Breaking News | Is JP Morgan Launching Their Own Cryptocurrency?

what's going on everyone my name is Nicolas Merton here at data' – in today's february 14th of 2019 well folks I hope you are having a great day wherever you are and just when I thought I had covered all of the important news for the day for cryptocurrencies this piece of news comes out that JP Morgan one of the largest banks in the world is creating its own cryptocurrency now there are some positives to this and some actual interesting factors but at the same time I think there's gonna be a lot of hype and fluff and the clickbait headlines are already out there so I want to go ahead and kind of dispel some of the hype and really kind of given understanding as to what this is with what we've got to work with so I'll keep it quite short so basically the first point I want to get across is cutting out some of the hype a lot of people see this as a huge sense of hypocrisy o JP Morgan the the company that's been headed up by Jamie Dimon who's been absolutely critical on Bitcoin and crypto currencies even having some sense of legitimacy now creating their own well this isn't so much a crypto currencies such as Bitcoin or – or litecoin you know some kind of peer-to-peer digital currency that anyone can use without the trust of third parties JP Morgan coin the cryptocurrency they're creating is actually more towards a distributed ledger in this case that's going to be used for a variety of institutional financial services this is not a crypto that you and I will be able to own it's something that will be used by broker dealers people who deal with large monetary transactions in the financial system so let's go ahead and talk about what this is all about again the major point here I want to emphasize again is that we will not be able to use this as isn't like Bitcoin it's not an ICO it's something they're severally experimenting with and generating is a way to do basically digital accounting for a variety of services so what are those let's go ahead and talk about them well they're very similar to the services that we've seen in projects like ripple that have actually been trying to remove a lot of the inefficiencies in the banking system and this has to do with things for example like international payments for large corporate clients huge saying there's trillions of dollars they get wide around the world not just in you know the global remittance market is hundreds of billions of dollars for average everyday people but for businesses and banks there are trillions of dollars that get moved around yearly basis of capital so and this is kind of you know again attempting to provide an alternative to the Swift system something that can settle much quicker as well as kind of getting into the space as well of using blockchain to remove at least some factors of trust in this case but again you're probably still dealing with the select few corporate entities like you are in the the ripple Network in this case again people who are trust in banks or actors in this case so there is still really a trusted third party it's not like Bitcoin where you have miners with an economic incentive not to want to attack the network a second thing here is for securities transactions so back in April of this year JP Morgan had tested a debt issuance on the blockchain of 150 million dollars for a Canadian bank and it looks like they're going to take this model further so instead of doing debt issuances and traditional systems they're actually going to be doing on this distributed ledger with JP Morgan coin the third thing is well they're going to be doing is the final use would be that huge corporations that use JP Morgan's Treasury Services Treasury service businesses to replace dollars they hold in subsidiaries across the world so again removing any kind of inefficiencies of moving traditional money in this case or dealing with traditional financial products so we can see these three services or institutional services as we've mentioned from the get-go good news for this is that more than anything as much as you guys know I'm critical on banking I'd much rather see us move away from a world of trust in banking I will say it's good to see inefficiencies removed good on JP Morgan good to see that at least JP Morgan and more specifically Jamie Dimon was sticking to his word as saying that he had seen some potential in blockchain technology and you know at least sees that there's some utility here but let me go ahead and talk to the criticism of this and to the point that I made at the beginning of the video this is not a cryptocurrency let me repeat it they can call a JP Morgan coin they can call it whatever they want this is a currency or a new payment gateway for the financial sector to provide provide financial services this is not a distributed decentralized relatively trustless and/or trustless cryptocurrency okay we need to get that right off the bat and I you know look I don't expect you if you're working to do that because if they don't have some type of centralized control they not only lose their potential to have ownership of it but along like that they need to keep compliant with regulators and as a bank there are regulations that they have to meet – I know it sounds crazy but you know again the major point here I want to make is that there's a lot of hype around this news guys I think it's cool to see they're exploring this but let me tell you something a bank will never be able to create a cryptocurrency and if it does it's building something that is completely disincentivized against what they have in their incentives it's completely misaligned in this case they have no incentive to see cryptocurrencies adopted JPMorgan will never create a legitimate cryptocurrency and I can tell you all as usual it seems like there's a lot of fluff in the space right now and this is just another example of that but it is good to see actual use case of a blockchain I will say that it's good to see at least in efficiencies removed and hopefully some of those profits that are saved or made from the continent efficiencies will be brought back to the consumers but I have no doubt in my mind that will not happen so what are here what you guys think and down below in the comments do you think this is positive news to see do you like seeing banks use Bachchan would you actually settle for using you know let's say for example JPMorgan coin came in to do a bank near you and actually started to tackle into retail services would you use JP Morgan coin would we go back to the day where banks are creating their own currencies like they had in the early 1900's where there's a variety of paper notes tied to the brands of banks that we know and use on a daily basis I'd like to know what you guys think down below in the comments but until the next video thank you all so much for watching and I'll see you all and the next one stay tuned you

