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JPMorgan Chase Announces JPM Coin, Becomes First Big US Bank With Own Cryptocurrency (fortune.com)
J.P. Morgan Chase CEO Jamie Dimon called bitcoin a fraud in September 2017 and said, "You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart." By January 2018 he had walked the remarks back but said he still was "not interested that much in the subject at all." In February 2018, J.P. Morgan called cryptocurrencies "risk factors" to its business, something it never previously said. And now J.P. Morgan has become the first U.S. bank to offer its own cryptocurrency. From a report: But don't expect it to become an investment vehicle -- at least for now. The cryptocurrency, called "JPM Coin," is intended for the bank's wholesale payments business that moves $6 trillion around the world daily. As long-time former banker and now cryptocurrency industry figure Alan Silbert said of Dimon in a January 2018 tweet, "Backpedaling is the first step in the program towards walking the path."
to the encrypted laptop that contains all the data.
I've seen this show.
W..w..W - Willy Waterloo washes Warren Wiggins who is washing Waldo Woo.
it's finally here.
This sounds like it is just a ledger method to keep track of balance transfers within the business, so not really a currency at all.
12:50 - press return.
Anyone want to run a book on just how long JPMCoin is a thing?
...these our actors, As I foretold you, were all spirits and Are melted into air, into thin air...
That's why you diversify your "investment" with other cryptocurrencies. Like back in the tulip bulb craze, the smart ones diversified with different tulip bulbs and they made out .... never mind.
My take is that IBM is pushing hard to get blockchain working and is really running this. They think that it's a viable product even if it isn't.
Never underestimate the power of a golf game in getting stupid stuff implemented.
All criminals love this shit.
This is the 1st U.S. bank that willl try to replace U.S. dollars with crypto coins.
Fuck JP Morgan and all those 1% cunts.
It will be an offer for special customers
There are over 200 actual banks using Ripple right now. Ripple is owned by Santander bank.
"Look people! Big banks started to create their own cryptocurrencies! It is only a matter of time for all big banks & Wall Street & whole public (of whole world) to start investing all their (life) savings in Bitcoin!!!"
@HODLers:
Bitcoin & all its cryptocurrency offsprings are dying!
They are all just a global internet scam!
Stop listening to cryptocurrency shills everywhere & SELL ASAP (unless you want to lose all your cryptocurrency investments completely)!!!
That explains why some guys I saw at lunch were so pissed. Many people for over a year have said: "Any organization that attempts to force the use of a crypto currency is mandating a military response upon itself. A Crypto currency is the single biggest threat to freedom the world has ever known, which could in effect completely nullify the U.S. Constitution; it's far too much power in far too few hands."
The banks have already proven to be untrustworthy
I haven't yet found any strip clubs that accept cryptocurrency!
I've abandoned my search for truth; now I'm just looking for some useful delusions.
A ledger of my purchases and transactions is none of their business. There is no reason to link a ledger to any currency except to use it to control people, and we have had quite enough of that thank you very much.
Crypto currency is a trap being staged by the NWO. If Hitler had crypto currency technology, there wouldn't be a jew left alive in Europe.
If Pol-pot came to power today and he decided you and your children had to die, you wouldn't be able to buy gas, food, shelter, medicine, guns or ammo. As soon as you stopped at Gas station #27, the ledger will show where you are at. not only would you have to worry about a bunch of stormtroopers showing up, but the purchase would simply be denied.
Many will argue that the government and central banks can't read the ledger of bitcoin. But they will be able to read the ledger of Fedcoin, or Phoenix, whatever the official one ends up being. As for the rest, the banks will simply be directed to not accept bitcoin, and then the walmarts will no longer accept it, nor will the gas stations, etc. etc. And the other crypto's will have government goons show up and point guns at them to arrest them and seize control.
There are some indications that Bitcoin was made by the Federal Reserve. We can't truely verify who created it, so it could be them, completely under fed control already.
Stay away from ALL crypto currencies, or the central bankers will have so much power over you that the ENTIRE U.S. Constitution will in effect be null and void.
The cryptocurrency, called "JPM Coin," is intended for the bank's wholesale payments business that moves $6 trillion around the world daily.
So it's more like how regular people actually use money -- to buy groceries, pay your friend back for the clubbing night, etc., and not as its own investment vehicle. Except it's, uh 3 6 9, about 10-11 orders of magnitude larger. How adorable.
I hope it does not end up being a subprime cryptocurrency.
Perfect! We can get settled in to dogecoin and add JPM coin to the mix.
JP Morgan: Because if you're going to print money, why not leave it to the experts.
One of our competitors trademarked the term "hypothesis". From now on, we will call them "boneheaded ideas".
This is basically their in-house version of XRP, which was developed with the sole purpose of laundering money around international transfer laws. Since it is not really money, it is not governed by those international laws.
One thing that remains true is that cryptocurrency is a tool of criminals.
When the big boys get involved in something, you know it's time to get out. They have the resources(bought politicians, computing power, brain power) to fleece everyone.
Nothing to see here, move along please.
Smear them with your shit
Requiem for the American Dream
One possible motivation for setting up a network like this is to transfer value between foreign branches without having to go through the traditional SWIFT networks or other formal international exchange methods, electronic or otherwise. How might this be useful? I can think of a few benefits:
1. Transactions can be made without actually converting currencies. The transaction is converted into "JPM Coins" from the local currency in country A and "JPM Coins" in country B are converted to that local currency in the destination country. This allows for the possibility that the conversion is made at rates other than those officially sanctioned. In this respect it would be similar to the Islamic practice of Hawala which also bypasses the banking system.
2. Transactions could be routed around sanctions by avoiding direct conversions between say US dollars and banned local currencies, especially if foreign institutions acquire their own supply of "JPM Coins".
3. Transactions in "JPM Coins" could also potentially be used to bypass taxes, dodge capital controls or avoid fees associated with more traditional money transfer systems.
There may be other benefits as well, but that's what I could think of on a first pass.