When Banksters FOMO they launch their own shitcoin?
It seems to be that way.
After all JP Morgan CEO said that he doesn't give a shit about Bitcoin and now JP Morgan is here with their highly centralised 'JPMCoin.' Can he be anymore of a hypocrite than he's proven himself to be already?
“Bitcoin will not survive.”
"Bitcoin is going nowhere."
“Bitcoin is a fraud.”
Those are all quotes from Jamie Dimon, CEO of J.P. Morgan, said in separate appearances or interviews since 2015. Today, he announced J.P. Morgan's own blockchain-based currency, JPM Coin, making it the first major bank to issue a coin. -Marketwatch.
These Banksters sure change sides quickly? From writing off cryptocurrencies to creating their own shitcoin didn't take long!
According to Angellist
On the surface, Dimon's sudden bet on cryptocurrency seems like a giant reversal. If you look closer, however, you'll see that JPM Coin is philosophically in lockstep with Dimon's critique of Bitcoin—and may offer a glimpse into blockchain's near-future in finance.
JPM Coin functions very similarly to a #stablecoin, a coin that, while powered by blockchain, is tied to an asset like the dollar. Instead of existing independently from state-backed currency, every JPM Coin converts to one U.S. dollar, effectively eliminating the sudden value swings of other cryptocurrencies.
The value proposition of JPM Coin, unlike Bitcoin, isn't rooted in anonymity. JPM Coins real value, at this point, is speed. As Umar Farooq, J.P. Morgan's head of blockchain initiatives, explained to CNBC, the most immediate application for JPM Coin is in international payments. When investors deposit money with J.P. Morgan, they can elect to be issued JPM Coins, which allow them to conduct transactions around the world quickly—no more waiting on wire transfers.
Funny moment in history because it's the first American bank to launch their own cryptocurrency. Let's see where this goes from here.
But one thing is for sure you can't trust any investment bank or their CEOs out there. Look at the irony in this situation!
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