JP Morgan’s new digital ‘coin’ is not a cryptocurrency, or even a stablecoin

RivAngE

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Quote from: wuvdoll on February 27, 2019, 09:49:12 AM

It is not a "coin" , that is what the whole topic is about, I don't know if people are commenting without reading but its not a coin, it is not even a token. It is just blockchain system that is built to transfer money around easily.

I mean it is great way to utilize blockchain and I kind of understand why, not like they were sending money in big money trucks before but now we at least know that blockchain is much better technology than whatever other digital system they used until now.

IT department probably came up with this and they showed how it would be cheaper and easier to transfer money around and gave a projection of how much they could save and considering it is insanely cheap it was some big number so the head of the company realized they could profit from this move and gave the green light.

An IT specialist must have invested Bitcoin.
The atrocity called "JPcoin" was invested from a marketing department most likely! Cheesy

That shouldn't even be called a cryptocurrency.

bitart

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Quote from: wuvdoll on February 27, 2019, 09:49:12 AM

...
IT department probably came up with this and they showed how it would be cheaper and easier to transfer money around and gave a projection of how much they could save and considering it is insanely cheap it was some big number so the head of the company realized they could profit from this move and gave the green light.

Because this kind of system is highly automatized, they can really cut some costs on the labour (which can be a really high cost in a bank), so it's possible that they really can save if they develop this system and they start to use it.

Theb

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As from what I read JPM coin is only used within the system of the company that customers are required to used in all of their transactions within the company which means that their financial institution customers have no other way to complete the transaction without using their JPM coin, the thing is it will be efficient for JPMorgan but the only angle I am seeing why they did this is they want to make more money out of their customers through this new process, they might want to give them additional cost through transaction and handling fees which I'm sure they will do given with the new system.

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Quote from: kakonhat on February 27, 2019, 04:23:18 AM

I don't like to buy JP Morgan's coin at all because I don't think so it can be one popular digital coin. It's good that JP Morgan has understood the value of blockchain. And that's why he has chosen it. We can say him, Welcome into the real future.

I think some years ago I saw JP Morgan getting a case that made many traders lose and lose the bitcoin they have, so I prefer not to repeat the mistakes that occur like those who lose because of JP Morgan.

wuvdoll

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It is not a "coin" , that is what the whole topic is about, I don't know if people are commenting without reading but its not a coin, it is not even a token. It is just blockchain system that is built to transfer money around easily.

I mean it is great way to utilize blockchain and I kind of understand why, not like they were sending money in big money trucks before but now we at least know that blockchain is much better technology than whatever other digital system they used until now.

IT department probably came up with this and they showed how it would be cheaper and easier to transfer money around and gave a projection of how much they could save and considering it is insanely cheap it was some big number so the head of the company realized they could profit from this move and gave the green light.

kakonhat

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I don't like to buy JP Morgan's coin at all because I don't think so it can be one popular digital coin. It's good that JP Morgan has understood the value of blockchain. And that's why he has chosen it. We can say him, Welcome into the real future.

futile-resistance

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It’s no longer a new thing that JP Morgan has another advanced resource, JPM Coin. It's not by any stretch of the imagination digital money, and I am aware it's not exactly a stablecoin, this however uses a blockchain. It's generally alluded to as a computerized coin.

In any situation, JPM Coin is set to collide against the various redeemable bank tokens in the market, in the long run. The system fueling JPM Coin will be completely permitted (private, or on the off chance that you lean toward: concentrated), constrained by the bank itself.

Reid

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Maybe it is not really that big of a news.
No need to make big efforts for them. This way you are already giving them free advertisements.
Perhaps we should be charging them for something like this.

If it is just for them then leave it be.
It wont help much for the market of crypto currencies. They may also hide this with their clients. They are saving a lot while the annual returns stays at a low amount.

RivAngE

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Quote from: bitart on February 25, 2019, 05:47:18 PM

Quote from: RivAngE on February 24, 2019, 11:43:18 AM

...
So, why would anyone prefer JPcoin over XRP?

Because of marketing, because average joes belive in the old and well established banks rather than the new tech stuff...
Average joes will always trust who they are told (by the media) to trust and won't search for the fine print and for the technical details...

