Bitcoin Forum

World’s First Cryptocurrency By Bank

Announced on Feb 14, 2019, JPM Coin’s headline surprised many crypto enthusiasts – since, in last few years, the name of JPMorgan’s Jamie Dimon appears on headline while criticizing the largest cryptocurrency, bitcoin. In fact, CEO Jamie Dimon called Bitcoin as a ‘fraud’. However, few Engineers at Bank have rolled a new coin on Bank’s name which intends to transfer the minimum payment in initial.

Read Here - https://coingape.com/jpmorgan-launches-jpm-coin-first-bank-launch-cryptocurrency/

For JPMorgan to come to the lime light of cryptocurrency make it clear to me that, there is much potentials on the Blockchain which is unspoken about. JPMorgan was know by his dooms and criticism against cryptocurrency particularly Bitcoin as a fraud which amounted Bitcoin to drop drastically. JPM Coin will be a better ideal but not sure will attract many investors because of the centralize platform the ideology is based. Just my own opinion.

Anythings is possible imagine "JPMorgan"

Well, it's not very surprising. They must've been criticising cryptocurrencies trying to dump the prices as well as fight decentralization and free market. Now they hope to benefit from the technology and keep it under control at the same time. The true cryptos pose a threat to banking system, so JPMorgan contributes to the bearish trend when it's able to do so. A regulated crypto, on the other hand, is potential profits. I hope the coin will not be taken seriously and will lead these scammers (see https://www.nytimes.com/2017/12/21/business/jpmorgan-money-laundering.html, https://www.forbes.com/sites/francescoppola/2018/09/30/the-banks-that-helped-danske-bank-estonia-launder-russian-money/ and https://www.finextra.com/pressarticle/76846/hong-kong-central-bank-fines-jpmorgan-chase-for-money-laundering-failures) to their slow death.

Recently, JPMorgan CEO once again claimed that Bitcoin is a scam. I am curious on which blockchain platform will be created this coin.  ::) ;D
However, as I know banksters, they will probably do a Ripple clone and again it will be fake cryptocurrency.

I'm not surprised by this move, they have been attacking bitcoin in the past and now everything is really unfolding as they have their own agenda from behind, take advantage of the technology behind and then have their own crypto.

I'm sure that this will be private but it's really ironic, how those bankers are very hostile in the past and now realizing the true potential of blockchain technology and using it and try to look they're fully supported crypto's. lol.

https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html     <-- another source citing this same information.

Interesting times.

Pointless centralized coin, leave me out. Not interested at all. Banks are clearly worried about bitcoin so are attempting to punt their own shitcoin via the blockchain.

It won’t work.

No serious crypto investors will be insterested in this coin.  Just another centralized scam that isn't even a real cryptocurrency.  They will probably give up when they realize no one is interested in their shitcoin.

I always considered Jamie Dimon to be a double sided player. Though he always used to criticize bitcoin, he also has a good amount of bitcoins stored in his wallet.
I wonder what would JPM coin would bring us because if it is just another cryptocurrency then I am sure that it won't rise much and will be pumped and dumped soon.
All of this FUD won't last longer if JPM coin has no real value. Any such coin with no potential often tends to dump very soon in the crypto market.

I do not listen to the FUD of financial experts regarding bitcoin and other cryptocurrencies, same way I also ignore their shills. This is an adoption of the blockchain and not bitcoin, and they are modifying it to be centralized and controlled, nothing to get really excited about.

It won't bring any to the table, as others have said, this is a centralized and bankers coins so I doubt that crypto enthusiast will join the bandwagon wagon. It's pretty obvious that Jamie Dimon is a manipulator, just remember this statements before specially in Sept 2017 wherein he went on a full attack but secretly their companies are buying huge amounts of bitcoin during the massive sell-off. And I'm sure majority of us remember that and so almost everyone will not be interested on this coin.

