JP Morgan’s ‘JPM Coin’ Under Heavy Fire From All Corners

Since "JPM Coin" was announced by JPMorgan Chase on Thursday (February 14th), it has been attacked by a diverse range of critics. This article looks at some of more interesting things that have been said about "JPM Coin" on Twitter in the past couple of days.

Economists

Professor Nouriel Roubini (aka "Dr. Doom"):

In which way has the new alleged JPMorgan crypto coin anything to do with blockchain/crypto? It is private not public, permissioned not permissionless, based on trusted authorities verifying transaction not trustless, centralized not decentralized. Calling it crypto is a joke— Nouriel Roubini (@Nouriel) February 14, 2019

Naturally, many Bitcoiners, who are generally not known to be great fans of Roubini, loved this comment. One of the more interesting replies to the above tweet came from Alena Vranova, Head of Strategy at Casa:

You're becoming a true Bitcoiner @Nouriel ???? Great to see you pointing out a scamcoin.— Alena Vranova (@AlenaSatoshi) February 15, 2019

J.P. Koning:

I don't get it. One stated advantage of JPM Coin—which is for clients only—is that it obviates wire transfers: https://t.co/JbixsvoPM5 But JP Morgan clients don't need a central bank wire service to move value between each other anyways. So how does JPM Coin help? pic.twitter.com/rLNiz0XLEL— JP Koning (@jp_koning) February 15, 2019

Crypto Miners

JP Morgan entry into crypto is simply the signs of an old centralized cartel trying to stay alive in an ever decentralizing world. How long before their clients realize exchange value without a "trusted" third party? https://t.co/BHc0EsOnfb— Boxmining (@boxmining) February 16, 2019

Crypto Investment Managers

Anthony Pompliano (aka "Pomp"):

J.P. Morgan is launching a stablecoin. Soon every bank will issue one as well.Closed systems for the world’s elite will always be beaten by open systems built for the common person.Long Bitcoin, Short the Bankers!— Pomp ???? (@APompliano) February 14, 2019

The most popular token for money laundering this year will be JPM Coin— Pomp ???? (@APompliano) February 14, 2019

Crypto Pioneers

Nick Szabo:

Correct. JPM Coin and its near-twin the Petro lack the predominant source of value that distinguishes cryptocurrencies from bank money: trust minimization. https://t.co/5Xfq9B5I65— Nick Szabo ???? (@NickSzabo4) February 15, 2019

Crypto Advocates

Jerry Brito:

If JPM Coin is a cryptocurrency, then so is Fortnite V-Bucks.— Jerry Brito (@jerrybrito) February 14, 2019

pic.twitter.com/k4CgHMe3GV— Jerry Brito (@jerrybrito) February 14, 2019

People Who Claim to Have Invented Bitcoin

Dr. Craig Steven Wright:

HeyJP Morgan...Patent 32.DFAsOh, you did not check?I have patents on what you want to do.Have a nice life.— Dr Craig S Wright (@ProfFaustus) February 14, 2019

 

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