JP Morgan Chase & Co. announced on Thursday that it would be the first major institutional bank to release its own cryptoLight. His new JPM Coin is an almost shockingly powerless reaction to Bitcoin and other crypto-points from the largest US bank.
Jamie Dimon gets a new toy
Newsflash: Bitcoin Basher Jamie Dimon & JP Morgan just released their own crypto hit https  February 14, 2019
JP Morgan says you can now give them one dollar, and they will give you JPM Coin,
So they use JPM Coin to track how much money you've deposited and withdrawn.
The disturbing level of failure in this move is hard to overestimate.
It would be shocking, but for the fact that we have known for years that the head of institutional banking is about cryptolight, how to think of the crypto, the knowledge of the crypt that it suppresses, and what the world wants to think for Bitcoin. "We are excited about the technology that is at the core of Battleneck."
We are excited about such well-worn shawls as:
Which would have been like horse carts a hundred years ago, saying they were excited about some of the core technologies of these new unbranded wagons …
But not the horseless part.
And then the introduction of a new "car" on the market, which looks very much like a T model and copies some of its finer details. , but is attracted to horses. 19659002] The idea of JPM Coin as a currency is a scam
They call it a "chopping" of a coin, meaning buying a JPM coin from them and "paying off" means selling it back to the US Dollar.
It's almost too ridiculous to criticize convincingly.
First, you do nothing. This use, in this case, is in the sphere of a 100% fluff metaphor. When Bitcoin is inserted into your Bitcoin wallet, the fact that it has been transferred to your account is indelibly cut in those bits.
Once the transaction is cleared, it is irreversible. This is much more durable and invariably than a design printed in a metal blank with a coin and a press.
But all of this is happening with JPM Coin, a stable dollar-bound thread at a 1: 1 ratio if the client gives JPM a dollar, and JPM's computer remembers that he has given them a dollar and that they are obliged to return it when the customer wants to download it.
It's literally exactly how JPM has been up to the so-called crypto-wave. Customers will give them their money and return them when customers ask for it.
This is called only banking.
The only significant difference might be that they have developed some solutions for managing bills between accounts faster and can check faster for errors.
JPM Coin is Just JP Morgan Optimizing Your Database Software and Calling Crypto
This is 2019 and JP Morgan Chase and Co. that TARP saves money from computer software to improve its electronic record keeping
And has lively decided to transfer this as JPM Coin, a new "crypto-wave" brought to you by Jamie Dimon, the person he called Bitcoin scam.
The crypto community's response was fierce and cheerful, ranging from "nothing like Bitcoin" (MIT Technology Review) to "Not Even CryptoLive" (CCN), to the most popular 2019 money laundering mark: 19659024] The most popular money laundering brand this year will be JPM Coin
– Pomp @ (@APompliano) February 14, 2019
shots! <19459022] February 19, 2019
JPM Coin The committed financial fraudsman (19459020) @APompliano pic.twitter.com/SBeuy2h0T9 19659021] This tweed by Morgan Creek Capital's partner Anthony Pompiano is not a remarkable remark.
Although billionaire CEO Jamie Dimon said Bitcoin is a scam in September 2017, his company has paid billions and billions of dollars in what's amazing fines on the back compared to the amount of money, which are manipulated by JP Morgan for malicious purposes:
From 2010, Battle begins to circulate under Jamie Dimon JP Morgan Chase is accused of 48 different bank and financial frauds. $ 28,675,456,874.00 is the total amount paid only in the past 7 years in fines for ward slap by politicians whose cash is full of money.
Just to call it FraudCoin because the chances are
This is only a way for JP Morgan, who claims that her new bank token is designed for wholesale business-to-business commerce between her major clients, for to increase its reserves. with new JPM money created by nowhere and telling their clients: "Here, give us your money for these symbols." What is the convertibility of JPM Coin in Schrute Bucks?
Get out of here with the so-called "killer of battle", Jamie Dimon
The idea behind a stable thread is an exercise in meaninglessness.
As one of these absurdist koans thinks
The coin is attached to the value of something else.
Why not just hold something else that seems to always have the same value as a stabilcoin, but it's actually herself and not just something that can be extinguished for herself?
It's so funny because Dimon and similar institutional finances make fun of Bitcoin, comparing it to the Dutch Tulip Mania, claiming it's just a shared hallucination of one bigger fool after another of some value in something without intrinsic value.
Now they want the big players with a lot of money to buy their stable boiler, which they think is worth $ 1, but why is that worth it?  JPM Coin is so absurd that it's almost like a postmodern art project.
JP Morgan has just released a digital certificate that you can cash in for another digital certificate you have failed to pay for solids since Nixon was president.
Forget World War 3, nuclear Armageddon, zombie apocalypse, sea level rise, AI winter, gamma rays from space, or some kind of nanobiotic gray goo.
Is the real hictitious force that will overwhelm the world with the unbearable joy and terrible blindness of the dinosaur institutions that intertwine in our brave new world? Jamie Dimon Photo by AP Photo / Function Jacquelyn Martin