Yea, just heard of this big news JPMCOIN is coming and i think it will be huge for whole crypto world. More exciting stuff to come this year.

doesn't come a surprise though. jesus they betrayed themselves lol they call btc a scam all the time and yet creating their own cryptocurrency. what a victory. if its a stablecoin then its meant to scam. i wanna hear jaime defend themselves when someone fianlly shouted scam at them soon about thier coin being scam  ;D can't wait for that.

It seems like.. that if we see the coin only brought JP Morgan's name, but not prioritize the purpose of the coin. Just like the Alibabacoin case a few months ago, the hype was high because of the name "Alibaba". It seems like the same thing will happen here.

Irrelevant news for the crypto market. A cryptocurrency created by a multinational is nothing but a centralized shitcoin.

If anything, this coin will compete directly with SWIFT. It also means that XRP will have more competition, in this case, the new player will be a well-established company with tons of clients worldwide (banks, big corporations and financial institutions) that would rather use JPM coin for internationals payments and whatnot rather than Ripple's services. In other words: XRP bagholders, I think it's time to sell.

This coin won't be like the usual cryptocurrency that you're used to, this will be used by big corporations, not for people to invest and wait for the pump to dump.

Their “do not smoke” strategy hasn't worked, so they have decided to sell their own cigarettes. I always thought they were spreading FUD over bitcoin in an attempt to push down the price and buy cheap, now it seems they had other motivations.

JP Morgan was created as an institution that was supposed to serve the people, not live off them.

if no one wants to lend, and not enough want to work hard for us dollar.

its time to shut it down,

i am expecting many glass palaces in the united states though.

Some of you are talking about how crypto investors won't be interested and won't support it and won't be picked up by the market.

Just to be clear, this is a private coin used only to facilitate money transfers for JP Morgan clients. It has nothing to do with the cryptocurrency market.

It is a stable coin that won't be used by the general public. It's a private centralized coin to be used internally by their business to replace JP Morgan's use of SWIFT and wire transfers and whatever legacy money transferring technology they normally use. It has nothing to do with crypto investors, or public coins (be they stable coins or bitcoin or whatever).

It is basically a competitor to Ripple but its only for use by JP Morgan. JP Morgan though apparently moves money for like 80% of the Fortune 500. Basically this is probably the first nail in the coffin for Ripple as banks will probably just end up using bank backed stable coins created by themselves rather than give their money transferring business over to Ripple.

It is hilarious that after years of Jaime Dimon attacking Bitcoin and cryptocurrencies they now release their own cryptocurrency. But now we know without a doubt their intent and purpose in bashing bitcoin - they hate the fact that it is a public good for the people. They don't believe in money that isn't centrally controlled by the banks. JPM Coin is centrally controlled by JP Morgan, that is what they believe in. They are afraid of open currencies like bitcoin. The ruse is finally 100% up now that they've shown all their cards by making their own cryptocurrency.

If anything this is a bold-lettered proclamation about bitcoin's relevance and power. JP Morgan is admitting cryptocurrencies have huge advantages over the legacy financial system and will be the future of money (even if the marketing behind their claim is that only coins they control are good). This proves bitcoin's use case - to be a public good that revolutionizes personal finance for the 7+ billion people in this world. This admission by one of the biggest banks in the world is probably one of the loudest bullish announcements for bitcoin's future ever. Major bank now backs cryptocurrency, bitcoin is the primary cryptocurrency for the public, the banking system (through JP Morgan) is saying bitcoin is the future.

This is not surprising, I think all these critics and negative about bitcoin and other crypto-currencies are more created to enter this market knowing that this is a gold mine. JPMorgan artificially criticized bitcoin not to go to the Hai, and now when the price has settled down after a frenzied growth is the time to buy.
By creating your coin Bank has the potential to earn another couple of billion dollars on this, why not try...

it's afraid

Maybe not so fast JPMorgan will create this coin..

https://i.imgur.com/fBUkniS.jpg

I don't know what kind of patent have Dr Craig S Wright, but this story is taking on more colours  :D :D

Everyone will talk smack until they see its success and fear falling behind. I don't love seeing a centralized coin but I also think it will push forward conversation of crypto among baby boomers

Fuckface probably forged those patents in his room. I don't believe he has any real patents that we should worry about. I don't like Jamie Dimon (JPM) but even he isn't as retarded as Craig Wright (BSV).

