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JPM coin would not be competing with any cryptocurrency, claims Andreas Antonopoulos

Biraajmaan Tamuly

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JPM coin would not be competing with any cryptocurrencies, claims Andreas Antonopoulos
Source: Pixabay

In the latest segment of Let’s Talk Bitcoin, Bitcoin proponent Andreas Antonopoulos openly criticized the functionality and idea of JPM Coin.

JP Morgan recently became the first US bank in history to create and test a virtual coin which represents a fiat currency. The JPM coin utilizes blockchain technology to enable instantaneous transfer of payments between clients and institutional accounts.

Andreas indicated that the JP Morgan coin was trademarked to work under a blockchain, which did not resemble an actual blockchain’s functionality. He termed the blockchain as an “SQL database”. He commented that it was a means to implement a sturdy database using over-engineered technology.

He stated,

 “That’s not a blockchain, that’s a sequence of poor engineering decisions!”

He termed stablecoins as “ridiculous” and mentioned the impending Facebook Coin.

“We’re going to see these types of corporate coins emerge, and they’re going to use words like “blockchain”, but effectively what these are, is centralized, custodial counterparty risk-laden, slowly inflating into shit value, pegged to the unstable debt-ridden U.S. dollar, and backed by the full faith in credit and the biggest crooks in history who run Wall Street.”

Andreas added the impending Facebook Coin to the list and explained that the use of terms like “blockchain” was wrong as they effectively were centralized, custodial counterplay risk-laden, slow inflation into the poor return of value, and pegged to the unstable debt-ridden US dollar.

He stated that such stablecoins were a waste of time. It would not be competing with any cryptocurrency, but it would compete with the likes of Paypal and Venmo, he added.



Moreover, Andreas pointed out that JPM’s coin would not compete well once Facebook launches its token, associating it to Facebook’s extreme social media reach.

Andreas Antonopoulos stated,

“I am not worried at all about crypto because crypto serves an entirely different purpose. It serves the purpose of independent, decentralized, censorship-resistant, borderless, world currency that is not controlled by a single company. They cannot compete.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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