JPM coin is still making headlines today.
Last week, the tech world was abuzz with an brand-new announcement that J.P. Morgan, a company headed by Jamie Dimon with his track record of anti-crypto statements, was launching its own coin called JPM Coin.
The stated purpose was to help with settlement efficiency.
J.P. Morgan also talked about in JPM coin as a ‘stablecoin’ that would bring stability to the crypto market.
As traders and others seek to fully ingest this information this Monday, there’s a big debate brewing about the nature of JPM Coin and how it changes crypto markets.
In a nutshell, the controversy has to do with decentralization.
The idea of cryptocurrency is inherently decentralized; crypto coins use a blockchain network in which consensus-based verification decentralizes control, so many experts feel that issuing bank backed or central bank backed cryptocurrencies really goes against the grain of what cryptocurrencies are supposed to be.
Crypto ground stated,
Rampant in crypto circles is the idea that coins that are not decentralized are kind of like “walled gardens” in the retail world – sponsored by a brand, controlled by that brand, limited by what that brand wants. It’s something that Ripple’s Brad Garlinghouse has really spoken out against as a leader of one of the front runners in cryptocurrency that is thoroughly universal and built for a global audience.
But not all of JPM coins critics are speaking from such high, lofty ideals.
Some of them feel like JPM Coin is a kind of “cheap plastic version” of a cryptocurrency – that it falls into the same bucket as some of the whimsical coins that are headed for the altcoin graveyard.
Perhaps the funniest example is this visual diagram tweeted by Jerry Brito on Thursday:
“If JPM Coin is a cryptocurrency, then so is Fortnite V-Bucks,” Brito wrote.
So what do you think? Is JPM Coin a “real” cryptocurrency? Keep an eye out – we’re going to follow this story, as our favorite math teacher used to say, “to the bitter end,” … and see where it takes us.