JPM has the right to create their own altcoin like everybody. Nobody cares. The Internet doesn't forget.

This is like banks accepting the existence of Cryptocurrency, and they see that this is an opportunity for them to grow. I believe that in the future there will be many different banks that accept it and release their crypto.

It is an imminent future. Soon we will see a plethora of new bank backed coins in the market which will be strictly centralized in nature. Banks will be creating those coins to bypass various third parties in an international transaction and to keep technology cost at the bare minimum level.

It's not going to end here! The second phase of this will be government backed cryptos. They are coming as well. Those will be backed up by the national currencies of the issuing countries.

Frankly speaking, I am not surprised by this news because I got a hint of it back in September last year. Refer to the below link,

https://www.coindesk.com/over-75-new-banks-jpmorgan-expands-blockchain-payments-trial

Completely agree. Banks will create their own cryptos to advance beyond the slow expensive legacy financial system, as JPM is doing. This will lead to skeptics and naysayers starting to accept cryptocurrency ("if big corporations support it then it must be legit"). Eventually nations will issue crypto versions of their fiat money, the US will totally issue a USD Coin eventually, it only makes sense nations currency would advance with the readily available technology.

And then the reserve currency of the world will be Bitcoin. Basically people will keep savings in bitcoin and when people spend their bitcoin merchants will just convert it into gov't backed USD coin. If companies eventually just start paying people in gov't backed USD Coin that actually would act as a natural onramp to bitcoin because they no longer do you need to go through the legacy financial system to buy bitcoin, you just exchange it for bitcoin directly.

The fiat system moving to crypto will help bitcoin become the reserve currency of the world. JPM Coin looks like the first step in the big boys (first banks, then governments) accepting crypto as the future of payments, with bitcoin going right along with them.

No matter what Jamie Dimon stated in the past, he knows the power of blockchain which can lead JPMorgan to perform the transaction in real time, unlike the traditional transfers that take up to 24 hours. I personally think this is a huge step in order to expand the blockchain adoption.
JPM Coin is in the testing phase, let’s wait and see how it goes in the future.

he's signaling to his cult followers
notice how he didn't use @, thus not really conveying the message to JPM

He's a known forger of documents and a liar. Till this day we haven't seen Satoshi's coins move and Craig is broke despite claiming to own more money than a country he was speaking in. It's all smoke and mirrors with this guy

Even if JP makes a coin who is going to abandon their cryptos to use it? Is any of you going to choose JP coin over Bitcoin? I think that bankster coins are doomed.

oh yes, I saw this on CNN today and i was super excited. This is surely a great and a welcomed idea. It will definitely give lots of people and investors comfort in investing in cryptocurrency and i strongly believe other good things will follow too and in no distant time we will see a masssive adoption and usage of cryptocurrency all across the globe

Indeed, like or not, JP Morgan is reputable institution and have big influence in finance industry. If JP Morgan decide to create their own cryptocurrency, they must be see big opportunity in this market and it will be profitable in the future. This is huge step for crypto market

there is nothing surprising about that. it was obvious from day one that they started attacking bitcoin that they will eventually start something like this. why do you think they were attacking bitcoin in first place? they were simply afraid of losing their position and have been desperately trying to keep up with the world.

