Introducing The Block Genesis | Wall Street analysts throw cold water on J.P.Morgan’s ‘cryptocurrency’
|Feb 18||Public post|
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“It [JPMCoin] is far from fulfilling the promise of creating an ecosystem whereby all participants can utilize a universally accepted and redeemable digital currency. Instead, it is a mechanism where JPM will redeem a token that it issues on its platform only.” — Will Martino, CEO Kadena
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Wall Street analysts throw cold water on J.P.Morgan’s ‘cryptocurrency’
J.P.Morgan sent ripples through the blockchain world when it announced the launch of its own “cryptocurrency,” dubbed JPMCoin.
The bank, which is led by bitcoin basher Jamie Dimon, has long been involved in the blockchain market, but the announcement of JPMCoin is arguably one of the most notable moves by a Wall Street bank into the nascent digital assets market to date. The new crypto, unlike bitcoin, won’t be accessible to the public to trade, rather it will be used to settle a tiny fraction of JPM’s cross-border payments with clients. — More
Ethereum is a ‘poor copy’ of bitcoin, Craig Wright claims in his CFTC response
Craig Wright, nChain’s chief scientist, has criticised ethereum, calling it “a poorly designed copy of bitcoin,” in a response to U.S. Commodity Futures Trading Commission’s request for input on crypto asset mechanics and markets. He drew a distinction between bitcoin and ether-based technology, claiming their design is different and that only bitcoin does not possess self-imposed limitations. He posited ethereum “has already reached its computational limits” and is not a scalable technology. — More
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