You have a good point, but both JPcoin and XRP are targeting big financial businesses, not "the average joe". It seems like JPcoin won't even be publicly traded.
I have no doubt that the mass media will sanctify JPcoin as you're saying, but true businesses are choosing and using XRP already, for example, the Euro Exim Bank
https://ripple.com/insights/how-european-businesses-are-using-blockchain-to-expand-globally

Well... sorry I actually turned the conversation into JPcoin vs XRP! Roll Eyes

But the nature of this JP-thing is such that it'll be naturally compared to XRP.

bitart

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Quote from: RivAngE on February 24, 2019, 11:43:18 AM

...
So, why would anyone prefer JPcoin over XRP?

Because of marketing, because average joes belive in the old and well established banks rather than the new tech stuff...
Average joes will always trust who they are told (by the media) to trust and won't search for the fine print and for the technical details...

RivAngE

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Quote from: bitart on February 20, 2019, 04:58:03 PM

Quote from: figmentofmyass on February 20, 2019, 02:42:10 AM

Quote from: mich on February 20, 2019, 02:33:01 AM

This is the first of its kind of a bank coin but just wait until other multinational investment bank and financial services companies do the same thing.
These types of institutions are playing with trillions of dollars so if their coin fails in value, they still have much fiat to fall back on.

they shouldn't ever fall in value though. they shouldn't have any speculative value in the first place. the whole system is permissioned and everything is centrally administered and reversible. the whole thing sounds like a gimmick tbh. it's not even an interbank system with federated consensus. it's just a private "blockchain", a glorified database run by chase. why would other banks prefer this to the legacy system?

Global banks could have some advantage of this system, today they use the old and slow legacy system and the transactions are expensive and needs a lot of manual work on the sender and also on the receiver side. In the EU, they use SEPA which is a kind of quicker and automated system (less manual work needed, so quicker and cheaper), a blockchain based automated system would need even less manual work so it would be more quick and even more cheap).
So if there's a bank who wants to transfer internationally between it's subsidiaries, it can be a solution for intra bank transfers.

Edit: Typos

But why would a bank trust the solution and software of another bank, which may even be on a different continent?
What would happen to whoever owns this JPcoin if JP closes or go bankrupt one day?

Unlike this closed and centralised system, it'd make more sense for a financial institution to go for XRP. Unlike what many uninformed people say, XRP is decentralised and if one day Ripple Labs shutdown, no one will lose their money.
They might stop receiving updates on the xRapid software, but someone will take Ripple Lab's place and continue developing the system.
Also if many would try to take Ripple's place, the nodes will decide if the blockchain will respect the decision of the new development team, just like it happens with miners in PoW.

So, why would anyone prefer JPcoin over XRP?

Indrawan77

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Quote from: tyz on February 14, 2019, 01:34:28 PM

Quote from: vit05 on February 14, 2019, 12:27:39 PM

JP Morgan’s new digital ‘coin’ is not a cryptocurrency, or even a stablecoin

I am not sure why this topic matters in this forum. It is obviously not a decentralized crypto currency, just a "digital coin" completely controlled by the bank. I don't think such coins are a benefit for the development and acceptance of crypto currencies, in contrary, they dilute the view of ordinary people in real cryptocurrencies (similar like Onecoin did).

I agree with this, the idea of crypto supposed to be decentralised, so we got the freedom to used the coin, a centralised coin will be the same with fiat, and we don't need that, the JP morgan coin got a huge fuss because people misunderstood about the coin, people thought that finally a big bank already support the crypto

magneto

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It's a move that will not benefit anyone other than the institutions and investors that JPMorgan are dealing with internally, yet Bloomberg is trying to make it seem like it had some kind of positive influence on bitcoin's price increases over the past few days.

These centralised digital assets shouldn't be put in the same category as decentralised cryptocurrencies. Period. They are not store of values, they are not trustless (in fact, there is every possibility that JPMorgan is does not have a full reserve structure backing the value of the coin), and they are certainly in full control of the corporate.

I do see though that in the future more corporates roll these blockchain based assets out, because of the fact that it'll greatly increase efficiency in their business. However, I don't see any association with BTC at all here.

bitart

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Quote from: figmentofmyass on February 20, 2019, 02:42:10 AM

Quote from: mich on February 20, 2019, 02:33:01 AM

This is the first of its kind of a bank coin but just wait until other multinational investment bank and financial services companies do the same thing.
These types of institutions are playing with trillions of dollars so if their coin fails in value, they still have much fiat to fall back on.

they shouldn't ever fall in value though. they shouldn't have any speculative value in the first place. the whole system is permissioned and everything is centrally administered and reversible. the whole thing sounds like a gimmick tbh. it's not even an interbank system with federated consensus. it's just a private "blockchain", a glorified database run by chase. why would other banks prefer this to the legacy system?

