JP Morgan Chase and Co. announced on Thursday that it would become the first major institutional bank to issue its own cryptology. His new JPM Coin is almost a shocking powerless response to Bitcoin and other cripples by the United States' largest bank.
Jamie Dimon gets a new toy
Newsflash: Bitcoin Basher Jamie Dimon and JP Morgan just launched their own crypto trade https: //t.co/VciDixDldH
– CCN.com (@CryptoCoinsNews) February 14, 2019
JP Morgan says that now you can give them a dollar and they will give you a JPM Coin that you can redeem for your dollar with them at any time.
Thus, they use JPM Coin to track how much money you have deposited and withdrawn.
The sad level of failure in this step is difficult to overestimate.
It would be shocking, but for what we already knew for many years when the head of the institutional bank is on a relatively crippling currency, how he thinks about crypto, the knowledge about the cripto that he suppresses and what he wants to make the world think about Bitcoin. [1
"We are glad for the blocking technology underlying Bitkina." some of the basic technologies of these new endless cars …
But not the infinite part.
And then the presentation of the new "car" on the market, which looks very similar to the transportation of the model T and copies of some of its details, but it draws horses. 19659002] The very idea of JPM coins as currencies is fraud
They call it a coin denomination, which means buying a digital JPM Coin from them, and buying a coin means selling it to the US
It's almost too laughable to criticize consciously .
First, you do not rock anything. Such use, in this case, is in the area of 100% of the metaphor of the fluff. When the bitcoin is entered into your beta wallet, the fact that it has been transferred to your account will inevitably be chased in these bits. It is much more constant and unchangeable than a construction inscribed in a metal blanket with a coin stamp and a press.
But everything that happens with JPM Coin, a stable 1: 1 dollar-denominated curve, is a client giving JPM a dollar, and the computer JPM remembers that it gave They have a dollar and they are obliged to return it when the client wants to withdraw it. Customers give them their money and they will give it back when customers ask for it.
This is simply called banking.
JPM Coin is simply JP Morgan Database Optimization and Call Crypto
This is 2019, and JP Morgan Chase and Co. that TARP is taking money into a computer software to improve its electronic records.
And he cheerfully decided to convey this as JPM Coin, the new "cryptology" brought to you by Jamie Dimon, a guy who called Bitcoin a fraud.
The response from the crypto community was fierce and fun, ranging from "Nothing like Bitcoin" (MIT Technology review) to "Not Even Genuine Crippling" (CCN), to the most popular 2019 marker for money laundering:
The most popular token for money laundering this year will be JPM Coin
– Pomp (@Pompliano) February 14, 2019
– Logan [🗝🧙🏼♂️⚡💰] (@futjrn) February 14, 2019
JPM Coin Financial Fraud
This tweet from Morgan Creek Capital's partner, Anthony Pompiliano, is not a deep remark.
While chief executive of billionaire Jamie Dymon stated that Bitcoin is a fraud in September 2017, his company paid billions and billions of dollars in what is surprisingly fine for fines compared to the amount of money that Manipulates JP Morgan for Dreadful Purposes:
"Since 2010, the year Bitcoin first began to circulate, led by Jamie Dimon JP Morgan Chase was charged with 48 different bank and financial fraud charges. $ 28,675,456,874.00 – Total , which they paid only in the past 7 years in pcs the professions imposed on the politicians whose cashiers they filled in with money.
They had to simply name it FraudCoin, because the chances –
This is also the only way for JP Morgan who says that his new bank designed for a wholesale financial settlement of business between its major customers to inflate its reserves with new JPM money created from the air and tell their customers: "Here, give us your money for these tokens." What is convertibility of JPM Coin to Schrute Bucks?
Get out of here with your so-called "Bitcoin murderer", Jamie Dimon
The idea of a stable rattle is an exercise in futility.
The coin is prized to the cost of something else.
So why not just keep something different, which is supposed to always have the same meaning as stabilcoincoin, but in fact it is in itself, and not just something repatriated for yourself? this is to the Dutch Tulip Mania, arguing that this is only a general hallucination of one big fool for another, some value in that which has no internal value.
their steady king, which they say, costs $ 1, but why is it worth it? Stablecoins only worth the point that all people who share hallucinations agree that it is worth it, but JPM Coin has no internal value.
JPM Coin is so absurd that it is almost like a postmodern art project [JP65]. Coin, pulsation, XRP width = "680" height = "471" />
JP Morgan has just issued a digital certificate that you can redeem for another digital certificate that you could not repay for difficult kinds, since Nixon was the president.
Forget about World War 3, nuclear armageddon, zombie apocalypse, level upgrade seas, winter AI, gamma rays from outer space or some kind of slab-like nanobiotic gray
Is this a quintessential force that suppresses the world with unbearable gaiety th and the terrible blindness of the institutes of dinosaurs that imply our bold new world?
Disclaimer: The views expressed in the article are solely by the author and
Jamie Dimon Images from AP Photo / Jacquelyn Martin