Who cares about this and why the hell you post in this section? We have to stop running after the bankers, we have to stop running behind opinion of these analysts of hedge fund analysts. in the eyes of the news channels related to bitcoin they are gods and everything they do must be very important to the crypto world. We need that news channels move away from these bankers and hedge fund analysts.

instead they are ambitious to be followed by the world, by trying to appear in front, so it is expected that many consider them gods in this business, so they can also drive investors' psychology. I think it must stay away from that nature

Now you know why it is a bad choice to give up on cryptocurrency. This is just the beginning. there will be more surprises coming from "crypto haters" either adopting an existing coin or launching their own as JP Morgan has shown.

I don't know why anyone would think it is a Bitcoin Killer in the first place. It's a Ripple Killer for sure. But if anything it will legitimize cryptocurrency in the average skeptical person's mind which will help Bitcoin adoption in the long term.

JPM Coin is definitely not a threat to Bitcoin. I have doubts whether it is a threat to Ripple. From what I understand, they want to use this coin internally, so probably even speculators will be afraid to trade it.  :D

right, we know this coin has a similarity to ripple, where ripple currently occupies the top coin in the coinmarketcap. therefore with a semi-decentralized system such as ripple it poses a threat to it

I don't think this is good news for Ripple, apparently they're getting new competition now. Since I am not a fan of Ripple, I will not become a fan of this new bank coin either. It is simply a centralized project again and I hope there will be no hype about this project. I don't see this JPMorgan Coin as an enrichment of the crypto area and I don't need such projects.  ;)

I don't think it will have any impact on Bitcoin because JPM will issue stable coins which are not very popular with many people.
but this is a good start, we believe that crypto will be accepted by everyone.

The potential of blockchain is known to each and everyone so it is not a big surprise that they will be planning to create something for their own benefit, the problem is that they want to restrict the financial freedom of the people and so is the reason they are against the decentralized bitcoin which will reduce their role in the financial market if it is widely adopted and now they are coming up with a centralized coin which is crazy, lets see how things will go with their new venture.

JP Morgan have made a lot of false and hard to forget statement about Bitcoin in the past and it because they lack the required understanding about Bitcoin and what most of them believed then was the false statement made by some government official. They create their own coin because they now understand block chain mind you their coin is a stable coin so they don't make the false previous statement to promote their coin or restrict the financial freedom giving to people through crypto currency.

JP Morgan must be make a measurable statement about bitcoin last year with clear objective. JP Morgan just want create FUD in market and they want buying bitcoin at cheap price. I am believe they already collect bitcoin in large amount

i don't think the coin is even released to public for "investment" though. it is more like them using it internally and only taking advantage of the hype to improve their business and profitability.
additionally because of things they have done in the past towards the whole cryptocurrency market and specifically bitcoin, even if they released it for investment i don't think it can be successful because as you can see the feedback is already very negative towards this coin!

It was indeed a bad start, it turned out that many also lacked response with JPM coins, such as when Morgan also pouted bitcoin so it seemed that it would be a big struggle for Morgan. Moreover, the current crypto condition, many things must be done to be smooth and successful.

JP Morgan have a power in any market and this coin must be launch in market, perhaps in nasdaq or crypto exchanger. JP Morgan is big influencer in finance industry and if JP Morgan launch their own coin, it will followed by others institution and closing to regulation

jp morgan coins has high hype.it will be expensive coin in cryptocurrency market due to their reputation in finance industry.and be the pioneer and the only coin that created by giant finance company.

Indeed, it's not going to be released for the public and it will only be used for internal settlements.

But the ignorance around here is reaching alarming levels, one project is launched and people flock with "investing, investors, investment", like a zombie army. Lately, cryptos have started en masse to lose their main purpose, and users see them just as a way to gain more fiat from them.

As I was saying...


LE
Actually, the posts above look more like bot activity than simple human ignorance.


The poor idiot has spent too much time in cryptoland and has lost contact with how the real world works.
He really thinks he can speak and threaten JPM like he was doing with his former buddies.

this is very good news I think there will be more people listening and maybe there will be many people who are interested, if that happens then bitcoin will have a higher value than now.