36 thoughts on “Breaking News | Is JP Morgan Launching Their Own Cryptocurrency?”

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  2. Until I can play my favorite Crypto Crash games with JPM Coin I don't care HAHAHAHAHA JK. On the real though… I am hooked on these betting games. I hit 44x my bet on Elite Crash yesterday and walked up BIG money. They have a 1% house edge. My heart is STILL pounding

  3. Ha Ha stupid banksters…..the whole point of crypto is revolt against the Fed Reserve and all central banks. It is revolt against fiat currency. The public will reject any crypto associated with any bank or corporation or govt. The public wants a untracable peer-to-peer digital cash that is non inflatable. DASH is the crypto the public wants and will get….the fiat banks have already lost. Lichtenstein just announced you can now go into their post offices and purchase bitcoin! There it is govt endorsed crypto. Only problem…bitcoin is traceable…..DASH is not. The world is changing….rapidly.

  4. If banks can create their own crypto’s to settle debts, what’s the point of Ripple and XRP? ??‍♂️

  5. J.P. Morgan? Didn't they have something to do with the 2008 financial crash? Fuck that company and everything they stand for

  6. Brokers will believe Jaime instead of garlichouse. Jaime said he moves 6 trillions a day so how many coins do they need. But xrp is nothing but data center.

  7. Firstly, resistance is quite strong and there has been rejection already like 3x but some positive signs still show anyways in my personal opinion, bitcoin if its able to break above $4,300 may quickly see us into the $6,000 range again. Nevertheless, crypto has shocked us in the past especially the last year with predictions of price that went completely wrong. I hope to see more proponents for trading which obviously has been a more secure consistent and profitable means of earning off crypto. It has also been proven over and over again that winning in Crypto currency (Bitcoin Trading) is a combination of experience and good strategy and you can always join the winning team of a more experienced trader with already working and proven strategy. One of the best remains Charles Robert and with him, i have been successful in my trades at least 98% of the times and have realized over $60,000 in profit, December 2018 alone so i advice you forget predictions and start making good profit now because future valuations are all speculations and guesses. To reach Mr. Charles you can send him an inquiry ([email protected]) and i am quite certain he will be willing to assist you in all crypto related matters

  8. Can anyone explain to me what happened this morning (EUROPE) between TETHER and Bitcoin ? they both had a +/- $9 BILLION volume jump over an hour where TETHER went to 2nd spot on coinmarketcap. Then minutes later slid back to its normal volume and placing

  9. @datadash what if this is a test case for a crypto currency? Jp Morgan has a large enough supply of silver to back a currency

  10. Bad news for XRP, because this is the main market for XRP. I have seen comments about banks creating their own "cryptocurrency" for many months, it was predictable. Why use a crypto with maximum defined supply if you can create your inflationary currency? I invest in XRP, but I see it as a medium-term investment, after all crypto-coins and banks are opposite sides.

  11. Thanks Nick….I was looking for your perspective regarding this news. I wouldn't even call JPM Coin a blockchain. It's just a fancy database. Bitcoin is a blockchain.

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