Bitcoin Forum

Before they said this they were speaking that Bitcoin and everything related to crypto is fraud, now they say this "Cryptocurrency was supposed to replace banks in the long run".  Never liked the at all but This could influence in current price on market, they are good on what they do after. Or this could be some marketing trick for JPM for there own blockchain platform. As they say it will be backed up with diamond and gold but if will be only for business customers.

Not many lines or articles are online for the moment but hopefully it will be in next few hours or days.

Where did you get that from?

Not that I assert they couldn't do that (technically speaking), I just don't see any sense in this effort. If they wanted to create private money (which as I suspect would be outright illegal in most jurisdictions around the world) backed up by hard assets like gold, diamonds or whatever, they could just go with receipts or certificates. But in that case they don't need the blockchain technologies as such. So what's the point? Are they riding the buzz or what?

Actually we have too many threads about this, if you have seen those threads on Press you don't need to create this one.

(https://bitcointalk.org/index.php?topic=5110848.0)
(https://bitcointalk.org/index.php?topic=5112753.0)

Finally, after making a story of claiming that he is Satoshi finally show the real colors of making a scene.
This is what I'm talking about why he keeps claiming without valid proof to show to the people.

Reading that article makes me laugh because i don't know if it is real or nah, they were just part of it trying to catch someone's attention again. lol

Guess it's settled that it's no crypto but more like their own internal blockchain. Not surprised that they saw the benefit. Still pretty hilarious after all this guy said to diss bitcoin and cryptos in general.

No they are just trying to get the transactions cheaper.

Right now, they are not looking for cryptocurrency, they are working on a blockchain project simply because they want to send and receive money for cheaper than what they are doing right now.

That means they will not create something that is backed by something, no they are going to build a blockchain that would allow them to move their money around faster and cheaper than the options they have right now.

That is exactly the reason why bitcoin was started, so that people could have money that belongs to them and can't be controlled by others, JP Morgan just wants that same system but only for their own company so a smaller version of it. It is not the perfect idea but its still better than the current system in place.

i seriously doubt that it has anything to do with what you just said here. of course it may be one of the hundreds of reasons that they did this but it certainly is not the main or among the biggest reasons.

i believe that the main reason they did this was because they didn't want to fall behind from the evolution that is currently going on. every real expert out there has already pointed out that bitcoin is growing and in the future it has a good chance of becoming a widely used currency. so any bank that starts getting involved with the "technology" even as a competitor would be 100 steps ahead of the rest of the banks in a couple of years that bitcoin grows and puts most of them out of business.

Even Google is working on making their own private blockchain buddy. We will not agree and accept anyone fame person words as it is! Finally now there are in launching the JPM coin it is really does not require here in this industry. There are many emergence people who are all here to lead the crypto world.

If many number of boycott his coin and his crypto based projects then again he will be sharing the critics about the bitcoin and etc. We need to ignore and never mind about them.

Could you explain how it is going to work out in practice?

After all, Bitcoin has been around for over 10 years, and I guess this is sufficient amount of time to understand the technology. In other words, if it could actually contribute to make any transactions faster and cheaper (in case you refer to fiat transactions), that would have been done long ago already

Bitcoin is decentralized money while fiat is centralized one, and whenever trust is not an issue, fiat will beat cryptocurrencies in terms of efficiency. When two parties trust each other, they don't need the network to confirm their transactions as these will be considered "confirmed" once they have been made (i.e. reported as made)

We understand what are they gonna create and how it is similar to cryptocurrency. The only purpose for creating new digital coins after changing so many ideas can be to earn more money. As you said, it will be backed up with valuable something and will avaible for ''biggers''. Anyway I do not think it has a similarity with crypto.

JPMorgan it's launching it's own cryptocurrency but as far as the information in the press says, it is going to be different from bitcoin or other coins. That's because JPMorgan's coin will be running on its own blockchain, meaning the creator will have full control over it and not everyone will be able to use it.

I don't like this company and I don't trust them. They did what they could to push the prices down, and now they decided to benefit from blockchain, attempt to compete with unregulated true cryptos (I hope theirs fails regardless to their regulations) and even take the credit for pulling up the prices (see https://bitcointalk.org/index.php?topic=5112491)!
Well, I am on the opposite pretty sure that's the main reason. Why? Because others have been doing it as well (I can't find the examples of the banks, even though I remember reading articles about them before, but here are some general articles on this matter: https://www.bookingbug.com/blog/what-blockchain-will-mean-for-banks/, https://hackernoon.com/how-blockchain-is-changing-money-transfers-e9cb85e94932 ), and because the banking international fees are really significant, so reducing them is certainly among priorities.

