If you're following the crypto phenomenon for more than two years (that is, before the bull run which made some people sell their houses for Bitcoin at 20k apiece and then live in a van, because, well, hopes) then you remember a guy called Jamie Dimon. This guy has, at the moment, two distinguishable traits: first, he's a savage Bitcoin proponent, and second, he happens to be the head of a US bank called JP Morgan.
Well, today, JP Morgan announced their own cryptocurrency, called the JPM Coin, according to this story by CNBC.
The currency will be pegged to US dollar and it won't be available to all customers, only to a few select ones. It will be primarily used to facilitate cross-border payments in a faster, more secure way.
To cut some slack to the man, he always preached the technology, saying "blockchain is a really nice thing, but I don't get Bitcoin, and neither should you".
So this move brings forward - now, more than ever - a fundamental question about this entire technological revolution. What is more important? The technology, which is easy to replicate, or decentralization, which is not technological, in substance, but social?
For the first time in history technology generates such a profound social change. One that may completely demote banks from the predominant position that they have now, and, potentially, disrupt the notion of the government and country as we have them now.
Just because everybody can create a blockchain now, does that mean Bitcoin is dead? Or alive? Or where, exactly?
What is more important: the mathematical model that allows any centralized structure to build a blockchain, or the decentralized trust that created, during the last 10 years, the first real cross-border, cross-country, transparent, unbreakable, sovereign currency?
It's a very important inflection point, and I believe we should all tread very carefully now. The waters are now muddier than ever.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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@dragosroua,
I think this guy is trying to run a centralized crypto and I wish it might become a scam! Coz he is one of the leading guy who is behind the crypto FUD!
Cheers~
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That could be a threat to Ripple and Stellar. Creating crypto for elite has actually derail from primary ideology behind cryptocurrency.
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JP morgan and gang back in the business they know how to make money hahah
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The ripple killer...another centralized token 😥
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If you are going to have centralized control of the block-chain, then very little has been acheived.
However I do think for many non-banking businesses, this will be the first model they will feel safe enough to dip into. A fundamental business problem with crypto is that you dont need to know who is on the other end of a transaction; that could cause problems with breaching anti-money laundering and other rules like OFAC.
Its a preogression, in time businesses will learn that JPCoin and all the others are just another way for banks to retain power and control, and they will transition to decentralised coins, but dont hold your breath, I reckon it could take 10-30 years to get there.
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🏆 Hi @dragosroua! You have received 0.1 STEEM reward for this post from the following subscribers: @cardboard
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Not really a cryptocurrency, but more a protocol for digital transfers...
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Obviously. But let's piggy back on the hype and call it "our own blockchain-based coin"....
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I read that article and I wondered if getting JP coin would be like when their stocks were cheap. Anyways I see this as a positive new that might shake the markets. Can't wait for the next bull run!
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Interesting news. I finally vote you has witness.
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I believe they choose to use jp coin because it is more efficient and faster for payment transactions between clients in their business environment
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True, we are at a very interesting point in the history of finances- and of course, society.
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