company.
So it seems, JPM is pledging USD against its coins. So, it is a simply a private asset backed token owned by the Bank which is supposedly being designed using the principles and platforms currently used to design and deploy other Cryptocurrency. It is still in the ideation stage.

But I certainly like to call JPM Coin as Jamie's (Dimon) Private Money Coin !!

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That coin price never increase or decrease in value, so it is not for us.
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Legit or not, its already impacting the Crypto space positively
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It’s a heaping pile of CENTRALIZED crap
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So far, I thought XRP was the shittiest coin ever created. (It is, for multiple reasons, but anyway)

Now if I tell, I would be wrong. Even XRP is gold if compared to the more centralized JPM coin.

They just made printing money easier for the institutions.

At least XRP still has a limited supply
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