Bitcoin Forum

The last couple of days the social media has been full with funny cartoons about the CEO of JPMorgan Jamie Dimon and the JPMorgan coin.

What will this mean for XRP?

JPM coin and the XRP are all the opposite of bitcoin and what we like about the new digital currency. It's another currency controlled by a group of few people (companies). Ripple has focused all it's efforts in cross border fast payment, offering an alternative to the swift system used by the banks. I don't want to focus this post on how much I don't like XRP, but rather how the new centralized JPM coin used on multi trillion dollar transaction will affect XRP. That's by far the biggest threat to XRP, more than the Bitcoin itself.

How will the banks adopt those coins?

Just JPMorgan itself does enough transactions each day ($5 trillion), and if I was a partner of JPMorgan I would have to use their service eventually. This takes out of the market a large portion of potential clients for XRP.
I'm not an expert on either cryptocurrency or banks but my guess is that this will have the following repercussions on each coin. The JPM coin will be adopted by the big banks doing multiple trillion transactions each day. The XRP will be used by the small medium banks.

Edit I found this article when the CEO of Ripple, Brad Garlinghouse responded to the JPM coin. https://cointelegraph.com/news/ripple-ceo-brad-garlinghouse-says-jpmorgan-coin-misses-the-point-of-crypto

But how will this affect XLM?

Jpm coin is nothing but a dollar backed stable coin and both ripple and stellar derive their price from the market based on the principles of demand and supply and also on usage and adoption so i do not think their is anything adverse coming for these two and i think it is just the fud that is being created which will clear soon.

Am not sure why xlm, stellar blockchain is dragged into this argument lol.

Ripple focuses on the banking sectors, and has its partners.
JPM coin is a private stable coin to be used only by the JPMorgan bank.

While XLM to my knowlegde, is a blockchain platform, that accepts smart contract creations publicly. anyone can use stellar blockchain.

JPM AND XRP are private coins i believe.

the ripple guys have always been trying to hide the fact that their coin is centralized and this is no exception either. that is exactly what he is trying to do in that article one more time but the world will not be fooled by their lies that is why the value of their useless token is this low despite all the money they spend on advertising it.

I think Ripple and all of us should have expected this, Pandora's box has long been open, the strongest will win.

I think that the competition will be serious, but generally there is a chance that the coin will generally not be implemented because this is a rumor.

JPM is not a competitor to ripple or stellar. JPM is just a centralized dollar backed crypto of one bank. It's one of the biggest banks on the planet earth, but still it's only one bank. Ripple aims to be a crypto for a network of banks. It's totally different thing. XRP and XLM will not die - I give you 1000% guarantee.

It's ironical to see people who opposed crypto a great deal from onset tagging it scam now trying to harness crypto. If the JPM stable coin sprouts, definitely it's going to be a direct challenge to XRP with regards cross boarder payments since it has very strong backings and it's a stable coin.

There's another option: each bank will eventually create their own blockchain and coin to make transactions.

This will be the most likely outcome in the long run, meaning that banks won't adopt Ripple since they'll have their own private system for transfers/payments instead of relying in a pseudo-decentralized system. Same goes for JPM Coin, banks will use their private stablecoins rather than this JPM Coin, I mean, why give JP Morgan more power when they have the manpower and resources to create their own coin?

I can't understand why everybody so worry about XRP and XLM. There are so huge forces between each of them so I doubt JRM is some kind of threat for them. Take it easy guys)

Why is it a threat?

Because JPMorgans targeted the same project as what XRP has and still not developing now!

It is not just about RIPPLE!

It is not all about them as there are some who has the same project in the community even they develop the project still JP is  nothing to be compared and its trillion worth.

will XRP die?
it may, slowly but will never happen in just a single snap as people still holding it and giving demands!

When you talk about competition to ripple,JPM is definitely not in the picture by a long mile,it may be doing things correctly little by little at the moment,but the ripple is by far ahead and more better than JPM. This is just a case if wrong and unsolicited information being spread to create a false impression in the hearts and heads of many

Both coins (XRP JPM) even cant named as CRYPTO, its just centralised fiat. Both coins are totally useless for cryptocurrency sphere.

I think other banks will follow JP coin in the future. It is just another stable coin and competition is good. JP coin will increase the awareness of crypto and could attract institutional investors to the crypto market which is positive for the mass adoption of cryptocurrencies.

This is going to end the Ripple hype, Ripple has been projected has a bank coin and when show comes to show, Ripple can't stand against JP Morgan in competition. What I am waiting for now is to see JPM Coin in work, until that I won't totally write off Ripple because the team too have come this far distance despite all the FUD it has suffered from the space, this is a new hurdle for them to cross and they need to manage this right

JPM coin is a threat to the Ripple's XRP? And that's it! It won't have any effect on stellar lumens,  XLM is based on the stellar DEX and stellar blockchain which has several tokens issued on it.