Global banks could have some advantage of this system, today they use the old and slow legacy system and the transactions are expensive and needs a lot of manual work on the sender and also on the receiver side. In the EU, they use SEPA which is a kind of quicker and automated system (less manual work needed, so quicker and cheaper), a blockchain based automated system would need even less manual work so it would be more quick and even more cheap).
So if there's a bank who wants to transfer internationally between it's subsidiaries, it can be a solution for intra bank transfers.

Edit: Typos

Supercrypt

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It is basically a ripple like system for transactions without actually having any coins to back it up. Its basically a blockchain system that would allow them to send and receive money for cheap and fast without dealing with the old legacy systems.

Normally, it took so much digital space to send and receive money from any other place and it cost them so much and it had a lot of paper work deals as well, with this method they are basically making it simpler and make it faster so they could continue with the work part of the business instead of transactions itself.

Ripple does exactly this but they are using ripple coin while doing it, since they are a bit shady at the centralized version part of the coin and considering the price could change at any time JP Morgan realized it would be safer to use their own version.

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Quote from: mich on February 20, 2019, 02:33:01 AM

This is the first of its kind of a bank coin but just wait until other multinational investment bank and financial services companies do the same thing.
These types of institutions are playing with trillions of dollars so if their coin fails in value, they still have much fiat to fall back on.
The same can not be said for applications that invested fiat into their applications and dont even have a working product.

JP Morgan has been studying the cryptocurrency of course and this is a huge business so therefore they could not just invest or make a way to waste their money in crytocurrency. Well just going to find out how they will going to work out here in cryptocurrency. I bet there will be some good turns especially now that one of the establish company has joined cryptocurrency.

RivAngE

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Quote from: Mishael on February 20, 2019, 04:14:48 AM

Quote from: Slow death on February 14, 2019, 12:56:34 PM

I wonder, why the hell all news channel are giving so much attention to this:

JPMorgan Chase to Launch ‘JPM Coin,’ Using Crypto to Speed Settlements

Jamie Dimon Steals Bitcoiners’ Hearts as JP Morgan Launches Bank-Backed “JPM Coin” Cryptocurrency

Newsflash: Bitcoin Basher Jamie Dimon & JP Morgan Just Launched Their Own Cryptocurrency

JPMorgan Launches JPM Coin, World’s First Bank to Launch Cryptocurrency

This is a strategy to promote JPM, whatever it is we are still faced by an intelligent person in taking investors' hearts if they succeed.
Certainly, it will be a special moment for JPM for the news delivered to the public.

If that was all, then it didn't have a huge success so far. Their shares are up 3.19% the last 5 days while S&P500 is up 2.11%. Nothing impressive.
For comparison, when Kodak announced Kodakcoin their shares reached up to 87% in two weeks!!

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Quote from: Slow death on February 14, 2019, 12:56:34 PM

I wonder, why the hell all news channel are giving so much attention to this:

JPMorgan Chase to Launch ‘JPM Coin,’ Using Crypto to Speed Settlements

Jamie Dimon Steals Bitcoiners’ Hearts as JP Morgan Launches Bank-Backed “JPM Coin” Cryptocurrency

Newsflash: Bitcoin Basher Jamie Dimon & JP Morgan Just Launched Their Own Cryptocurrency

JPMorgan Launches JPM Coin, World’s First Bank to Launch Cryptocurrency

This is a strategy to promote JPM, whatever it is we are still faced by an intelligent person in taking investors' hearts if they succeed.
Certainly, it will be a special moment for JPM for the news delivered to the public.

figmentofmyass

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Quote from: mich on February 20, 2019, 02:33:01 AM

This is the first of its kind of a bank coin but just wait until other multinational investment bank and financial services companies do the same thing.
These types of institutions are playing with trillions of dollars so if their coin fails in value, they still have much fiat to fall back on.

they shouldn't ever fall in value though. they shouldn't have any speculative value in the first place. the whole system is permissioned and everything is centrally administered and reversible. the whole thing sounds like a gimmick tbh. it's not even an interbank system with federated consensus. it's just a private "blockchain", a glorified database run by chase. why would other banks prefer this to the legacy system?

mich

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This is the first of its kind of a bank coin but just wait until other multinational investment bank and financial services companies do the same thing.
These types of institutions are playing with trillions of dollars so if their coin fails in value, they still have much fiat to fall back on.
The same can not be said for applications that invested fiat into their applications and dont even have a working product.

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