Ripple CEO Brad Garlinghouse, who was part of those who predicted that banks will adopt cryptocurrency, has stated that the about to be unveiled JPM Coin fall short of the characteristics of a viable and tenable cryptocurrency.
Commenting on JPM Coin, a digital asset designed by JPMorgan Chase & Co, the largest U.S. Bank by assets, Brad said the project missed the point, furthering that bank coins are not the answer.
“As predicted, banks are changing their tune on crypto,” Brad Garlinghouse said.
He added: “But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer.”
Many people are saying JPM Coin is a threat to Ripple and digital asset XRP, however, Ripple’s CEO does not believe the coin can perform excellently in the realm of money remittance.
It is surprising seeing JPMorgan go into cryptocurrency. The bank has been a longstanding critic of digital currencies. With JPMorgan’s involvement in crypto, there is no doubt that crypto adoption will come quickly.
Dr. Doom Nouriel Roubini Says JPM Coin Not Crypto or Blockchain Related
Economist and arch enemy of cryptocurrency and blockchain technology Nouriel Roubini who once said cryptocurrency is the mother and father of all scams, has again hauled inventive on digital currencies after JPMorgan announced it is launching JPM Coin.
“In which way has the new alleged JPMorgan crypto coin anything to do with blockchain/crypto?,” Nouriel asked.
Differentiating JPM Coin from other cryptocurrencies, Nouriel said JPM Coin “is private not public, permissioned not permissionless, based on trusted authorities verifying transaction not trustless, centralized not decentralized.” He concluded that calling JPM Coin a crypto “is a joke”.
Meanwhile, it is still baffling why Nouriel Roubini is asserting that JPM Coin has nothing to do with blockchain technology since JPMorgan clearly states that the digital coin is “designed to make instantaneous payments using blockchain technology”.
To put the JPM Coin in perspective, eventually “the proof of the pudding is in the eating”. So, before people jump to conclusions, I would very much like to see some real life comparison on true Key Performance Indicators, like, trust, transaction speed/tps/costs, degree of centralisation/control, PoW vs Consensus etc. between e.g. the “new” SWIFT GPI, JPM Coin and XRP.
All of a sudden there isn’t a lot of noise about these things, especially from JPM themselves who made a lot of noise on Bitcoin/crypto in general for example. Almost like these KPI’s are not important anymore. Please mind that it is because of parties like JPM blockchain and crypto exists in the first place. (NB. Remember the latest financial crisis, the biggest after the second WW, and all the bailouts with YOUR tax money?) You could also ask yourself the question why SWIFT suddenly is teaming up with R3 after beating down crypto and XRP for quite some time already? (although R3 is planning to make use of XRP on their CORDA settler by the way)
This latest move from both SWIFT and JPM is not a sign of strength, it is a clear sign of weakness and fear. Fear Of Missing Out. Fear of losing their dominant position, power, control. Their current business model is seriously at risk. They HAVE TO make moves like this or it certainly is end of story for them.
However, beyond all the hype, speculation, FUD, FOMO, Legal battles, threats etc. it eventually comes down to the essence, the substance, the core. Are you really able to deliver/to meet what the people demand?
This will take some time but the outcome is certain. Do you trust the “old boys network” with all their strings attached? Or do you trust a radically new technology that delivers and puts the power back where it belongs namely, in the hands of us all!
To put the JPM Coin in perspective, eventually “the proof of the pudding is in the eating”. So, before people jump to conclusions, I would very much like to see some real life comparison on true Key Performance Indicators, like, trust, transaction speed/tps/costs, degree of centralisation/control, PoW vs Consensus etc. between e.g. the “new” SWIFT GPI, JPM Coin and XRP.
All of a sudden there isn’t a lot of noise about these things, especially from JPM themselves who made a lot of noise on Bitcoin/crypto in general for example. Almost like these KPI’s are not important anymore. Please mind that it is because of parties like JPM blockchain and crypto exists in the first place. (NB. Remember the latest financial crisis, the biggest after the second WW, and all the bailouts with YOUR tax money?) You could also ask yourself the question why SWIFT suddenly is teaming up with R3 after beating down crypto and XRP for quite some time already? (although R3 is planning to make use of XRP on their CORDA settler by the way)
This latest move from both SWIFT and JPM is not a sign of strength, it is a clear sign of weakness and fear. Fear Of Missing Out. Fear of losing their dominant position, power, control. Their current business model is seriously at risk. They HAVE TO make moves like this or it certainly is end of story for them.
However, beyond all the hype, speculation, FUD, FOMO, Legal battles, threats etc. it eventually comes down to the essence, the substance, the core. Are you really able to deliver/to meet what the people demand?
This will take some time but the outcome is certain. Do you trust the “old boys network” with all their strings attached? Or do you trust a radically new technology that delivers and puts the power back where it belongs namely, in the hands of us all!