We all know for a long time that JPMorgan lied from the beginning. All banksters hate cryptocurrency, because there is no need for a trusted third party - so banks. JPMorgan are hypocrites who want to create a fake coin - something similar to a ripple, so it will only be their toy for speculation, nothing more.

Yes right, I am increasingly convinced that JPM coin is not a Cryptocurrency but only a Shitcoin created by people who only want to make fake coins, because a lot of the information I read in the article about JPM coin is only Shitcoin.

Well said!

JP morgan had made some positive and negative inputs to Bitcoin and with that it would really be hard for us to believe on the things they would try to introduce and
now they are creating their own coin which i do believe and see that it would really be just similar to XRP. We might say that this coin might not get any interest but would possible
to reach up the same reputation or ranking with XRP.Who knows.?

The creation of the coin is indeed good while being able to promote blockchain can also have an impact on crypto, even though it was pessimistic. The use of JPM is limited so that it will only provide space for the community. We will see the development of JPM and will they be able to achieve their goals?

@Farahtenan I'm not sure they're really using blockchain, or even if they did it's maybe a private blockchain. That doesn't bring anything good for the market except probably fueling another speculative sentiment. Anyway, I no longer trust JPMorgan.

And they were among those who criticized crypto to extend they can. Soon you will find Warren Buffet will go after investing huge in btc. He was also major criticizer of cryptos.

It’s true, they’ve said so much at first and made many criticizations. I find it ironic that they’ve decided to adopt the technology. But it’s no surprise since blockchain technology really is remarkable. I guess at first they made such comments so that in the public they would like they were right and superior. So that crypto won’t be a threat to them, they have done such actions. Everything’s probably just a publicity act.

JPM, which was initially very sensitive to crypto, but finally launched crypto tokens, JPM Coin was only for the community and it was very limited, while Crypto gave free space to anyone who participated in crypto technology. I also don't believe in JPM, all of this doesn't seem to stand long.

Yes this is something that they are manipulation all this time. They are bankers after all, and as such they are responsible for all cash and cash equivalents in the bank. This is something they planned I presume and think it will be very bad for someone, last time they said we are all cons, I can wait to see what will be now.

Probably that will be happened manipulating the price between cryptocurrency and the fiat in the bank because as what they have to say on their platform they have to a role and act as a middleman on the blockchain transactions. Because there are a bunch of uses for the blockchain technology that they think JPMorgan will be used. But I smell there's another plan that they want, let see what possible effect the price on Bitcoin.

I can't quite understand! Why is JP Morgan doing such a thing? Haven't them ever criticized Bitcoin and its derivatives? I can't really understand.

No, you don't understand

But what you should understand is that what someone from JPMorgan says (read, Jamie Dimon says) is not equal to what JPMorgan itself might say. In this manner, it is totally possible for Jamie Dimon to sincerely hate Bitcoin while JPMorgan as a whole fervently love it (and vice versa)

Whatsmore, it is not uncommon to see people and institutions alike say one thing and then do a completely different thing (and behave like they didn't do or say anything at all soon afterwards). It is called double-speak preceded by double-think and followed by double-play applied to the world of finance. Get used to it

You mean you don't understand why Jamie Dimon attacks bitcoin before? Then you have to read this:

https://www.crowdfundinsider.com/2017/09/121931-jpmorgan-chase-buying-bitcoin-jamie-dimon-calling-fraud/

I don't know what others is thinking, but as far as I know this can't be called as crypto, and besides they are going to used them them for some settlements, meaning its just within their border. So this is just a private token for their own used only.

JPMorgan launching own their own coin is supposed to be the centralised coin for their commercial banking use but in other sense it is good sense big financial institution entering into cryptocurrency industry

In the end all big players will get into crypto, it's a question of time. Yes they will be centralized, probably something like stable coins, with controlled supply, they are big company they will pay for the best, and I don't doubt that some people will like jp Morgan coin. But I'm not one of them, I hope that people will have power to choose Dapps over centralised projects, I think better future for entire world is behind Dapps. Jp Morgan is just one corporation that is richer every year, where directors make millions while some people don't have nothing to eat. It's time for this corporations to disappear.

Yes, it will be more centralized but it can help their system to improve. I think a big company like this can gain much attention and this is a great sign for the market to pump. JPMorgan was against cryptocurrency before, but time has come for them to realize it and its good if they will create a great coins.

