Bitcoin Forum

What does everyone think about the new JPM (JP Morgan) Coin? Is this an attempt to adopt true decentralization or is this just another money grab by the greedy banking system? I find it intriguing that their CEO has been nothing but critical of bitcoin and cryptocurrencies. Curious to hear everyone’s thoughts.

I don't think it is available externally, sounds like it is an internal coin that they will use within the company for money transfer. One dollar is tied to 1 JPM so it's not for investing in, unless they decide to change it into a ripple type coin

We cannot tell it’s jmportance yet because it is a stable coin
And also an internal coin, we can wait for further informations as time pass by

For me it is a strange game to take control of the crypto market by the banks and brinhing all the crypto to the centralized authority which is a bank. Personally i do not support such a move but it may also result in boost in crypto market as the bank and its coin can prove to become a bridge in crypto and fiat.

The more stablecoins market has the better for us. Now we should spend at least 5% for fees to buy crypto with fiat. But if countries/central banks release national stablecoins there is a chance to reduce that fees to almost zero in case when there are zero fees to get in national stablecoin from fiat and zero fees to trade that stablecoin to any other crypto through any reliable exchange.

There was no a lot of differences between JPM and stable coin because it was using dollar to backed each of JPM coin and that should be the next stable coin dude. JP morgan CEO has known as the guy that always create a joke to attack crypto.

it's true that they were once critical of bitcoin, but I think everyone can change and we have to think positively that their coins will grow well and can increase the price of bitcoin.

I think the coins are only for the needs of their clients and are used to be able to move some large assets to many companies that work with banks through the blockchain network, rumors that these coins can break the price of $ 1 and may be stable like a dollar. prices are confirmed next in crypto dollars.

Great news. It will definitely boost the development of legal side and attract a lot of different institutional members to this area. It's much easier to go by somebody's trail rather than to be a pioneer in this really innovative and scary field. The crypto spring is not that far ;)

The JP morgan coin has nothing to do with the public cryptomarkets. They are adopting a private model where only JP morgan's institutional clients will be able to benefit from transacting with the coin. Even miners supposedly are going to be selected to verify transactions, that makes me think that they will adopt a pow work, but in reality I was expecting them to come up with a pos one. Just one thing is for sure, that money won't be seen in the public markets.

Jamie Dimond was so against bitcoin, that he decided not to miss the train and make his own coin.
I may assume that this coin will be used to send cheaper transaction and maybe with that to be able to invest somehow privately in different blockchain projects and buy current tokens.

JP coin is launched to increase efficiency of three of its operations. It will be used to facilitate international settlements between major corporations and reduce the days this often takes when using system like SWIFT. I think this is very good news as it should potentially encourage other leaders in banking and finance to use the benefits of crypto as a tool for speeding up transactions.

Agree, i think JPM coin will compete with XRP coin in banking industry. JP Morgan always attach crypto market with their statement but they have hidden agenda and take profits from crypto market situation. JP Morgan must be buying a lot bitcoin at cheap price

It is not available externally, so it is a centralized coin that will be used in the bank system
Probably to hasten transfer of funds within seconds instead of 3-5 days

Especially processing of checks I supoose

They can still be critical if bitcoin. Just because they have now a new transfer method that is going to be centralized doesn't really mean anything or have anything to do with bitcoin.

Source please

what kind of advantage of this coin? what the innovation behind of this coin?
is this Ethereum token (ERC-20) or it has own blockchain?

why did they want to create their own cryptocurrency? as far I know JP Morgan is one of the people who against cryptocurrency especially Bitcoin...

just another money grab, xrp is't enough anymore so additional junk is made

whatever it is and however it is going to be in the future we can be 100% sure about one thing: it will NOT be decentralized. so don't even think they are going to have even a small part of their project decentralized.

their whole campaign against bitcoin starting from 2016 was building up to this point where they basically say bitcoin (which is decentralized and out of their control) is bad and their shitcoin (which is in their full control) is good.
the reality is that they just created another centralized shitcoin but because they have a big name their coin will remain relevant for a while but the world is moving towards decentralization and their days are numbered.

to date, this news is very popular on the Internet, because everyone is now talking about this coin and that this coin will grow very much, there are several reasons , it is really the largest Bank about cryptocurrency in the past it has a history and good prospects in the future.

The news about the JPM coin started this bull run we have been in the last week, from saying Bitcoin was a scam in 2017 to start his own coin, JP Morgan understand money, so of course he want to take part in the crypto currencies world. I would not be surprised if JPM have used the 2018 bear market to get some Bitcoins.

Banks and decentralization doesn't go together in one sentence.
The moment JPM start promoting their coin in bitcointalk will be the moment I will leave this forum, but that probably won't happen. That is my opinion on their coin.

JP Morgan created new coin JPM coin, we will see how much interested by investor to buy and invest at JPM coin, how much their coin will sold out on ico time, will be investor buy all in of JPM coin or not, interested for waiting how this coin could be grow up or not.

I dont think JPMorgan create jpm coin to earn more money for it. They create it to be competitive with the current blockchain technology and its price is 1:1$ and it is a stable coin and available only internally so i think it could  not draw negative impact to crypto market as a whole since its price is fixed.

JPM coin is simply a coin used internally in JPMorgan's system, and it is only for large customers. That is, most of us will not have the opportunity to use it.

They are simply testing the functionality of blockchain and try the advantage of the system, if they prosper for sure it will make it quicker for them
to do transactions and the business will flow perfectly, it will affect cryptocurrency as it is a good way of advertising the chain, JP morgan would not
take the risk without studying the consequence.

Surely They have additional plan just in case things won't work right, but if this will bring them huge money the impact will also be felt around the crypto community.

The JP Morgan's new coin operates privately and will be used for money transfers between the lender and its clients.  According to the article, it would not operate on a public network in the same way that cryptocurrencies do.  All users of this coin must be approved by JP Morgan.

I don't get why would they need to have their own coins except for getting more funds or transfer/remittance money faster

But if thats the reason, they could just remitt with ripple, why their own coin hmm

We cannot be always that much of critical about cryptocurrency. The former critic of cryptocurrency is itself turning to digital currency, and it is good new for the entire world of cryptocurrency. We may see this attempt from a positive angle. Relevance and importance of cryptocurrency is increasing far and wide, and it will make its strongest presence across the world over time. 

They just understand that cryptocurrency threatens to their existence very much and they try to protect themselves

There will only be a digital currency that can benefit the bank itself and will not positively influence to the market. It is like another state that was set up at another planet. Anyway if it will have an effect, it will cause prices to fall.  :-\

As the news is circulation by JP Morgin,it will be centralize coin because banks will not allow to decentralization of JPM Coin.

If it's really that thing, then JPM is no more than a stable coin. What profit could we get from it unless it will be traded under a JPM market traded with a number of fluctuating crypto.

Actually, I was amazed when I heard of this. This is literally the first ever Crytpcurrency created by a banking institution. Somehow, it is securing to think that is created by a bank.
They are experimenting with the usage of blockchain for instant cross-border payments and the use for its corporate debt insurance business.

It's a stable coin according to the article I read, but if it will be traded in crypto like any other coins then it will still give a good effect to the market.
People would not enjoy it's volatility since it's a non volatile asset, but the new people it will bring to the market will give positive effect in terms of adoption.

How interested by investor at JP morgan coin, will be many investor make invest at their coin or not, we have wait how the future of JP morgan coin because we will see is profit for investing or not.

I think that's both 2. when JPM enters the crypto market, it will also have a lot of benefits because the trading volume of the crypto market is up to several billion dollars per day. that will increase their revenue further and they still have room for greed for some tax related things.
participating in the crypto market will bring many benefits to JPM.

I still think even though I hate ripple to my core this new blockchain method that JP Morgan will use is nothing better than ripple, they could have just went with ripple if the blockchain technology all they care about for their transactions. It would be cheaper and faster and would yield about the same result. Working on creating a system from ground up would be a lot more expensive and will come with a lot of troubles (bugs and glitches and so forth) that they will need to fix whereas ripple already figured those out and works perfectly.

Of course it will not be as simple as just building a blockchain and in the long run (lets say 20 years) they will say they are glad they switched but for now it is not a major news for bitcoin or crypto in general since its only on its baby steps, we need to see it work perfectly before we can say this is what blockchain can change even in huge companies.

Probably we will not see any decentralization as in the case of XRP and Stellar, this is another attempt to digitize the dollar. A completely useless coin for the crypto community, but without a doubt it will be in demand as a speculative tool.

AOL onboarded millions of Americans to the internet. Eventually people wanted more freedom and without the bloat (not so much these days, but I digress). Let JP Morgan, etc make it something that the consumer uses regularly, then they may come to appreciate the value of decentralized alternatives.

So it means to me, they are just taking advantage of JP Morgan's popularity. They might believe a lot of people will invest in them since JPM is an influential individual. I would like to say, we already have ripple with (I think) the same function.