Jamie Dimon On Libra: ‘A Neat Idea That Will Never Happen’

[CryptoBry]

Essentially, this is a matter of JPM Coin vs. Libra because while the man doused some ice-cold water on the Libra project he at the same time promoted his own firm's native coin. He must be a marketing "genius"...getting free promotions for his own "cryptocurrency" by just commenting on something. Okay, I am just kidding on that genius comment.

JPMorgan Chase CEO Jamie Dimon has said that Facebook’s not-yet-released Libra stablecoin is “a neat idea that will never happen.” Dimon delivered his comments during a speech at the Institute of International Finance conference on Friday, BNN Bloomberg reported on Oct. 18. Dimon said that the idea behind Libra is not unique and further turned the conversation to his company’s own stablecoin, JPM Coin, revealing that JPMorgan is spending over $11 billion on technological developments this year.

Dimon thus cemented his previous statements about Facebook’s coin, when he claimed that Libra does not pose a threat in the foreseeable future. Dimon specified at the time that “to put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.

Read more of this topic here...

I guess we have to accept that sooner or later we can experience a big avalanche of may forms, sizes and types of centralized cryptocurrencies. Are you then convinced that JPM Coin is a lot better than Libra or are they just two birds of the same feather and flocking (even laughing) together?

[Tipstar]

He's correct. Facebook is a profit oriented company. It has it's investors/share holders to please. It has a well established market based on advertisement. It won't be able to lose any large market just to satisfy it's plan to issue a cryptocurrency. It's a nice plan but if it is going to hurt the economics of Facebook, they'll abandon it.

[pishite]

Of course he is right, but he wants to make his own currency to control it himself, as for me he just wants to take the place of Libra.
We need an independent currency that will be controlled by the community, but not by corporations.

[bryant.coleman]

Oh here is Jamie "Demon".. the same guy who crashed the Bitcoin prices not once but twice, so that his daughter could purchase some BTC at dirt cheap rates. I am glad that now he has started to target other assets after targeting Bitcoin. But he is right this time. Under current political set up, I don't think that Libra will get approved by the governments. This was clear from the senate hearings, in which David Marcus of Facebook represented Libra. For example, the senators wanted Libra to freeze funds if suspicious activity is identified. But Marcus answered like this:

Senator Menendez asked if the Libra Association would freeze the assets if terrorist organizations were identified. Marcus said that Calibra and other custodial wallets that actually hold users’ Libra could do that, and that regulated off-ramps could block them from converting Libra into fiat. But this answer underscores that there may be no way for the Libra Association to stop transfers between terrorists’ non-custodial wallets, especially if local governments where those terrorists operate don’t step in.

[ecnalubma]

The king of FUD strikes again, everytime this person speaks expect an equivalent money to it. Its clear that everytime he opens his mouth its always for the benefit of his company, maybe he doesn't like Facebook's participation in blockchain space that poses threat to their JPMcoin thats why hes throwing disparage.   

[CjMapope]

Damn, Jamie Dimon is a shittalker but i actually agree with him on this mostly
i was basically telling people the same thing, i think it was just facebook desperately trying to get some money in the ICO race before it imploded
they were like 2 years too late tho and are under too much scrutiny as they have been selling us out, so it got killed in the womb lol
fail