JPM and company, including CEO Jaime Dimon, are getting some flack for their new company coin after publicly criticising Bitcoin. That’s how the Internet works I guess.
Of course, some don’t consider this a cryptocurrency since it’s not for the retail crowd, and only meant to be used the institutions working with JPM. It’s potentially a XRP killer, or at least that’s what the media is saying. And then others calling it a complete fraud:
But all that’s happening with JPM Coin, a stablecoin pegged to the dollar at a 1 to 1 ratio, is a client gives JPM a dollar, and JPM’s computer remembers it gave them a dollar and that they’re obligated to give it back when the customer wants to withdraw it.
That is literally exactly how things were at JPM before this so-called cryptocurrency. Clients would give them their money, and they’d give it back when the clients asked for it.
That’s just called banking.
That’s pretty funny. “That’s just called banking.”
Image from: