CNBC: It is official, Bitcoin is useless now that we have JPM Coin
I just came across this fun tweet showing how CNBC argues that the newly released Stablecoin from JPM is going to render bitcoins value prop useless. Here is the tweet, check it out: https://twitter.com/MediumSqueeze/status/1096085659800997891
Essentially CNBC believes that bitcoin is valuable because it makes it easy to transact with it and since this can be done internally by a bank now it makes it useless.
It made me chuckle.
I wonder if these guys really believe what they are saying or is this false information that is pushed onto the market....
who knows, I don't think it matters. Bitcoin does have to realize its value and if it does eventually most people will understand its value prob as well.
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Wait until they start restricting transfers and withdrawals to maintain control of the crypto; the peg may not even hold as it will not offer any advantage over a fiat money market fund.
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They are no match for bitcoin. Never will...Just reptiles still breathing...
Isn't that a stable coin that is pegged at $1? I don't see how it could possibly affect the value of Bitcoin.
Well you apparently understand this better than CNBC
Well simple, to get Jp coin you could get it trought Bitcoin, and even if your not people will start to view Bitcoin more often and that increase the chances that more investors comes around
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Centralized cryptocurrency makes zero sense. A blockchain with the block production controlled by a single entity is just a waste of resources.
It may make sense internally if it allows them to manage their ledgers better, but overall I agree with you.
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I guess to them JPM seems way more trusty than that shadowy Satoshi figure. From my understanding this is more of a payment system like swift than a cryptocurrency and may impact ripple and possibly xrp for those still confused. If it goes retail level maybe paypal will take a hit and cryptocurrencies could suffer. In anycase nodes will be controlled by the banking cartel and it will allow Tron Eos and Xrp to brag about how decentralized they are.
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I think this is literally just an internal project for internal JPM transaction that are international.
Just like you as soon as I saw the title I laughed.
Then, when I realized it was you that posted this on Steemit I had to join the party and read more about this joke :D
I stay out of media and politics as much as possible because of this. These are journalists and unless they are making documentaries and investigative reporting, these guys are there to get the clicks and views. Basically it's reality TV with less acting and less drama.