JP Morgan just announced the creation of JPM Coin, a “digital coin designed to make instantaneous payments using blockchain technology”. Naturally, people are freaking out (myself included) over the announcement. But looking at it objectively, what does it mean for cryptocurrency, Bitcoin, Ethereum and Ripple?

#crypto #bitcoin #ripple

Read the official announcement: “J.P. Morgan Creates Digital Coin for Payments” https://www.jpmorgan.com/global/news/digital-coin-payments

** This is not financial advice and these are simply my own opinions, as such, this should not be treated as explicit financial, trading or otherwise investment advice. This is not explicit advice to buy these cryptos, do you own research.**

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30 replies
  1. JDAF
    JDAF says:

    How is this a competitor to XRP? XRP is open source and permissionless. Anyone can hold and transact using the XRP Ledger. If JPMcoin, HSBCcoin, CITicoin want to transact with each other, they will need a bridge asset! This actually makes the adoption process faster… As more banks create their own tokens, the more Fragmentated the payments space becomes…thus requiring a counterparty free asset to bridge the value.

    Reply
  2. Joel Hagen
    Joel Hagen says:

    I have to disagree about this going against XRP. Ripple and XRP can work with any corporate bank when JP Morgan will not be able to. If anything, it only hurts XRPs chances with JP Morgan. Not the million other banks on the planet. Not yet anyway but that could change.
    Understand that many people want nothing to do with having to build their own internal crypto currency. If this were the case they would not have used things like Swift.
    JPM has had to hire an entire staff just to manage 24/7 .Or you could just hire somebody like ripple, which at this point in time would be cheaper than anything any bank has ever used. And they watch everything for you. In the end, banks will do what is more cost-effective.

    Reply
  3. Joel Hagen
    Joel Hagen says:

    Been saying it since I found out what crypto currency was. This is why in the long term many crypto currency‘s will go down. Corporate structures such as JPM will just create their own. This is not something that you and I will use on a daily basis, but they will use it internally. Then they have no need for things like XRP, bitcoin, etc.
    I have always been a fan of the alts. I never invested in bitcoin. But the deeper I dig, the more research I do, if any crypto currency is to be used as an actual one world currency, I strongly believe bitcoin will be the one.
    Not now, not anytime soon, but in the years, and even decades to come. Most likely it will be the only one standing. So many layers are, and will be built on top of bitcoin to make it perfect over the years coming, there simply just won’t be a need for any other crypto.
    No I am not a bitcoin Maximalist or a bitcoin anything for that matter. I can only go by the research I do. It just makes sense.
    Until that time the good news is, we can still make a fortune in the alts.

    Reply
  4. DKong1026
    DKong1026 says:

    My thoughts? Jamie Dimon is sort of a hypocrite here, but this seems cool. Won't really affect the rest of the crypto space, but could shake up the bank-2-bank space.

    Reply
  5. jafar A
    jafar A says:

    & xrp maxims were making fun of people when they telling them that banks will never use xrp instead they will just test it and then create their own coins.

    That's exactly what happened, I am honestly feeling sad for xrp hodlers man but surprisingly the price not going down just like it was not going up for last last 6 months despite of tons of good news.

    Reply
  6. chet r
    chet r says:

    to think this is direct competition with xrp is pretty silly. this is an internal ledger, nothing more. its not highly liquid, nor traded between currencies or other banks. This is a low liquidity tether that has no purpose, is slow, expensive, built on a platform that has yet to scale, run by idiots that couldnt explain a hard fork if it was stuck in their ass. xrp is an open system, traded between individuals and banks in seconds for almost free, with over 150 exchanges providing instant liquidity for every currency in the world. Can you even make a comparison other than to say its related to banks? no you cant

    Reply
  7. chet r
    chet r says:

    its an INTERNAL settlement stable coin its retarded is what it is. wow good job guys now you can trust eachother more. This creates less liquidity and im sure it could be traded against xrp but really whats the point? This is like going back to conlonial america where every bank had its own coin. did that work out? nope.

    Reply
  8. Chris Tarpley
    Chris Tarpley says:

    I’m glad they are using the Ethereum blockchain. Eventually, when Ethereum fully matures, there will be a natural migration to the public blockchain either by JPM or their customers. Much like internet vs intranet. Could take a decade or two.

    Reply

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