We have wait about how many investor are interested with JP morgan coin, will be sold out at ICO time or not and checking how their coin condition after selling and open on market, based on ICO price or not,

If am not mistaken, I read somewhere that JP morgans coin can only be referred to be a digital currency but  far from being a cryptocurency. Also, learnt that the coin only operates privately and is only used for money transfers between the lender and its clients and so in this case it would not operate on a public network the way bitcoin or ethereum do.

My confusion now is what is even the difference between a digital currency and cryptocurrency? If this coin have passed for digital current don’t or can’t we say it’s really now a cryptocurency?

Any cryptocurrency is digital by definition, but it doesn't mean that all digital currencies are cryptocurrencies. Here's an analogy. Apples are fruit but not all fruit are apples. Crypto in cryptocurrency refers to the use of public-key cryptography (aka asymmetric cryptography), so if a digital currency doesn't use this kind of cryptography, it cannot be legitimately called a cryptocurrency

If anyone has a different view on this matter, you are welcome to give your perspective

I don't get it why people have become so obsessed with this news.
JP Coin will be a coin that will help the internal processes of the organization and just that. It will not interact or have all the features that bitcoin has. It is like that people got excited when fortnite game released the V-Bucks feature...

We will see JP coin travel, I think it is not as easy as in words and requires a lot of support for its progress.
Until how much JP coin is valued if it is entered in exchange, as high as bitcoin or ethereum?

   Rosmerius you are right, we will see what will they do. They are strong company and this is not a surprise for me. You will see
very soon some other big companies doing the same, making their own coin or token.
   Nobody can speak about collision between their coin and centralized and decentralized exchanges. This is new for everyone,
we will have to wait and see. I think that some will support them and some will not, like it always happen in crypto-world.

No idea how far its true. But yes, expect a popular bank getting into crypto with their own crypto currency. What is their mission behind? All would the business and revenue behind. As crypto market is enlarging, banking sectors are getting into crypto with much care. Good to see a positive move towards crypto from banks.

Personally dont like the idea. But they sure want to take this market to control. And from some reading various texts online, name not necessary mean that coin will be success. If he comes out and it will cuz they are currently testing it dont think that will be close to let say litecoin price that is around 45 dollar or coin similar in price like Monero. Think they are hopping to much for this.

I like the idea JP Morgan creating their own coin. More reputable company creating their own cryptocurrency, more attractive cryptocurrency market. More reputable finance industry jump on this market, will increase investor confident and i think i like it

I do not trust JPMorgan even a bit. So, what if they are coming out with their own cryptocurrency? I am pretty sure they are doing it just to spite XRP. Not that I am a fan of XRP, but oh well.

Although they had not made a reverse comment for the technology before, they had made negative comments for Bitcoin. Of course, there was not a long process after this interpretation and they decided to use this system in terms of both speed and economy. Although it is a decision that has no effect for the market at first, we will surely see its various effects in the market in the coming periods. We are the investors of crypto, although J.P. Although we don't like Morgan, there is a real deal in the world markets where there is a serious market share and trading volume.

From 2017 until now, as I can see all activities of JPM alway bring bad effect to crypto market especially when CEO of JPM said that Bitcoin is just shit, a scam thing. After that announcement, I stop believing in JPM. It'll be the same this time, I don't care if they're going to run their own crypto or not, as long as it'll not bring bad effect to crypto market ;).

Have in mind that this is not a typical crypto currency. I wouldn't call it a currency at all. They are issuing a closed, private blockchain that has nothing to do with bitcoins and other alts. It's basically just the technology they used for internal transactions, settlements etc.

A good article explaining difference between private, closed etc.: https://medium.com/coinmonks/public-vs-private-blockchain-in-a-nutshell-c9fe284fa39f (https://medium.com/coinmonks/public-vs-private-blockchain-in-a-nutshell-c9fe284fa39f)

They even said that it's going to be used by consumers one day.

I guess his users are going to be their customers who have been using their banking service in the past years. But in reality, crypto people doesn't like him because of the statements he made about bitcoin.

I hope it's mineable and not some generic premined shitcoin again. XRP are highly regulated crypto, and it's also what the liberals capitalism anarchist love a lot, they can control the XRP as easy as controlling Elon Musk Twitter account.

Backed up with diamond and gold or whatever, controlled or centralized cyrptos will be worst, the own blockchain will kill the concept of cryptos. I hope it will not going to capture public attention.

I don't appreciate the idea and specially this one.

JPMorgan coin.....they will return buying Bitcoin later on.

They will learn it the hard way like many others ;)