The only problem I can presume for ripple is when every banks decides to go the JPM way by creating their own stable coin

That could cause an unfounded panic for the ripple market

THE POINT is that zerp is also just centralized fiat.  And the REAL sharks just entered the tank.

Competition is always good. I wanna see now what the XRP guys are gonna do for their shitcoin.

I understand that XLM is decentralized, XRP is centralized while the new JPM coin is meant to be a stablecoin to be deploy only in the JPM banking system because he controls alot in the traditional banking sector already. Well, I still believe there's no need in talking about XLM with her own Blockchain to a stablecoin. Once thing I have always understand in the space is that some set of persons spread Fud to buy the dip and possibly make some Profits from it. This is exactly what is happening to XLM and XRP I think.

This is never a competition and I think it won't be. XRP is centralized as well as JPM coin will be also. So it is best we wait for what is to come. On the other hand, I believe XRP are ready to compete also if need be. But I don't think there will be any.

Tl;dr

Let's don't think that whenever there's a coin generated and backed up by a gov't or well known company, it's going to be a threat to a certain coin. And it's confusing that you are asking something has stable value with those that doesn't have.

Did they try to hide it, I can't remember it, because the fact that Ripple is a centralized coin, it has been said for several years. In principle, now it is difficult to find a coin that is not such and I think that JPM will not be an exception.

If you don't understand the global payments space than you won't understand how this is actually very positive for XRP.  XLM is irrelevant as they don't have a team able to build the necessary liquidity to process even micropayments consistently through any corridors without costly slippage.  What JPM is doing is simply creating some efficiencies within their own existing network.  But no competing bank will adopt it.  The only way a bank backed coin such as this is a threat to XRP is if you believe all global banks will agree on a single coin to use putting aside competitive and geopolitical differences.  Ripple is a centralized company however XRP and the XRP ledger are decentralized and permission less.  It's open and more decentralized than BTC or ETH while being the fastest and cheapest to use.  It was specifically designed to handle high-volume payments and the ecosystem continues to grow.  Currently its being used to send value across 44 currencies globally and liquidity is rising!  XRP will end up being the bridge asset between competing banks including central banks.  What these bank backed coins are doing is just creating more walled gardens and less efficiency amongst each other. 

JPM coin is going to be like Stable Coin in crypto man , like USDT & so on... that kin of coins which they claim to be = $1 in all market condition, like the real dollar.
It' not going to be for anyone, just letting you know, it' for major invetors in their banks, it's like a check or something like that that proves how worth REAL DOLLARS you have in JPM bank, that's all.
Nothing scary or threatening to crypto by JPM coin right now, but the good thing is that the biggest bank is using the crypto/blockchain technology which is a FREE marketing for this whole cryptosphere.

Good arguments and questions presented, but apparently many people use the BTC for another reason other than speed! I also don't think that the ambition of XRP is to make coin of all banks possible. Nor do I see any relevance to this JP Morgan project, except for the requirements and difficulties that this bank through governments cause in the cryptocurrencies. In fact, in my humble opinion, these things you mentioned is a very clear way of getting BTC of people out. However, XRP has strengthened a lot in recent years, this fight of coins banks will be interesting.

Lol JPM coin is a very shitty coins and cannot be compared to xrp and xlm. Xrp and xlm were both strong coins with more uses and more supporters. JPM is none other than a Big Shitcoin.

First they wanted to destroy bitcoin. Said bitcoin is scam.
Now they are creating their own alt coin. They are threat to no one, idea is to avoid banking system, so I will avoid their coin.

Why is ripple and stellar drag into this ? I thought JMP coin is a stable coin ? You can't compare them at all, JPM coin is backed by USD and ripple is based on the power of demand and supply

because all these coins are considered centralized shitcoins that only focus on being used by the banks in a centralized manner. so while the other two coins are created by small unknown groups of people who made some money from their shitcoin's premine, the JPM coin is coming from a gigantic bank with a strong roots so it basically can make those other centralized shitcoins obsolete.
not to mention that it is showing other banks how to make their own coin so they will dump any relationship they had with these coins and do exactly that.

JPM private copy of xrp database is just the beginning of the next wave of private centralized money grap operations.
Not just Banks every large corporation like   GMO, a Japanese IT giant  (https://www.blockchain24.co/stablecoin-in-japan/) Facebook, Apple....will partake, taking fools money.

JPM coin is another altcoin in the fray of the myriad that already exists. they all compete on an uneven ground. some have more funds than other but I dont believe any coin is a threat to other. A coin is a threat for itself if it cannot innovate. Ripple is bringing something most probably JPM coins doesnt have. They are now learning the very basis of how crypto works and how it can be implemented in the banking system. I think ripple has a fair advantage. It has experience and lot of endorsements already

Ripple and jpm coin are quite alike
Private and stable tokens for private use any where

But xlm is a Blockchain project that enables the creation of smart contracts for public private and general usage

They do not correlate I believe